Thank Hank!

The DEA moves to reschedule cannabis.

Daily Recap

The Drug Enforcement Administration reportedly made a historic decision, agreeing with the top federal health agency today and moving marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA).

The decision comes more than 50 years after cannabis was first listed among the most strictly prohibited drugs, on par with heroin and defined as having no known medical value and significant abuse potential.

The next step is for the White House Office of Management and Budget to review the rule and when approved, a public comment period would precede the final ruling.

Sex, Drugs and Rock & Roll

Florida Democrats are hoping that young voters will be driven to the polls by ballot amendments legalizing cannabis and enshrining abortion rights, in part to help blunt a state-wide active voter registration edge of 900,000 Republicans, which has turned the Sunshine State from a jump ball in past cycles to reliably red in recent years.

About 6 in 10 Florida voters in the 2022 elections favored legalizing the recreational use of marijuana nationwide; among voters under 45, that was 76%. Still, it remains unclear how important that issue is for younger voters compared with other issues.

Suffering Succotash

A division of the National Institutes of Health (NIH) announced that it will hold an open meeting this summer to discuss the use of cannabis components to treat pain, with a special focus on minor cannabinoids and terpenes found in marijuana.

The June 4 meeting will convene dozens of NIH-funded researchers who are studying the pain-relieving properties of compounds in cannabis. Attendees and speakers will include representatives from the Drug Enforcement Administration (DEA), the Food and Drug Administration (FDA) and the National Institute on Drug Abuse (NIDA).

Stocks & Stuff

It was another quiet sesssion in Cannaland a meaningful session in Cannaland as the DEA reportedly got off the schneid and proposed moving cannabis to Schedule III, per several reports and sources.

The headline sparked a vicious ripper on both sides of the border, with U.S. cannabis ETF MSOS finishing the session with a 25% gain that importantly, pushed through all sorts of technical resistance.

Below, we’ll chew through today’s price action, touch on the timing of next steps, check on the implications for banking, share an earnings preview, extrapolate similar sprints and spy even more examples of the efficacious agility of this magnificent plant.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ Notional: $1B/$536M 👀

Top Stories