Great Expectations

U.S. canna looks ahead.

Daily Recap

More American cannabis legalization progress has been made in the past three years than in the fifty years prior. The juggernaut of states embracing canna has exploded and the momentum is expected to continue as research expands and society educates themselves about the wellness properties of earth’s medicine.

Hoos times Twos

Virginia’s House of Delegates gave preliminary approval to a bill that would legalize and regulate the retail sale of marijuana in the commonwealth, with a final vote on the measure expected early next week.

A competing measure is advancing in the Senate, having passed out of committee on Thursday. If both bills clear their respective chambers, lawmakers will either need to pick one or work to merge provisions of the two together.

In the Navy!

Amid the U.S. military’s ongoing recruiting crisis, the Navy is expanding authority to grant waivers to recruits who arrive at boot camp and test positive for cannabis. The Navy said the goal of the change is to be “reflective of where legislation is in society.”

Tin Soldiers

An Ohio lawmaker is warning colleagues that passing legislation to undermine voters’ decision to legalize marijuana in the state will jeopardize their reelection prospects—specifically cautioning against proposals to redirect tax revenue to law enforcement.

“I know sometimes people feel like they know best when it comes to people, but the people who know best is the people who got me elected and the people who voted.”

Burp!

It was digestive day in Cannaland as the bulls took a much-deserved respite after a six-week run to catch their breath. U.S. cannabis ETF MSOS ended the session -2% and lost 6% for the week—but it’ll head into Super Bowl Sunday +37% YTD.

Below, we’ll digest today’s price action and look ahead to February expiration, sniff at the potential timing of these elusive catalysts, explore a few readthroughs for Canopy USA and in general, try to take our journey in stride as we stroll into the weekend.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $82M ($47M)

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