Redheaded Stepchild

Someone wasn't invited to the market party.

Daily Recap

The nation’s largest cannabis company says it is already engaged with Donald Trump’s transition team, betting that the president-elect’s pro-business stance and campaign promises could revive an industry rattled by Florida’s failed legalization bid and the ongoing and antiquated federal prohibition.

“With President-Elect Trump in office, we are hopeful that real federal reform, including rescheduling and SAFER Banking, can pass.”

“In our expertise, historically, President Trump has put an effort to deliver on his campaign promises, and we see no reason why this time would be different.”

“We have heard that the DEA has notified members of congress that they plan to move towards rescheduling” [which is] a “very positive development.”

“We know the Farm Bill is going to come to discussion early next year… we intend to be very active.”

Boris Jordan, Curaleaf Chairman & CEO

Blue Balls Grass State

Kentucky’s governor says the result of Tuesday’s election—which saw more than 100 cities and counties approve local ordinances to allow medical cannabis businesses in their jurisdictions—demonstrations that “the jury is no longer out” on the issue that is clearly supported by voters across partisan and geographical lines.

Kentucky voters in 53 cities and 53 counties all approved the local reform proposals at the ballot. Gov. Andy Beshear (D), who signed a medical marijuana legalization bill into law last year, said on Thursday that’s evidence that the question of canna reform is effectively settled in the Bluegrass State.

It’s about getting well®️

A new study on the impact of marijuana consumption on people’s use of other drugs suggests that for many, cannabis acts as a less-dangerous substitute, allowing people to reduce their intake of alcohol, methamphetamine and opioids like morphine.

“Significant proportions reported cannabis use led to less alcohol (60%), synthetic cannabinoid (60%), morphine (44%) and methamphetamine (40%) use.”

Stocks & Stuff

The frisky felines got flambéed today as yesterday’s dead cat bounced back to reality following a freaky week that saw several notable threepeats: adult-use canna failing to pass in three seperate states, and the GOP sweeping all three branches of government.

U.S. cannabis ETF MSOS lost 6% on the session and 29% for the week, closing at a 52-week low, or .07 away from an all-time low. It’s been, in a word, brutal.

Below, we’ll attempt to make sense of the week that was, talk through some of the potential triggers that might turn this tide, explore next steps for Florida, sniff at a backdoor to legalization and recap the first week of earnings.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $65M

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