Doth Protest Too Much

Schumer has one person to blame.

Daily Recap

Last night, Senate Majority Leader Chuck Schumer (D-NY) took to X to share this:

BREAKING: Republican leadership is blocking my push to pass #SAFERBANKING in our government funding bill. It is long past time for #SAFERBANKING, we need to raise our voices now if we want to get this done.”

This wasn’t the first time that the Senate Majority Leader has come up short. We’ve endured false hope and empty promises for many moons—2021, 2022, 2023—but with operation choke point top-of-mind these days, there was a hint of optimism.

Let us remember that Mr. Schumer has used this issue as a carrot and a stick for the last six and a half years. We know this because we tried to help him get a first down while working with both sides of the aisle but evidently, it’s been to no avail.

Billy Ball

As New York regulators anticipate surpassing $1 billion in marijuana sales since the market launched in late 2022, they’re encouraging adults to buy cannabis locally this holiday season to give the “gift of community.”

Felicia Reed, acting executive director of the OCM, presented the agency’s year in review report, which showed the number of licensed cannabis businesses growing to 261 in 2024 and with that, sales jumped to about $919 million.

SAG Card

California cannabis businesses across the state are struggling to stay alive, with thousands of companies going out of business and taxes unpaid. The industry owes the state nearly $1.3 billion in late taxes and penalties, according to the California Department of Tax and Fee Administration.

High taxes are blamed for making the state’s legal pot industry unsustainable, yet state tax rates are set to move even higher. Come July, the state plans to increase cannabis excise taxes by 25%, with some warning that it could be the “nail in the coffin” for many legal weed businesses.

Stocks & Stuff

Cannaland got Schumered anew after Chuck’s finger-pointing proclamation triggered a break of the previous post-election all-time low. U.S. cannabis ETF lost another 7% as white flags flew and tax-losses were taken in the loneliest corner of the market.

Below, we’ll do what we do, which is try to make sense of a nonsensical situation.

All that and more, just scroll down.

I’ll be offline Dec. 20th through New Year’s. Healthy & safe holidays to you and yours.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $62M

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