Perspective Directive
Make every day count.
Recent Recap
It was a quick southern sojourn to see some old friends, which is good for the soul.
One of them was my Rebbi from Morgan Stanley circa 1991, who had double shoulder replacement. He doesn’t fly anymore, and a decade had passed before we knew it.
Another was one of my closest pals from 25 years ago who is going through a few life changes and we spent an afternoon watching his 13-YO son crush a golf tournament.
I even got to see my favorite aunt, uncle and cousin, if only for a bit.
While the above was long overdue and much needed, the catalyst for this trip wasn’t about any of them. It was about a full circle moment that came to pass.
I received an email from an old friend a few months ago who informed me he’s likely on the last few pages of his book of life, stricken with pancreatic cancer. Since then, we have spoken or texted every day as he battles through aggressive chemotherapy.
He’s been reading my words for 25 years but it was his wisdom that I absorbed given what’s been going on in my life, none of which I’ve shared with readers.
Scott never drank or smoked, he worked out daily like an animal, and was a rock of a man who adores his loving wife and is one of the best dads I’ve ever met.
We once shook hands in Delray in 2010 and he told me how much it would mean to him to run it back, so I booked my flight, humbled as fuck, to do just that.
Why do I share?
Because life is short. We gotta make good decisions, remember who we are, and keep shit in perspective. If a red P&L is the worst of our problems, we are indeed blessed.
I try to remember these things but I also know that when I close my eyes for the final time, I’ll have spent way too much time stressing about shit that never even mattered.
Think positive as my grandfather used to say, and please join me in a prayer for Scotto.
Reflections
Scott handed me a column I wrote 20 yrs ago that shared a few things I had learned:
All you have is your name and you word.
Emotion is the enemy when trading.
The only difference bw genius and madness is acceptance.
The reaction to news is more important than the news itself.
Time is the most precious commodity.
Opportunities are made up easier than losses.
The purpose of the journey is the journey itself.
What goes around, comes around.
Bad times define good friends just as bad seasons define good fans.
There is a massive difference between having fun and being happy.
Be good to others and better to yourself.
Work to live, don’t live to work.
Profitability begins within.
Gratitude is latitude.
Seeing old friends is good for the soul.
When in doubt, sit it out.
Time is the arbiter of fate.
The air of integrity gets thinner with age.
Free will is G-d’s greatest gift.
Experience is a close second.
Negative energy is wasted energy.
You gotta have faith.
Hope isn’t a viable investment vehicle.
The only difference between intervention and manipulation is communication.
One hand washes the other.
Good traders know how to make money. Great traders know how to take a loss.
Where you stand is a function of where you sit.
Life is shaped by the decisions you make.
Take the high road. It’s less crowded and has a better view.
To appreciate where we are, we must understand how we got here.
The opposite of love isn’t hate, it’s apathy.
Stay out of debt.
The friction between opinions is where true education lies.
A dream is only as powerful as those who believe in it.
Money comes and goes.
Tenacity and resolve are the hallmarks of success.
View obstacles as opportunities.
The only difference bw a mistake and a lesson is the ability to learn from it.
The definition of an investment should never be a trade gone awry.
By the time you get to where you want to be, the journey will be over.
Honesty, trust, and respect are the foundational constructs of any success.
Think positive.
Work Stuff
The avalanche of earnings were solid last week given the status quo with universal expectations from industry leaders that federal guidance will arrive soon to help clarify the rescheduling that is currently underway.
Those reports will continue this week, as Village Farms and Cronos this morning and OGI, Vireo, Jushi, Glass House, Ascend and Rubicon Organics are among other names that’ll share their tale this week.
The ETF volumes have been tepid of late, which helps explain how easy it is for the 🤖 to 🎯 the outsized open interest at the $5 strike, absent the next dollop of good news.
There are 175 days to the midterms, we’ve got a full tank of gas, half a pack of blunts, it’s dark, and we’re wearing sunglasses. Hit it!
Top Stories
Marijuana rescheduling: How far back will 280E cannabis tax relief go?
Treasury Says Tax Guidance Coming For State-Licensed MMJ Companies
From Lab To Dispensary: What Rescheduling Means For Cannabis Clinical Trials
Sen. Banking Chair Tim Scott (R-SC): “Congress is going to have to make it legal.”
Florida MMJ Sales Reach Record $180M In April, Tops $659M In 2026
Calif Cannabis Sales Reach $311M in April, Bringing 2026 Total To $1.2B
Ohio Cannabis Sales Reach $107.4m In April
Why Global Expansion Is Becoming A Strategic Imperative For Canna Companies
NORML Leads Coalition Urging VA Gov Not To Veto Adult-Use Canna Sales Bills
Industry News
AlphaNooner- Todd Harrison on the Next Phase of Cannabis Investing
RYTHM, Inc. Reports First Quarter 2026 Results
Target Expanding Hemp Beverage Sales to Fla., Tex., Ill.
Take 20% off the IgniteIt (nee’ Benzinga) Chicago Capital Cannabis Conference
Chatter Box
Rumors of a $50/lb. federal excise tax, but that should be tax-deductible post 280E.
I got two inbounds last week from multibillion funds, both of whom are looking to be the first second mover.
Sen. Tim Scott (R-S.C.) serves as the Chairman of the Senate Banking Committee
What would CFO look like if there was no 280E on a cumulative basis (2019 - 2025). This is a rough estimate. UTP used in the calculation excludes interest/ penalties and non 280E items. More of a lift when other costs of prohibition are eliminated i.e. higher cost of capital, insurance, compliance etc.
Stems & Seeds
Older Adults Turning To Cannabis Edibles
Have a safe journey, please enjoy responsibly.
If you’d like to help Mission [Green] change federal cannabis policies, please click here.
CB1 has positions in/ advises some of the companies mentioned and nothing contained herein should be considered advice.
Thanks for sharing about your trip. The 20 year old article was powerful. Keep shining your light Todd. You’re impacting more people than just your friend, Scott. Wish him well on his recovery. Thank you.