Trump Calls on Cannabis

GOP nominee leans into debate.

Daily Recap

Former President Donald Trump said he supports federally rescheduling cannabis and opening up access to banking services for businesses in the cannabis industry. He is also reiterating his support for the legalization initiative on Florida’s November ballot.

“As I’ve previously stated, I believe it is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use. We must also implement smart regulations, while providing access for adults, to safe, tested product.

As a Floridian, I will be voting YES on Amendment 3 this November.

As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws, like in Florida, that work so well for their citizens.”

Donald Trump, 9/8/24

Serve and Volley

Federal cannabis pardon recipient Chris Goldstein, in an Op-Ed for Marijuana Moment, wrote that, after three trips to the White House to spend time with V.P. Kamala Harris, he’s “borne witness to a time of profound change,” which “cemented a new optimism” within him surrounding federal cannabis reform.

“Harris fully supports national cannabis legalization, and she’s been instrumental in the first presidential administration to work directly on marijuana reform. This is a huge leap forward for the country.”

The Democratic Presidential nominee, who reportedly supported decriminalization behind closed doors back in March, has been silent on the issue since she’s been at the top of the ticket. In fact, Harris omitted the issue entirely in a new, long-awaited issues page launched by the campaign today.

Hold ‘em

A strong bipartisan majority of Texas voters support decriminalizing marijuana, and more people say they want to reduce restrictions on cannabis than say the same about guns, gambling and abortion in the Lone Star state, according to a new poll.

Asked whether the penalty for possession or use of cannabis should be reduced to a citation and fine, 68% said they support that proposal, including 42% who said they “strongly” favor it. A majority of Dems (81%), Republicans (59%) and independents (61%) all expressed support for the reform.

Teenage Case Land

A new study found that cannabis use has been increasing in the United States, but not among teenagers. The research, which looked at data on more than 500,000 people’s cannabis habits, also revealed that cannabis use had increased among Americans in households earning more than $75,000 a year, as well as those with a college degree.

Stocks & Stuff

It was an active session in Cannaland after the overnight news that Donald Trump has taken the correct pulse of this nation. U.S. cannabis ETF MSOS finished the session up more than 11%, edging back into the black in what’s been an extremely volatile YTD.

Below, we’ll take the pulse of the street, do the math on multiples and valuations, take note of the continued structural risk, update the charts, check levels and look ahead to tomorrow’s debate.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $123M

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