Border Battle

Canna was a tale of two tapes today.

Daily Recap

Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) are soliciting support for a federal marijuana legalization bill that they plan to introduce later this month, setting a sign-on deadline for original cosponsors on the eve of the cannabis holiday 4/20. 🤢

“The question today is not whether cannabis should be legal—many states have already moved ahead. The question now is whether cannabis should be subject to the same high regulatory standards, based on preserving public health and safety, that apply to alcohol and tobacco.” -Sens. Schumer, Wyden and Booker.

The bill will closely resemble their ill-fated CAOA push and to be clear, this effort is largely symbolic, as well. Instead, most industry stakeholders are waiting for SAFER Banking to finally clear the Senate floor before potentially moving to the House.

Quality Inn

If Florida voters approve a cannabis legalization initiative at the ballot, it could actually “improve the quality of life” for residents despite the governor’s silly assertion to the contrary, or so says the CEO of a Florida operator, as well as multiple clinical studies.

“When you compare marijuana to alcohol, the data is very, very clear that cannabis, by all metrics—whether you’re talking about DUIs, hospital visits, deaths, long-term side effects—is significantly safer and should be an alternative that is offered.”

Timber, Wolves

Minnesota will expunge more than 60,000 misdemeanor cannabis-related criminal records by May, ahead of the initial August timeline. The expungements are required under the state’s adult-use cannabis law that was passed last year.

“There is collateral kind of impact that criminal records have. They can pose barriers to housing, education, employment.”

Exit Poll

Patients authorized to use medical cannabis products have reported decreasing their use of opioids, alcohol, tobacco, and other substances, according to a new study.

“These findings belie that claim that canna is a so-called gateway drug, reinforcing the notion that, for many individuals, it acts as a exit drug. As legal access continues to expand, we expect the cannabis substitution effect to grow even more pronounced.”

Stocks & Stuff

It was a slippery slope in Cannaland today after Tilray messed the Canadian bed and we saw early hedging strategies put early pressure the U.S. kind.

U.S. cannabis ETF MSOS erased an intraday 4% loss and rallied to register yet another Blutarsky—returning 0.0% for a second straight session—despite northern frights that included TLRY 0.00%↑ CGC 0.00%↑ and ACB 0.00%↑.

Below, we’ll chew through today’s price action, take a fresh look at the Canadian LPs, dive deeper into the Florida Keys, and sniff at why the Schumer bill, annoying as it is, might actually be a bullish tell.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $152M/$109M