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Canna stocks are persona non grata.

Daily Recap

He may be one of the most polarizing figures to join the Presidential Cabinet but Robert F. Kennedy Jr’s confirmation as Secretary of Health and Human Services could be an auspicious step for the legal cannabis industry.

Kennedy maintained a pro-canna stance during his Presidential campaign but industry stakeholders, frustrated by the stalled progress regulatory process to date, have hailed his confirmation as a step potentially significant step forward.

Separately, President Trump’s pick for the top health lawyer at HSS, announced today, thinks cannabis is a ‘dangerous’ and ‘genetically engineered hard drug,’ joining other career prohibitionists amongst the rank-and-file of the new administration.

“If this administration pushes the proposed reclassification to Schedule III through, we’ll be looking at a period of significant industry growth and expanded access to banking, tax benefits and more.”

Greatest American Heroes

A GOP congressman reintroduced a bill to provide military veterans with access to medical cannabis. Rep. Brian Mast (R-FL) filed the Veterans Equal Access Act, the latest attempt to enact a measure that’s enjoyed bipartisan support over recent sessions but has yet to become law.

The bill would allow government doctors at the U.S. Department of Veterans Affairs (VA) to recommend medical marijuana to their patients in states where it’s legal.

Cattle Prod

At least 20 cannabis-related bills have been introduced in the Texas legislative session that officially began last month, including proposals to legalize adult-use, prohibit certain hemp-derived products, remove criminal penalties for possession and adjust the state’s existing medical marijuana laws.

The legislature in Texas comes together once every two years, meaning reforms that don’t pass by the session’s close on June 2 can’t be considered again until 2027.

Lederhosen

Switzerland may join other countries in legalizing cannabis after a key legislative body voted in favor of the measure. The committee for health of Parliament’s lower house backed the draft of a revised law on cannabis products. The measure still needs the backing of the full parliament and may be challenged in a referendum.

“The commission was unanimous in its view that cannabis use is a social reality. The majorityof the commission considers the current situation to be unsatisfactory and the prohibitionist approach to be misguided.”

Stocks & Stuff

The new week brought fresh all-time lows for cannabis stocks as the sound of silence continues and patience runs thin, if not out. U.S. cannabis ETF MSOS closed at $3.25, or 6% lower on the session, on $20M notional volume.

Below, we’ll top-line today’s malaise, monitor the recent filings, who’s sold, and who’s new to the space, channel check pricing and monitor the underlying math as we ready for the upcoming earnings season.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $20M

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