Uninvited

Canna skips the market party.

Daily Recap

Thirty-eight states (+D.C.) allow the medical use of cannabis and 24 (+D.C.) allows for adult-use and, while it is still illegal under federal law, 74% of Americans now live in a state where marijuana is legal in some way, shape or form.

Nebraska is one of only three states where cannabis is fully illegal (Idaho, Kansas) but if signature petitions are successful by July 3rd, they will join Florida and South Dakota in asking voters this fall whether to legalize cannabis use.

Florida Manhandle

Florida Gov. Ron DeSantis (R) launched a new political action committee to campaign against marijuana legalization and abortion rights initiatives that will appear on the state’s November ballot. Meanwhile, a newly released campaign finance report shows over $5M in contributions supporting the cannabis measure over the past two months.

Per the Fox News poll released last week, two in three Florida voters are supportive of the cannabis initiative, with the issue proving more popular than DeSantis himself.

Crib Notes

A powerful House committee blocked all proposed marijuana amendments—some that were pro-reform and others that were anti-reform—from floor consideration as part of a large scale defense bill.

That means a measure included in the base bill to prevent military branches from testing recruits for cannabis as a condition of enlistment has been left intact, despite opposition from the White House.

Granite Ganja

Negotiators in New Hampshire’s House and Senate reportedly reached a compromise on a cannabis legalization bill. Lawmakers have until Thursday to reach a deal before the end of the legislative session.

The compromise bill would keep the state-run model included in the Senate-passed legislation, despite opposition from House members, and would include the Senate-favored 15% tax on cannabis sales.

Stocks & Stuff

There was a market party today, with musical meme coin millionaires on the NYSE and everything, but nobody brought the kind bud—which was weird, ‘cause it was a party. U.S. cannabis ETF MSOS finished flat on the lightest volume day since mid-March.

Below, we’ll top line today’s trading, update the levels and flow, chew through the list of uncertainties that are keeping the bulls at bay, and check on a name with the most two-sided torque ahead of the upcoming catalysts.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $42M

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