Order in the Court!

U.S cannabis sues the U.S. Government.

Daily Recap

A coalition of major marijuana businesses represented by an influential law firm has filed a much-anticipated lawsuit against the U.S. attorney general, seeking to block the federal government from enforcing cannabis prohibition for state-legal activity.

“What was once a single-minded federal crusade against the cannabis plant has been replaced with an ambivalent set of inconsistent policies, some aimed at reducing federal interference with state efforts to regulate marijuana.”

The group is represented by the powerhouse law firm of David Boies, best known for high-profile litigation seeking the breakup of Microsoft, representing former Vice President Al Gore in the 2020 presidential election and defending disgraced movie mogul Harvey Weinstein.

Stateside

The US House of Reps is making a fresh push to federally legalize cannabis; a legal morass is thwarting Alabama’s good ol’ boy MMJ program; a new Ohio campaign ad and economic report highlight the benefits of cannabis legalization; state legal canna isn’t correlated with increased traffic fatalities and it’s time to finally end the stigma surrounding cannabis retail.

This and That

Switzerland will establish the first legal cannabis dispensaries in Europe through a pilot project; a former DEA agent who was fired over a positive THC test from CBD products is soliciting public support as his legal fees mount, looters were caught on camera smashing an SUV into a Philadelphia medical marijuana dispensary and Marty and Wendy Byrde have opened a cannabis lounge in Missouri.

Markets

The hit parade continued across cannabis—and the broader markets, for that matter—as technicals levels were breached and risk appetites retreated. Total notional volume across U.S. plant-touching stocks and ETF’s tallied $84M by the time the dust settled.

Below, we’ll provide a play-by-play of today’s fray, dig deeper into the lawsuit, take the pulse of SAFER banking, check on the recent volume trends and provide color where we can in what’s become an extremely messy and emotional tape.

All that and more, just scroll down…

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $84M

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