Spies Like Us

Cannaland is sniffing for guidance.

Daily Recap

Sen. Majority Leader Chuck Schumer is hoping to add stablecoin and SAFER banking to the FAA reauthorization bill despite GOP resistance, per Politico. While neither bill was part of base text that was unveiled today, they could be included in a substitute amendment that would get a procedural vote later this week.

The effort faces long odds given Senate Minority Leader Mitch McConnell's pushback against the cannabis banking bill, as well as the fact that as of now, the stablecoin bill has yet to even be finalized.

French Kiss

Rep. French Hill, a senior Republican on the Fin. Services Committee, said he’d support combination legislation tying marijuana banking to stablecoin regs if negotiators can reach a deal. Hill said lawmakers are close to reaching a bipartisan agreement, which jibes with comments made last week by top Rep. Maxine Waters (D-CA).

“I would vote for it if it were coupled. I’ve supported SAFE for nine years in Congress and it’s a lot easier to catch bad actors and illegal activity if those companies are participating in the banking system.” -Rep. Hill, Chair, subcommittee on digital assets.

Box of Reign

New Mexico Gov. Michelle Lujan Grisham criticized DHS Secretary Mayorkas’ response to cannabis seizures by border patrol agents in the state during a recent phone call, saying she feels “boxed in” by the federal government’s crackdown on New Mexico’s state-legal cannabis industry.

“The Secretary said to me, just so you know: ‘Who cares? They make a lot of money,’” she tells the official, referring to the secretary’s comment about the state’s licensed cannabis industry. “I thought that was really inappropriate.”

Wooo Pig Sooie

Medical marijuana sales continue to grow in the Natural State. Arkansas consumers bought $44M worth of medical marijuana in February and March, and since the start of the year, dispensaries sold 17,240 lbs. of medical marijuana, collecting $68 million.

Stocks & Stuff

The Pot Piñata was in full force today as multiple headlines, competing emotions and a whole lotta volatility combined to welcome the week. U.S. canna ETF MSOS ended the session up 3% but that doesn’t even begin to tell today’s story.

Below, we’ll chew through the price action, map multiple shots on goal, check charts, update U.S. canna comps and detail all of the over-the-weekend high-end due dilly I endured in search of New York’s finest cannabis flower—which was finally found!

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $201M/$102M

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