U.S. Clues

Wave that flag, wide and high.

Daily Recap

The people (Biden, Schumer), places (Florida, New York, DC) and things (hemp, prices) long responsible for the FUBAR and fuckery in the U.S. cannabis industry are shifting, starting with the first group at the top of the list, or so we hope.

If POTUS delivers on the campaign pledge he made a year ago—in a time horizon consistent with his recent guidance—all that’d be left are the places and things.

New York is stumbling toward being a major market, Florida is back on the ballot next year and as recently discussed, 25 state-level CSAs are tied to the federal CSA, not to mention the halo effect on congressional efforts such as SAFE and STATES 2.0.

Intoxicating hemp is in the process of being addressed at the state and federal level after Maltzy exposed it for what it is: a cover story for crime rings and cartels, which should, of course, help stabilize pricing trends as the bad hombres are taken to task.

Remember, if it gets you high, it’s cannabis otherwise, it’s hemp; the rest is semantics.

Joe Rogan Smiles

Texas substantially expanded their medical cannabis program and the new law will dramatically increase the number of operators and patients. It is also expected to trigger a flood of fresh interest and drive new tax dollars to The Lone Star state.

Meanwhile, the Texas Senate has again ignored Gov. Greg Abbott’s call to regulate consumable hemp and passed the same Hemp THC Ban in second Special Session.

Once S.B. 6 passes the Senate on a third reading, it will officially arrive at the House.

CaNnAbIs iS a sChEdUlE oNe NaRcOtIc (take a minute 👇) 🤯

Stocks & Stuff

Cannaland continued to base (>moving average supports) or churn (< gap resistance) depending on where you sit, with all eyes, ears, noses and throats glued to D.C.

U.S. cannabis ETF MSOS added back 9 of the 12% it lost yesterday as the overbought condition continues to work itself off as a function of time and price. It’s now +24% YTD and only 91% below it’s all-time closing high on February 10th, 2021.

Below, we’ll update the latest happenings, spy the sloppy chop under the bears’ base camp, eyeball the bull’s pennant chase, check on the Lou Gherig-like streak of inflows, and hear from a big brain regarding the ongoing ETF debate.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $61M

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