Cannabis House Arrest

Pavlov's pup pushes investor patience.

Daily Recap

Note: Slightly different format today as we’re on the road + we published our thoughts on Village Farms earlier.

Cannabis stocks endured another wild ride on Wall Street as the latest D.C drama triggered a fresh rash of PTSD after oh-so-many past traumas. We won’t put too much lipstick on our elected leaders given how abysmal they’ve been but it maybe worth noting that the federal reform train has already left the station.

This relies on several assumptions, the first of which is that if the government shuts next month, it won’t be permanent. SAFER Banking is seemingly set to pass through the senate (it’s already on the calendar) and as we know it has widespread support in the House—notably, it is co-sponsored by Dave Joyce—it remains very much in play.

[there are varying opinions on this, the easiest being, “markets don’t like uncertainty,” but much remains to be seen, from who takes the gavel to potential vehicles given the legislation will have moved through regular order in the upper chamber]