Wild Times

The global reality show continues.

Daily Recap

A GOP-led House committee approved a spending bill that contains provisions that hemp stakeholders say would devastate the industry, prohibiting most consumable cannabinoid products that were legalized during the first Trump administration.

“The legislation closes the hemp loophole from the 2018 Farm Bill that has resulted in the proliferation of intoxicating cannabinoid products, including delta-8 and hemp flower being sold online and in gas stations nationwide under the false guise of being ‘USDA approved.'

As many states have stepped in to curb these dangerous products from reaching consumers, particularly children, it’s time for Congress to act to close this loophole, while protecting the legitimate industrial hemp industry.”

Rep. Andy Harris (R-MD)

The 2018 Farm Bill never intended to federally legalize cannabis, but that’s precisely what the loophole accomplished sans the necessary protocols or safety protections.

As discussed often, we’re of the view there should be one regulatory construct for all things cannabinoids as absent that, it’s been left to the states to stand up this industry brick-by-brick and from the inside-out, only to be penalized, punished and shamed.

It remains to be seen if the current language survives the political processes as very powerful lobbies will do everything in their power to ensure that it doesn't.

But make no mistake and as highlighted yesterday, hemp was, is and always will be a monster crop with or without intoxicating use cases.

Jordan Rules

The governor of North Carolina has come out in support of legalizing cannabis and is convening a bipartisan commission to study the issue in hopes of moving the GOP-controlled legislature to act on reform.

Gov. Josh Stein (D) said that he wants to see the largely unregulated market for intoxicating hemp products reined in to prevent youth access and support public safety but believed adults should be able to buy canna from licensed retailers.

“If you’re an adult and that’s the choice you want to make, you should be able to make it. I do not have the answers. I have some philosophical views, but there are real, complicated, practical implications of every decision you make.” Gov. Stein

Twinning

Cannabis consumers in Ohio are now able to purchase up to 2.5 ounces of flower per day, a more-than-double increase from the previous limit of 1 ounce per day.

The increase in allowable canna purchase quantity was announced as part of updated guidance by the Ohio Division of Cannabis Control. The increase applies to only dried cannabis plant material, and not other cannabis products including vapes or gummies.

“Ohio’s nascent cannabis market has demonstrated the ability to support both medical marijuana patients and non-medical consumers alike” since adult-use sales launched in August 2024.”

London Calling

Current UK canna laws call for penalties up to five years imprisonment for simple possession. Recent developments suggest a dramatic departure from traditional approaches, and the implications could reshape everything from policing strategies, health, and wellness.

The economic implications are staggering: a 2016 parliamentary study estimated that full legalization could generate £500 million to £1 billion annually in tax revenue, while simultaneously reducing policing and court costs by millions.

Stocks & Stuff

It was a volatile day on Wall Street as early strength faded after Elon Musk’s emerging rift with President Donald Trump went viral. As I left at 2:45 PM ET to catch the LIRR to NYC for a trifecta of meetings, this headline crossed:

*TRUMP SAYS EASIEST WAY TO SAVE MONEY IS TO END MUSK'S CONTRACTS

May we live in interesting times…

Below, we’ll top-line the space, highlight a low-key winner in the space, chew through the latest iteration of the hemp dilemma, and dive into state-by-state cannabis sales and pricing trends.

All that and more, just scroll down.

Note: there will be no Cannabis Confidential through Tuesday as we’ll be in Chicago for the 2025 Benzinga Capital Conference; please use “MISSIONGREEN20” to take 20% off.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑

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