Daily Recap
New states implemented the legalization of adult-use cannabis and federal agencies continued considering a massive overhaul of the Controlled Substances Act in 2023, marking a monumental yet underappreciated year for the cannabis industry.
As 2023 comes to a close, we look back at key events and lessons learned to anticipate what the future of the cannabis industry has in store for 2024 and beyond.
Horseshoes and Hand Grenades
The U.S. Department of Health and Human Services (HHS) is up against an imminent deadline to provide Congress with a report on the therapeutic potential of marijuana and barriers to research under a cannabis bill that President Joe Biden signed into law last year.
The DEA, meanwhile, is on the clock as the world anxiously awaits what they have to say in response to the HHS recommendation in August. Tick tock, Agent Schrader.
Green Means Go
The New York Supreme Court has officially lifted an injunction that’s barred state marijuana regulators from processing hundreds of new retailer licenses, clearing the path to significantly expand the state’s cannabis market.
The court action comes days after the NY Cannabis Control Board approved settlement agreements in two lawsuits that have enjoined regulators from moving ahead with licensing since August.
Lederhosen
As German lawmakers prepare to vote on a revised marijuana legalization bill next week, the country’s health minister defended reform against critics in the legislature, while briefly outlining next steps for a commercial sales pilot program.
“As part of this legalization, we are pushing back the black market. The less of the black market there is, the lower the risk that our children will be brought into consumption through the black market.”
Waffle House
Cannaland won’t make a stand until there’s clarity on the federal front, a dynamic we should be used to after waiting for a, waiting for a, waiting for a miracle all these years. A light late breeze pushed MSOS 1.6% higher on the session in thin trading.
Below, we’ll continue our reflections on 2023 as we set the table for the year ahead, including a deeper dive into the duration and pin risk involved with navigating this twisted tape while managing the year-end animal spirits.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $48M
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