Back to the Future

Twin bills aim to regulate legal canna.

Daily Recap

Following last week’s introduction of The STATES 2.0 Act, a bipartisan bill that would end federal cannabis prohibition in states that have legalized it, a GOP congressman and top House Democrat teamed up on a new bill to set the regulatory framework.

Late Thursday afternoon, Rep. Dave Joyce (R-OH) and House Minority Leader Hakeem Jeffries (D-NY) introduced the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act.

“Currently, nearly all 50 states have legalized or enacted cannabis to some degree, bringing us closer to the inevitable end to federal cannabis prohibition. Recognizing this reality, the PREPARE Act delivers a bipartisan plan.” Rep. Dave Joyce

Target Market

A cannabis industry-backed political action committee is making another targeted appeal to President Donald Trump.

The American Rights and Reform PAC said “medical cannabis has helped millions of patients,” leading to a rescheduling recommendation by the HHS and FDA that was later endorsed by the Justice Department. 👇

Mormon Marijuana

The number of medical cannabis cardholders in Utah is rising to new heights. It’s only been five years since Utah rolled out its medical cannabis program and the state is on track to have 100,000 active medical card holders by the end of this month. That’s an 18% increase from this same time last year.

King’s 👑 Ransom

Drug-related law enforcement is more likely to increase violence than reduce it, or so says a report commissioned by the government of the United Kingdom. Whether the U.K. government will revise its drug policies accordingly remains to be seen.

“The evidence suggests that drug-related law enforcement activities are of limited effectiveness in reducing violence. Indeed, more studies have demonstrated an association between drug-related law enforcement activities and increased violence than decreased violence.”

Stocks & Stuff

The tariff tantrum continued on Wall Street as the world reshuffles the global pecking order in real-time. The dollar, equities and even U.S. government bonds came for sale as the longstanding American exceptionalism has officially been called into question.

U.S. cannabis ETF MSOS, which popped 10%+ last Thursday after two legalization bills were reintroduced ahead of the 4/20 holiday, gave back those gains to start the week on what continues to be whisper-thin volumes.

Below, we’ll dance between the macro elephants, synthesize 35 yrs of market insights, top-line the latest legislation and what it might mean for the sector, and check on the cash flow dance across the space as Q1 earnings approach.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $14M

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