Blazing Gaetz

Former Florida Rep. sees reform on the horizon.

Daily Recap

Former Rep. Matt Gaetz (R-FL)—President Donald Trump’s first pick for U.S. attorney general before he withdrew from consideration—says “meaningful” marijuana reform is “on the horizon” under the current administration, and he praised the president’s “leadership” in supporting rescheduling.

In an op-ed published by The Tampa Bay Times on Thursday, Gaetz said that moving cannabis from Schedule I to Schedule III “won’t solve every problem overnight, but it is a necessary step in the right direction” and he expressed confidence that Trump will usher through the reform.

Better Business Bureau

Republicans in Pennsylvania should seize the “opportunity to snatch” the issue of cannabis legalization from Dems, or so said a GOP PA state lawmaker.

As the state legislature considers proposals to enact adult-use legalization after a few sessions the reform stalled, Rep. Abby Major (R) said that it’s time for conservatives to meaningfully step up to the plate.

“I’m a Republican, always have been. I believe in small government, low taxes, a free market and personal liberty. For these reasons, I support the legalization of adult use of cannabis.”

Raising Arizona

Sales of THC-infused products in Arizona anywhere but at licensed cannabis stores is illegal and enforcement will begin next month, the state’s attorney general warned in letters to cannabis retailers.

Arizona Attorney General Kris Mayes issued the directive after her office became aware that unlicensed businesses – including local shops and national retail chains – are selling hemp-derived, THC-infused beverages and edibles.

Mahalo

Big reforms may be in store for Hawaii’s medical marijuana program along with a crackdown on illicit cannabidiol (CBD) outlets. The changes are designed to make it much easier to get medical cannabis and harder to find it illegally.

“These people have to go somewhere and we don’t want them going to organized crime in the black market for their medical conditions.”

Stocks & Stuff

It was another snoozer of a session until Matt Gaetz’s Op-Ed posted. U.S. canna ETF MSOS, which registered a fresh all-time low yesterday, rallied as much as 9% before settling in with a 7% gain on the session as ETF notional upticked to… $30M.

Below, we’ll step through the dew, climb over the animus, check on the Boies case, dig deeper on the fundamentals and crunch the credit categories.

All that and more, just scroll down.

note: there will be no Cannabis Confidential tomorrow.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF notional: $30M

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