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Built by a former cannabis regulator, Policy, Decoded helps operators read the policy terrain before it shifts beneath their feet.
Today's edition is sponsored by Kalshi, the regulated exchange where you can trade on real-world events, from elections to economic data to the policy outcomes you already track here. If you spend your day reading the political terrain, Kalshi lets you take a position on it. Trade what you think.
In Kentucky, House Majority Whip Jason Nemes wants prosecutors to treat following the governor's medical-cannabis order as a crime. In Texas, the rules governing the hemp market changed again by appellate order, with the agency still deciding whether to enforce them. Joe Hickey is asking Washington to hand hemp's intoxicating side to the states the way the 21st Amendment handed them liquor, while the White House lobbies separately to save CBD before November. The rooms are different, courts, committees, agencies, budget conferences, and the argument is the same one underneath all of them: which level of government holds the pen.
🧨 Comply, and be charged
⚖️ Texas hemp snaps back
🪖 The Pentagon studies psychedelics
The more corrupt the state, the more numerous the laws.
The Polls Got 2024 Wrong. This Doesn't.
Pundits predicted. Polls projected. Most of them missed. Prediction markets didn't.
Kalshi is where people put real money behind their political read — which means the prices you see on who wins the 2028 nomination aren't opinions. They're commitments. Right now, tens of millions of dollars are already trading on who gets the Republican and Democratic nominations.
That's a different signal than any poll you'll read this week.
Trade what you actually believe. Get $10 free to start.
Trade responsibly.