Daily Recap
President Biden stands to make significant political gains if cannabis is rescheduled under his administrative directive, according to a new survey that reveals a majority supports the reform. It also found that voters favor marijuana more than Biden and former President Donald Trump, which really isn’t all that surprising.
Kathy Ire-Land
New York’s Gov. Kathy Hochul (D) is proposing the elimination of the state’s potency tax on canna products, which would be a win for the industry. The effort comes amid growing momentum in the New York market, which has been a shit show struggled since launching a year ago but now seems to be moving in a better direction.
“Taxes are one of the biggest impediments to accomplishing a legacy-to-legal transition and pose the greatest disadvantage for legal operators in their ongoing efforts to compete.”
Dad Dens
Customers at dispensaries in New Jersey will soon be able to spark up onsite.
The N.J. regulatory board has unanimously approved a framework that would allow medical dispensaries and recreational-use retailers to operate consumption lounges.
Stocks & Stuff
It was another wild ride in Cannaland as options expiration-related influences pulled on the ETF—which weighed on the illiquid underlying holdings—until U.S. cannabis investors finally got the rally memo (with a TPS-cover sheet) and joined the party.
MSOS finished the session with a 6% gain, which is just 3% higher than it last Friday prior to the HHS data dump (← the one where the government told us that alcohol was more dangerous than cannabis).
Below, we’ll walk through today’s price action, update technical set-ups, look ahead to next week’s potential catalyst and see through the upcoming capital raises.
All that and more, just scroll down…
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $111M/$63M
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