NDAA TRACKER
The MSOS was down 50bps on Friday on light volume. For the week, the MSOS was up slightly and is up 2.66% over the past month. The bottoming process takes time, and the next few weeks are pivotal in that process. All eyes are on the Senate. The Senate did not take up the NDAA ahead of Thanksgiving, and Politico is reporting that it might take up the defense spending bill as early as Monday. The FY22 NDAA has passed the house and appears to have a few non-defense amendments added, which is a net positive for SAFE. As we read the room, it all comes down to @SenSchumer and his desire to make Cannabis "political," or does he do something that should have been done years ago and let SAFE pass in the NDAA (this still has a very low probability of happening). The new unknown potentially impacting this debate is seeing how much Republicans are warming to Cannabis Legalization.
Nearly half of Republican voters support federally decriminalizing Cannabis, and GOP lawmakers highlighted last week by Rep. Nancy Mace (R-S.C.), who introduced the first Republican bill in Congress to decriminalize marijuana (and so much more.) Ms. Mace pointed to more than 70% of Americans supporting the idea, a political point not lost on the Majority leader. He may feel the unknown pressure point that Republicans are now just beginning to reflect their constituents' view by increasingly supporting broad legalization at the state and federal levels. How will that impact the midterms elections in 2022?
If the NDAA/SAFE does not happen in 2022, the current news flow and changing political climate strongly support some form of legalization in 2022, likely before the midterms.
GLOBAL MARCO ETF DASHBOARD
