20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
Remember that huge 2021 marijuana recall in Michigan? The one that resulted in a lawsuit from Viridis Laboratories, which tested the recalled products, against the Michigan Marijuana Regulatory Agency’s (MRA)? Here's an update and it comes in the form of a federal judge’s ruling arguing MRA’s actions don’t really matter because cannabis is a Schedule 1 Substance.
The first legal dispute was huge that it evoked a media ban for months. Then in Feb. 2022, Judge Thomas Cameron ruled that the MRA’s recall was “arbitrary and without basis” and could be equivalent to a “substantive due process violation.”
It seems this wasn’t enough for Viridis, whose attorney David Russel stated at the time that the company will “continue to pursue all legal remedies so we can shine a spotlight on the MRA’s troubling conduct and improper practices and help ensure the massive disruption and chaos caused by the MRA does not happen again.”
Federal Court Ruling
A federal court ruled this week that whether or not Michigan regulators violated the law really doesn’t matter, because...well, cannabis is still illegal under federal law.
“Federal law considers marijuana to be contraband for any purpose,” wrote U.S. District Judge Paul Maloney in a July 31 order, dismissing the lawsuit filed by Viridis laboratories, reported Mlive.
Viridis argued that the recall violated the lab’s right to due process under the Constitution because MRA halted cannabis sales without providing a chance to challenge the allegations in court.
The problem? Only a small one – constitutional protections don’t apply to illegal entities, pointed out the judge.
“While the state of Michigan may recognize and protect these interests, federal law does not,” U.S. Magistrate Phillip J. Green wrote. “The license which the state of Michigan issued to (Viridis) authorizes (it) to perform testing on a product which the United States has prohibited and characterized as illegal contraband.
“While there may exist a general right to engage in the profession of one’s choice, the court cannot simply ignore the fact that (Viridis’) profession centers on a product which the United States has outlawed.”
Mahoney added that the Supreme Court held that cannabis is contraband for any purpose and remains a Schedule 1 Drug, the same as heroin. “And the Controlled Substances Act states ‘all controlled substances which have been manufactured, distributed, dispensed, or acquired in violation of this subchapter’ are 'subject to forfeiture to the United States and no property right shall exist in them.’”
Now What? Only federal reform like marijuana rescheduling could help resolve these state-federal law clashes, and who knows when that will happen.
Photo: Benzinga edit with images by 5 second Studio and Eight Photo on Shutterstock
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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