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Bulls try to reverse the December curse.

Daily Recap

The governors of six U.S. states sent a letter to President Joe Biden (D) on Tuesday urging the administration to reschedule marijuana to Schedule III of the Controlled Substances Act by the end of this year.

The move, they say, will provide economic and tax benefits for cannabis businesses, protect public health and more closely align government policy with public opinion.

“Economists estimate this will save $1.8 billion per year by shifting cannabis companies to a standard federal corporate rate of 21% vs the up-to-80% effective tax rate they face now.”

Lapped by an Elephant

Republican Representative David Joyce says he will file a bill “imminently” that, if passed, would amend the CSA to remove state-legal marijuana as a Schedule I drug.

Marijuana grown or produced outside of the licensed market would remain illegal at the federal level, allowing the sad states that don’t wanna legalize this magnificent plant the ability to keep prohibition in place.

“In theory, this has everything that a Republican should want, while moving away from the nonsensical stance the federal government has had on cannabis.”

Japannabis

Japan’s parliament enacted legislation on Wednesday to revise the cannabis control law to lift a ban on the use of medicines containing cannabis-derived substances. The change comes as calls have been growing in Japan to enable the use of a medicine for treatment of intractable epilepsy that contains the cannabinoid CBD.

There Was One?

Findings of a study examining marijuana’s neurocognitive effects “suggest prescribed medical cannabis may have minimal acute impact on cognitive function among those with chronic health conditions”—which comes as a big relief to long-term cannabis patients who are concerned about potential neurological drawbacks of the drug.

Stocks & Stuff

It was an active session on Wall Street as the bulls looked to leverage one of the better technical set-ups they’ve had in some time. U.S. cannabis ETF MSOS finished +5% on $126M notional plant-touching volume which, believe it or not, is on the active side.

Below, we monitor the (literally) frozen shorts, spy the movers, shakers and ketchup playmakers, finger more insider buying from the single long-term-greediest guy we know, zoom out on our field position and lament (briefly) on the state of the world.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $126M

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