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As conservatives reflect on the legacy of Turning Point USA founder Charlie Kirk ahead of his celebration of life in Arizona on Sunday, some Republicans credit him with helping President Donald Trump win over young voters in 2024. 

Former TPUSA staffer Anthony DeWitt explained that the grassroots element of Kirk’s work likely played a ‘monumental’ role in ‘energizing the youth to get out and vote in 2024.’

‘Charlie created something that finally lifted the voices and work of not only grassroots, but young people, people like myself who were just entering politics and gave us something that traditionally was only achieved by those who have had a lifetime in politics,’ DeWitt stated.

‘Getting young people knocking doors, chasing ballots, getting signatures, signing up new voters, attending conferences — that was the key to winning the 2024 election.’

A Fox News voter analysis had Trump wooing 47% of voters aged 18-29, with former Vice President Kamala Harris narrowly winning the demographic with 51%.

In the battleground state of Michigan, the analysis found that Trump won the age group with 50%, compared to 48% for Harris. He also came close with 48% in Arizona, where TPUSA is headquartered, with 51% of those surveyed backing Harris.

Trump ultimately ended up sweeping the battleground states, including Michigan and Arizona, winning 312 electoral votes and the popular vote.

However, it is an 11% increase from the 36% of voters in the same age range in 2020, with former President Joe Biden carrying the demographic with 61%.

Colin Reed, a Washington, D.C.-based Republican strategist, noted how Kirk plays a unique role in ‘expanding the tent’ for the party.

‘A generation ago, it would have been unthinkable for a Republican candidate to run nearly equal among younger voters against a Democratic standard-bearer who had every Hollywood and celebrity endorser under the sun, but that’s precisely what happened in 2024,’ Reed wrote to Fox News Digital, alluding to Harris’ star-studded, but short campaign after Biden dropped out in July.

‘Charlie opened the doors for younger people to not only consider the conservative movement but embrace it and champion its principles as a ticket to prosperity and happiness.’

Those close to Kirk, including Turning Point Action’s leader Tyler Bowyer, dubbed 2026 the ‘Charlie Kirk election’ at a vigil at Arizona State University Monday.

‘2028 will be the Kirk-Vance election,’ he said, and the organization is expected to rally around Vice President JD Vance to be Trump’s successor.  

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A man who pleaded guilty to attempting to kill Supreme Court Justice Brett Kavanaugh in 2022 is now using a female name and pronouns, according to a court document filed Friday. 

Nicholas Roske, who is scheduled to be sentenced next month, is using the name Sophie Roske and a ‘Ms.’ title for the first time in a court filing in a case that has stretched for three years.

The court filing was a routine request in anticipation of Roske’s sentencing, which is set for Oct. 3. But the filing referenced Roske by the name ‘Sophia,’ while a footnote revealed that Nicholas remains Roske’s legal first name.

‘Out of respect for Ms. Roske, the balance of this pleading and counsel’s in-court argument will refer to her as Sophie and use female pronouns,’ the footnote stated.

It is unclear if Roske is undergoing any treatments to become transgender. Fox News Digital reached out to the defendant’s defense team for comment.

Roske arrived at Kavanaugh’s house June 8, 2022, with a pistol, ammunition, a knife, a crowbar and tactical gear. Roske eventually called 9-1-1 and turned himself in after receiving a call from his sister and observing U.S. marshals in front of the justice’s house.

The incident occurred just two weeks before the Supreme Court handed down its landmark decision overturning Roe v. Wade, an expected decision that had drawn protesters to the Supreme Court building and conservative justices’ houses for weeks leading up to it.

The Department of Justice is seeking a 30-year sentence. In a sentencing memorandum, prosecutors referenced ‘mental health issues’ the defendant has had for about a decade that included thoughts of violently murdering his sister. He has received treatment for the issues, specifics of which were not included in the memorandum.

‘While the defendant has mental health issues, those issues do not detract from the gravity of the defendant’s crime: the defendant researched and targeted multiple members of the judiciary, and intended to alter the composition of the Supreme Court for ideological reasons,’ prosecutors wrote.

