The trading day meltdown continues, but at least we have NFL picks to look forward to. This episode of the Trade To Black Podcast for Benzinga, we cover the latest news on cannabis and psychedelics. Today, we have the Michigan update, Ohio legalization, and the appeal of psilocybin to chat about.
Into the wire: there’s some really telling information available about the state of the cannabis industry in Michigan thanks to a data analysis done by Rehman Business Consulting. Anthony explains why investors should take note of this report. From a capital markets perspective, there’s some data points that could indicate that the health of the industry in Michigan is on the mend. 47% of the participants in the analysis were vertically integrated, seed to sale, and many plan to raise capital in the next 12 months. We go into further detail. Some of this was covered in our Top Developments posts over the weekend. Be sure to subscribe to our newsletter so that you never miss these posts.
AdvisorShares Pure Cannabis ETF appears to be testing some new low ranges after a big decline last week, almost completely reversing the HHS rally. Lead Financial writer Benjamin A. Smith shares his thoughts on where this may be going. Earnings will be coming out again soon, which could demonstrate growth narratives.
Switching to psychedelics, U.S. Court of Appeals for the Ninth Circuit ruled against the Drug Enforcement Administration in a psilocybin rescheduling lawsuit, saying the DEA failed to explain their reasoning to deny the petition. The court ordered the DEA to provide more information on why, and we’re interested to see what justification the DEA responds with.
Jumping over to politics, Ohio’s Governor Mike DeWine has been vocal in his opposition to a ballot initiative that would legalize adult-use of cannabis in his state. He claims that voters are confused about the measure and downplayed polls showing support.
Tune in to hear our thoughts on these latest cannabis movements in Michigan and Ohio, right here on The Dales Report!