Passed Over

The risk rally snubs Cannaland.

Daily Recap

It’s been more than a decade since Colorado and Washington state made adult-use cannabis legal and in the years since, 24 states and Washington D.C. have followed. Seventeen other states legalized MMJ, with varying exceptions in each state’s laws.

Four more states—Florida, Idaho, Nebraska and South Dakota—may soon join them as advocates in each state are hoping to get a referendum on their November ballots so voters can decide if they want to legalize (adult-use or medical) cannabis.

Talk Soup

President Joe Biden and Vice President Kamala Harris both touted their support for marijuana reform to mark the cannabis holiday 4/20 at exactly 4:20 p.m. on Saturday.

The comments were the latest sign that the administration will continue to focus on this popular issue ahead of their November reelection bid.

“Sending people to prison just for possessing marijuana has upended too many lives and incarcerated people for conduct that many states no longer prohibit; it is time that we right these wrongs.” -President Joe Biden

Poll Position

The overwhelming majority of U.S. adults favor the federal legalization of cannabis and most perceive it to be safer than tobacco or alcohol, according to nationwide polling data.

About two-thirds of adults said that the regular use of alcohol and tobacco is more harmful to a person’s health than the use of cannabis, one in four reported using cannabis in the past year and 62% said it should be legal in the United States.

Wrong!

Dozens of marijuana companies and advocacy groups are pushing back against Sen. Mitt Romney’s (R-UT) recent claims that the U.S. would be in violation of international drug treaty agreements if it reschedules cannabis to Schedule III of the CSA.

More than 50 organizations said in the April 9 letter that they wanted to “correct the record” with regard to the senator’s “inaccurate claims that neither reflect the current state of medical or scientific knowledge or an accurate application of relevant treaties to proposed reforms.”

Stocks & Stuff

As risk appetites returned from the weekend, canna stocks continued to march to their own, dysfunctional beat. U.S cannabis ETF MSOS was down as much as 4% in the early goings before scratching back to the flatline and going limp into the close.

Below, we’ll chew thorugh today’s price action, read the 2024 tea leaves, update the U.S. canna comps and compare them to other CPG categories, explore why we’re at yet another critical technical juncture and top it off with some random thoughts.

All that and more, just scroll down.

Chag Sameach

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $87M/$63M

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