Pay-to-Play

Cannabis outmuscled in D.C.

Daily Recap

House Republicans nixed an amendment aimed at protecting banks from cannabis crackdowns from a government funding bill after there was blowback from fellow GOP lawmakers. They also voted to maintain a federal ban blocking Washington, D.C. from creating a system of regulated adult-use marijuana sales.

Rep. David Joyce (R-Ohio), chairman of the subcommittee that crafted the funding bill, noted that some of his colleagues had “taken issue” with the banking legislation but he vowed to continue his efforts to pass this commonsense legislation.

“I will not abandon this effort in Congress and will continue to work with my colleagues in good faith to ensure they become law.” Dave Joyce (R-OH)

This much is clear: when it comes to lobbying our U.S. elected officials, the cannabis industry has been the odd man out. Crypto—and hemp—have done a superb job and it shows, both in terms of attention received and political progress achieved.

Army Training Sir.

The U.S. House of Representatives approved a large-scale defense bill that includes a section to prevent military branches from testing recruits for marijuana as a condition of enlistment has been left intact, despite opposition from the White House.

While the House Rules Committee blocked a number of pro- and anti-cannabis amendments from floor consideration, the full chamber’s approval suggests the military marijuana screening section is advancing.

Common Wealth

Pennsylvania lawmakers are stepping up their push to pass a marijuana legalization bill, emphasizing the need for bipartisan and bicameral collaboration to enact the reform with a focus on social justice.

“We are here today because there was a time when this plant was associated with people who were marginalized and victimized to benefit other industries who are afraid of cannabis.” Rep. Chris Rabb (D)

Old Hampshire

New Hampshire’s House of Representatives voted narrowly to table a Senate-passed bill that would have legalized and regulated cannabis in the state, effectively killing the prospects of the reform this year and potentially for the foreseeable future.

Separately, lawmakers agreed on two bills to expand the state’s MMJ program. One would allow doctors to recommend canna for any condition, and the other to expand the pool of healthcare professionals who can recommend the drug.

Stocks & Stuff

A battered and abused Cannaland wobbled into today having given up most of it’s YTD gains, as well as some beefy technical levels. U.S. cannabis ETF MSOS tried to reclaim its March lows with a midday push but it was not to be, at least not today.

The ETF finished the session -3%, to end another tough week (-9%) in what has been an insanely volatile year (flat).

Below, we’ll top-line today’s price action, recap the week (and month) that was, spy a potential whale, check the magic that is the minors (cannabinoids), and spy why next week will feature another milestone for the ongoing rescheduling process.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $61M

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