Running on Empty
Patience is a commodity in Cannaland.
Daily Recap
President Donald Trump’s former sr. advisor Kellyanne Conway has been the “biggest champion” of cannabis rescheduling within the president’s “inner circle,” per a GOP congressman who told Marijuana Moment.
Rep. Brian Mast (R-FL), co-chair of the Congressional Cannabis Caucus, said that he’s confident we’ll “see movement” on the reform since the president’s announcement late last month that a decision was imminent.
Mast also disclosed that Conway—who’s previously expressed skepticism about MJ legalization—is “very much in Trump’s circle of people,” and that rescheduling is “something that she’s been moving forward with the administration as well.”
Gotta Light?
More than one in five Americans over 50 yrs of age consume cannabis. Some use to manage chronic pain, help with sleep, reduce anxiety, or to unwind after a long day.
And those 125M Americans 50+ account for half of all consumer spending. 👀
This demographic represents a yuge opportunity for the cannabis industry, not just as potential customers, but also for a community that could significantly benefit from the health and wellness aspects of the plant—including lower healthcare costs.
Who Shot J.R?
The Texas Legislature ended another legislative overtime round without banning or regulating most THC products after a months-long fight between lawmakers to rein in the exploding hemp industry, much of which exists without any safety protocols.
The Texas House gaveled out of the second special session late Wednesday, leaving behind Senate Bill 6, which would have broadly banned consumable hemp products with any “detectable amount of any cannabinoid.”
“We looked hard for that common ground and just never could find it. We just don’t see that we can get anything off the House floor.”
Joe Knows
Stocks & Stuff
It was a mixed day in Cannaland as early weakness (-2%) led to a late strength (+4%) before an end-of-day fade brought the U.S. canna ETF back to the flatline. Canada was also mixed, with Cannara Biotech and Village Farms both adding 3%.
All the while, people are FREAKING OUT that two weeks isn’t actually fourteen days.
Below, we’ll chew through the set-up, observe the sudden spurt in pessimism—and why we believe it is healthy skepticism—contextualize the recent volatility, and check in on how the Canadian companies are doing—and what the Canucks are smoking!
All that and more, just scroll down.
Note: there will likely be no Canna Confidential tomorrow as I have a family obligation.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional:
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