In partnership with
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 the outcome of real-world events, from elections and economic data to the policy fights this newsletter tracks every day. If you read Policy, Decoded to know what happens next, Kalshi is where you can take a position on it. Check them out.
Congress is pushing the IRS to define when 280E relief actually applies, ATACH has hired counsel and started raising money to defend the rule at the DEA and in court, and the same fight is playing out over labor peace in the Ninth Circuit. Underneath that federal scramble, the hemp boundary keeps getting redrawn one state at a time: Tennessee bans THCA outright on July 1st, Minnesota writes hemp into its regulated system, Illinois tries to do both at once, and Virginia Democrats reach for the one bill their governor cannot easily veto.
🏛️ Virginia eyes the budget
🧾 280E waits on the IRS
⚖️ The industry lawyers up
What is the use of having a vote, if it doesn't matter when you cast it?
The LA Mayor Market Ends June 2. The Odds Are Moving Now.
Karen Bass is at 68%. Spencer Pratt at 27%. Over $21 million is already trading on the Los Angeles Mayor race on Kalshi — and the prices are shifting every day as local news breaks. The window to get in before the consensus hardens is closing. The best prediction market trades happen before everyone agrees on the outcome. That moment is right now, before June 2. Peer-to-peer, no house, cash out anytime. Trade $10, get $10 free to start.
Trade responsibly.