Twist and Shout

An industry tries to untangle itself.

Daily recap

The federal ban on hemp THC signed into law by President Donald Trump last week is encouraging some states to abandon regulating hemp products and push instead for state-level bans—while other states attempt to defend their emerging industry.

Ohio lawmakers are weighing “a tentative deal” that would ditch proposed hemp THC regulations in favor of a blanket ban that appears to have the governor’s support, and officials in Florida and Illinois are also renewing calls to ban hemp-derived THC.

Hemp advocates have mounted an offensive and won’t go down quietly given most of the products in the intoxicating hemp complex will become controlled substances in Nov. 2026 absent a change in the next year.

Some advocates are eyeing the next spending bill that is required in January. Others, like Minnesota lawmakers, are trying to secure state-based exemptions that would allow early-movers to maintain their own hemp-derived cannabinoid regulations.

Rep. Andy Harris (R-MD) called these concerns “desperate mistruths” from businesses that “stand to lose billions by selling intoxicants to children.” He argues that federal law supersedes state laws, and he remains committed to keeping the law intact.

There is another matter to consider: that the definition of hemp had to change before cannabis could be rescheduled in order to avoid a legal clusterfuck.

That, more than anything, is the question at hand: will hemp return to its historical definition or will industry efforts facilitate a one plant-one rule regulatory regime?

What’s clear is this: the demand and growth of THC products is undeniable—for everyday wellness, as a replacement (for alcohol, opioids, cigarettes…) and yes, as a healthcare revolution that is going to change the shape of western medicine.

Euro League

Germany’s medical cannabis imports continued their historic run in Q3 of 2025, seeing the country bring in just under 57 tons, though growth levels dipped slightly from Q2.

Imports grew 19.3% compared to the previous quarter, seeing the total for the year to date top 140,000kg, nearly double the entire imports of 2024.

The data came a day before proposals to restrict the booming medical market will be considered during the Bundesrat’s plenary session today—an effort that is very much against the will of the people.

Over 58,000 people signed a petition calling on the nation’s Federal Ministry of Health to withdraw its planned changes to medical cannabis laws, which many believe would jeopardize safe access to medicine for hundreds of thousands of suffering patients.

Man Smart (Woman Smarter)

Women who are trying to unwind have been encouraged to grab a glass of wine for generations but as wellness trends evolve in popularity among ladies in their 40s and older, hemp THC drinks are filling that niche and scratching that itch.

“They’re replacing that glass of wine at the end of the night with a THC beverage. It checks multiple boxes: fewer calories, no sugar, and no hangover.”

Stocks & Stuff

The mo-mo unwind continued after NVDA 0.00%↑failed to hold early post-earnings gains and it was all downhill from there. The Nazz lost 2.5%, S&P 1.5% and BTC 2.5% as the cryptocurrency kingpin is now negative YTD.

U.S. cannabis ETF MSOS, having lost 35% in the last week following news of the “THC ban,” took a respite from reality, if only for the day. The U.S. space very much remains a referendum on federal reform, binary in nature and coming to a head.

Below, we’ll top-line another volatile session, speak to the recent price action, review three investor concerns and what’s being done to address them, and dig deeper into the evolving German opportunity.

All that and more, just scroll down.

note: there will be no Cannabis Confidential tomorrow.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $18M👀

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