Green Shoots

U.S cannabis is on the move.

Daily Recap

Speaking at a cannabis industry event, former Food and Drug Administration (FDA) official Howard “Sklammy” Sklamberg said he’d be shocked if the Drug Enforcement Administration doesn’t reschedule marijuana by next year’s presidential election.

“I would be really shocked if it took the DEA longer than the second quarter of next year to come up with its final rule. Even when I was at FDA, we knew that important regulations you wanted to get done in an election year needed to get done the summer before.”

With Ohio becoming the latest state to legalize marijuana, there’s a renewed sense of urgency to follow suit in neighboring Pennsylvania, with the governor’s office calling it “another reminder” of the need to enact reform. Five out of six bordering states—Delaware, Maryland, New Jersey, New York and Ohio—have already flipped green.

“It is past time for the Pennsylvania legislature to join our neighbors and legalize cannabis to ensure safe access, right the wrongs of cannabis prohibition, and stop tax revenue from bleeding outside of the borders of the Commonwealth.”

Wednesday marked one year since Missourians voted to legalize adult-use cannabis and the Show Me State has shown out. In the nine months since MJ sales started, the fledgling million-dollar industry has morphed into a billion-dollar industry with sales growing from $605M in December 2022 to more than $1.5B in September 2023.

Stocks & Stuff

An action packed week came to a close with some green on our screens—and this time cannabis stocks came along for the ride. US cannabis ETF MSOS finished the session +7% and in the process, managed a break out through a few important technical levels.

We’ll dig into the price action, talk through the technical levels, review the avalanche of earnings, preview those still to come and do our best to map our year-end given the government may—or may not—shut down one week from today.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $66M

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