Colin Ferrian

$MSOS and hemp crowd, think for a minute (I know thinking is hard in this sector): • The hemp-intoxicant loophole maybe isn’t closing — Congress gave it a 12-month glide path. • The same bill gives FDA 90 days to publish a list of all naturally occurring THC-class cannabinoids. • If the goal was truly “kill all THC,” why give a year runway and order FDA to define what’s naturally occurring vs. synthetic? • And for the “Trump only pretended to be pro-weed” during an election year crowd — does it track that his administration would nuke THC into midterms? Let’s try logic (also hard): • The administration isn’t trying to kill THC. They’re shutting down the synthetic slop that’s exploded nationwide. – Bondi’s raids this year make the point: they’re hitting “hemp” vape shops selling synthetics, and repeatedly saying these are illegal marijuana products. – If the goal were killing THC, they’d be raiding state-regulated dispensaries, not gas stations. • Rescheduling gives political and bureaucratic cover to “study” THC. – Yes, everyone sane knows the science exists. – But DC doesn’t do “no-brainers.” Everything gets litigated through incrementalism. • You reschedule cannabis → FDA publishes the list of known naturally occurring cannabinoids → now the federal government finally has the scientific scaffolding to regulate all THC uniformly. • I don’t think the Trump administration wants federal legalization. But I also don’t think they want to kill THC. – The 2018 Farm Bill accidentally normalized THC consumption. – Tens of millions of Americans now use THC products. There’s no political path to reversing that. So what’s the actual endgame? • After the “study phase,” the administration can roll out a federal framework that lets states legalize naturally derived THC (regardless of whether it comes from hemp or marijuana). Think States Reform Act 2.0. • This reframes the issue as states’ rights — exactly the framing Trump used when asked about Amendment 3 in Florida. • The administration isn’t “legalizing marijuana.” They’re “regulating a product already legal in 40+ states” and giving states a standardized federal overlay. That’s the logical path. And it makes far more sense than the idea that they’d intentionally wipe out THC during an election cycle.

Think it's now safe to assume the execs at 4Front Ventures, $FFNTF have wiped out the equity, pending a miracle.