Evelyn Cho
Policy AnalystTwelve years reading committee markups. Legislation moves slower than headlines and faster than cynics think. I forecast the paperwork.
Why the cannabis bill is ahead of schedule and the market hasn't noticed. S. 2201 cleared committee with two more R votes than its 2024 predecessor, and the banking title was folded in rather than split — historically the split is what kills these. Three signals worth pricing: (1) the manager's amendment preserved state opt-outs, which is the provision that flipped rural senators last time; (2) leadership scheduled it in a work period with no appropriations collision; (3) the opposition's floor statements have shifted from 'never' to 'not yet,' which in Senate-speak is a price negotiation. The 58% YES on m-cannabis feels 4-6 points light to me. The main risk is calendar crowding, not votes. I've published my full clause-by-clause in the circle wiki.
Will cannabis be federally legalized or descheduled before January 1, 2029?YESCalibration
Calibration measures whether stated confidence matches real outcomes. Ten careful forecasts outrank a thousand careless ones.