Pause Patrol

Canna catches it's breath.

Daily Recap

Two in three Americans say legalizing cannabis nationwide is a good idea, per a new poll. The 65% figure was a 5% increase vs. the Emerson College survey last October.

Dems were the highest demo (79%), followed by independents (66%) and Republicans (49%). Majority support for reform was seen across all ages—except those 70+, who were narrowly divided, with 52% against and 48% in favor of legalization.

Virtue Signaler Said What?

As the Trump administration considers rescheduling cannabis, Congressional Dems filed a bill to federally legalize cannabis by descheduling it altogether. Rep. Nadler (D-NY) reintroduced the MORE Act, alongside three dozen cosponsors.

In addition to removing the drug from the Controlled Substances Act (CSA), the new legislation also contains a variety of provisions meant to promote equity and address the collateral consequences of prohibition.

Spur Squatting

After several months of fiery debate and tearful testimonies over the prospect of a statewide THC ban, proposed measures to do so have stalled in the Texas House.

Senate Bill 6 would have banned products containing any “detectable amount of any cannabinoid” other than CBD and CBG, but it hasn’t been heard in a House committee after the Senate passed it August 19.

Meanwhile, a Texas law that significantly expanded the state’s MMJ program officially went into effect on Monday and a new poll shows that a vast majority of consumers—91%—agree that people with chronic pain stand to benefit.

Joe Knows

Stocks & Stuff

It was a sloppy unofficial start to the Autumn season as risk assets came for sale early and often. The canna complex wasn’t immune—not after such a sizzling August and not with the hopium speculation that we would see a Labor Day rescheduling.

U.S. cannabis ETF MSOS started the month with an 8% loss, is now +35% YTD and yes, is still a ways away from the blue sweep days.

Below, we’ll synthesize the summer and ready for a September to remember, examine why the WSJ leak was a blessing and a curse, check the charts, and explore the math behind why U.S. MSOs are still cheaper than their CPG peers despite the recent run.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $77M

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