Dusty Roads

Cannaland searches for clarity.

Daily Recap

Even as President Joe Biden’s administration is reconsidering the criminal classification of marijuana—an epic policy shift—they continue to drag their feet on a much simpler and potentially seismic endeavor: researching the medical impact of cannabis.

“It’s embarrassing—I’ve seen no evidence that they’re at work to make this research go more smoothly. I mean, this not low-hanging fruit—this is picking it up off the ground. It just mystifies me.” - Rep. Earl Blumenauer (D-Ore.)

Common Wealth

The federal move to ease restrictions on cannabis is supported by Pennsylvania Gov. Josh Shapiro, who has previously expressed the need for his state to fully legalize the substance for recreational use.

The Gov underscored his desire to get to work on adult-use cannabis, saying that he wanted a legislators to put a legalization bill on his desk. That efort is expected to generate upwards of $250M in annual revenues.

"Governor Shapiro has made clear that we need to catch up — practically every one of our neighbors has legalized marijuana and is benefiting from hundreds of millions of dollars in economic activity and revenue — and this important step by the federal government only adds support to the Governor’s proposal.”

Common Sense

A strong majority of Americans—64%—agree that passing a marijuana banking bill would improve public safety, according to a new poll commissioned by Independent Community Bankers of America (ICBA).

The polling is consistent with findings from a separate American Bankers Association (ABA) survey released last month that found 63% of Americans back cannabis banking access, compared to just 17% who are brain-dead opposed.

Achtung, Baby!

Germany’s government is moving forward with the second phase of canna legalization to create a pilot program for commercial sales through an administrative process—as opposed to further legislation, as was initially expected, per reports.

While it’s long been assumed that legislators would need to first introduce and then pass complemenary sales legislation to fulfill the second pillar, the federal government is apparently taking a rulemaking approach that would speed up implementation.

Stocks & Stuff

A wild historic anticlimactic nother week is in the books and it ended much the same way it began, which is to say quietly. U.S. canna ETF MSOS landed close to the flatline to finish this five-session stretch +10%

Below, we’ll top-line today’s trading, assimilate the crosscurrents, map an educated timeline until a final ruling from the DEA, touch on technicals, share random thoughts and put this puppy to bed ahead of a huge week of earnings.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $134M/81M

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