Cuckoo’s Nest

The nuts & guts of U.S. Canna.

Daily Recap

A group of lawyers argued in a newly released legal opinion that contrary to what the DEA has asserted in the past, international drug treaties ought not stand in the way of moving marijuana to Schedule III of the CSA, as the HHS has recommended.

“In light of the failed war on drugs, devastating impacts on communities of color, and the public health risks associated with a dangerous illicit market, placing Marijuana in SIII would further the public health, safety, and welfare better than Schedule I or II could.”

Hoos for Tuesday

Virginia’s Senate formally signed off on a proposal to legalize retail marijuana sales in the commonwealth despite concerns raised by local law enforcement groups.

The vote came a day after the House approved a separate marijuana retail sales bill and those differences still need to be reconciled if lawmakers hope to send the commerce legislation to Gov. Glenn Youngkin (R) this session.

Metro Card

A New York lawmaker introduced legislation to revamp the state’s medical cannabis program, in part by allowing out-of-state patients to shop at New York’s dispensaries.

NYS Sen. Jeremy Cooney, who introduced the legislation, said it’s problematic that New York, with about 1 million out-of-state workers coming and going daily, doesn’t allow non-residents to access medicine prescribed by health professionals.

Imagine This:

It's February 13th, 2024.

$MSOS is +22%, overbought conditions have largely been worked off and in the first six weeks of the young year, there's been a steady drumbeat of good news:

On January 3rd, Punchbowl reported that the DEA told House lawmakers the cannabis scheduling review is ongoing.

[industry-watchers knew this but it catalyzed sector and attracted new money into a space desperate for liquidity]

On January 12th, the U.S. govt released 252 pages of documents explaining cannabis “has a currently accepted medical use in treatment in the United States” and a “potential for abuse less than the drugs or other substances in Schedules I and II.”

On January 24th, the DOJ asked a federal court to dismiss a cannabis industry lawsuit that is seeking to block the enforcement of marijuana prohibition against state-legal activity, in part because “the court should not get ahead of a possible cannabis rescheduling decision that’s being considered.”

Imagine that, now imagine walking into this exact scenario at any point over the last three years—yesterday was the three year anniversary of #MSOGang—and you’re gonna tell me there’s not a lot to be thankful for?

This is the lens I'm trying to view this madness through; call it perspective, call it zooming out; call it head-in-the-sand—that's up to you—but these are still exciting times for U.S. cannabis, even if they're bumpy.

Tuesday’s Gone

Below, we’ll dive into some of the drivers of the punky price action of late and attempt to navigate what’s been a wild ride ahead of what promises to be even wilder ride as we find our way through 2024.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $141M ($72M)

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