The Buck Stops Here

Ohio is officially 420-friendly.

Daily Recap

In a stunning reversal, Ohio’s GOP-controlled Senate passed a revised bill that expanded the voter-approved marijuana legalization law that went into effect today.

Adults would be able to buy kind bud from existing medical dispensaries in as little as 90 days, home cultivation rights were maintained and the automatic expungements of prior convictions will be in full effect, among other changes.

“Over the last three or four days, a lot of the public has reached out to probably every single one of our senators with thousands of emails and hundreds and hundreds and hundreds of calls. I think the people have smoken spoken.”

Bill-a-Bong

Representative Dave Joyce (R-OH) introduced a revamped version of a bill to end the federal prohibition of cannabis in legal states, legalize interstate cannabis commerce, normalize Internal Revenue Service (IRS) policy and contemplate a federal tax-and-regulatory framework for the industry.

It’s being cosponsored by Reps. Lori Chavez-DeRemer (R-OR), Brian Mast (R-FL), Earl Blumenauer (D-OR), and Troy Carter (D-LA).

“The STATES Act does what every federal bill should do—help all 50 states succeed. This bill respects the will of the states that legalized cannabis in some form and allows them to implement their own policies without fear of repercussion from the federal government.”

D.C Comics

House Oversight Committee Chair James Comer (R-Ky.) told reporters yesterday that he would support allowing Washington D.C. to tax and regulate legalized marijuana "if that is what the city wants.”

The rhetoric is significant as Republicans have insisted on a rider to spending bills in recent years that barred the city from legalizing recreational cannabis sales.

Toronto, Eh?

Curaleaf Holdings announced that it received conditional approval from the Toronto Stock Exchange to list its subordinate voting shares, with final approval subject to the Company meeting certain conditions required by the TSX.

"We are now one step closer to accessing an even broader set of global institutional investors than we currently have, alongside the capital and increased liquidity that comes with listing on a major exchange such as the TSX."

Stocks & Stuff

Canna stocks, by and large, didn’t participate in today’s broader market risk-on rally…

…but given the spirited sprint that many of these names have enjoyed, and as most of the mainstay proxies continue to base above important technical support levels, we’ll take it in stride, as if we have a choice.

Below, we explore the lunch crunch, spy recent inflows and a more palatable creation process, talk through the TSX, explore who’s best set-up for Ohio, noodle timing and positioning and don’t tell anyone but we even had a SAFE Banking sighting.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $48M

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