Chapter Meeting
The hazing continues in Cannaland.
Daily Recap
New York’s fledgling legal cannabis market might undergo significant changes which could not only enable the sale of intoxicating hemp products in dispensaries but also open the door for out-of-state operators.
A new bill was introduced in the New York Senate that would repeal the emergency regulations that would restrict the sale of intoxicating hemp products, which was set to be enforced this July.
As the proliferation of intoxicating hemp continues across the country with little to no regulation under federal law, individual states continue to craft legislation to deal with this new and poorly researched set of substances.
West Virginia’s Dem lawmakers, who represent a minority in their legislature, said that while stonewalling from some Republicans makes it hard to pass bipartisan legislation, they hope cannabis policy reform is something both parties will agree on this year.
D.C. Lockdown
As D.C.'s nascent legal cannabis industry takes shape, the next phase of enforcement promises to be the strictest yet and authorities are delivering a blunt warning to illegal shops: Get in line with the law by March 31 or risk being shut down.
Legalizing and taxing adult-use cannabis in the UK would earn the country £1.5B in tax revenue and savings each year, create more than 15,500 full-time-equivalent jobs and eradicate most of the country’s illicit cannabis trade, per a new study.
Stocks & Stuff
The beatings continued and morale didn’t improve as a fresh technical break, coupled with a dearth of buyers—bc U.S. cannabis stocks are forced to list on shitty Canadian exchanges while Canadian names trade on NASDAQ—continued the sector exodus.
U.S. cannabis ETF MSOS lost 25 cents, which was good for 8% at these all-time lows.
Below, we’ll chew through the blues, separate the shit from shinola, see where sector CEOs stand on the specter of federal reform, finger the qualifier we’re looking at for a durable low, and share an important PSA during the depths of the sector depression.
All that and more, just scroll down.
note: no Cannabis Confidential tmrw as our son has a rare midweek lacrosse game.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $25M
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