Hairy Carrie

Ghosts of the past continue to haunt canna.

Daily Recap

The U.S. House of Representatives saga came to an abrupt end today when Rep. Mike Johnson (R-LA) secured enough votes to grab the leadership gavel. While Johnson has long been a cannabis hawk, there’s still a few ways that SAFER Banking could emerge from the 118th Congress.

Separately, bipartisan House lawmakers refiled a bill to federally legalize marijuana, while taking steps to preserve existing state cannabis markets. Sponsored by Rep. Nancy Mace (R-SC), the States Reform Act was first introduced in 2021 as an option to a Democratic-led legalization proposal that cleared the House twice in recent years.

State Troopers

A Pennsylvania House committee scheduled a marijuana legalization hearing for next week; two in three Kansans, including most republicans, support canna legalization; the Nevada cannabis industry is cautiously optimistic Congress will move on SAFER Banking; the Nevada state commission is seeking comments on their plan to let peeps with canna convictions become cops; and for most participants, California's marijuana market remains mired in challenges.

Around the Horn

Cannabis may be a potential treatment for weight restoration + associated symptoms of anorexia; researchers identified previously undiscovered cannabis compounds that give strains their unique aromas; moving MJ to Schedule III would aid access to legal care; a study suggests cannabis reduces pain and depression for the elderly; the U.K. government will permit the electronic prescription of MMJ; and the cost of cannabis medicine for the treatment of MS will now be covered in Ireland.

Company Stuff

Ascend Wellness announced stronger-than-expected preliminary Q323 Results and a new leadership team; Green Thumb will open a RISE dispensary in Sun City Center, Florida, which will expand their footprint to ten locations in the Sunshine State.

Markets

It was another shit-ass volatile day for cannabis stocks as the space sold-off early and the ETF tested a big technical level. As buyer’s continued to strike in the absence of clarity on the viability of banking or the timing of/ response from the DEA, the ETF finished 8% lower on $81M notional [all listed plant-touching U.S. canna products].

Below, we’ll chew through today’s price action, dive deeper into the implications of the new House leadership, attempt to gauge the upcoming Supreme Court decision in Florida, check the new all-time high in MSOS* and try to make sense of this madness.

All that and more, just scroll down…

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT notional: $81M

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