Simmering Stew

Investors patiently await federal change.

Daily Recap

After a recent surge of legislative and financial activity, experts in the canna industry are closely watching the unfolding narrative surrounding the potential rescheduling of marijuana from Schedule I to Schedule III.

This shift, coupled with the advancement of the SAFER Banking Act by the Senate Banking Committee—and word this week that the legislation is “down do the last few words”—could herald a new era for cannabis businesses.

Go Bucks

Ohio regulators have issued proposed rules for medical marijuana businesses and provisional license holders to convert to dual-use licenses to serve both the medical and adult-use markets.

The draft rules primarily focus on the application process, qualifications and other administrative protocols to meet a Sept. 7 deadline to issue adult-use licenses.

Tax-ee!

New York cannabis regulators awarded 110 new adult-use licenses today, including 24 cultivation licenses, 9 distribution licenses, 26 microbusiness licenses, 12 processor licenses, 25 retail licenses, and 14 provisional retail licenses.

It’s unclear how quickly the operations will be able to start, and they represent only a small fraction of the entrepreneurs attempting to enter the market.

No Cheese

Optimism that Wisconsin could soon roll out a medical cannabis framework has been squashed after the Assembly Speaker confirmed no hearing will take place before the Assembly adjourns next week.

Wisconsin’s Assembly Republicans proposed medical cannabis legalization bill would have been one of the ‘most restrictive’ in the US.

Stocks & Stuff

The bears spent the better part of the day trying to press U.S. cannabis stocks lower—and were largely successful—until a late day rally in the final ten minutes erased those losses. U.S. cannabis ETF lost 6% on the week, but is still 28% higher YTD.

Below, we’ll talk volatility, flow, levels, leadership, and share some random thoughts.

All you’ve gotta do is scroll down.

Markets will be closed on Monday in honor of President’s Day.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $112M ($52M)

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