Forgive and Forget

Look forward, not back.

Daily Recap

States carried out “great experiments” with marijuana legalization that gave Americans “more freedoms,” including in conservative jurisdictions, said Senate Majority Leader Chuck Schumer (D-NY) as he continues to push for cannabis banking legislation and a legalization bill he recently unveiled.

“Crime hasn’t gone up. Drug addiction hasn’t gone up. People have more freedoms, and I think overwhelmingly the American people support decriminalization. Even in conservative states, it’s on the ballot—look at Ohio—and it wins overwhelmingly.”

Schumer, of course, has been talking a big game for years but as the Senate Majority Leader of the 118th Congress, he’s scewed the pooch done little to further the cause.

Quaker State

A Pennsylvania GOP senator who filed a legalization bill last year says the state is “getting close” to legalizing cannabis—but the job will only get done if House and Senate leaders sit down with the governor and “work it out.”

The senator said it’s “ridiculous” that canna is legally accessible in the state’s existing MMJ program but criminalized apart from that, especially as neighbors Delaware, New Jersey, Maryland, New York and Ohio have already flipped the cannabinoid switch.

Rush, More

South Dakota activists are “extremely confident” they’ve collected more than enough signatures to qualify a marijuana legalization initiative for the state’s November ballot.

It was unclear if the grassroots efforts would be able to reach the signatures needed for the ballot placement as national industry support has been lacking this cycle but the campaign pushed forward and, its leaders are predicting, prevailed.

Inflation Expectations

As of March 2024, wholesale flower prices were up nearly 5% year-over-year across the 13 state markets tracked by New York-based wholesale cannabis platform LeafLink.

“I see prices stabilizing” with six state-regulated marijuana markets (IL, MD, MI, NJ, NY, and OH) “contributing more than 60% of total U.S. retail sales” the next two yrs.

Stocks & Stuff

Cannaland attempted to brush off it’s PTSD, patch up our war wounds and look past the structural impediments, custody restrictions, tax treatment, pernicious algos and everything else they’ve thrown at us the last five years, at least for the day.

Below, we’ll chew through today’s price action, review another busy day of earnings, offer our best sense on the timing of next steps in the rescheduling process, check the charts, get a good sense on the Florida polling and look ahead for what’s to come.

All that and more, please scroll down.

Note: I’ll be at Jury Dury next week but will do my best to keep the content flowing.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $112M/$76M

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