Stocks This Week And Why Byron Donalds Is A No For #YesOn3

It’s hard to believe it’s the last Monday of the month, but welcome to the MSOS Monday Trade To Black podcast for October 28, 2024. We will break down last week’s late headlines and performance in the cannabis stock market. Also among the topics of discussion: why Florida GOP Congressman Byron Donalds publicly announced late last week that he’s voting “no” on #YesOn3.

In an interview on Friday with Florida’s Voice, Byron Donalds (R-FL) confirmed he will be a “no” on the November 5 ballot initiative to legalize recreational cannabis. “I’m opposed to it. I think if you’re going to do something like this, this is something that the legislature should weigh in on, similar to what happened with medical marijuana about a decade ago,” Donalds said. “It should not go into the Constitution.”

This response has earned Donalds some criticism from people who point out that his opposition to the initiative is hypocritical and would leave nonmedicinal possession and use a criminal act. The GOP congressman has previous arrests for distributing marijuana in 1997, though the charges were later dropped as part of a pre-trial diversion program.

With the election fast approaching, we touch on other developments in the industry, including the rescheduling timeline and Joe Rogan’s interview with Donald Trump, which notably left cannabis out of the conversation.

Senate Majority Leader Mitch McConnell, who has long been resistant to the idea of cannabis reform, announced he will be departing the political arena. His expressed intention to retire has made many hopeful that this will represent a turning point for federal policy shifts in Congress.

There has been a year-over-year growth in banking partnerships with cannabis companies despite the lack of federal reform. For now, these are primarily in states who have passed legalization. Without the SAFE Banking act, these partnerships are still rather limited, and conservative financial institutions remain hesitant. Still, this is an encouraging trend for the industry.

Dan Ahrens from AdvisorShares (NYSEARCA: MSOS) joins us once again to talk about the level of interest and inflows he’s receiving towards the ETF fund, as well as how those funds are allocated. What else can investors expect this week as we approach the US Federal election? Be sure to catch the full episode.