Slap Happy

U.S. canna defends a big level.

Daily Recap

Since news broke in August that the U.S. Department of Health and Human Services had formally recommended moving cannabis to Schedule III from Schedule I, the cannabis industry has been waiting with bated breath for genuine federal reform.

Adam Goers, Cannabis Scheduling Reform Coalition co-chair, thinks we’re close:

“If it were to happen tomorrow or sometime in March, I would not be surprised.”

Green Shoots

A Virginia House subcommittee advanced amended legislation that’d allow existing medical marijuana dispensaries and some small businesses to begin selling adult-use cannabis next January, with plans to license other retailers over the course of 2025.

New York Bouncer

A Northern District of New York Judge rejected arguments by a pair of entrepreneurs who contended that New York’s licensing rules unfairly discriminated against out-of-state residents in violation of the U.S. Constitution.

Twinning

Minnesota cannabis officials are hoping the state legislature will tweak the licensing process to meet their goal of allowing retail sales to begin in early 2025. The fledgling regulatory agency is currently hiring staff and building out it’s infrastructure.

Stocks & Stuff

The bears played whack-a-mole and tried to Oxecute the recent acne today in an effort to trap late-to-the-party bulls in what would be yet another false breakout for the U.S. cannabis space. The bovine defended their level, but not without suffering a few cuts.

Below, we’ll chew through today’s action, check on levels, update weekly comps, look for ketchup plays, channel check pricing trends and try to maintain perspective as we twist and turn toward our financial fate.

All you have to do is scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $105M

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