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Welcome back to the grind—if you’re reading this, you’ve already survived half a Monday. Nico Rodríguez here, bringing you the news in under 5’. Over the weekend, Stevie Wonder threw his support behind Kamala Harris in a bold campaign video. Meanwhile, cannabis investors are gearing up for Florida’s pivotal vote with potential big gains on the horizon, and a series of court rulings have sent shockwaves through the hemp industry. Here’s what happened while you were unplugged.

Signed, Sealed, Delivered: Stevie Says Kamala’s Next

Stevie Wonder made a bold prediction in a new campaign video for Kamala Harris: "I believe that she will be the next President of the United States.” The legendary musician praised Harris’s consistent humility and compassion, urging that “we need to fix what’s going on here.” Meanwhile, Trump dismissed Harris’s celebrity supporters as “Hollywood hacks.”

PRESENTED BY CANNABIS CAPITAL CONFERENCE

Senate Seats That Could Tip the Scales on Cannabis Reform

The 2024 U.S. Senate elections could dramatically impact federal cannabis legalization, with five swing states—Arizona, Michigan, Nevada, Pennsylvania, and Wisconsin—holding pro-cannabis Senate seats up for renewal.

Currently, the Senate has 48 Democrats, 49 Republicans, and 3 Independents. A win for pro-cannabis candidates in these swing states could finally break the Senate deadlock. Still, if the GOP takes control, the path to reform could hit a major roadblock, further delaying comprehensive legalization efforts.

Sunburn-Proof: AYR and Cresco Could Win Big in Florida

As Florida’s vote on cannabis legalization approaches, Viridian Capital Advisors recommend a strategic pair trade for investors. Buy AYR Wellness (OTC: AYRWF) for its 20% yield, driven by a solid foothold in the Florida market, and sell TerrAscend (OTC: TRSSF) at 12%, due to its limited exposure in the state. Viridian also suggests buying Cresco Labs (OTC: CRLBF) at a 12.6% yield while selling Curaleaf (OTC: CURLF) at 10.1%, highlighting a 250-basis-point advantage for Cresco's improved financials.

Meanwhile, Senator Joe Gruters is defending Amendment 3, clarifying that Florida’s cannabis legalization would regulate public use, countering claims that suggest it could lead to smoking in schools.

Gummy Laws

Three court rulings have rocked the cannabis and hemp industry. In New Jersey, a federal judge struck down parts of the state’s hemp law, protecting interstate sales and challenging the local ban on out-of-state products. Meanwhile, California courts upheld Governor Newsom’s ban on hemp products with detectable THC, rejecting a temporary restraining order filed by advocates like Cheech and Chong’s Global Holdings. Looks like these "gummy laws" seem designed for loopholes—just when you think they're set, a new twist bends the rules, keeping the industry stuck in a sticky legal mess.

Finally, the Department of Justice is holding its ground on cannabis prohibition in a high-profile case, despite growing state-level legalization. The case, spearheaded by Massachusetts-based retailer Canna Provisions Inc. and supported by companies like Verano Holdings (OTC: VRNOF), aims to overturn the federal marijuana ban.

Double Trouble

StateHouse Holdings (OTC: STHZF) has entered bankruptcy under Canada’s Bankruptcy and Insolvency Act, halting trading on the Canadian Securities Exchange. The company is in receivership after legal action by Pelorus Fund, which filed a complaint in September seeking to place StateHouse into U.S. receivership over unpaid debts.

Meanwhile, SLANG Worldwide (OTC: SLGWF) faces a $17.3 million debt deadline in November. CEO John Moynan acknowledged, “increased competitive headwinds… have led to a decline in sales revenue, gross profit, and Adjusted EBITDA.”

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Stories In The Spotlight:

• Rachel Sennott Arrested In Cayman Islands: I Wanted 'To Be Arrested For Something Awesome' Not CBD

• Massachusetts Slaps Big Cannabis With $165K Fines For Safety Failures

• Colombia On The Brink Of Psychedelic Regulation Amid Drug Policy Reforms

Our Writer Today

Nicolás holds a B.A. in International Relations, an M.A. in International Affairs, and an M.Phil in Public Policy. He is a doctoral student in Public and Urban Policy at The New School in New York City. After working for the United Nations in 2014, Nico pivoted his research to studying the relationship between the cannabis industry and economic development.

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