Age Appropriate

Adults are choosing cannabis.

Daily Recap

Recent consumer data shows clear generational differences in cannabis consumption as older adults embrace cannabis at accelerating rates. One in five adults 50 and over are consuming cannabis for relaxation, sleep, pain relief, and mental health.

Millennials, meanwhile, are the core spenders in legal cannabis, according to Headset, and their habits are steady: they buy frequently, shop across formats, and lean toward practical, comfort-driven products such as edibles, vapes, topicals and value flower.

So why, you ask, was cannabis ever made illegal? There are several reasons, including:

1. It threatened billion-dollar industries.

2. It was weaponized for immigration and societal control.

3. Big pharma couldn’t patent it.

Boo Boo Bear

A Democratic congresswoman is trying to better understand a U.S. attorney’s left-field announcement that he plans to start “rigorously” prosecuting cannabis possession on federal land in Wyoming.

U.S. Rep. Dina Titus (D-NV) sent a letter to A.G. Pam Bondi expressing “deep concern” about DOJ guidance that apparently directs U.S. district attorneys’ offices nationwide to start enforcing simple possession crimes in national parks and forests.

Buckeye Nation

Ohio’s state’s legal cannabis market has generated more than $1.3 billion in combined medical and adult-use sales since adult-use began in August 2024. With 34M receipts and demand scaling, Ohio is on track to further expand as more retailers come online, and supply continues to stabilize.

D.C. Keynote: Trulieve CEO Kim Rivers on U.S. cannabis reform

Stocks & Stuff

Stocks popped, led by tech shares, driven by renewed optimism that the FOMC will cut rates in December. Money markets are now pricing in a 70% probability that’ll happen after the odds vacillated in recent weeks due to the data blackout.

Cannaland was a mixed bag, with international players like Village Farms powering ahead as U.S. names, hungry for reform, continue to wait and see what’s on this year’s holiday menu. U.S. cannabis ETF MSOS finished the session 1% higher (-10% YTD).

Below, we’ll top-line the latest, explore the implications of the recent AFP Amicus Brief, highlight an outstanding earnings report, chew through the notion of canna stock buybacks, and keep it real ahead of an out-of-state site visit tomorrow.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional:

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