Maze in the Haze

Investors digest the forward path.

Daily Recap

A congressional advocate for the federal legalization of cannabis says that changes are coming that could lead to better access to banking services for companies that grow or sell the drug.

Rep. Earl Blumenauer (D, OR), who has pushed to liberalize marijuana laws throughout his career, says the shift could accelerate trigger movement in the Senate to pass the SAFER Banking Act, which would allow cannabis businesses to access federal banking.

“While I would have preferred to see rescheduling finalized before the election, we still have every reason to believe it will happen before President Biden leaves office.”

Rep. Earl Blumenauer (D, OR)

The People Have Spoken

President Joe Biden’s mass cannabis pardons are the most popular acts of presidential clemency in U.S. history, with bipartisan majorities in favor of forgiving people with prior cannabis possession offenses, according to a new poll.

The YouGov survey results showed that pardons for people who’ve committed federal possession offenses were the most popular act by a wide margin (69%-18%).

Follow the Money

Trulieve continues to shovel money into the campaign to pass Amendment 3. The medical marijuana company donated another $5M to Smart & Safe Florida, which is sponsoring the initiative that would legalize recreational pot.

The latest contribution brings Trulieve’s financial backing to slightly more than $70 million over the past two years.

Stocks & Stuff

After yesterday’s violent move—one that shed $2B of market cap on $38M notional volume in the underlying names—Cannaland finished flattish today as investors tried to digest the implications of this week’s news.

Below, we’ll top-line the landscape, discuss how the DEA hearing might impact timing of a final rule, check the math behind Florida, share random thoughts, spy a near-term catalyst, and explore just how close this sector is to all-time trough valuations.

All that and more, just scroll down.

note: there will be no Canna Confidential tomorrow or Friday; enjoy the long weekend.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $46M

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