Who's Schumin' Who?

The canna crowd is tired of talk.

Daily Recap

Federal agencies have been funded through September and the congressional must-pass agenda is whittling down. Senate Majority Leader Chuck Schumer now wants to pivot to the slate of bipartisan legislation that he first laid out last summer.

Schumer told Punchbowl News that among other projects, he wants to take a swing at banking reform, echoing a years-long commitment to a commonsense bill that would loosen restrictions for the cannabis industry + promote a safer working environment.

The Senate Banking Committee has already cleared the SAFER Banking Act so it could potentially see floor action at any time. The legislation, designed to help state-legal canna businesses access the banking system, has been hung-up on the Hill for years.

Pining for Democracy

A strong majority of voters, including more than 60% of Republicans that were polled, support congressional legislation to protect states’ rights to set their own canna laws, according to a new survey across three states.

“With almost all 50 states adopting some form of cannabis reform, it is time to pass legislation like the STATES Act, to ensure each state has the right to determine for itself the best approach to cannabis within its borders.” -Rep. Dave Joyce (R-OH)

The Green Party

Eighty-eight percent of Americans say that marijuana ought to be legal for either medical or adult use, according to nationwide polling compiled by Pew Research.

The results are consistent with those of prior Pew polls finding that only about 10% of US adults support a blanket policy of cannabis criminalization.

“Elected officials who refuse to take action to end cannabis criminalization do so at their own political peril.”

Youngkin Bumpkin

With a bill sitting on his desk that would legalize the retail sale of canna in Virginia, Gov. Glenn Youngkin (R) said recently that people “must be smoking something” if they think he’s going to sign it into law.

While Youngkin hasn’t committed to vetoing the bill, he’s been hawkish on creating a legal retail framework, seemingly content on letting the illicit market proliferate. Still, if he doesn't sign or veto the legislation by April 8th, it will automatically become law.

Stocks & Stuff

It was another hectic stretch in Cannaland as continued volatility in the Canadian LPs and a stealth, underlying bid in their U.S. counterparts kept things interesting into quarter-end. U.S. cannabis ETF MSOS 0.00%↑ finished +8% while CGC 0.00%↑ VFF 0.00%↑ and TLRY 0.00%↑ paced our northern neighbors.

Below, we’ll chew through today’s price action, map the numerous catalysts, crunch a few credit scores, spy the EU oppy, ponder if this is the year the BLS will count state-legal canna jobs and greenfield some of the many health + wellness applications.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: ($212M/ $145M)

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