Government Mule

Federal reform is taking it's sweet-ass time.

Daily Recap

The Man who Cried SAFE (D-NY) says that bringing a marijuana banking bill to the floor is a matter of securing more GOP votes—a task he says is made more difficult by the fact that some lawmakers are afraid that their constituents, “particularly the older ones,” don’t want them to embrace reform despite overall majority voter support.

Sen. Majority Leader Chuck Schumer, meanwhile, continues to insist that the Senate is getting close to passing the legislation. “It’s bipartisan, it has support in the House, and we could make it law soon,” he said, misusing a word so often that it’d make both Merriam and Webster wince.

Staying in the Empire State, Sen. Kirsten Gillibrand (D-NY) is calling upon the Drug Enforcement Administration to act with “great urgency” to reschedule marijuana in line with the U.S. Department of Health and Human Services’ recommendation.

“I write to you concerning the rescheduling of marijuana under the Controlled Substances Act. While I remain under the strong conviction that marijuana should be descheduled entirely, I urge the DEA, at a minimum, to consider rescheduling marijuana from Schedule I to Schedule III substance.”

And New York Governor Kathy Hochul (D) signed legislation that’ll provide tax relief to NYC cannabis businesses that were blocked from making federal deductions under the infamous Internal Revenue Service (IRS) code 280E.

“This modification to income is appropriate because while the expenses of cannabis-related business cannot be deducted for federal purposes, New York law permits and encourages these businesses akin to any other legitimate business occurring in the State and the City’s business taxes should similarly encourage these business activities.”

Showed You

The Missouri Department of Health and Senior Services released the latest cannabis sales numbers, showing $96M was made in adult sales in October, along with $17M million in medical sales, for a total of $113M in October. Missouri has made ~$1.8 billion from marijuana sales since adult-use sales were legalized in February.

Stocks & Stuff

It was a soft day in Cannaland despite the equity orgy across the broader tape. U.S. cannabis ETF MSOS, which ran more than 40% from the Halloween scare to Friday’s firm close, finished 4% lower on $65M notional volume for plant-touching U.S names.

Below, we’ll dig into today’s trading, share our new U.S. comps, refresh the state-level dispensary counts, preview Green Wednesday, chew through a few random thoughts, and explore why some believe there will be reason for thanks this holiday season.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $65M

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