Would you like to earn 27% every 20 days?
This is what Nick Schein does on average with his option purchases. Rather than selling covered calls or spreads, you are buying options. Most traders have a win rate of less than 27% on option purchases. His win rate is 83%. Here's how he does it.
Following the President joe bidenAttorney General’s recent announcement regarding cannabis rescheduling Merrick GarlandFollowing the move to formally begin the process, many expected the task to be delegated to the DEA, which is part of the Department of Justice (DOJ). That didn't happen.
Garland's decision to reclassify cannabis without the full support of the DEA and its director Anne Milgram It raised eyebrows and sparked debate and controversy, especially within federal agencies.
The Associated Press noted that neither Milgram nor the DEA provided an explanation for the inaction. The plan, unveiled at a Justice Department meeting two months ago, unfolded as discussed despite the DEA's reservations.
“The DEA has not yet made a determination regarding its position regarding the appropriate scheduling of marijuana,” reads the 92-page proposed rule released by Garland last Thursday.
But Justice Department lawyers rejected the DEA's request for an extension, saying the standards were “unacceptably narrow,” the Associated Press reported, and several current and former DEA officials said politically motivated motives drove the decision. He said he thinks it is.
They argue that Mr. Biden is fulfilling a campaign promise and trying to appeal to voters in the upcoming election.
“It is clear that the Department of Justice has prioritized politics over public safety and hijacked the rescheduling process,” he said. Derek Maltz, a former investigator and former head of the DEA's Special Operations Division. “If there is scientific evidence to support this decision, that's fine. But we need to have scientists evaluate it.”
Former DEA Director Tim See They expressed concern about the demoralizing effect on DEA employees and the potential risks of the new policy.
“If she [Milgram] “If I had supported it, I would have signed it and turned it in,” said Shea, who served in the Trump administration, adding, “The DEA opposed this and politics intervened and overturned it. Everyone knows the dangers this poses, from street detectives to Drug Enforcement Administration officials.”
The White House has remained silent about the internal rifts but has reassured Biden that he will stick to his campaign promises. Karine Jean Pierre Biden reiterated his stance against incarcerating individuals for marijuana possession, noting that it disproportionately impacts communities of color.
Justice Department lawyers defended the decision, saying the DEA and the Department of Health and Human Services (HHS) have “significantly different views.” In August 2023, HHS recommended reclassifying marijuana as less dangerous than narcotics such as cocaine and heroin, and as beneficial in treating certain conditions. However, the DEA questioned these findings and requested more information, which the Department of Justice denied.
Read now: Black Cannabis Lawyers Association calls marijuana regulation changes an 'unwarranted abdication of responsibility'.Appeal for complete decriminalization
The reclassification of cannabis is shaking up the industry with both positive and negative reactions. To hear the biggest impacts of this move and what lies ahead for the marijuana industry, join us at the Benzinga Cannabis Capital conference in Chicago this October. You'll hear directly from key industry figures and policymakers. Get your tickets now through this link.
Photo: Courtesy of T. Schneider, courtesy of Shutterstock
Would you like to earn 27% every 20 days?
This is the average amount that Nic Chahine bought in options. Don't sell covered calls or spreads…buy options. Most traders don't even have a 27% buy option win rate. His win rate is 83%. Here's how he does it.
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