See Ya!

NY canna chief gets the boot.

Daily Recap

The DEA proposal to reclassify cannabis as a less dangerous substance is the “biggest thing to happen in cannabis policy at the federal level in 50 years,” said Brian Vicente, founding partner of Vicente LLC.

The “large and meaningful impact on large and small cannabis operators really can't be understated,” he said, “It's an incredibly important business change, but also is an incredibly important policy shift that could really accelerate descheduling altogether.”

Poll Position

The CEO of a top cannabis company is pushing back against recent surveys that show insufficient support to pass the Florida legalization initiative in November.

“We wouldn’t put our stock in those polls,” she said, adding more “legitimate polls” show the legalization measure “well over” the 60% threshold needed to pass. “Our internal numbers are incredibly strong, closer to 70%, with strong bipartisan support.”

Welcome to Dumpsville 🫵

Chris Alexander, the executive director of the state Office of Cannabis Management, was asked by Gov. Kathy Hochul’s administration to step down following a review of his handling of the troubled rollout of New York’s retail marijuana industry.

Separately, the Cannabis Control Board green-lit 104 adult-use canna licenses, among a series of other actions, during today’s meeting.

Halo Effect

As the US government moves toward reclassifying cannabis as a less dangerous drug, the immediate impact may be muted in the dozen states yet to legalize cannabis for widespread medical or recreational use by adults.

But legalization advocates hope a federal regulatory shift could change the minds— and votes— of some state policymakers who have been reluctant to embrace weed.

“It is a historic and meaningful change at the federal level that I think is going to give many state lawmakers a little less hesitation to support a bill.”

Stocks & Stuff

It was another volatile session in Cannland as some early FUD triggered a 5% hickey before calmer heads emerged to help the space finish near the flatline. For the week, U.S. cannabis ETF lost 4% but is still boasting a 33% YTD gain.

Below, we’ll chew through today’s price action, top-line a busy week of earnings, read between the lines, check our levels, throw a challenge flag and ease into the weekend.

All that and more, just scroll down.

Note: Jury Dury next week but will do my best to keep the content flowing.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $113M$71M

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