Resolution Criteria
If, as of the end of Nov 22, 2027, a hemp-derived beverage enclosed in a 12-fluid-ounce container that contains exactly 3 milligrams of naturally produced delta-9 THC (and no other cannabinoids) is treated under federal law as lawful to sell, then the market resolves to Yes. The Underlying for this Contract evaluates the federal legal status of a beverage that:
is enclosed for retail sale in a single sealed 12-fluid-ounce (355-milliliter) container;
contains exactly 3 milligrams of tetrahydrocannabinol in that container, all of which is delta-9 tetrahydrocannabinol naturally produced by, and derived directly from, a Cannabis sativa L. plant qualifying as hemp under 7 U.S.C. § 1639o as in effect on January 1, 2025, and none of which is synthesized or manufactured outside the plant; and
contains no tetrahydrocannabinolic acid, no other cannabinoid of any kind, and no other substance listed in any schedule of the Controlled Substances Act.
The market resolves to Yes if, as of the end of Nov 22, 2027, at least one of conditions (a) through (d) is satisfied:
(a) Statutory and regulatory status: Under the federal statutes and federal regulations in legal effect, the beverage is not a controlled substance in any schedule of the Controlled Substances Act.
(b) Judicial relief: One or more orders of a federal court of the United States are in full force and effect that bar the enforcement of the amendments made by Section 781 of Public Law 119-37, or of the CSA’s treatment of the beverage as a controlled substance, with respect to the entire class of products and with effect throughout the United States.
(c) Funding prohibition: Enacted federal legislation prohibits the use of federal funds to implement, administer, carry out, or enforce the amendments made by Section 781, or the Controlled Substances Act, with respect to the retail sale of the beverage throughout the United States.
(d) Express authorization: Enacted federal legislation expressly authorizes or makes lawful the retail sale, in interstate commerce, of the beverage.
Only statutes, regulations, and court orders in legal effect as of the end of Nov 22, 2027 shall be considered. None of the following, standing alone, is sufficient to resolve to Yes: State, local, territorial, and tribal laws; Federal enforcement discretion, deprioritization policies, or non-binding agency guidance; Proposed rules; Federal court orders granting relief limited to particular parties, plaintiffs, products, sellers, or geographic areas; Funding prohibitions that have lapsed or expired; and Regulation of the beverage under any body of federal law other than the CSA (e.g., FDA food and beverage regulation).
