Hurry up and Wait

U.S. canna readies for big week.

Daily Recap

Tuesday is around the corner and that means Ohio voters only have a handful of days to decide how they’ll vote on two critically important statewide issues. At its simplest, Issue 2 is a ballot initiative to legalize marijuana for adult-use in Ohio with a plan to regulate it just as the state does alcohol. 

Senate Banking Committee Chairman Sherrod Brown (D-OH), after a long process of soul searching, voted in favor of the Ohio ballot initiative, calling it a “hard decision” but one that was based on his belief that the reform would promote “safety” for his Ohio constituents. That safety, quite obviously, will be shaped by SAFE Banking.

The Florida Supreme Court will hear arguments next week over whether recreational marijuana should be on the ballot in 2024. It’s not known how the Supreme Court will respond but it’s worth noting that Governor Ron DeSantis appointed seven of the nine justices. Should it squeeze through, approval would need to clear a 60% threshold.

New York regulators are expanding on the medical cannabis retail licenses for large multistate operators for the first time since the state launched MMJ sales in January 2016. MSOs will pay a premium to enter perhaps the nation’s most untapped retail marketplace, which currently has only 26 operational licensed adult-use retailers in the entire state nearly a year after launching adult-use sales.

Red State Weed

Texas activists collected enough signatures to put marijuana decriminalization on another local ballot; Indiana lawmakers mulled marijuana legalization at a six-hour committee meeting, without making any recommendations; and most Kansans want legal marijuana but a few out-of-touch Republican leaders continue to block it.

Housekeeping

The DEA wants ~1 million grams of Delta-9 THC manufactured for research next year in their latest Schedule I quota hike; advocacy groups hailing from opposite ends of the political spectrum have united to push the President to deschedule cannabis; a new study shows letting people legally buy CBD significantly reduces opioid prescription rates.

Stuck in the Middle with You

After a week that saw the bulls and bears take turns at holding serve, stocks sat in a holding pattern for most of the session before closing slightly higher on light volume. U.S. cannabis ETF MSOS will start earnings week nestled between a potential double bottom and a confluence of moving averages.

Below, we’ll get ready for next week’s avalanche of reports; chew through a few charts; explore which MSOs will get the most bang-for-their 280E bucks, dig deeper into the Canadian canna fund liquidation and finish with cannabis hacks for the cold weather.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $22M

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