Jitter Bugs
Daily Recap
Continuing a theme that we highlighted on Wednesday, PoliticoPro + Punchbowl News both reported that House Financial Services Chair Patrick McHenry and ranking member Rep. Maxine Waters met with Sen. Majority Leader Chuck Schumer yesterday to talk about their Stablecoin legislation.
While McHenry and Waters have yet to finalize the latest version of their Stablecoin bill, they discussed attaching the bill to the upcoming FAA reauthorization alongside cannabis banking legislation. Importantly, FAA funding is scheduled to lapse May 10.
Talk Amish to Me
Pennsylvania lawmakers held another hearing on marijuana legalization yesterday, with the conversation this time centered on social justice and equity considerations for reform as the governor steps up his push to end cannabis prohibition.
“The reality is, we can either continue to have an illicit marketplace that doesn’t promote public health and ignores social justice issues or we can put together a framework that promotes public safety, promotes social justice and promotes a revenue arrangement that benefits the Commonwealth of Pennsylvania.”
8-Mile
Michigan sold almost $289M worth of cannabis in March, which was a new monthly record. The sales total was 11% higher than February, and 16% higher year-over-year.
Taxidermy
Nearly 15% of the California’s cannabis operators, including retailers and distributors, were in default on their sales-and-use tax obligations, totaling $189M. 15% of Cali’s retail licensees were also in default on their excise tax, totaling more than $54M, for a combined total of $244M.
Stocks & Stuff
It was just another day in Cannaland as geopolitical tensions, broken near-term levels and the type of liquidity vacuum that you could only see in a sector forced to operate devoid of order books and market-makers all contributed to a wild ride.
U.S. cannabis ETF finished a volatile session -7% to end the week with a 12% hickey.
Below, we’ll chew through today’s price action, share fresh insights on the scheduling review process, hear an analyst’s take on the latest SAFER chatter, check on the best kept secret in Canadian canna and otherwise look ahead to the back-half of April.
All that and more, just scroll down.
PT Notional $202M/$133M
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