The revelation of the gender label switch comes as the DOJ has internally discussed concerns with transgender people owning guns and as conservative activist Charlie Kirk’s alleged assassin, Tyler Robinson, was discovered to have been in a romantic relationship with a transgender person. While the investigation remains open and authorities are still developing an understanding of the motive, authorities have said Robinson felt Kirk spread hate, which drove him to carry out the killing.

A Bureau of Prisons spokesperson said in a statement to Fox News the bureau could not confirm details about any gender-related treatments Roske may have received.

‘For privacy, safety and security reasons, the Bureau of Prisons (BOP) does not comment on the conditions of confinement for any incarcerated individual, including health information status or treatments,’ the spokesperson said.

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President Donald Trump’s second-term agenda is a bold roadmap for American renewal, aggressively implementing conservative ideas to drive economic growth and energy self-sufficiency. It’s squarely focused on delivering for what Trump terms the ‘forgotten Americans’ — the working men and women whose interests have long been ignored by elites from both political parties. This agenda is exactly what Trump ran on last year. Yet today, a group of Democrat trial lawyers are trying to short-circuit Trump on issue after issue — working to achieve through lawfare what they failed to at the ballot box.

Weaponizing the law against political opponents — known as lawfare — is most commonly associated with the actions of the FBI against President Trump during the Obama and Biden years. We now see this playbook being used by activist attorneys to systematically block key elements of the Trump agenda from being enacted – all while collecting big legal fees.

Most recently, lawfare has come for an executive order Trump signed in August that aims to democratize access to alternative assets in 401(k) plans. The EO aims to allow the 90 million-plus everyday Americans who save for retirement through traditional 401(k) plans to invest in assets typically reserved for the wealthy and well-connected – namely, private equity and cryptocurrencies. These investments have regularly outperformed the public stock market and help diversify investors’ portfolios, which many believe are too heavily exposed to the ‘Magnificent 7’ Big Tech stocks. This is why major investors like large state pension funds tend to hold around one-third of their assets in private market investments.

The order directs the Department of Labor (DOL) to reexamine fiduciary duties under the Employee Retirement Income Security Act (ERISA) and propose rules that could include a legal safe harbor for plan sponsors choosing to include high-quality alternative investment options. A few days later, the DOL rescinded Biden-era language that had discouraged such options, opening the door for American savers to these asset classes, which are typically limited to so-called ‘accredited investors,’ with high income and net worth.

Yet trial lawyers are already plotting lawsuits to cancel this reform before it can start, and aim to win a big payday in doing so. As a prominent plaintiffs’ lawyer stated recently to Bloomberg Law: ‘I would joke and say that I hope employers add alternative investments, because I have some kids I need to put through college.’ Indeed, unless the Trump administration insists on strong rulemaking and clear safe harbor in place, these lawyers plan to use the court system to extract multimillion dollar settlements that benefit themselves, while denying average Americans the wealth-building tools that have long been reserved for the elite.

On energy, President Trump made a decisive move with his executive order unleashing American energy, encouraging exploration on federal lands, eliminating burdensome electric vehicle mandates, revoking outdated climate-related directives, and streamlining permitting processes. Yet, environmental trial lawyers have mounted a fierce counteroffensive, using lawfare to hold up these vital changes, resulting in delays that keep energy prices higher, stifle job growth in America’s heartland, and prolong reliance on America’s adversaries for energy resources.  

The pattern continues with Trump’s drive for a smaller, more efficient federal workforce. In March, he signed an executive order to address workforce efficiency, instructing agencies to terminate collective bargaining agreements – some of which were signed in the final days of the Biden Administration to hamstring President Trump. Labor union lawyers have deployed lawfare to preserve the entrenched system and challenge the order in multiple federal courts, securing court stays. Their efforts delay essential efficiencies, perpetuating a bloated federal workforce that drains taxpayer dollars and slows government responsiveness.

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This well-coordinated effort shows the threat to Trump’s agenda from those trying using the courts to override the will of the American voter. These trial lawyers, motivated by both ideology and profit, seek to accomplish through the courts what they couldn’t in the 2024 election: Stop Trump at any cost. Our movement’s challenge is to fight back, reclaiming policy-making from the courts and restore it to the people’s representatives.

