Shadow Boxing

U.S. canna is ready to face the future.

Daily Recap

The Biden administration’s top health official once again defended his department’s recommendation to reschedule marijuana against Republican criticism, while pointing out that the incremental move wouldn’t decriminalize cannabis despite the president’s campaign pledges to do so.

“What we’re talking about here is the federal treatment of cannabis because federal law treats cannabis differently than most states, and what the president asked us to do is examine where we are with cannabis.”

Truth & Consequences

Rep. Earl Blumenauer (D-OR), founding co-chair of the Congressional Canna Caucus, laid into U.S. Department of Health and Human Services Secretary Xavier Becerra on Wednesday over “political malpractice” regarding the administration’s canna agenda.

“We’re still waiting, Mr. Secretary. This is an area that is profoundly affecting millions of people in the United States. We are denying opportunities for research that almost everybody agrees will be transformative and we’re not in the forefront.”

Math Class

Whitney Economics forecasts that U.S. adult-use and medical cannabis sales will top $31.4B in 2024, an increase of $2.6B from 2023, or roughly 9% YoY growth.

The U.S. legal cannabis sales forecast for future years are as follows: $31.4B in 2024, $35.2B in 2025 (12% YoY growth), $67.2B in 2030 and $87B in 2035.

Brilliance (take a moment)

Stocks & Stuff

After absorbing early weakness, Cannaland made a stand on both sides of the border as anticipation builds ahead of federal reform. U.S. cannabis ETF MSOS finished the day in the green as Canadian names spent the session digesting recent gains.

Below, we’ll chew through today’s price action, take a deeper dive on valuations vs. previous periods + the disconnect vs. the broader tape, take a walk down memory lane, update the technical lens and pay homage to the many wellness attributes.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $166M ($104M)

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