House Arrest

D.C. dysfunction continues apace.

Daily Recap

Rep. Jim Jordan (R-OH) took another stab at the gavel today and again came up short, receiving 199 votes, or 18 shy of what’s needed to be elected Speaker of the House. The next vote is expected to be held tomorrow.

Rep. David Joyce (R-OH) is expected to file a motion to elect Sen. Patrick McHenry (R-NC) as a permanent speaker pro tempore. While McHenry flunked flank, many believe he understands the need for SAFER Banking and that his concerns were addressed by the senate committee. Joyce, of course, is the lead sponsor of SAFER Banking.

New York State will license five new marijuana dispensaries to open, part of an effort to keep up with growing demand and out-compete the illicit sellers, according to the state’s cannabis regulator.  The agency said it will step up enforcement of $20,000-per-day fines on unlicensed stores, while extending its deadline for license applications.

A majority of voters from almost every demographic in Ohio support passing Issue 2, a citizens’ initiated measure to legalize and regulate the possession, home cultivation and retail sale of cannabis for those age 21 or older, according to the statewide polling data released today by Baldwin Wallace University.

The German federal parliament deliberated on a bill that was proposed by the federal government on controlled cannabis usage and related provisions today. The move is endemic of significant shifts in the country's stance towards the substance, which is currently illegal for recreational uses.

Marijuana may soon become a bigger deal with SAFER Baking; Texas activists have submitted signatures to put marijuana decriminalization on the Lubbock ballot; the Cannabis Council of Canada called for regulatory changes; the FBI said police made over a quarter million marijuana arrests in 2022; the Federal Reserve Bank said states with legal MJ see broadly distributed economic boosts but also a bump in social costs; the Wyoming MMJ effort ended amid controversy and Canadian growers have turn to new crops amid the cannabis glut.

Below, we’ll dig into today’s volatile price action, check on the state of the set-up and kick the tires on where our catalysts stand—SAFE, Schedule III, Garland, all of it—as our world becomes more unsure. All that and more, just scroll down…

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $158M

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