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Former Vice President Kamala Harris revealed in her upcoming book, ‘107 Days,’ that then-President Joe Biden rattled her right before she went head-to-head with then-candidate Donald Trump on the debate stage.

Biden reportedly called Harris as she sat in a hotel room preparing for the only debate of her abbreviated campaign. He apparently wanted to wish her luck — and to scold her.

The then-president said, ‘My brother called. He’s been talking to a group of real power brokers in Philly,’ according to an excerpt of the book in The Guardian. He then allegedly asked if Harris was familiar with several people related to the matter, which she was not.

‘His brother had told him that those guys were not going to support me because I’d been saying bad things about him. He wasn’t inclined to believe it, he claimed, but he thought I should know in case my team had been encouraging me to put daylight between the two of us,’ Harris wrote in the book, according to an excerpt of the book in The Guardian.

Biden then went on to talk about his past debate performances, leaving Harris confused, ‘angry and disappointed,’ according to The Guardian. She was upset that her boss had called before a critical moment in her political career and made ‘it all about himself.’ Harris added that Biden was ‘distracting me with worry about hostile power-brokers in the biggest city of the most important state.’

Then-first gentleman Doug Emhoff apparently noticed his wife was in distress and advised her to ‘let it go’ before facing off against Trump.

While Harris avoided criticizing Biden during her campaign, she has used her upcoming book to shed light on the tensions between them as she took his place as the Democratic presidential nominee. Harris’ book is set to hit shelves on Sept. 23, but it has already sparked conversations about the 2024 election cycle.

In another section, Harris said while ‘it’s Joe and Jill’s decision’ became a mantra ahead of the 2024 election cycle, she said it was ‘recklessness,’ rather than ‘grace,’ according to an excerpt released by The Atlantic.

”It’s Joe and Jill’s decision.’ We all said that, like a mantra, as if we’d all been hypnotized. Was it grace, or was it recklessness? In retrospect, I think it was recklessness. The stakes were simply too high. This wasn’t a choice that should have been left to an individual’s ego, an individual’s ambition. It should have been more than a personal decision,’ Harris wrote.

Harris also revealed in her book that then-Transportation Secretary Pete Buttigieg was her ‘first choice’ as running mate, not Minnesota Gov. Tim Walz. However, she said it was ‘too big of a risk’ because the campaign was ‘already asking a lot of America: to accept a woman, a Black woman, a Black woman married to a Jewish man.’

Fox News Digital’s Deirdre Heavey and Greg Norman contributed to this report.

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Recently, Rebecca Taibleson appeared before the Senate Judiciary Committee for her confirmation hearing to a Wisconsin-based seat on the United States Court of Appeals for the Seventh Circuit, a key step toward further solidifying President Trump’s strong judicial legacy. In choosing Taibleson, Trump selected a standout from a highly qualified field. She’s not only a seasoned prosecutor and sharp legal thinker, but she’s a proven defender of the Constitution and conservative values.

Taibleson spent over a decade as a federal prosecutor in the Eastern District of Wisconsin, putting violent criminals behind bars. She doesn’t just theorize about public safety–she delivers it. She handles complex appeals and knows how to write strong legal arguments, and she wins cases and protects communities. Every day in her career, she applies the law with clarity, discipline, and purpose.

Most importantly, in her role as the co‑chief of the Appellate Division of that U.S. Attorney’s office for nearly a decade, not only did Taibleson imprison violent and dangerous criminals who were terrorizing the community, she ensured they stayed there. There are too many weak judges who free criminals when they should rot in prison for their crimes. Rebecca Taibleson is not one of them.

Her credentials speak for themselves. She clerked for the late, great Justice Antonin Scalia and then-Judge Brett Kavanaugh. She embraced a constitutionalist philosophy early in her career and never wavered. At her Senate confirmation hearing, she made it crystal clear: judges must interpret the law as written, not how they wish it were written. Judges must not rewrite laws based on personal views or political trends. She follows the original public meaning of the law and honors the Constitution.

