Broken Arrow

Technical pressures hit Cannaland.

Daily Recap

The American Medical Association formally endorsed drug decriminalization today, adopting the policy position at its annual meeting and calling for the “elimination of criminal penalties for drug possession as part of a larger set of related public health and legal reforms designed to improve carefully selected outcomes.”

That’s a bolder move than what was initially included in the AMA Board of Trustees report, which said the organization should “continue to monitor the legal and public health effects of state and federal policies to reclassify criminal offenses.”

Whine & Spirits

As beverages containing intoxicating hemp-derived cannabinoids continue to land on shelves throughout the country, a national advocacy group for the alcohol industry is urging Congress to address its concerns in the 2024 Farm Bill reauthorization.

Wine & Spirits Wholesalers of America wrote a letter to the ranking members of the U.S. House and Senate committees on Agriculture recommending that they address a “public health crisis” associated with products containing intoxicating hemp-derived cannabinoids like delta-8 THC.

Fenway Parked

Massachusetts lawmakers are stressing urgency in dealing with intoxicating hemp-based products but have said that they’re unlikely to do anything before the next legislative session begins next year.

“We have a situation where intoxicating hemp products are being produced from hemp that isn’t grown in Massachusetts, in labs with no supervision, in packages that have no age requirements and they’re competing with lawful cannabis retailers.”

New York Story

Despite the rocky start, New York Gov. Kathy Hochul and the state’s Office of Cannabis Management estimate that total cannabis sales will exceed $200 million in early June.

Sales reached a total of $46.2M in May and there are 132 dispensaries now open for business across the state. Meanwhile, in the last three weeks, inspection teams closed 311 illegal shops, seized $10M worth of illicit products and issued $23M in fines.

Stocks & Stuff

It was another shit sandwich for Cannaland as the buyers’ strike continued and the bears took full advantage, pressing U.S. canna ETF through two important technical levels to the lowest level since early January.

Below, we’ll dig into today’s price action, weigh the fundamentals against the charts, and dig deeper into New York, Florida and Ohio—as well as what’s priced in.

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: $75M

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