Pimple Patch

U.S. cannabis is breaking out.

Daily Recap

A second Virginia Senate committee has advanced a bill to legalize retail marijuana sales in the commonwealth, moving the proposal one step closer to the chamber floor.

The panel also approved a separate measure that would resentence people who are currently incarcerated for cannabis-related crimes.

Land of 10,000 Bakes

Officials in Minnesota hope to begin issuing temporary licenses for the state’s legal marijuana industry ahead of schedule—”as soon as this summer”—with an emphasis on aiding social equity applicants, they said this week while providing an update on the implementation of an adult-use legalization law adopted last year.

Alone Star State

The Republican attorney general of Texas is suing five cities over approved local laws to decriminalize cannabis, vowing to overrule the “anarchy” of “pro-crime extremists” who advocated for the reform. OK, Boomer.

You tell Nate Diaz

The Ultimate Fighting Championship (UFC) may have already removed marijuana from its banned substances list for professional fighters but a California athletics commission says that they could still face penalties under state rules.

Stocks & Stuff

Cannaland was active early and often today as a combination of animal spirits, stuck shorts, informed inuendo and technical signals combined to power the sector to fresh 52-week highs. U.S. cannabis ETF MSOS closed with a $10-handle for the first time since December 9th, 2022.

Below, we’ll roll up our sleeves, do the math, name names, talk positions and attempt to balance the bevy of potential catalysts against the current reality that is littered with short-term overbought conditions and suddenly lofty expectations.

All that and more, just scroll down.

Top Stories

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $220M ($105M)