Taibleson also knows how to stand her ground. During one of the most brutal nomination fights in recent memory, she stepped up and testified in support of her former boss Brett Kavanaugh, a nomination fight for which I helped lead the charge as Chairman Chuck Grassley’s chief counsel for nominations on the Senate Judiciary Committee. While the left smeared and attacked, Rebecca Taibleson didn’t flinch. She stood firm in defense of the rule of law and the truth. That moment proved her courage and character.

She also served in President Trump’s solicitor general’s office — the top government appellate advocates. She fought and won legal battles at the Supreme Court. She defended Trump administration policies on immigration, religious liberty, and constitutional limits. She didn’t just serve under President Trump, she helped him win. Her record shows loyalty, competence, and backbone.

Some groups have raised concerns—and even opposition before they had a chance to watch her testimony at her Senate confirmation hearing. Some are fair points; most are not. They wanted someone else. They’re circulating misleading claims and ignoring facts. They’re criticizing a nominee who far exceeds the standard for confirmation. President Trump and his team reviewed many good candidates. Like with any nominee, they balanced all the pros and cons. While no nominee is ever perfect, Rebecca Taibleson proved through her long record and unflinching public testimony that she is outstanding. She has a proven track record of being bold and fearless.

Taibleson handled her confirmation hearing exactly the way a strong nominee should. She didn’t dodge questions or pander. She answered directly and confidently and laid out her commitment to textualism, originalism, and constitutionalism. She emphasized the separation of powers and reminded the Senate that judges don’t make policy. Elected officials do.

On precedent, she spoke with clarity. She said Dobbs v. Jackson controls abortion law, and she will follow it. She refused to play politics with hot-button issues, but she left no doubt about her commitment to the Constitution.

She also promised to bring civility and discipline to the bench. She won’t use opinions to take swipes at parties, public officials, or opposing views. She respects the role of the judiciary and knows the difference between law and politics. She pledged to uphold judicial restraint.

Taibleson’s background shows real-world depth. Early in her career, she worked with Israel’s national emergency medical, disaster, ambulance, and blood bank service Magen David Adom during the Second Intifada. She helped defend civilians from terrorist attacks. That experience gave her a deeper understanding of law, national security, justice, and what is at stake for Western civilization. It also showed her values: courage, service, and loyalty to free societies under attack.

Taibleson has answered the questions raised by her detractors from the left and the right. She addressed every issue and demonstrated exactly why she belongs on the Seventh Circuit. Her hearing and record proves her fitness. She showed strength, clarity, and deep legal knowledge. And she put to bed any concerns.

President Trump built the best judicial legacy in a generation. He transformed the Supreme Court into the first constitutionalist Court in 90 years. He reshaped the federal judiciary with principled, constitutionalist judges. He made those choices carefully, and he made the same careful decision here. Rebecca Taibleson fits that mold. She brings real experience, proven loyalty, and a first-rate legal mind.

The Senate must confirm this bold and fearless judicial nominee. She earned this seat by standing up when it counted. She served President Trump with distinction and fought for her country in the courts. She prosecuted criminals and protected communities. She embraces originalism and the rule of law.

President Trump chose right. The Senate must finish the job.

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President Donald Trump spent the bulk of the week in the U.K. where he inked a new tech deal, and closed out the week gearing up to attend the memorial service of conservative activist Charlie Kirk in Arizona. 

During the trip abroad, Trump and U.K. Prime Minister Keir Starmer unveiled a new $350 billion tech investment plan, which is expected to generate 15,000 jobs across the U.K. and up to 2,500 jobs in the U.S. 

Specific details of the ‘Tech Prosperity Deal’ are sparse, but officials said that the plan will invest in the development of 12 advanced nuclear reactors and that energy will go toward supplying energy needs for the U.K. and the U.S. 

‘It’s a blueprint to win this new era together. Shape it according to our shared values, and seize the incredible opportunities that are on offer,’ Starmer said. ‘We have huge new investments from Nvidia N scale, Open AI, Google, Salesforce and many more backing cutting-edge British jobs for years to come.’

The plan will accumulate $50 billion in economic value and will deliver power to as many as 1.5 million homes, according to Trump. 

Trump also touted the close relationship between the U.S. and the U.K. during a state dinner at Windsor Castle with members of the U.K.’s royal family, including King Charles III. 

