• Cowen is out with an interesting update on the state of the cannabis legislation.
  • "We believe 2020 will be remembered more for symbolic votes on cannabis than for any substantive change in the law. Despite broad House support for various cannabis bills, Senate Majority Leader Mitch McConnell is an obstacle that we do not believe can be overcome in the next several weeks," writes Vivien Azer.
  • Azer expects a symbolic win only if the House passes the MORE Act to de-schedule cannabis from the Controlled Substances Act.
  • "We believe the legal protection for medical cannabis will be included in the spending bill that Congress must enact by Sept. 30. This bars the Justice Department from prosecuting state-legal medical cannabis businesses," she adds.
  • In regard to the election, a Democratic majority in the Senate is seen as the only way to get past McConnell with legislation.
  • Sector watch: Cronos Group (CRON +1.7%), Canopy Growth (CGC +3.7%), Aphria (APHA +4.5%), Aurora Cannabis (ACB -0.5%), Tilray (TLRY +2.4%) and Green Thumb Industries (OTCQX:GTBIF -0.5%).

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