Running to Stand Still

Cannaland watches, and waits.

Daily Recap

For the first time ever, more Americans are using marijuana daily than those who drink alcohol every day, per the Society for the Study of Addiction. One group that sharply increased its cannabis use is senior citizens over the age of 65, and many are using it for ailments in place of prescription drugs.

"There’s very real psychopharmacology associated with cannabis that I hadn't learned anything about in medical school. As I started to learn more, I realized that it can be used very safely as medication in the geriatric population." Dr. Zach Palace

Shots Fired

A GOP-led House committee put forward a large-scale spending bill that contains language that would effectively ban most consumable hemp-derived cannabinoid products, including delta-8 THC and CBD items containing “quantifiable” THC.

The House Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration posted the text of the legislation on Monday—just one day before a scheduled vote. If enacted, cannabinoids “synthesized or manufactured outside of the plant” would no longer meet the definition of legal hemp.

Wellness Check

Data published in the Journal of Studies on Alcohol and Drugs found that adults are more than six times more likely to acknowledge having experienced secondhand harms because of someone else’s drinking than facing similar harms as a result of other people’s cannabis use.

“It’s well established that cannabis’ public health effects are far less than those with the use of alcohol,” per NORML’s Paul Armentano. Specifically, polling data compiled in April reported that just under two-thirds of adults said that the regular use of alcohol and tobacco is “more harmful to a person’s health” than cannabis use.

Hoos Clues

Virginia law enforcement leaders say the vast majority of drug-related crime is tied to marijuana—while legalization advocates counter that the situation could be remedied by regulating cannabis, which is currently legal to possess but remains a crime to sell.

“Young men are losing their lives over 200 dollars’ worth of marijuana, which drives a lot of my shooting violence, drives a lot of my robbery violence, and drives a lot of my homicide violence. 90% of the city’s illegal drug crime is fueled by cannabis.”

Stocks & Stuff

It was another snoozer for the space as technical pressure, structural impediments and continued uncertainty fed the bears in the absence of custody or clarity. U.S. canna ETF MSOS drifted for most of the session before landing about a percent lower.

Below, we’ll top-line today’s price action, list the levels helping to shape the space, contextualize the illiquidity, listen in as the suits talk timing and read through Jeffries' as they peel back the onion in search of value in Canopy Growth.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ notional→ $47M

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