Finishing up the Front Nine

News & Views across the cannabis landscape

Daily Recap

Captains Log: Day 868 since cannabis stocks topped in February, 2021.

Yesterday saw a 4th consecutive day of inflows for the US Cannabis ETF $MSOS as someone quietly added exposure before we enter the 2023 clubhouse on Friday.

After notching ~$34M all-in notional volume Tuesday (a pimple on an elephant's ass) the Hump Day haul was less than half of that. Liquidity is the opposite of volatility and the status quo turned these stocks into a public reflection of private equity. #sad

That bottleneck will presumably work in reverse if/ when we finally get our cluster of catalysts and therein lies the rub, right? The market is a forward-looking discounting mechanism and tends to look ~six months ahead.

2H24 may prove to be the stretch when that quote, “things move slowly in this town—until they don’t” proves true but one thing seems clear: after so many false starts and empty promises, investors wanna see federal movement before they embrace Sloane.

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