Daily Recap
The White House drug czar is continuing to tout the Biden administration’s move to reschedule cannabis, criticizing the failed policies of prohibition that have “destroyed lives,” while touting the research potential to develop cannabis-based medications.
“We’ve had, when it comes to marijuana, failed policies for more than half a century, because of which way too many lives have been upended.” Rahul Gupta, director of the Office of National Drug Control Policy (ONDCP)
House Divided
When a U.S. House committee approved an amendment to a large-scale agriculture bill last week that would effectively ban most consumable hemp products, it was met with a mixed response from the cannabis industry.
Supporters described it as a fix to an unintended loophole in the 2018 Farm Bill that legalized intoxicating hemp constituents. Others recognize the need to reign in the hemp cannabinoid market but argue re-prohibiting cannabinoids is not the solution.
Aussie Rules
A push to legalize adult use cannabis on a national scale in Oz has been knocked back after “experts” expressed concerns it would lead to more use among young people.
An Australian Senate committee rejected a bill which would have permitted cannabis possession and personal use in Australia, as well as the establishment of a national agency to regulate the industry.
“Ultimately, the committee is concerned the legalisation of adult use cannabis would create as many, if not more, problems than the bill is attempting to resolve.”
Alabama Getaway
Both sides of the lawsuits that have stymied the medical cannabis process in Alabama can agree on one thing: we’re months away from patients receiving state-legal canna treatments that would improve their lives.
This comes almost a year after the Alabama Medical Cannabis Commission (AMCC) was supposed to issue the first-ever set of licenses to grow and sell medical cannabis in the state, a process that faced controversy, mistakes, and setbacks from the start.
Stocks & Stuff
The volatility continued in Cannaland and the bears pressed against several important technical levels in an attempt to break the bovine’s back. U.S. canna ETF MSOS ended almost 3% lower despite Green Thumb’s late day run sticking out like a green thumb.
Below, we’ll chew through today’s price action, walk through the pros and cons, check on the levels that matter, update our weekly comps and dig deeper on Ohio ahead of their approaching adult-use launch.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ MSOS Notional: $71M
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