Where the Hell is Garland?

The AG promised canna guidance 697 days ago.

Daily Recap

On April 30, the DOJ announced it is recommending a new status for cannabis under federal law. The AG sign-off all but ensures that the drug will be moved in the coming months to the less restrictive Schedule III of the Controlled Substances Act (CSA).

While the announcement is a “historic step forward,” as Senate Majority Leader Chuck Schumer said, it feels like too little, too late for those of us waiting on common sense national drug policies given most of the U.S. population lives in 420-friendly states.

Attorney General Merrick Garland already told the American public that we can expect to hear canna guidance “in the days ahead.” Thing is, he told us that two years ago.

That’s Rich

After the New York Canna Control Board mangled the Big Apple’s adult-use rollout so badly that investigators needed dental records to recognize the plan’s original intent, a N.Y. lawmaker asked the state to sever its relationship with a Chicago-based private equity firm that stepped up as the lender of last resort.

This, of course, brings a debate discussed several years ago full circle:

There’s a big difference bw criminal justice and social justice; while both are worthy efforts, we can agree nobody should be in prison for a non-violent cannabis offense. Whether those people should be bumped to the front of the line (as in NY, ahead of companies that followed the rules and made significant investments) is a deeper discussion, one that begs the question: can governments even legislate wealth?

Columbus Circle

An Ohio legislative panel approved a regulatory framework for the state’s cannabis market that pushes up the implementation timeline, creating a licensing scheme that could allow adult-use sales to launch next month in current medical dispensaries.

That’s good news for Buckeye fans—and those of us with kids there for college.

Study Hall

The U.S. pot sector could see an influx of medical research funding from healthcare investors amid renewed interest from pharmaceutical firms, should a proposal to reclassify cannabis as a lower-risk substance be approved, industry experts said.

"For years, pharma and biotech companies have viewed cannabis as a market with enormous potential; with rescheduling, investment firms that previously had clauses precluding them from investing may reconsider their stance."

Stocks & Stuff

The week begin with fits and starts as an early press lower awoke a few bulls who put some pocket change to work. U.S. cannabis ETF MSOS finished the session up 1% as we await the last licks of earnings.

Below, we’ll chew through today’s price action, update U.S. canna comps, finger some flow, check the calendar, unpack Ohio and sniff at analysts’ estimate revisions.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $115M/ $74M

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