Open Season

U.S. canna breathes a sigh of relief.

Daily Recap

The U.S. government will remain open—for the next six weeks, anyway—which was welcome news for the U.S. cannabis industry. While the specter of federal reform will remain a show-me story at each and every incremental step, Murphy’s Law seemingly found a loophole, for now.

[ICYMI: Seismic Shifts→ Year-End Wish List]

Sen. Kevin Cramer, the Republican Senator from the liberal state of North Dakota, offered that the marijuana banking bill will put ‘parameters around the industry’ and said that he believes it has the "momentum" to pass the Senate. Curaleaf Chairman Boris Jordan is also bullish on the specter of SAFER Banking finally passing.

Michigan removed pre-employment marijuana testing for most govt employees, New Jersey officials are putting $5.5M in cannabis-derived revenue toward hospital-based violence intervention programs, Ohio is readying to be the next state to legalize adult-use weed and a cannabis ‘cafés’ bill was sent to California Governor Gavin Newsom.

A bill to legalize marijuana in Germany advanced after state representatives failed to block it, Fiji will tap into their multi-billion dollar MMJ Industry—but adult-use will remain illegal and the American Nurses Association officially recognized cannabis as a formal specialty practice area.

On the financial front, we share another lens on why shorting the MSOS has printed so much money for the last two years—spoiler alert, it supports our recent musings—while updating the most-recent short interest data (that we can measure) + valuation comps and highlighting insights on the fundies, technicals and timing of the DEA.

All that, and more, just scroll down…

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $86M