The Trump Card: How Would His Second Term Treat Cannabis?
By Todd Harrison via Cannabis Confidential (July 16)
Former President Donald Trump selected Sen. J.D. Vance (R-OH) as his running mate in the 2024 presidential election, a choice that could have implications for cannabis policy if the ticket is elected given Trump’s mixed record and Vance’s opposition to certain modest cannabis reform proposals in the Senate.
Vance, who was elected in 2022, doesn’t have an extensive cannabis policy record, but his limited actions and comments on the issue indicate that he’s aligned with Trump on one key issue: He backs the rights of states to set their own marijuana laws. He has also said that he’s against incarcerating people over low-level possession.
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Veteran Move
A Senate committee is urging the U.S. Department of Veterans Affairs (VA) to explore medical marijuana as an alternative to opioids for veterans, and it’s asking the agency to consider allowing its doctors to formally recommend cannabis to their patients in light of the Biden administration’s rescheduling push.
The appropriations legislation was approved by the Senate panel just days after a GOP-led House committee passed its versions, with reports that include sections critical of the marijuana rescheduling move and raising concerns about impaired driving and intoxicating hemp-derived cannabinoids.
New York High Rise
New York’s adult-use cannabis market is starting to show signs of life in 2024. The state’s licensed dispensaries reported $261M in sales from January through June, or roughly $43 million per month. This puts New York on pace to top $520 million in adult-use sales this year but with the ramp, the state will likely eclipse $700 million.
Pay-To-Play
After Governor Ron DeSantis vetoed a bill that would severely limit and regulate their industry, hemp executives across the state pledged $5 million in donations to the Republican Party of Florida, according to CBS News Miami.
“We know nothing in life is free and neither was this veto.” ← the WhatsApp message group known as Save Florida Hemp.
Stocks & Stuff
It was an active day in Cannaland. After reclaiming its March lows last week, the U.S. cannabis ETF set a at triple-lindy resistance slightly above the $8 level. MSOS couldn’t quite mount that hump, but finished the session better than 2%.
Below, we’ll top-line today’s price action, de-spackle the wall of worry, check on some early flow, take attendance on banking, and see why all drugs are not created equal.
All that and more, just scroll down.
SPY -1.25%↓ QQQ -2.66%↓ IWM -0.63%↓ MSOS 0.39%↑ ETF Notional: $98M
Top Stories
Where Trump’s Vice Presidential Running Mate J.D. Vance Stands On Marijuana
Senate Committee Pushes VA To Consider Medical Marijuana As Opioid Alternative For Military Veterans
New York on Pace to Sell $520M of Cannabis in 2024; Could Crack $700M
Congress Accidentally Legalized Weed Six Years Ago
Hemp execs pledge millions to Republican Party of Florida, texts reveal
Pennsylvania Governor Signs Budget Bill Excluding Marijuana Legalization Provision He Requested, But With 280E Tax Relief For Industry
Nearly $11M transferred to agencies from Missouri’s adult-use canna program
European cannabis companies start IPO planning as US considers looser rules
Czech Republic Will Pursue Full Adult-Use Commercial Cannabis Market
U.K. Cannabis Cannabis Clinics See Rise in Patients
Industry News
Ascend Wellness gets Commitments for $235M Private Placement
Curaleaf joins marijuana multistate operators pivoting to hemp-derived THC
The Senate marijuana …