Steppingstones

Searching for a path to prosperity.

Daily Recap

Congressional researchers are saying the quiet part out loud: that the DEA is ‘likely’ to reschedule marijuana, which would have ‘broad implications’ for taxes, housing, immigration and more. “If the past is prologue, it’s likely that DEA will reschedule marijuana according to HHS’s recommendation.”

That would be a seismic shift for the U.S. cannabis industry if it were the only item on the agenda, but it’s not. Consistent with our year-end wish list, we could see a steady drumbeat of positive catalysts that help pace this space into next year’s election.

To that end, The Hill reported this morning that senators are pushing to pass cannabis banking after the rescheduling recommendation, echoing sentiments that were shared earlier this week by Senate Banking Committee Chair Sherrod Brown (D-Ohio), who said, “We hope to be able to announce something in the next few days.”

“What happened on Schedule III was good, another potential breakthrough,” Sen. Ron Wyden (D-Ore.) said, adding: “We’re finally moving to end the days of Reefer Madness. The federal government just been behind on pot.” Sen. Mark Warner (D-VA) added that the HHS decision was “a recognition of reality.”

This afternoon, Marijuana Moment reported that a GOP Senate SAFE Banking sponsor said that a vote could come ‘sometime in September’ as more members tout ‘progress’ in bipartisan talks, while a Democratic lawmaker who previously had concerns about a particular section said bipartisan lawmakers are making progress in negotiations.

Rep. David Joyce joined Forbes Newsroom to discuss his canna legislation to empower states. The Republican from Ohio has also co-sponsored the PREPARE Act and SAFE Banking and has emerged as a true GOP canna champ that’ll likely play a key role in helping move incremental legislation through the House.

At the state level, Missouri marijuana sales topped $100M for seventh straight month after the Show Me State showed us the money, ringing up $119M in August. Colorado retailers sold $137.3M worth of legal marijuana products in July, while New Mexico cannabis sales registered $48.2M in August.

In other news, the top NY cannabis official exited at a pivotal moment in the legal rollout and many retailers feel like they’ve been left behind (bc they have), a Nebraska group is pushing to get MMJ on the 2024 ballot and the Minnesota Supreme Court said that the smell of marijuana alone does not justify vehicle searches.

Below, we’ll chew through multiples with Freddy Benson Gomes at ATB, weigh the various ETF’s, even if there can be only one, listen to the latest whispers on SAFE Banking, observe who Got Shorty and why that matters, ponder the validity of fairy tales and channel our inner Vontae Mack.

All that and more, on the other side of this podcast with Benzinga founder J-Raznick a week before the world changed.

Virtually Recorded August 23rd, 2023.

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