Atonement

U.S. canna attempts to regain trust.

Daily Recap

Senate Banking Committee Chairman Sherrod Brown (D-OH) said that a bipartisan marijuana banking bill will pass “decisively” out of his panel on Wednesday, as other senators discussed possible tweaks on its path to the floor and anti-drug advocates decried the reform as a public safety hazard.

A group that represents state lawmakers across the U.S. has urged Senate leaders to pass the bipartisan marijuana banking bill to provide a “much-needed solution” to the “unsafe and untenable” challenges that the cannabis industry faces under prohibition.

President Joe Biden touted his mass marijuana pardon from last year, referencing the act of clemency at a Congressional Black Caucus Foundation awards ceremony.

“I’m keeping my promise that no one—no one—should be in jail merely for the use or possession of marijuana. God Almighty,” Biden exclaimed. “And those who are in jail, they’re going to be released and the records are going to be expunged.”

[note: his pardon only impacted ~6,500 people; none have been released from prison]

Rhode Island marijuana sales set a record for the fourth consecutive month; the Ohio Secretary Of State forced a county to allow a local canna vote despite the prosecutor’s objection; Minnesota's cannabis chief resigned after reports she sold illegal product; starting Oct.1st, Michigan will drop cannabis testing for some state govt jobs; and the California cannabis industry is panicking over a proposed label law.

Canna stocks took a wild ride on Wall Street. U.S. cannabis ETF MSOS rallied 9% in the early going before giving it all back and then some to finish the session down 2% (+13% YTD; -13% YoY). AYR Wellness, for it’s part, jumped 14% before reversing 28% lower and rebounding to finish the session down 2% (+133% YTD/ +15% YoY).

We’ll take a deep dive into the bull-bear battle below and chew through some risks, rewards and levels we’ve observed in the marketplace. Importantly, we’ll talk about the timing and sequencing of the seismic shifts + how the shutdown comes into play.

All that and more, just scroll down…

SPY 0.00%↑ QQQ 0.00%↑ 25% MSOS 0.00%↑ PT Notional: $139M

Note: Cannabis Confidential will post a post-Benzinga recap→ OSU Fri→ Delta, B.C next week for some up-close-and-personal due diligence.

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