Connect the Dots

Making sense of the canna madness.

Daily Recap

Negotiations over a key section of the cannabis banking bill — addressing protections for gun shops — are close to wrapping up, according to one of the lead negotiators on the legislation.

Rep. Blaine Luetkemeyer (R-Mo) told POLITICO on Wednesday that lawmakers have continued to work on it for the last six months, sending bill text back and forth. Most recently, he approved another version that was sent back to the Senate just last week.

Green Berets

In what has been described as a ‘great victory’, Ukrainian President Zelensky signed into law legislation permitting the prescription of cannabis-based medicines for conditions including pain, cancer and PTSD.

The legalization of medical cannabis in Ukraine has been a long-time coming, with activists campaigning on the basis that it could help millions of veterans and patients across the country. 

Fire Marshal Bill

Virginia lawmakers have advanced bills that would allow public sector employees to use medical cannabis without losing their job. These efforts look to extend to state public employees rights that already exist in the private sector.

“The key was we left our brave first responders out of this. That was never our intent and so this bill is meant to fix that.”

Freak Show

The Cannaland crosscurrents continued as the space rebounded following the first real gut-punch of 2024. That seven-session 22% MSOS puke wasn’t fun for anyone but they say the sharpest corrections occur in the context of a bull market, so we’ll see.

Below, we’ll dig into the somewhat sloppy + outsized ETF rebalancing that’s colored the recent price action, sniff at the potential why behind the sudden volatility spike—along with a potential who—and we’ll check the whether report in Florida.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $140M ($68M)

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