A Tale of Two Tapes

Canna earnings will separate have's vs. have not's

Daily Recap

Cannabis is now legal in Minnesota, making it the 23rd state to legalize adult-use.

Senator John Hickenlooper (D-CO) has filed a bill to prepare for federal cannabis legalization with alcohol-like regulations. The legislation—titled the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment (PREPARE) Act—is largely identical to the House version that was filed in April.

[^ would require AG to establish a 'Commission on Federal Regulation of Cannabis’ w/in 30 days of enactment through an alphabet soup of agencies that would comprise a governing commission. Sounds good to us, as long as the federal framework builds upon existing state-legal structures and regulations; 10th Amendment and all]

The U.S. Senate has approved legislation to protect people from being denied security clearances due to past cannabis use, legislation that Marijuana Moment Founder Tom Angell called, “the biggest marijuana policy reform ever approved by the senate.”

The master-of-the-obvious statement of the day belonged to White House Drug Czar Rahul Gupta, who wisely observed that the President’s marijuana pardons/ scheduling review could help resolve policy conflicts. “We’re failing to create a structure through which our society can thrive, and it’s causing problems.” Thanks, Scoop.

TerrAscend front-ran the upcoming earnings season by preannouncing stronger-than-consensus Q2 revenues and gross margins, and providing robust full year guidance. It should be noted that Maryland, which launched July 1st, didn’t contribute to Q2 and management believes the company is positioned to be a market-share leader there.

In other related news, a new study shows cannabis is effective treating patients with Alzheimer's; Diddy’s grand canna plan fell through; NYC ranks as the top cannabis-consuming city in the world; an anti-cannabis police chief used to pull tubes before breakfast; Maryland canna sales are blazing; we explore state-level 280E tax loopholes, touch on a big German tease, sneak a peak at valuations, share an updated earnings calendar, spy some fave names into earnings, and climb aboard the magic bus.

All that, and more, just scroll down…

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