Offsides

A false breakout punishes the bulls.

Daily Recap

Rep. Nancy Mace (R-SC) said that “if Republicans want to keep the House,” they should pass a cannabis banking bill, arguing “there are votes” to approve it. She also said it’s “mind-boggling” that Virginia’s GOP governor vetoed a bill to legalize canna sales given the issue’s broad bipartisan popularity.

On the marijuana banking legislation, which is pending action in the Senate after clearing committee last September, Mace said, “I support SAFE 100 percent,” and “I would love to see [Senate Majority Leader] Chuck Schumer move it forward.”

Peas and Carrots

Abortion and cannabis will be on the ballot in Florida in November — two issues that are expected to mobilize young voters toward President Biden and Democrats in the Sunshine State. Those issues drove young voter turnout in other states, such as Ohio last year, and Democrats are betting Florida will see a similar boost.

“Watching social media in the last 24 hours, the youth vote is excited about the opportunity to be voting on cannabis and abortion in November.” -Nikki Fried

Cheese Whiz

Disney World may be known for a lot of things—innovative attractions, viral snacks and Mickey Mouse himself—but guests heading to vacation at the popular resort have become a statistic in a campaign to get cannabis legalized in the state.

With 58 million annual visitors—21 million to Magic Kingdom Park—the Disney resort is a beacon for Disney fans worldwide and a statistic for marijuana advocates to utilize in their campaign to legalize adult-use state-wide.

“It’s important to realize medical right now isn’t taxed. There are 21M people in the state of Florida and there are 138M annual tourists, so we think this is going to be a boom for the state and tax revenue that can be reinvested into local communities.”

Free Bird

Massachusetts officials unanimously approved the governor’s proposal to pardon thousands of people with misdemeanor cannabis convictions effective immediately, and the process will be automated for most eligible people.

“Massachusetts made history today.” - Gov. Maura Healey’s (D)

Stocks & Stuff

It was just another day in Cannaland as the wild volatility continued on both sides of the border. Canadian LP’s landed lower after, in some cases, double-digit percentage gains, as the U.S. cannabis ETF MSOS turned a 5% morning win into a 10% daily loss.

Below, we’ll TMI through today’s price action, dig deeper on the Florida impact and what’s been priced in, take the fundamental temperature of select Canadian LP’s, and scout the necessary steps for uplisting—and why it maybe closer than many think.

All that and more, just scroll down.

$SPY -1.2% $QQQ -1.5% $IWM -1% $MSOS -10%; PT Notional: $351M ($210M)

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