Congress Eyes Vacation

As cannabis employees remain at risk

Daily Recap

The day began with word that longtime Democratic drug war supporter Sen. Diane Feinstein (D-CA) is the latest SAFE Banking co-sponsor, seemingly supporting the notion that the recent delay wasn’t a referendum on the legislation itself as much as poor clock management. Remember, SVB set the entire process back about a month.

While it wasn’t the news we wanted (actual progress), it was movement, which we’ll take considering the current climate. When we entered today, the DJIA was on a 13-day win streak and the S&P hadn’t dropped > 1% in 43 trading days while canna ETF MSOS lost nine (now ten) straight sessions to close near an all-time low.

Circling back to Mastercard, we spoke to several large operators and they have multi-redundant independent credit processes in place. There’s been chatter that one of the processors failed an AML/KYC audit, which may have contributed to the timing of the announcement, but Mastercard (and Visa) have long been on record saying that use of their cards/ network was no bueno until cannabis is federally legal.

In other news, the U.S House of Reps approved a veterans MMJ access amendment for the spending bill; a new bipartisan congressional bill would prevent federal agencies from banning candidates based on cannabis use; Imperial Brands, the fourth-largest tobacco company in the world, will retain it’s cannabis investment; the DEA wants a timeline on the rescheduling recommendation from the HHS, Ohio advocates remain confident they’ll get enough signatures to put adult-use legalization on November’s ballot; Uruguay sold almost 11M grams of cannabis since legalization began six years ago; and we need term limits now.

All that, and more, below…

note: there will be no Cannabis Confidential published tomorrow, Friday 7/28.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $20M

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