Bank Shot

Canna catalysts continue to form.

Top Stories

Senate Banking Committee Chairman Sherrod Brown (D-OH) told Punchbowl News that the SAFE Banking Act is one of the top bills on his fall legislative agenda and he plans to advance it within the next six weeks. “We want to get RECOUP. We want to get SAFE Banking. We already have the FEND Off Fentanyl Act in the NDAA. All three of those are my priorities.”

This latest news follows Senate Majority Leader Chuck Schumer’s ‘Dear Colleague’ letter, which was circulated on Friday, where he said, “In the remaining months of this year, we also have an opportunity to advance legislation on a number of critical issues.” He listed ten specific priorities, including “safeguarding cannabis banking.”

[if your response to this is, ‘yeah right, pull this leg and it plays Jingle Bells,’ you’re not alone but (SAFE+) HOPE springs eternal)

Cannabis Benchmarks weighed in on the evolving rescheduling process, offering that “280E tax relief would be a game-changer for cannabis businesses,” and highlighting that “a senior DEA official noted he is not aware of a single instance in the agency’s history that DEA deviated from a scheduling recommendation from HHS.”

Jeff Schultz, meanwhile, thinks the DEA now finds itself stuck between a rock and a hard place as it weighs guidance from the HHS against the UN Single Convention on Narcotics. There’s been a fair amount of debate on this particular topic and the folks at Foley Hoag have you covered (and won’t even charge you $800/hour!).

Below we dig deeper into these dynamics and offer our latest take on the watched pot that has seemingly started to boil. There’s much to digest as we await the fate of our year-end wish-list as we peel an onion that could lend some spice to our structural set-up.

In other news, lawmakers have moved to end marijuana testing for more federal job applicants; Canadian Mounties are considering a change to their cannabis use policy; CNBC Fast Money highlighted U.S Cannabis ETF MSOS and it’s turbo-twin, MSOX; Maryland set it’s social equity eligibility criteria for adult-use canna licenses; illegal pot farms are being blamed for blackouts in Spain; Emerging evidence suggests CBD is neuroprotective and may reverse structural brain changes associated with heavy cannabis use; New York is reaching a breaking point for it’s canna program (I’d argue we’re there); we offer a pop quiz for paid subs, check out some charts, and explore how, after a million years, cannabis became our favorite weed.

All that, and more, just scroll down…

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $297M

Top Stories