‘His Majesty spoke eloquently about the bond which inspired Sir Winston Churchill — the bust is in the Oval Office right now — the beautiful bust of Winston Churchill, to coin the phrase ‘special relationship,’ but seen from American eyes, the word ‘special’ does not begin to do it justice,’ Trump said Wednesday. ‘We’re joined by history and fate, by love and language and by transcendent ties of culture, tradition, ancestry and destiny.’

Trump arrived back in Washington later Thursday and will leave for Kirk’s memorial service Sunday at State Farm Stadium in Glendale, Arizona. The venue holds 63,400 people and has the capacity for up to 73,000 for ‘mega-events,’ according to its website.

Kirk, 31, was killed during a stop on his American Comeback Tour Sept. 10 at Utah Valley University. Kirk’s death has also raised questions about Trump’s own security, amid two assassination attempts on Trump’s life in 2024. 

A senior administration official confirmed to Fox News Digital Friday that federal law enforcement agencies like the Department of Homeland Security released a report Thursday cautioning that they are monitoring ‘several threats of unknown credibility’ against Trump, Vice President JD Vance and others expected to attend Kirk’s memorial service. 

The assessment asserts that the memorial may be an attractive target for violent extremists or lone wolf actors due to the significant media coverage it’s expected to attract.

Meanwhile, Trump said he likely will share some remarks during the memorial service. 

‘It’s going to be big,’ Trump told reporters Monday. ‘I’m going to be at the stadium, and I guess I’ll say a few words. I don’t know, but I guess I will, but I knew him very well. He was an amazing guy. He was all about young people and getting them started.’

Fox News’ Caitlin McFall contributed to this report. 

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If it ain’t broke, why fix it? The GDX is way up, but VanEck is switching horses midstream.

The gold price hit a record high of US$3,707.34 per ounce on Wednesday (September 17), shortly after the US Federal Reserve’s decision to make its first cut to interest rates since December 2024.

That put the precious metal’s price up 40 percent since the start of 2025.

It’s been a long time coming, but it seems gold-mining stocks are finally responding to record gold prices.

The VanEck Gold Miners ETF (ARCA:GDX), whose holdings include the biggest global gold-mining companies, was up by 103.54 percent year-to-date as of Thursday (September 18).

The GDX has tracked the price and yield performance of the NYSE ARCA Gold Miners Index since its inception in May 2006. That came to an end on Friday (September 19) as it switched to the MarketVector Global Gold Miners index.

What does the GDX index change mean for gold investors?

It may seem counterintuitive for global investment management firm VanEck to make a change to the index for the popular US$20.5 billion GDX, but there are plenty of good reasons.

The switch was planned a few months ago in conjunction with housekeeping that’s a routine component of exchange-traded fund (ETF) management. The move to the MarketVector Global Gold Miners Index is happening at the same time that the firm would normally rebalance the weight of its positions in GDX’s underlying securities.

And the move makes sense. Not only is MarketVector a subsidiary of VanEck, but it is based on free-float market-cap-weighted methodology that many major stock indexes now use.

“By focusing only on shares available for public trading, excluding those held by insiders or restricted from the market, this method offers a more accurate reflection of market dynamics than the full-market capitalization method,” explains Investopedia, noting that this approach is used by indexes like the S&P 500 (INDEXSP:.INX).

It seems VanEck is joining the rest of the global financial community, which has transitioned away from full market-cap-weighting methodologies like that used by NYSE ARCA Gold Miners Index.

So what can GDX investors expect from this change?

They probably won’t see much difference right away besides slight adjustments to how some stocks are weighted in the fund, or which stock listing is used for companies with multiple stock listings.

For example, major miner Newmont (TSX:NEM,NYSE:NEM,ASX:NEM) — which is among the ETF’s top five holdings — will be weighted at 6.95 percent from 12.99 percent.

Chart via VanEck.

Over the long term, however, GDX may see a boost in performance, including less volatility and better liquidity, as the dead weight is cut away and the largest companies are no longer concentrated at the top. This could represent a major growth opportunity for GDX investors, especially if this bull run on gold and gold-mining stocks continues.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Will Rhind, CEO of GraniteShares, breaks down gold’s recent price activity.

