Daily Recap
The legal eagles at Foley Hoag detailed the processes and timeline surrounding the ongoing effort to reschedule cannabis. This must-read overview highlights the next steps and risk factors, along with highly informed educated guesses that include:
“It will take significantly less than 90 days for OMB to complete its review.
Even if OMB took full 90 days, notice-and-comment (including ALJ hearing process) concluded at end of 60-day window + final rule became effective 30 days thereafter, rule could become effective before the November election. 👀
It is very possible AG Garland will reinstate and expand upon the Cole Memorandum in the near future in light of the rescheduling process.”
In the Weeds
Hemp advocates, canna companies, state regulators, prohibitionists and congressional lawmakers are all vying to have their priorities represented in the forthcoming Farm Bill—and while there are shared interests among stakeholders, competing agendas have created tensions and in some cases, unlikely allies.
The hemp industry, for example, is at odds with select cannabis companies that are aligned with prohibitionists, with the strange bedfellows in agreement on proposed restrictions on intoxicating hemp-derived cannabinoids such as delta-8 THC.
Stop & Frisky
It’s been six weeks since the Florida Supreme Court ruled Amendment 3 could be on the November ballot. Six weeks later, there’s been crickets from two of the largest organizations representing Sheriffs and police chiefs in the Sunshine State.
The Florida Sheriffs Association and the Florida Police Chiefs Association have issued no statements indicating whether they support, oppose, or will remain neutral on the proposal to legalize recreational marijuana.
Toronto Raptures
Cannabis stores in Ontario sold nearly $2 billion worth of cannabis in 2023 to more than 10 million people, a 12% increase in sales from the previous year. This was the equivalent of 338 million grams of cannabis, a 23% increase from the prior year.
Stocks & Stuff
The S&P 500 and NASDAQ closed at their first record highs since March and, not to be outdone, U.S. cannabis was… outdone. MSOS closed flat, again, and while the U.S. cannabis ETF is +37% YTD, it remains 82% below it’s all-time high on Feb. 10, 2021.
Below, we’ll chew through today’s price action, digest the rest of earnings, take a tally of the Florida financial toll and otherwise play hooky ahead of tomorrow’s civic duty.
All that and more, just scroll down…
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $108M/$69M
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