I slept on it and I keep landing in the same place. Marijuana has been federally restricted since 1937 and sat in Schedule I since 1970. Eighty-nine years and fifty-six years. Hold that number in your head for a second before you read the rest. Now look at this year. In April, the Acting Attorney General signed an order moving FDA-approved marijuana products and state-licensed medical marijuana into Schedule III. Not proposed. Signed. DOJ simultaneously opened the proceeding on whether the rest of marijuana should follow. Two months later Trulieve became the first US cannabis company to list on the NYSE. Glass House followed three weeks after that. Whatever you think of either company, a major exchange listing changes who is allowed to own the shares, and that is not a small thing after a decade of OTC purgatory. The operating results held up too. Green Thumb did $306.7 million in revenue and $84.3 million of normalized EBITDA. Trulieve did $271 million at a 60% gross margin with $98 million of adjusted EBITDA. Village Farms posted record cannabis revenue, record export sales and record cannabis segment EBITDA. Congress hasn't been idle either. The SAFE Banking Act of 2026 has bipartisan sponsors in both chambers. The CLAIM Act, which protects insurers serving state-legal businesses, was filed in the Senate in July and the House on September 16. And on September 17, Raskin and Nunn introduced the CURE Act to stop past marijuana use from torpedoing a federal security clearance. It picked up a third cosponsor a week later. Then there's the sentence I still find strange to type: The DEA itself walked into that hearing and argued for Schedule III. The government's own position is that marijuana has a currently accepted medical use and cannot stay in Schedule I. Meanwhile CMS started testing CBD access for Medicare beneficiaries in April and revised its supplemental benefits rule so legally permissible cannabis-derived products are no longer categorically excluded. So that's the year. And then yesterday happens. Judge Julius stayed the proceeding while he decides whether to admit a new GAO report into the record. DEA has until October 13 to respond, capped at 20 pages. The motion came from three parties opposed to rescheduling, one of which is a drug testing industry association. Make of that what you will. Here's the part worth actually reading. The GAO report did not find that DEA's scheduling decisions were improper. It reviewed 208 substances from 2020 through 2025. Of the 95 that required an HHS recommendation, 84 had final rules by the end of 2025, and DEA's decision matched HHS in all 84. The remaining 11 were under temporary orders and every one of them was placed in Schedule I in 2026, also matching HHS. What GAO actually found is that DEA and FDA lack written procedures, and it recommended they write some. DOJ, DEA, HHS, FDA and NIH all agreed. That is a report about paperwork. The opponents are arguing that the government's case is only as good as its process. Fine. But the same report shows a perfect alignment record across every completed case it examined. I'm less interested in who is yelling about their $MSOS calls expiring worthless this Friday than in whether the argument survives being read carefully. This one doesn't. Eighty-nine years of prohibition. Medical rescheduling signed. Two major exchange listings. Bipartisan bills moving in both chambers. Medicare touching CBD for the first time. DEA arguing our side of the case. And near the goal line, the judge pauses to consider one more government report. That isn't the thesis breaking, but rather an administrative process behaving like an administrative process. As always not advice, just a guy thinking out loud.

Pennsylvania's Republican Senate majority leader said he doesn't think the state can legalize marijuana until it receives "national direction" on the issue. marijuanamoment.net/top-penn…

POTUS will have a deal signed with Iran after mid terms.

Seizure of 1,800 Pounds of Illicit Marijuana Serves as a Reminder that Legalization Does Not Eliminate the Illicit Market thedrugreport.org/2026/09/09…

Alabama Officials Withdraw Objection To Rescheduling Marijuana Under State Law In Line With Trump's Federal Move: "The program’s already live, even though it’s still Schedule I in Alabama." marijuanamoment.net/alabama-…

Wait I thought @PatMcAfeeShow was a flower guy or is he a gummy guy too? Let’s partner together. Got a few brands ideas…HiMotor or Punt Punt Pass. This is how we continue to normalize cannabis. Thank you sir!!

Imagine if tech investors were smart enough to rotate profits to undervalued US Cannabis before DEA final rule to reschedule Rec cannabis. +100% 200% 300% 🚀 😱 $MSOS $MSOX $XLK $DRAM $SOXX

NewLake Capital Partners Declares Third Quarter 2026 Common Stock Dividend of $0.43 per Share $NLCP globenewswire.com/news-relea…

Bessent: “I am the house now. Bet against the house if you want.” They’re betting against the house.

The D.C. Circuit Court rejected a motion to halt the Trump administration's Schedule III cannabis order: “Petitioners have not satisfied the stringent requirements for a stay pending court review.” cannabisbusinesstimes.com/ca…

$msos positive ruling against a stay of S3, paving the way for the ALJ. The sky is blue.

A federally funded study of cancer patients found that marijuana use was commonly associated with pain relief, improved sleep, emotional regulation and reduced medication use, with researchers calling for insurance coverage of medical cannabis. themarijuanaherald.com/2026/…