Second Chance Saloon

The back half of April awaits.

Daily Recap

Bipartisan Pennsylvania lawmakers asked colleagues to join them on an upcoming bill to legalize adult-use cannabis in the commonwealth.

In a co-sponsorship memo circulated on Monday, Reps. Emily Kinkead (D) and Abby Major (R) touted the state’s “robust” medical cannabis program but pointed out that “all but one of our neighboring states have legalized recreational adult-use cannabis.”

That includes Ohio, the lawmakers noted, where a voter-approved legalization law has led to a flourishing of cannabis retailers, including many along their shared border.

Rock Chalk

The lack of medical marijuana legalization in Kansas has been a thorn in Governor Laura Kelly’s side for years. There is strong support for medical cannabis in her state among voters, but their cries have fallen on deaf ears.

A bill addressing medical marijuana legalization has been introduced to the Senate, which authorizes the cultivation, processing, distribution, sale and use of medical cannabis products.

“Every day, thousands of Kansans are forced to choose between breaking the law and living without pain. It is an unbearable choice – and an unnecessary one.”

Target 🎯 Market

J.M. Smucker is sending a “Munchie Mobile” on a road trip leading up to the unofficial holiday of cannabis on 4/20 to promote Hostess brands like Twinkies and Ding Dongs.

It is a departure from the traditionally wholesome Hostess marketing we grew up on, when its baked goods were geared toward families using cartoons and characters like Twinkie the Kid.

Maple 🍁 Drip

A majority of Canadians consider the cannabis industry to be an important part of the country’s economy—and they also expect to see the market play an even greater role in the future—according to a new survey.

Asked about their perception of the significance of Canada’s marijuana marketplace in the broader economy, 57% said that it’s currently an important contributor.

Stocks & Stuff

U.S. stocks got pummeled after the administration curbed exports of semiconductor chips to China and Fed Chair J-Pow warned that trade tensions could spark inflation and emphasized that the central bank is in no rush to lower rates.

Canna stocks, for the most part, bucked the trend and finished green as we climbed over the Second Chance hump into the back half of April. U.S. cannabis ETF MSOS ended the session +5% and is now down only 39% YTD.

Below, we’ll top-line the macro, dabble in the durable-discretionary discussion, dig deeper into the dearth of deals, continue to check on the U.S. Cannabis Civil War, and ponder possible particulars behind some of the recent seven-figure prints.

All that and more, just scroll down.

Public Service Announcement

The first presidential proclamation recognizing April as Second Chance Month was issued by President Donald Trump in 2018. Subsequent administrations, including President Joe Biden’s, have continued this recognition.

note: there will be no Canna Confidential through Good Friday. Enjoy the holiday wknd.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $10M

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