Schumer's Breeze

Chuck whispers 'banking' in the wind.

Daily Recap

Following Friday’s late day lift, which at the time we thought might be tied to reports of a multinational cannabis throuple, Sen. Majority Leader Chuck Schumer shared his “Dear Colleague” letter on Sunday and outlined his plan for the next working period.

Given it’s been ten years since the first cannabis banking bill was filed in congress, it isn’t hard to understand the conditioned response— produce the corpse and we’ll release Sloane—but we’ve seen all the right signals and seem to have more than enough votes so what this really comes down to is whether our elected officials can not fuck this up.

[U.S Cannabis ETF MSOS was ~$15 in December on the specter of SAFE Banking and is trading at $6-and-change today; perhaps only Bo knows fair value].

While we don’t know precisely why U.S cannabis popped 8% Friday—was it throuple-related or did someone get a peak at Schumee’s letter?), there’s still a confluence of potential catalysts the next five months, above and beyond any fundamental/ pricing improvements that may have manifested through this ongoing war of attrition.

[MSOS popped another 6% premarket on 300K shares this morning, before wrestling anew with an important technical level (more on that below). We haven’t seen many technical positives in this space, which infers buyers will be higher as levels reclaim]

Meanwhile, New Mexico, Arkansas, Massachusetts and Connecticut all announced record adult-use cannabis sales as the inside-out legalization of these United States continues despite onerous laws and (what may yet prove to be an illegal) tax regime.

These are interesting times to be alive.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑

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