Se7enth Heaven

Unpacking a new year in cannabis.

Daily Recap

A former top official at the FDA’s Center for Drug Evaluation and Research argues that fears surrounding a potential move to Schedule III are alarmist and misguided.

“If you’re going to launch an enforcement initiative against cannabis, why would you start with saying, ‘Oh, by the way, it’s less of a risk than we thought?”

“Agencies want to get their work done in an election year by the summer…the DEA could accomplish this by then.”

MJ Biz-ness

As the cannabis industry awaits the DEA decision, 2024 could host the single biggest development in U.S. cannabis policy in over 50 years. This potentially seismic shift is among the seven predictions from MJBiz, shared below:

1. The Drug Enforcement Administration will propose rescheduling marijuana.

2. Tax relief will come … eventually.

3. Rescheduling might be the only progress at the federal level in 2024.

4. The next states to legalize marijuana will be … Florida and Pennsylvania.

5. Marijuana reform will be a 2024 presidential campaign issue – for somebody.

6. States will make moves against the illicit market.

7. States will deliver on ambitious social equity promises or reimagine “a fair industry.”

Stocks & Stuff

After a few outsized prints crossed the tape in the premarket, the cannabis space began 2024 in a familiar place: getting pushed around on low volume as we await the next federal clue.

We’ll share that tale, along with the points of view from several industry insiders and analysts, in the space below. All you have to do is scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $45M*

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