‘I think the main thing that’s driving gold … is this alternative to the dollar,’ he said.

‘People want an alternative to fiat money, and particularly the dollar, and also to traditional stocks and bonds. And so gold’s appeal as being a genuine alternative, an uncorrelated alternative, grows by the month, seemingly,’ Rhind added.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) was hit with a second major exit this month as Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) sold its entire 13.3 percent stake for US$439 million, sending the Canadian miner’s shares tumbling nearly 8 percent on Friday (September 19).

The Denver-based miner said it sold the shares through the Toronto Stock Exchange at US$10.14 (C$14.00) each. The move leaves Newmont with no remaining stake in the company.

CEO Tom Palmer called the sale part of a broader strategy to sharpen focus and free up capital.

“Today’s announcement demonstrates Newmont’s ongoing commitment to streamlining our equity portfolio and unlocks significant cash to support Newmont’s capital allocation priorities,” he said.

Orla shares fell 7.7 percent on Friday to US$10.21 after the sale, cutting its market capitalization to about US$2.41 billion.

The drop followed a similar selloff earlier in September when Agnico Eagle Mines (TSX:AEM,NYSE:AEM) offloaded its 11.3 percent stake in Orla for US$560.5 million.

By contrast, investors rewarded Newmont for the divestment. Its shares rose 3 percent in New York following the announcement, lifting the company’s market capitalization to US$88.6 billion.

The exit from Orla is the latest in a string of Canadian divestments by Newmont, which has been streamlining its portfolio since November 2024.

That program has included the sale of the Musselwhite mine in Ontario to Orla in an US$850 million deal and, more recently, an agreement to sell the Coffee gold project in Yukon to Fuerte Metals (TSXV:FMT,OTCQB:FUEMF) for up to US$150 million.

The company has also applied to voluntarily delist from the Toronto Stock Exchange, citing low trading volumes, though it remains listed in New York.

Despite the divestments, Newmont continues to operate significant Canadian assets, including the Brucejack and Red Chris mines.

For Orla, the departures of Newmont and Agnico Eagle add pressure to demonstrate its ability to sustain growth with a broader investor base.

The company currently operates two producing assets—the Camino Rojo oxide mine in Mexico and Musselwhite in Ontario—and has forecast consolidated 2025 gold output of 265,000 to 285,000 ounces.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

The US cannabis industry is at a turning point. State-level legalization and retail growth continue to accelerate, but federal policy remains stalled, leaving businesses navigating both opportunity and uncertainty.

Together, they shed light on the operational, financial and regulatory hurdles shaping the future of cannabis in the US.

Banking reform stalled, but bipartisan momentum building

As the co-founder of Nabis — which works with more than 400 brands and thousands of retailers — Ning has a unique perspective on these challenges. He explained that forcing a multibillion-dollar, state-sanctioned industry to operate largely in cash comes with safety and economic risks for businesses.

“Bottom line, it costs us around 4 to 5 percent of our top line of the business, which is pretty substantial,” he said, citing expenses like armored vehicles, guards, security safes, theft insurance and cash processing fees.

The SAFER Banking Act is designed to create a safe harbor for financial institutions to provide these services, protecting them from federal penalties for working with state-legal cannabis businesses.

While the act did not pass during the Biden administration, it continues to receive support, with a bipartisan coalition of 32 state attorneys general renewing calls to pass the SAFER Banking Act during a congressional break in late July, underscoring its importance for public safety, economic transparency and financial access.

Analysts have noted the need for a creditworthiness benchmark for cannabis firms, saying that without one companies like Nabis have had to develop their own internal credit scoring systems.

The rescheduling debate: Tax relief and research

While banking reform would address operational security, federal rescheduling of cannabis would tackle the punitive tax burden under Section 280E of the Internal Revenue Code.

This past April, the US Drug Enforcement Administration (DEA) confirmed that its cannabis rescheduling review was still pending, with no new steps taken, subject to 90 day updates.

That same month, during an April 30 Senate hearing, new DEA head nominee Terrance Cole said reviewing the rescheduling proposal would be a top priority for him if confirmed, though he gave no position.

