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Daily Recap

Former President Trump said today that medical marijuana has been “absolutely amazing” for patients, and that a Florida initiative to more broadly legalize cannabis for recreational use will be on the November ballot is “going to be very good” for the state after it passes, which he expects to happen.

Trump referenced the social media post he made on Saturday about Florida’s ballot initiative, where he gave tacit support for the proposal.

“We can live with the marijuana,” he said, adding his campaign will put out a “more specific” statement detailing his cannabis position within the next week. 👀

Serve and Folly

The Harris campaign, which has not yet mentioned the issue on their campaign trail, framed Trump's support for the measure as another change in policy in a long line of "brazen flip-flops," according to a memo obtained by ABC News.

“As of this morning, Trump now suggests he is for legalizing marijuana, but as President, his own Justice Department cracked down on marijuana offenses," Ian Sams, Harris communications aide

Swing High

A new survey in the key presidential election swing states of Pennsylvania, Michigan and Wisconsin shows that voters strongly support cannabis reform, with 84% in favor of medical cannabis and 62% backing adult-use legalization.

The poll, conducted prior to President Trump’s weekend statement, found that 65% of Florida voters support adult-use legalization and swing-state voters “overwhelmingly support a responsible modernization of American marijuana policy.”

Husker Haze

The Nebraska Secretary of State officially confirmed two proposed ballot measures to legalize medical marijuana and establish a cannabis industry in the state qualified for the November election.

“After years of hard work, we are beyond excited that Nebraskans will finally have the opportunity to have their voices heard on this issue in November. Today we celebrate that very soon, patients in this state will have access to medical cannabis treatment.”

Stocks & Stuff

It was a tough day on Wall Street as concerns surrounding the unwind of the Yen carry trade reemerged to shock stocks. U.S. cannabis ETF MSOS, after listening to downside chin music last week, posted a 3% gain in measured trading.

Below, we’ll top-line the current set-up, check on charts, share read-throughs of the recent Trump pivot, touch on the trough valuations, and offer a few reasons why the reaction to the recent news wasn’t as violent as some might have liked.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $77M