Poison Control

Bad actors are ruining a great plant.

Daily Recap

New federally funded research into the effects of cannabis on alcohol use finds that people who used marijuana immediately before drinking subsequently consumed fewer alcoholic beverages and reported lower cravings for alcohol.

“Across the entire sample, self-administering cannabis before alcohol significantly reduced alcohol consumption vs. when alcohol was offered without cannabis. We also found cannabis and alcohol co-administration was associated with significant acute reduction in alcohol craving compared to alcohol administration alone.”

Ring my 🔔

Pennsylvania House Democrats passed a sweeping bill to legalize adult-use cannabis that includes stores operated by the state, a social equity program, decriminalization measures, allows plant cultivation for personal use, and raises tax revenue for the state.

It’s the farthest an adult-use recreational cannabis bill has advanced in the legislative process since the state legalized medical marijuana a decade ago. The 173-page long bill was sponsored by Dem Rep. Rick Krajewski, who represents West Philadelphia.

And yet, after all that…

…it will die in the Senate. Unless, of course, common sense prevails, there is a meeting of bipartisan minds, and the Keystoner State can give their people what they—and really, all people—want, and that’s safe, tested, regulated hemp cannabis THC

“I thought the House took a really important step by beginning to move the cannabis legalization bill. Obviously, it’s the beginning. This is going to have to go through some bipartisan compromise.” PA Gov. Josh Shapiro

Public Health Crisis…

“What we found was quite alarming. Approximately 90% of tested products would qualify as cannabis, meaning that the percentage of Delta-9 was well above 0.3%. In some cases, it was well north of 10%. About a third of those products wouldn’t have passed the strict regulatory testing that’s required by the state of Massachusetts, and would have failed for microbials, pesticides, in some case banned pesticides in the United States, as well as heavy metals and residual solvents…and none of the stores checked an ID and some were not charging sales tax at all.” Peter Gallagher

…and this might be the most important five minutes of your day 👇

Stocks & Stuff

It was a green day for the broader markets as the mainstay indices try to break free from the ties that bind—but thus far, despite today’s rally, the three amigos (SPX, NDX, DXY) continue to churn under technical resistance.

Canna, on the heels of messy earnings? The ETF was flat for most of the session on light volume—something new and different—before finishing a few pennies lower. It continues to hold the 50-day but a fart in the wind seems to move these names.

Below, we’ll chew through earnings, separate the wheat from the chaff, dig deeper into cash flow metrics, offer random thoughts, and spy an under-the-radar canna winner that’s currently enjoying the blue skies of Spring.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $7M

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