Time Machine

U.S. canna readies for it's future.

Daily Recap

Thirty-nine states have legalized cannabis for medical or adult use after referenda or other signs of popular demand. Still, the federal government continues to classify cannabis as Schedule 1, its most dangerous category, along with heroin and LSD.

The HHS recommended that cannabis be reclassified as a SIII controlled substance rather than a SI drug on Aug. 29th and it was the first time the federal government confessed that marijuana has medicinal value. The decision now rests with the DEA, and the eyes of the world—as well as the White House—are upon them.

Ghost in the Machine

Bipartisan congressional lawmakers from the House and Senate are discussing the possibility of combining cypto regulation legislation with a marijuana banking bill.

The legislation has yet to be finalized, but the prospect of merging SAFER Banking with the Stablecoin measure comes amid heightened expectations about the Senate moving the cannabis bill as a standalone, months after it cleared committee.

Politico reported that the package under consideration could potentially be attached to that FAA reauthorization bill that needs to pass before May 10.

Last Chance Saloon

President Joe Biden, Vice President Kamala Harris and a top Justice Department official all marked “Second Chance Month” on Friday by separately touting the administration’s mass marijuana pardons—the latest acknowledgement from the White House that cannabis reform is a focus heading into the November election.

Harris, for her part, shared a video clip on social media from her WH Roundtable with marijuana pardon recipients, where she urged the Drug Enforcement Administration to finish its review into rescheduling cannabis “as quickly as possible” before adding, behind closed doors, that “we need to legalize marijuana.”

Canadian Bake-In

Canada’s government will release its 2024 budget Tuesday and the cannabis industry will be looking for any sign of relief from the heavy excise-tax burden—something they’ve asked for for years, although recent developments offers a dose of hope.

In February, the House of Commons recommended limiting the excise-tax rate to 10% and soon thereafter, Canada’s legislative review of adult-use cannabis recommended the federal finance department “consider a review of the excise tax.”

Stocks & Stuff

It was another volatile session for canna stocks as geopolitical tremors and illiquidity make for a spicy combination. The U.S. kind was heavy all day until late red headline hit Bloomberg, squeezing prices higher as the Benzinga Conference readied to begin.

Below, we’ll sniff at today’s price action, address that bifurcation chatter, update our weekly canna comps, share performance perspective, and explore why it might finally be Time for U.S cannabis.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $128M/$87M

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