Guten Tag

Germany moves to legalize cannabis.

Daily Recap

Germany’s parliament officially approved a bill to legalize marijuana nationwide.

The bill, which will legalize possession and home cultivation and authorize social clubs, now moves to the Bundesrat, a separate legislative chamber, although they cannot stop the reform from being enacted.

Exit Drug

New Jersey’s top marijuana regulator says the state officially surpassed $2 billion in medical and recreational marijuana sales since 2018 and he encouraged lawmakers to explore the possibility of giving medical cannabis patients a home grow option.

“I would love for the CRC to take credit for this, but it’s really the entrepreneurs who have been putting their money, their lives and their dreams on the line to make this happen.”

Southern Comfort

A day after a Virginia House panel approved a new compromise bill to legalize retail cannabis sales, a Senate committee also advanced the deal. If both chambers pass the legislation, they’ll send it to Gov. Glenn Youngkin (R), who has thus far been resistant to move forward on a legal sales framework.

Under the proposed bill, retail stores would open no earlier than May 1, 2025 and sales would be taxed at a reasonable 9%.

A Ba-Ba-Ba-Ba-Barbara Lee

Rep. Barbara Lee (D-CA) told Marijuana Moment that she’s “opposed” to moving marijuana from Schedule I to Schedule III, “because sometimes an incremental step like this, which took years, means it’ll take another 50 years to get to legalization.”

Lee said that while she hasn’t heard anything directly about whether DEA will accept the Schedule III recommendation, “I assume that they are and I’m getting ready.”👀

Stocks & Stuff

Cannaland ended the week on a positive note as the readthrough on the German vote set the early tone and midday commentary kept the bears at bay. U.S. cannabis ETF MSOS finished +5%, or +7% during the holiday-shortened week.

Below, we’ll chew through today’s news + price action, weigh the space against other categories, explore what the options markets are telling us, dig on Germany, sniff at global trends, and offer some perspective ahead of next week’s earning’s parade.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $140M ($76M)

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