The Second City
Daily Recap
One day after the U.S. Senate Committee on Banking, Housing, and Urban Affairs finally approved a bipartisan cannabis banking bill, the magnitude of this historic milestone quickly shifted to the potential pitfalls on the path ahead.
Cannabis investors know all-too-well what D.C disappointment tastes like. After SAFE Banking came within a kitten’s whisker of passing last December, it was set to sail through the senate last Spring until the SVB blowup harshed our mellow.
The culprit this time is the manifestation of an unfortunate reality: we know the U.S. govt is broken but if they don’t get their shit together by this weekend—and there’s no indication that they will—the system will actually cease to function.
Yes, this partisan brinkmanship will be temporary—how temporary we don’t know—but the steady drumbeat of positive catalysts that shocked the system with the end-of-summer seismic shifts will require lights to be on and the phones to be working.
This/ next week’s Cannabis Confidential will adopt a slightly abbreviated flow and a fair amount of creative license given an abundance of travel. Have laptop will travel and I’ll share as able from the road: Ohio this AM→ Vancouver (via CHI) Sunday→ Baltimore (via DEN) Friday→ New York next weekend.
As such, we’ll dig in and below, we’ll share a few insights that were picked up at the Benzinga Chicago show, illuminate some of the dark pool flow, take a fresh sniff at short interest, call bullshit on the latest FUD, eye the timing of a DEA response and pay tribute to the man in the arena.
Thursday’s plant-touching notional volume was $193M.
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