Deliverance
Cannaland awaits it's fate.
Daily Recap
President Trump’s campaign pledges and recent comments have provided a dose of hope for the $32 billion legal industry. Meanwhile, his DOJ attorneys are preparing to defend prohibition and limit users’ right to own guns before the U.S. Supreme Court.
Legal observers told MJBizDaily the cases may force the administration to articulate its view on cannabis or leave the Supreme Court to unravel the issue. Just today, another federal appeals court ruled in favor of medical cannabis patients who want to exercise their Second Amendment rights to possess firearms.
The ongoing cases “necessarily demand the Trump administration respond to a variety of claims about the current state of the law,” said Douglas Berman, a professor at the Moritz College of Law at the Ohio State University.
Come out, Virginia, don't let me wait 🎶
A Virginia cannabis commission held its second meeting that focused on the future of canna in the commonwealth, with members taking input on tax and revenue options for adult-use sales as lawmakers again consider establishing a commercial market.
The meeting comes almost two months after a commission was first convened, with members discussing broad regulatory considerations and other issues related to THC potency, the hemp market and more.
Bill Maher and Chris Pratt talk about cannabis realities
Stocks & Stuff
Stocks slid and yields rose but Cannaland was sticky green as we edge into the final stretch of Summer. U.S. canna ETF MSOS gained 6% on the session (+32% YTD) as the specter of reform prices into a sector that had lost it’s mojo long ago.
Below, we’ll synthesize a wild week and clear the mechanism as we focus on the task at hand, which is to finally get a federal first down. While that speculation remains in flux—betting markets peg reform odds at 40% prior to year-end—we’ll peek around the corner to quantify the impact of S3 on U.S. cannabis valuations and multiples.
All that and more, just scroll down.
note: there will be no Canna Confidential tomorrow. Enjoy your summer weekend.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $76M
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