Mounting the Hump

Canna creeps across the weekly midpoint.

Daily Recap

The Drug Enforcement Administration and AG Merrick Garland missed a Feb. 12 deadline to respond to 12 U.S. senators regarding the DEA’s cannabis rescheduling process, multiple congressional sources confirmed with Cannabis Business Times.

Transitioning

Pennsylvania Gov. Josh Shapiro recently asked lawmakers to tee-up cannabis for this legislative session and established medical players are looking to be first to market.

The decision to allow adult-use via a legislative process, rather than through a vote, will likely allow the state’s existing medical operators to benefit the most as many of them already possess wide footprints, large canopies, and ancillary businesses.

Palmetto Pot

South Carolina’s Senate passed a medical marijuana legalization bill today, sending it to the House of Representatives for consideration.

The bill still needs to clear the House—a prospect that’s far from certain. The Senate had passed an earlier version of the legislation in 2022 but it stalled in the House over a procedural hiccup.

Danke

A bill to legalize marijuana in Germany is officially on the legislative agenda for next week, signaling that plans to enact the reform by April are on track. The vote still needs to be followed up with action by the Health Committee and the full chamber.

Stocks & Stuff

The Cannaland rollercoaster continued today as competing agendas, ETF rebalances and impatient investors traders combined for what amounted to a push. U.S. canna ETF MSOS finished the session flat after losing 20% the previous six sessions, while still sporting a 23% YTD gain.

Below, we’ll dive into the price action and flows, talk through the sandbox silliness, finger a potentially seismic rebalancing for the good guys and otherwise catch you up on the what, where, when, why and how across the space.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $140M ($66M)

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