It's Debatable

Will canna enter tonight's conversation?

Daily Recap

The Biden campaign is stepping up its push to draw lines of distinction between the president’s marijuana policies at those of former President Donald Trump, stressing that cannabis is “not as dangerous as we once believed” on a new campaign page.

The new Biden campaign webpage also criticized Trump, arguing the former president “made the failed approach to marijuana worse.” Of course, the two are scheduled to debate tonight at 9:00 PM ET but we don’t yet know if this issue will be discussed.

Kingpin 🎳 Cannabis

Pennsylvania’s first bipartisan bill for adult-use cannabis has been introduced. House Bill 2500 includes possession limits of 30 grams of cannabis flower, 1,000 milligrams of THC products and five grams of cannabis concentrate.

Every state that borders Pennsylvania has legalized adult-use cannabis except West Virginia (because its West Virginia) and state leaders say they need to catch up.

“The reality is every other state is trying to do this and 90% of the states around us have done it. We’re being left behind and Pennsylvania shouldn’t be a leader at not leading.” State Rep. Emily Kinkead (D-Allegheny).

Green Hens

A Delaware Senate committee advanced a House-passed bill that would let existing medical marijuana businesses in the state begin selling cannabis to adults, a move designed to allow recreational sales to begin months earlier than planned.

Separately, the Delaware Senate approved a House-passed bill that would enact state-level protections for banks that provide services to licensed marijuana businesses, and they’ve sent it to the governor’s desk.

Blue Grass

Gov. Andy Beshear (D) announced today that Kentucky’s Medical Cannabis Program is accelerating its timeline. Applications for medical cannabis businesses will open on July 1, six months earlier than planned.

Stocks & Stuff

It was another choppy session in Cannaland but the U.S. cannabis ETF MSOS ground out a 3% gain on the best volume in over a month. The U.S. proxy has been wrestling with technical levels, which makes tomorrow a particularly important quarter-end.

Below, we’ll top-line today’s price action, contextualize the recent run, lay down the levels, marinade on multiples, share some stock ideas and dig deeper into the hemp-derived cannabinoid addressable market.

All that and more, just scroll down…

Note: Cannabis Confidential is slated to return after next week’s holiday. Of course, if anything of note happens prior, that timeline is subject to change. Happy and Safe 4th!

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $101M

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