Bernstein: Positive Movement in US Cannabis Market, But Challenges Remain

Dear Client: There's been some positive movement on the cannabis front this year, from the Wine & Spirits Wholesalers of America calling for federal legalization to a recommendation from White House officials to reclassify cannabis from a Schedule 1 to a Schedule 3 drug as well as some movement on the SAFE Banking Act (more on that below).  "While these would be monumental and could mark a point of no-return for federal sentiment on cannabis, they are still a long