Zinger Key Points
- Cannabis ETFs fell last week, with MSOS down 2.50% and YOLO down 1.73%, while Ascend Wellness surged 12.18% after refinancing.
- Jushi Holdings dropped 9.84% amid market fluctuations, and DEA rescheduling comments are due by July 22.
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The cannabis market saw a surge that waned by Friday, with the AdvisorShares Pure US Cannabis ETF MSOS falling by 2.50% over the week, and the Global X Cannabis ETF YOLO dropping 1.73%.
Ascend's Financial Restructuring
One notable bright spot was Ascend Wellness Holdings AAWH, which experienced a robust rally of 12.18% following the announcement of its debt refinancing plan.
See Also: Cannabis Stocks Surge Then Plummet On News That Biden Is Bowing Out Of 2024 Presidential Race
Jesse Redmond, an analyst from Water Tower Research, reported: “Ascend announced on Monday it successfully refinanced its debt. The new senior secured notes were priced at 94.75% of face value, have a 12.7% interest rate, and are due in 2029."
He added that "the net proceeds of the notes, together with cash on hand, will be used to prepay $215 million of principal amounts outstanding under its existing term loan."
Jushi Faces Decline Amid Market Fluctuations
Conversely, Jushi Holdings Inc. JUSHF saw the most significant loss among major cannabis stocks, dropping by 9.84%. The decline reflects broader market uncertainties and investor reactions to the latest financial reports and industry developments.
Cannabis Rescheduling And Political Developments
The cannabis rescheduling comment period is set to conclude on Monday, July 22, with industry stakeholders eagerly awaiting the response from the Drug Enforcement Administration (DEA).
Jesse Redmond notes: "We are eager to find out if the DEA Administrator will grant a hearing and how long it will take to respond to comments."
The upcoming elections and the Democratic National Convention, commencing on August 19, could play pivotal roles in the rescheduling process. Given the political dynamics, there is speculation that DEA Administrator Anne Milgram might expedite the review process.
Political Influences On Cannabis Legislation
In a significant political development, President Joe Biden announced Sunday that he will not seek re-election. VP Kamala Harris will replace Biden at the top of the Democratic ticket and Ohio Senator J.D. Vance was chosen to be Donald Trump’s running mate.
Vance, known for his support of states’ rights to regulate cannabis and opposition to incarcerating individuals for minor cannabis offenses, presents a mixed record on cannabis reform.
Notably, he voted against the Secure and Fair Enforcement (SAFE) Banking Act, citing specific concerns rather than outright opposition to the bill. “Vance's SAFER objections were about a specific issue, and he does not appear to be broadly against the bill,” Redmond explains.
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