Oliver Twists

Our FOMO orphan is hungry to eat.

Daily Recap

A bipartisan marijuana banking bill remains a “very high priority” for the Senate and members are having “very productive” bicameral talks to reach the final agreement, Senate Majority Leader Chuck Schumer (D-NY) told Marijuana Moment.

The Democratic Senate sponsor of the SAFER Banking Act, Sen. Jeff Merkley (D-OR), also told Marijuana Moment that the legislation is “gaining momentum” as lawmakers work to bring it to the Senate floor and pass it “this year.”

Hoos Zooming Hoo?

While the Virginia Legislature recently moved an adult-use cannabis bill to Gov. Glenn Youngkin’s desk, his office has remained vague on whether he’ll sign it. But choosing not to do anything maybe his strategy and if so, that would establish the state as the first in the South to allow regulated recreational sales of cannabis.

The legislation, which has already cleared both chambers, awaits Youngkin’s signature, veto, or amendment but under Virginia law, if Youngkin doesn’t take action within 30 days after the legislature adjourns, the bill will automatically become law.

Whether Report

Floridians are now less than a month away from finding out whether adult-use cannabis will make it to November's ballot.

If the Supreme Court decides by April 1 to greenlight the amendment proposal, voters will head to the polls on Nov. 5 to vote on adult-use marijuana, where they will need a 60% supermajority to puff puff pass.

Stocks & Stuff

World peace broke out across global markets today but once again, U.S. canna didn’t get the TPS report memo. Repositioning in the option markets continued to drive the price action ahead of expiration, which is what happens when open interest exceeds the average daily volume. MSOS finished the session off 2.5%.

Below, there’s a lot to unpack: we’ll talk through price action, positioning, technicals, expiration influences and anxiety sweeping the the space, while checking in on both sides of the near-term ledger ahead of tonight’s State of the Union.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $132M ($71M)

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