Charting the Percent Movers in the Morning
Positions: None.
Economics Calendar for Fridays: Jobs, Jobs, Jobs (and Credit)
Positions: None.
Cannabis Reaffirmation
This was from late May, and I’m repeating for emphasis:
8 Reasons I’m Getting More Positive on Cannabis
I am growing much more optimistic on the cannabis complex.
I plan to super-size my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF, GLASF, TSNDF and VRNO).
Verano Holdings (VRNO) remains my favorite stock in the sector with the best risk/reward proposition.
I am optimistic on the cannabis space because:
* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months.
* I am confident that uplistings will soon follow.
* More relaxed custodian rules allowing for institutional purchases of the group.
* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared.
* Industry fundamentals (volumes and pricing) have stabilized.
* Expectations are very low.
* Massive absolute and relative underperformance over the last five years has created a long runway for appreciation.
* Upside reward is probably more than 5x downside risk.
Position: Long MSOS M VRNO S TSNDF S GLASF S GTBIF S
BY Doug Kass · May 27, 2026, 4:33 PM EDT
BY Doug Kass · May 28, 2026, 6:40 AM EDT
The Big Short Boys Love Cannabis Stocks
“Welcome to “What Are We Doing” (WAWD), the Substack newsletter where Wall Street outsiders—Danny Moses, Vincent Daniel, and Porter Collins, famously portrayed in “The Big Short” pull back the curtain on markets and investing.”
– Danny, Vinnie and Porter
There are few smarter and contrarian investors than Danny Moses, Vincent Daniel and Porter Collins.
Read on:
They Look at Me Like It’s Christmas and I’m Santa Claus
Position: Long MSOS M GLASF S
BY Doug Kass · May 28, 2026, 7:15 AM EDT
First Cannabis Co., Trulieve, OK’d For NYSE Listing
* This is an epic and very positive industry development
In what could be the second most important development for the cannabis sector EVER (the first one being rescheduling)… Trulieve has just announced that its shares have been approved for listing on the New York Stock Exchange. Trulieve Announces Uplist to NYSE – Jun 5, 2026
This approval will likely accelerate resolution of long standing custodian issues that have plagued the sector as well as providing the foundation for institutional ownership.
I can’t overstate the importance of this development.
Not up in smoke.
Positions: Long MSOS M TCNNF S
Here Comes the Jobs Report: 8 Key Items Shaping the Stock Market Friday
Iran reintroduces strait service fees, stock market inflows, Lululemon drops, production levels at Boeing, and other headlines are moving stocks this morning.
Broadcom Bleeds, Semis Sink, Will Jobs Numbers Stink?
After a week that feels like pulling teeth, let’s check on the ‘rotation,’ the semiconductors and brace for the jobs report.
Is the Small-Cap Surge ‘Late Stage Action’ or Just Normal Rotation?
A selloff in chip stocks sparked a move into overlooked sectors ahead of the key jobs report.
Let’s Get Chai (Again!)
* Uplistings will reprice cannabis stocks higher and likely lead the way to institutional ownership
* I am growing more bullish on the cannabis space — having repurchased $MSOS on Wednesday
* MSOS and Trulieve’s shares moved higher yesterday on moves aimed by $TCNNF to facilitate NYSE uplisting
* Expect other MSOS to uplist in the months ahead
* I added to $VRNO yesterday (and I will do more today) — it’s my favorite risk/reward candidate (and one of the more probable other uplisting candidates)
On Wednesday I stepped up and repurchased MSOS (at around $4.75). Here is what I wrote two days ago:
Doesn’t Make Sense
I don’t think today’s decline in cannabis stocks makes much sense.
I have gotten aggressive with MSOS on a scale lower.
My average cost is about $4.76.
Position: Long MSOS (M)
BY Doug Kass · Jun 3, 2026, 3:52 PM EDT
Yesterday MSOS had an outsized move to the upside ($4.72 to $5.10), likely because of Trulieve’s (TCNNF) move (its shares rose by +14%) aimed at a NYSE listing:
Trulieve Restructures Business in Move Tied to NYSE Listing Application
and…
and…
On Tuesday I wrote an upbeat weed column that emphasized that uplistings could be a catalyst for the cannabis sector:
* The Likely Memeification of Cannabis Stocks
“I never make plans that far ahead.”
– Casablanca (Rick’s response when Ilsa asks, “Will I see you tonight?”)
The animal spirits are on overload.
Market participants are grabbing at anything AI, space, memory, semis, etc. Parabolic moves have become common place. In the extreme, Jensen Huang mentions Marvell (MRVL) favorably and the shares rally by nearly +$70.
With the likely rescheduling of weed, likely uplistings (on major U.S. exchanges), settling of custody issues and emergence of institutional buyers (unleashing an abundance of buying power), I am increasingly of the camp that cannabis stocks could be memeified with such powerful changes ahead in the reasonably near term.
I add daily to VRNO – my favorite on a risk/reward basis.
Position: Long MSOS (M), VRNO (S) TCNNF (VS)
Are Stocks About to Repeat July 2024?
This rally is getting long in the tooth, with indicators flashing that stocks are overbought. Should we be looking back to July 2024 to see what could happen next?