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🌊 Steady As She Goes

Author

Anthony Varrell
January 22, 2025

GM Everyone,

Steady as she goes.

A little more than a 6 minute read.

💸 The Tape

Kentucky Is Already Looking Ahead To Adult Use Cannabis

A little more than a year after Kentucky’s medical marijuana program gained legislative approval, lawmakers are already looking toward broader cannabis reforms. In the opening weeks of the 2025 legislative session, two proposals—Senate Bill 36 and House Bill 105—have emerged, seeking to let voters directly decide in 2026 whether adults 21 and over can possess, use, buy, sell, and even grow modest amounts of marijuana. Proponents argue these bills not only reflect changing public opinion but also serve as an economic development strategy that could keep more revenue in-state rather than watching it flow to neighboring regions like Ohio, which legalized recreational marijuana in 2023.

Sen. David Yates, who champions SB 36, envisions a regulated system that could generate substantial tax revenues and allow for proper oversight. He notes that cannabis is likely Kentucky’s top illicit cash crop, making legalization a logical move. By introducing the measure as a constitutional amendment, Yates also believes it offers voters the most transparent path to a decision—while affording politicians the ability to stand back and let constituents lead.

Not everyone is on board. Republican Senate Majority Floor Leader Max Wise, who voted to legalize medical marijuana last year, remains staunchly opposed to any rush toward recreational use. A majority of Republicans share his skepticism, especially given Kentucky’s high rate of lung cancer. Indeed, while medical marijuana passed in 2023 with a solid bipartisan majority in both chambers, Wise insists any future legislation aiming to legalize recreational cannabis “will undergo rigorous scrutiny.”

Governor Andy Beshear, for his part, is cautiously monitoring the new medical framework launched on January 1, saying the state needs to prove it can safely administer medical marijuana before discussing full legalization. Recently, he has also voiced concerns that possessing a medical marijuana card might complicate gun ownership rights, citing federal regulations that continue to classify marijuana as an illegal substance.

Meanwhile, advocates like former Representative Rachel Roberts see full legalization as a logical next step. She highlights the potential for tax revenue, tourism, and job creation, pointing to other states’ success stories. And though the path remains uphill, conversations in Frankfort are unlikely to subside soon. After all, Kentucky voters have seen polls and election outcomes increasingly favoring cannabis reforms—not to mention the strong bipartisan support that paved the way for the medical program’s passage. If the current crop of constitutional amendments ever reaches the ballot, the fate of recreational marijuana in the Bluegrass State may ultimately rest in voters’ hands.

📈 Dog Walkers

Who is Derek Maltz?

Derek Maltz is back at the DEA, and if you’re banking on pot stocks, buckle up. Having once retired from the agency, he’s returned as the acting administrator with well-documented doubts about cannabis—shockingly linking heavy use to school shootings while insisting the Biden administration “hijacked” the rescheduling process for political gain. Maltz’s reemergence has industry watchers anxious about any upcoming reforms. Historically, the DEA has final say on cannabis scheduling. This time around, though, Maltz claims the Justice Department is calling the shots—a move he decries as placing “votes” over “public health and safety.” Even if his tenure turns out temporary, his outspoken stance could rattle the industry’s near-term trajectory. This too shall pass.

Decibel Grants Options

Decibel Cannabis just awarded 21,915,974 stock options to its team, priced at either $0.13 or $0.075 each. While part of these options vest right away, the remaining portions are staggered in nine-month increments through October 2025. All expire in January 2028. It’s a textbook retention ploy—and a nice nod to employees eyeing the long game in cannabis’s premium sector.

This Is Why We Can’t Have Nice Things

From alleged insider trading to canceled mega-deals, cannabis drama is hitting the courtroom. Ex-Verano exec Anthony Marsico and three golf buddies stand accused of snapping up Goodness Growth stock before a merger leaked, then reaping a cool $607K in profits. Prosecutors say Marsico also posted social media puff pieces to juice Verano’s value. Now, both sides are tangling in court over an $870 million suit—blaming each other for the botched $413 million all-stock arrangement. Meanwhile, Verano is in damage control, insisting Marsico’s firing and alleged shenanigans have no bearing on operations. Game on, as the legal haze thickens in Illinois.

📺 YouTube

Will Trump Sign Executive Order for Cannabis Reform? | Trade to Black

What we covered:

✅ On our latest Trade To Black cannabis reform mini-series! In this episode, we explore the potential for the 47th President of the United States, Donald Trump, to sign an executive order for cannabis. We'll break down what an executive order is and highlight past examples from both Joe Biden and Donald Trump.

In 2021, President Joe Biden signed an executive order to rejoin the Paris Climate Agreement and reversed the travel ban on several predominantly Muslim countries. On the other hand, Donald Trump's notable executive orders include the controversial travel ban and advancing the Keystone XL Pipeline construction.

Now, we shift our focus to a potential executive order on cannabis under a new Trump administration. This order could reschedule cannabis under the Controlled Substances Act, opening new avenues for research and reform. Additionally, we'll discuss Trump's interest in the crypto industry and how a new crypto bill could impact cannabis businesses by providing better access to banking services.