Trust Issues

Cannaland contemplates the future.

Daily Recap

The replacement of alcohol with cannabis is a trend that's gaining popularity in the United States. In a unique finding, a recent study found that for the first time ever, daily cannabis use, irrespective of form, surpassed daily alcohol use in the country.

While more people still drink alcohol on occasion, cannabis is now legally accessible for adult use in 24 states and the District of Columbia, as well as for medical purposes in 38 states and the District of Columbia.

He Said, She Said

A DEA official reportedly said that the agency is aiming to complete the review of comments “within 60 days” at the direction of Attorney General’s office, with a final decision coming soon thereafter. The official said it’s possible the review might be completed quicker, with a finalized ruling coming “by the end of September but as soon as the end of August.”

An anonymous statement from an unverified source isn’t the most reliable input for our beleaguered space—but the same official informed the same outlet in January that DEA would reschedule canna by the end of summer, correctly predicting that a rescheduling announcement “could come even sooner” (DOJ moved on April 30).

Hey Joe

President Joe Biden, who has previously stated on several occasions that his cannabis pardons also expunged people’s records—they didn’t—has now acknowledged the limitations of his action, stating that for clemency recipients, “their records should be expunged as well.”

At a campaign event in Philadelphia on Wednesday, where Biden and VP Harris made their pitch to Black voters ahead of the November election, the president said, “I’m keeping my promises that no one should be in jail for using or possessing marijuana.”

Veteran Move

Bipartisan congressional lawmakers filed a series of new amendments that seek to authorize U.S. Department of Veterans Affairs (VA) doctors to issue medical cannabis recommendations to military veterans, prevent cannabis testing for federal job applicants in legal states and prohibit the denial of security clearances over use.

Stocks & Stuff

It was a volatile session in Cannaland as early weakness gave way to an intraday lift, with MSOS up as much as 5% in late afternoon trading, before Pavlov’s Pups halved those gains into the close, leaving tomorrow’s month-end to our imagination.

Below, we’ll chew through today’s price action, explore whether the market doesn’t believe in Schedule III, or if it just doesn’t care, dig into the fundamental disconnect, both with and without federal reform, and we’ll even say the quiet part out loud.

All that and more, just scroll down.

Note: there will be no Cannabis Confidential tomorrow.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $154M/ $77M

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