Better Call Saul!

Attorneys opine on recent concerns.

Daily Recap

The Associated Press, which broke the canna rescheduling news on April 30th, added further flavor from behind the scenes on how the decision was arrived at, noting the Department of Justice basically bogarted the process from Anne Milgram’s DEA.

Justice Department attorneys defended Garland’s move to proceed without Milgram’s backing, the AP reported, saying the action was prompted by “sharply different views” between the DEA and the Department of Health and Human Services.

Either way, the DEA published the proposed rule in the Federal Register this morning, which officially punched the clock that began the 60-day comment period, and we’ll speak with a few legal eagles on the impact of these inferred implications below.

Because, Democracy

The CEO of a cannabis company says she’s confident Florida Gov. Ron DeSantis (R) will respect the will of the people and implement a legalization initiative if voters approve it at the ballot this November—even if he is currently campaigning against it.

“Look, I mean, getting over 60% of the electorate to vote in favor of anything is a tall feat,” said Trulieve CEO Kim Rivers, adding “we’ll have to go through implementation but I do not expect Gov. DeSantis would put up massive roadblocks post-approval.”

Wellness Check

U.S. plant-touching cannabis businesses (cultivators, manufacturers, and retailers) say the industry is heading in a better direction, even without the impending rescheduling of marijuana.

48% of revenue-generating canna businesses expect performance to be “somewhat better” or “much better” over the next 12 months. That number increases to 82% by adding survey respondents whose cannabis industry outlook is “about the same.”

No More Water Gap

As Delaware prepares to launch its adult-use marijuana market, bicameral lawmakers have introduced a new bill that would allow existing medical cannabis businesses to convert to dual licensees that could serve both patients and recreational consumers starting this year—months earlier than the current sales timeline.

Stocks & Stuff

It was a hurry-up-and-wait in Cannaland as U.S. cannabis ETF MSOS sat in a ten cent range for five hours before exhaling to the upside, finishing with a 2% gain.

Below, we’ll chew through today’s price action, retrace yesterday’s steps ahead of the hit job news drop, explore how similar circumstances resolved in the past, detail the value at current levels, share random thoughts and look forward, with the market.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $110M/ $69M

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