Several months later, in August, President Donald Trump said his administration was actively reviewing the proposal, with a decision expected in the coming weeks, though no hearing was scheduled. A day later, Representative Greg Steube (R-FL) reintroduced the 1-to-3 Act to legislatively move cannabis to Schedule III.

Also in late August, Representative Jerrold Nadler (D-NY) and other Democrats reintroduced the MORE Act to federally decriminalize cannabis, while Representative Morgan Griffith (R-VA) circulated draft legislation to regulate hemp-derived intoxicating products, closing Farm Bill loopholes. The STATES Act, which aims to allow states to set cannabis policies free from federal interference, was reintroduced in August as well.

Progress in rescheduling progress and the elimination of Section 280E would further mitigate banking risks, decrease business taxes and broaden opportunities for medical research.

Speaking about this topic, Ning provided a powerful financial metric. He estimates that the removal of the 280E tax would bring back roughly 12 percent to companies’ bottom lines. Ning described this as a non-dilutive gain that would make the cannabis industry a legitimate category for institutional investment.

“I think it would bring a lot of renewed sense of interest and excitement,’ he said.

Additionally, rescheduling would allow academic institutions to conduct more research with greater funding, as it would officially acknowledge cannabis as a medically accepted product with acceptable use cases.

Secretary of Health and Human Services Robert F. Kennedy has consistently shown interest in expanded research into therapeutic uses of cannabis and psychedelic compounds.

MAPS is conducting a Phase 2 study examining inhaled cannabis for the treatment of post-traumatic stress disorder in veterans, funded by a US$12.9 million grant from the Michigan Veteran Marijuana Research Grant Program.

Should legislative obstacles in Washington be overcome, America’s cannabis industry could see a new wave of opportunities. Unfortunately, a rescheduling decision is improbable before the midterm elections.

In September, Represenative Dina Titus (D-NV), co-chair of the Congressional Cannabis Caucus, told University of Nevada, Las Vegas, researchers that federal reform efforts remain stalled.

Shortly after, on September 11, the Department of Justice withdrew several proposed regulatory actions, including a measure to facilitate cannabis research and a hemp lab waiver tied to the rescheduling hearings.

Meanwhile, the House Appropriations Committee recently approved a bill blocking rescheduling or descheduling, but kept a rider protecting state medical programs.

State-level trends in US cannabis

Nabis’ unique position in the supply chain gives the company a macro view of the industry.

Data cited by Ning reveals that the cannabis industry as a whole is growing as more and more states legalize it; however, he noted significant differences between mature markets like California and newer ones. In mature markets, there are often more brands than retailers, giving retailers bargaining power to demand longer terms and deeper discounts, or sometimes not paying at all. Meanwhile, smaller brands have no other option but to sell to larger retail chains.

This imbalance is contributing to a trend of consolidation, which Ning said happens first in the most costly areas of the industry, such as distribution, followed by cultivation and then manufacturing.

Retailers are the most recent tier to see rapid consolidation.

While Ning believes this will eventually happen in younger markets like New York, where retail sales alone have already surpassed US$2 billion, he noted that the state’s regulations, which include credit laws and a limit on the number of licenses an individual can own, may prevent the kind of aggressive consolidation seen in California.

Ning also pointed to a shift in consumer behavior and product trends. While flower products remain the biggest base of the market, more highly manufactured products like edibles, concentrates and beverages are seeing significant growth in the legal market because consumers are more loyal to the brands that make them.

This is in contrast to the illicit market, where consumers tend to be loyal to the strain rather than the brand.

What’s next for US cannabis?

The cannabis industry is caught between growing state-level legalization and persistent federal uncertainty.

While some in the industry have lost hope in federal reform, Ning believes a new wave of investor confidence would emerge if either rescheduling or banking reform were to pass, or if there was a breakthrough in medical research.

In the meantime, Ning pointed out that the cannabis industry has historically been insulated from broader economic downturns because it operates domestically, and, in fact, is even more “hyper localized” within each state.

He also noted that cannabis, similar to other vices like alcohol or tobacco, tends to boom during recessions.

“We saw this during COVID. We saw this in prior situations that resembled depressive times before. So that brought back some investment sentiment as well,’ he concluded.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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