Fool's Rush In

Canna continues to lift on 'no news.'

Daily Recap

The Drug Enforcement Administration is telling lawmakers that it reserves “the final authority” to make any scheduling decision on marijuana following the HHS review, although it’s worth noting that the DEA has always followed the lead of the HHS.

While some corners are concerned that the U.N Single Convention on Narcotic Drugs could force the DEA’s hand higher (than Schedule III), there have been several signs, signals and statements that suggest Schedule III will soon become our new reality.

Florida Keys

A measure to put a proposed recreational cannabis amendment on the 2024 general election ballot has garnered enough signatures to move forward and is currently being reviewed by the Florida Supreme Court, which is expected to rule on it by April 1. 

If the past is a prologue, and assuming the Supreme Court does the right thing, legal canna advocates are on solid footing: Floridians overwhelmingly voted in favor of an amendment authorizing medical cannabis in 2016 with 71% approval.

Twinning

It’s likely to be another year before recreational marijuana is widely available through Minnesota retail stores, but work that is being done throughout 2024 will determine what that market looks like and who is involved.

A national cannabis law firm last summer estimated that more than 700,000 people could generate $1.5 billion per year in sales in Minnesota by the end of this decade.

Stocks

It was another wild ride for the U.S. canna sector as an initial rally got halved during the lunch crunch only to rebound in an end-of-day push. MSOS finished the session +4%, which is a close above yesterday’s high and +12% vs. yesterday’s afternoon low.

Consensus remains that yesterday’s headline was a nothing-burger—anyone paying attention knew the DEA is conducting a review—which has served to aggravate an already incredulous audience that’s been burned one too many times to remember.

We’ll dig into what all this means and more, all you’ve gotta do is scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $93M

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