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Equity research firm Zuanic & Associates convened a panel in mid-June featuring industry experts to dissect the ongoing cannabis rescheduling efforts in the US. They provided a comprehensive outlook on the rescheduling process, expected to conclude with the publication of the Final Rule in the Federal Register by November 2024.
Despite market skepticism reflected in the MSOS ETF’s MSOS recent decline to $6.99—a 38% drop from its peak—Pablo Zuanic, Senior equity analyst Pablo Zuanic, sees the current market conditions as a buying opportunity.
He noted, “Technical factors and the absence of immediate catalysts might limit short-term gains, but the fundamentals remain strong.”
The panel included Kelly Fair Partner at Dentons, David Culver SVP of Public Affairs at the US Cannabis Council, and John Sullivan EVP of Public Affairs at Cresco Labs CRLBF.
Key Developments And Timeline
The experts expressed confidence in the rescheduling process, anticipating the completion of necessary administrative steps before the upcoming election. The DEA’s initial hesitance is expected to be overcome by new evidence during the public comment period.
Additionally, the DOJ is likely to issue a memorandum to provide a safe harbor from enforcement for financial institutions, despite cannabis remaining federally illegal.
“The DOJ’s upcoming actions are crucial for clarity and future regulatory frameworks,” Zuanic
