Higher Love

U.S. canna takes out the Dec. highs

Daily Recap

Since Ohio became the 24th state to legalize adult-use cannabis last November, the majority of Americans (54%) now live in a place where legal weed is available.

And with the Biden Administration expected to complete its formal review of the scheduling of marijuana this year, 2024 is full of anticipation even though cannabis remains illegal under federal law.

Of course, the industry has been chock-full of anticipation for 568 long days…

Volunteer

Congressman Steve Cohen (TN), a longtime advocate of lifting regulatory restrictions on marijuana, today wrote to Drug Enforcement Administrator Anne Milgram asking her to act expeditiously on an August 29 Department of Health and Human Services (HHS) recommendation to reschedule marijuana to Schedule III.

“I urge you, in the strongest possible way, to follow through on HHS’s recommendation. It is critical the DEA’s review is expeditious and your agency initiate the rulemaking process. 

Blue Grass

The governor of Kentucky is urging lawmakers to significantly expand the state’s medical marijuana law by adding new qualifying conditions.

The expanded list includes very serious conditions that we believe, but more importantly that these medical groups and advisory groups all unanimously agree, should become part of the program.” - Gov. Andy Beshear (D-KY)

Tinkers by Evers and a Chance

Wisconsin Gov. Tony Evers (D), who’s pushed for the full legalization of recreational marijuana, said that he’s open to a more limited medical marijuana legalization that is being promoted by Republicans.

“I would think that getting it all done in one fell swoop would be more thoughtful as far as meeting the needs of Wisconsinites that have asked for it but if that’s what we’re able to accomplish right now, I’ll be supportive of that.”

Markets

Cannaland was quiet for most of the session as U.S canna ETF MSOS traded lower on light volume through lunch. By the end of the day, however, animal spirits awoke and the space ripped higher, taking out $8 before settling in above December’s high.

Below you’ll find the best content we’ve been able to muster—on the markets, our positioning, street insights, industry data and research—which is all yours for the taking—all you’ve got to do is scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $150M

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