Biden's announcement of federal cannabis pardons and a review of the CSA scheduling of cannabis produced a whopping 32.4% pop in the MSOS ETF for the week, easily the largest gain since the ETF was created. After a 10-point retracement, MSOs remain over 20% higher. The pullback signals a realization that Biden's program is not an immediate fix for the industry's issues and leaves important questions about future legislative/regulatory directions.
