The Highlights
Cannabis stocks sold off for the second straight week. The US cannabis MSOS ETF lost 6.44%, while the global YOLO ETF fell 15.19%. In the absence of meaningful news, we saw profit taking while we wait for earnings and news from the DEA. This week, MSOS had $15,088,000 in inflows. So far in February, total inflows have been $91,345,550, which is $8,304,140 on average per trading session. New capital is consistently coming in ahead of potential political progress. Shares prices jumped on Thursday that may be due to optimism around the resolution on Section 10, which has been one of the obstacles holding back SAFER Banking. Blaine Luetkemeyer (R-MO) told Politico, “We’re down to just the last few words. I’m at a place I’m comfortable with. They’ve gotta get comfortable where I’m at.” While SAFER Banking would be a welcome bonus, we remain more enthusiastic about the probabilities and impact of Schedule III. The potential for allowing legal means of using credit cards at dispensaries and enhanced employee safety due to less cash at stores are among the larger benefits of SAFER Banking. Explicit uplisting language also could be added, but this is far from certain. Green Thumb Industries (CSE: GTI, OTCQX GTBIF) gained 5.46% this week and Ascend (CSE: AAWH, OTCQX: AAWH) rose 4.22%. California’s Gold Flora (CSE: GRAM, OTCQX: GRAM) surged 48.28% and is +168.75%. AYR (CSE: AYR, OTCQX: AYWRF) and Jushi (CSE: JUSH,OTCQX: JUSHF) were hit hardest, falling 29.84% and 29.16%, respectively. The Cannabist (NEO: CBST, OTCQX: CBSTF) fell 14.80% this week and since announcing a new CEO on January 15, is down 28.30%, while MSOS is up 3.20%. On Thursday, we are speaking at the Benzinga Market Spotlight event in Los Angeles. We’ll be joined by LEEF Brands (CSE: LEEF, OTCQX: LEEEF) CEO Micah Anderson to discuss the unique approach it is taking to win in California. Tickets are still available. Those interested can purchase tickets accessible via a link in our full report.
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