The Super Bowl: Cannabis Emerges As A Political Football
By Todd Harrison via Cannabis Confidential (August 8)
Former President Donald Trump says he is starting to “agree a lot more” that people should not be criminalized over marijuana given that it’s “being legalized all over the country,” adding that he will “fairly soon” reveal his position on the canna legalization measure on the November ballot in Florida, where he is a voter.
“As we legalize it, I start to agree a lot more because, you know, it’s being legalized all over the country,” Trump said at a press conference at Mar-a-Lago Thursday. “Florida has something coming up. I’ll be making a statement about that fairly soon.”
The former President would be a welcomed ally as the industry battles Governor Ron DeSantis and his newest lapdog, Ken Griffin,over the Florida Nov. ballot initiative.
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Across the Aisle
VP Kamala Harris and her new running mate Gov. Tim Walz just became the first major party ticket to support federal legalization of cannabis. Harris, who prosecuted canna offenders as a prosecutor, has since used her position in the Senate and Oval Office to push pro-cannabis legislation.
Walz, who has a strong history of supporting cannabis reform, including signing the bill to make adult use of cannabis legal in Minnesota, is equally on board.
“The War on Drugs was an abject failure. It’s time to legalize marijuana and bring justice to people of color harmed by failed drug policies.” VP Kamala Harris
Moore of This
The governor of Maryland said the mass pardons he issued for prior canna convictions were about more than addressing the public policy consequences of criminalization.
Moore, who issued over 175,000 pardons for cannabis and paraphernalia convictions in June, said the move was “important because I want people to be able to better enter into an economy” and also because he “did not understand how we continue to punish people for something that’s no longer illegal in my state.”
Stocks & Stuff
It was another quiet session in Cannaland when, into the last hour of trading, and just as the sector began to fade anew, former President Donald Trump said this…
…which triggered a bevy of buying and lifted U.S. canna ETF MSOS 10%, right into the resistance at the March lows, at least for the time being.
Below, we’ll dig into the levels, set-up, earnings and implications of today’s news.
All you have to do is scroll down.
SPY 0.24%↑ QQQ 0.56%↑ IWM -0.98%↓ MSOS -1.81%↓ ETF Notional: 104M
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Trump Says He Agrees People Should Not Be Criminalized Over Marijuana As More …