Revenge of the Herbs

U.S. cannabis wins January.

Daily Recap

Scientists say they’ve identified an alternative way to test for recent marijuana use that’s significantly more accurate than standard THC blood tests that sometimes misrepresent a person’s potential impairment depending on frequently of use.

“Since THC accumulates and lingers in fat tissue, daily cannabis users may maintain constant elevations of THC in the blood long after the psychoactive effects abate.”

Fernando Mónica the Bull

Spain’s newly appointed health minister said that the country’s long-awaited medical cannabis law will be ready ‘in the coming months,’ as she makes good on her promise to kickstart progress.

Mónica García Gómez used her first appearance in Congress to reaffirm her pledge to establish a medical cannabis framework more than a year after it was scheduled.

Book’em Danno!

A marijuana legalization measure unveiled in draft form last year by Hawaii’s AG has been formally introduced in the legislature, with companion bills filed in both House and Senate. Advocates insist the latest version needs to shift the focus away from law enforcement and allow for the clearing of past cannabis convictions.

Bud Fox

Business Insider asked seven investment banks with a significant NYC presence about marijuana testing as well as screening for other substances as part of their hiring process and regular employee monitoring. They found that they no longer screen applicants for canna use and many of them don't test for any drugs at all.

J-Pow!

Federal Reserve Chairman Jay Powell said today that he ‘it’s unlikely that the FED will cut rates in March’ which threw cold water on the recent run. Stocks got slammed in what turned out to be their biggest daily decline since September.

Given the YTD ripper in many U.S. cannabis names, broader market slippage gave an overbought sector every excuse to take a breather and that’s what they did for most of the day until a late-day rumor cooked a 5% hot popper before fading into the bell.

U.S. canna ETF MSOS finished January +34% which, to my knowledge, is best-in-class amongst it’s peers. That’s a far cry from a three-year fetal position we just endured but it’s also one step on what promises to be a long road to redemption, if we’re lucky.

Below, we’ll chew through today’s price action, check-in on a few important company-specific headlines, eyeball a nine-figure short position (!!) and otherwise prepare for what promises to be a FUBAR February.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $94M ($51M)

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