Narcos
Daily Recap
When Vice President Kamala Harris looked up from her prepared remarks in the White House’s Roosevelt Room a few weeks ago to make sure the reporters could hear her, she spoke with purpose: “Nobody should have to go to jail for smoking weed.”
Harris’ cannabis reform roundtable was a genuine reminder of just how far the politics have shifted for the onetime prosecutor who was raised during The War on Drugs.
As President Biden seeks much-needed support from young voters, his administration is making a big bet that cannabis policy could help him cross that chasm.
U.S. Propaganda
Reefer Madness was a 1936 film that helped shape negative cannabis stereotypes for decades and laid cover for the weaponization of the plant as a racist immigration tool; it’s a stigma that we’re still fighting to unwind.
Adaptation
Regulated marijuana sales in the United States are expected to exceed $31 billion this year. The forecasted amount is an increase of $2.6 billion from 2023, representing a growth rate of 9.14% year over year.
The positive trend comes despite the fact that canna sales have been suppressed due to the post-pandemic shifts in consumer behavior, higher interest rates and persistent delays in state-led markets (cough New York).
Delaware Canna Gap
Delaware’s treasurer is championing new legislation that would provide state-level protections for banks that provide services to licensed cannabis businesses.
The measure is designed to clarify that banks, credit unions, armored car services and accounting services providers are not subject to state-level prosecution because they work with legal canna operations.
Stocks & Stuff
It was another active session in Cannaland as the Canadian LP’s again stole the show (and volume), paced by CGC 0.00%↑ and VFF 0.00%↑ , while the U.S. kind dusted itself off with steady, albeit tenuous gains.
Below, we’ll chew through today’s price action, frame the current set-up, look for the laggards + ketchup plays, and dig deeper into the fundies on both sides of the border.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $130M ($86M)
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