German Bear Hug

Deutschland helps squeeze the shorts.

Daily Recap

Ongoing federal marijuana prohibition has created a “real problem” for banks amid the growing state legalization movement, Treasury Secretary Janet Yellen said, adding it would be “desirable” for Congress to pass reform legislation to address the issue.

“It is a shame that the Senate has not passed legislation that we passed in the House to fix the banking problem.” - former House Maj. Leader and the most senior member of the House Democratic Caucus, Rep. Steny Hoyer (D-MD)

More Bank Shots

Senate Banking Committee Chairman Sherrod Brown (D-OH) says passing marijuana banking reform legislation this year is a “high priority,” as he reiterated his support as congressional attention shifts from funding the government to other legislative items.

“It’s a high priority. Sen. Maj. Leader Chuck Schumer wants to do it and I wanna do it.”

Puff and Schnitzel

A bill to legalize marijuana in Germany will be implemented on schedule in April, with lawmakers representing individual states in the Bundesrat declining to refer the bill to a mediation committee that woulda meant adding six months to the timeline.

“The fight was worth it, legalization of cannabis is coming on Easter Monday! Please use the new opportunity responsibly and help protect our children and young people. Hopefully this is the beginning of the end for the black market today.”

More of This 🙏

Washington Gov. Jay Inslee (D) has signed legislation into law to exempt registered medical marijuana patients from the state’s 37% cannabis excise tax, which is currently one of the highest in the country. The exemption will only apply to products that have been certified to higher testing standards than typical state-legal products.

Stocks and Stuff

The tale of two tapes continued in Cannaland as the Canadian LPs caught fire while the U.S. kind spent the better pat of the session slumbering back toward the flatline.

U.S. cannabis ETF finished off 1% and was +8% on the week while our neighbors to the north showed us how it’s done as CGC 0.00%↑, ACB 0.00%↑ SNDL 0.00%↑ TLRY 0.00%↑ and VFF 0.00%↑ all moved smartly higher.

Below, we’ll chew through the price action on both sides of the border, dig into what’s moving Canopy Growth, explore who’s best positioned for Germany, and talk through the catalysts, conditions and causes as we map next week and beyond.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $156M($95M)

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