Running with the Devil

Canna tries to rise above.

Daily Recap

The head of the Food and Drug Administration (FDA) said there’s no reason for the Drug Enforcement Administration (DEA) to delay a scheduling decision on cannabis.

“I’m a child of the sixties so it’d be nice if in my lifetime, we could come up with a regulatory scheme where safety issues are written into law and we have a scheme whereby we can regulate it.” -FDA Commissioner Robert Califf 👀

Common Wealth

Ahead of a Pennsylvania committee meeting on cannabis reform this week, House lawmakers introduced a legalization bill. Rep. Amen Brown sponsored the legislation, which is an identical companion to a bipartisan Senate legalization bill filed last year.

“New Jersey and New York have implemented adult use. It’s our duty to taxpayers to seize the initiative and legalize marijuana concurrently with bordering states.”

Half a Stick

The U.S. legal cannabis industry supports more than 440,000 full-time equivalent jobs, per a new report from Colorado-based cannabis staffing company Vangst + analytics firm Whitney Economics. Wanna hear the craziest part? 👇

Apple Picking

Three years after legal weed became legal in New York, there are only 94 licensed storefronts opened to sell cannabis to adults over 21. Meanwhile, more than 2,000 illicit storefronts operate statewide to service one of the nation’s largest markets.

Changes can’t come soon enough and lawmakers appear close to a deal that would give local governments more authority to crack down on the illegal stores as part of the state budget that could come together as early as next week. 🙏

Stocks & Stuff

It was a long strange trip through Cannaland today as an early puke gave way to late day hope before the machines took over into the close. U.S. canna ETF MSOS closed near where it opened, but there was a lot more to the Thursday story.

Below, we’ll chew through today’s price action, digest the latest SAFE situation, map the fundamental future, highlight Village Farms’ amazing race, weigh the LP’s euro-area exposure, spy a DOJ event and catch you up on everything you need to know.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $141M/$93M

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