Promises, Promises

POTUS Pitches Pot at SOTU

Daily Recap

For the first time in history, the President of the United States used part of his State of the Union address to promote cannabis reform, touting the mass pardons he’s issued, affirming his position that nobody should be incarcerated over possession and noting the review into cannabis’s scheduling status that he initiated.

Red Dawn

Rep. Dave Joyce (R-OH), co-chair of the Congressional Cannabis Caucus, is applauding the House passage of an appropriations package that includes report language urging the Justice Department and other agencies to study state regulatory frameworks for marijuana in anticipation of federal legalization.

With “nearly every state adopting its own set of cannabis reforms, it is time for the federal government to respect the will of our voters and begin a much-needed conversation on what post-cannabis prohibition America looks like.”

Greatest American Heroes

During joint U.S. House and Senate committee meetings this week, veterans service organizations pressed members of Congress to more urgently pursue the potential benefits of psychedelic-assisted therapy and medical marijuana.

“Whether it’s cannabis or psychedelics, the data makes clear that our generation of veterans is ready to try more alternative therapies. We just need our elected leaders to help make it possible.”

Traffic Jam

The U.S. Department of Homeland Security has teamed up with the New York National Guard and New York City Police Department to investigate illegal cannabis smuggling across the U.S., potentially by international crime rings with roots in Eastern Europe, Green Market Report has learned.

Law enforcement intelligence identified four farms in California that are connected to the case they’re working on and which are being used to launder money.

“We want to be able to track how are they moving (cannabis) from California to New York, and where’s it going.”

Stocks & Stuff

The Opposite thing happened again today as tech stocks weighed on the broader tape and cannabis, after getting kicked in the teeth over the last few weeks, held on to early gains on the heels of last night’s State of the Union.

U.S. cannabis ETF MSOS finished +4.5% on the session, but lost 9% on the week.

Below, we’ll dive into the drivers of today’s price action, read into what, if anything, we can take away from last night’s milestone, check our charts, look ahead to next week’s earnings and explore the nuance that could carry canna through the elections.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $104M ($60M)

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