Fear and Loathing in U.S. Cannabis
Uncertainty and Doubt continue to run deep.
As the Senate finance committee prepares to mark-up the SAFER Banking Act next week, Sen, Majority Leader Chuck Schumer (D-NY) circulated a petition to ‘demand’ federal marijuana legalization as he works to advance the cannabis banking bill.
Two GOP senators, including the lead Republican sponsor of SAFER Banking, filed new legislation that would prevent federal agencies from rescheduling cannabis w/o congressional approval. Uber-Lobbyist Don Murphy believes this move was designed to provide the political cover needed for them to pass the banking legislation.
The SEC charged Citadel Securities for violating order marking requirements of short sale regulations and the type of spoofing that’s dominated U.S canna securities. The Miami-based market-maker, which cleared $16 billion in profits last year, has agreed to pay the SEC a $7 million dollar fine to settle the SEC charges.
The NCAA Committee on Competitive Safeguards recommended each of the three divisional governance bodies introduce and adopt legislation that would remove cannabinoids from the list of NCAA banned drug classes.
Committee members met in Indianapolis earlier this week and recommended the development of a robust educational strategy to accompany a potential change to cannabinoid legislation.
The timing of discussion and adoption of possible legislation is a decision that will be made by each of three NCAA divisional governance structures.
A top Wisconsin democratic senator unveiled a new marijuana legalization bill.
A key Senate committee chair remains undecided on the Ohio marijuana legalization ballot effort as he works to advance the cannabis banking bill/
The Pennsylvania senate passed a bill to let medical marijuana growers sell directly to patients, and the House is considering a home cultivation amendment.
And there are widespread product recalls in Missouri.
After a torrid two-week run, canna stocks spent the better part of this week backing, filling and working off their overbought conditions. While these scare-pockets seem like old times, the charts are shaping up as the show-me mindset continues.
Most canna stocks rose today, with MSOS gaining 3.5% on the lowest notional plant-touching volume since the HHS leaked. It was a welcome and much needed respite from the eye-watering volatility that has come to define this process of price discovery.
Below we’ll talk tape, set-up and next steps as we put one foot in front of the other.
There will be no Cannabis Confidential on Monday in observance of Yom Kippur—> I’ll be in Chicago Tuesday-Thursday for the Benzinga Canna Conference—> weekend w/ our eldest daughter in Columbus—> Vancouver first week of October with clients.
Subscriptions will be paused/ subscribers won’t be charged while I’m off-the-grid.
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