Daily Recap
U.S. Vice President Kamala Harris on Friday plans to gather rapper Fat Joe and several people pardoned by the Biden administration for marijuana-related convictions for a White House public discussion about criminal justice reform.
The meeting comes as Harris, a Democrat, is tasked with convincing people of color and young voters to give President Joe Biden and her a second term amid fears that voters dissatisfied with sluggish policy reforms may sit out November's election.
Advocates and stakeholders are hoping that the recent emergence of cannabis on the national stage, including the recent mention at the State of the Union, began a steady drumbeat of positive headlines that will include federal reform, SAFER Banking + DOJ guidance before ballots are cast.
Mass Pardons
Massachusetts Gov. Maura Healey plans to announce that she's following the lead of President Joe Biden and issuing pardons to those convicted of simple possession of cannabis at the state level.
The move could touch the lives of tens of thousands of Massachusetts residents with simple possession convictions on their records. Details of the plan were announced at a news conference today.
Lab Rats
Two members of Congress say they’re “deeply troubled” with the unacceptable lack of progress in implementing a law signed by President Biden that’s meant to streamline marijuana research.
The congressmen, who hold opposing views on broader cannabis policy issues, said the legislation represented a “historic breakthrough in addressing the federal govt’s misguided restriction of research on the impacts of cannabis,” yet has not effectively been implemented “in line with congressional intent.”
State of Mind
The New York State Senate has unveiled significant strides in cannabis legislation, marking a pivotal moment for the industry’s growth and development. The legislative actions hope to reshape the landscape of regulation and support in the state.
The Senate allocated a substantial $128 million towards various cannabis initiatives, which includes $60 million for cannabis farmer loans, $40M for cannabis farmer grants, and an additional $28 million for cannabis farmer tax credits.
Stocks & Stuff
Cannaland made a stand today as the bulls held serve at an important technical level and there was joy in Mudville, if only for a day. U.S. cannabis ETF MSOS finished the session +5% on what continues to be whisper-thin volume.
Below, we’ll chew through today’s price action, assimilate the earnings parade, check the charts, project valuations, and spy a potential gamechanger in Canada.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $68M ($40M)
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