Daily Recap
President Donald Trump vowed to reschedule cannabis and to make it easier for the industry to bank and for universities to research the plant. Now, fresh reminders of those campaign pledges are being aired where the president spends most of his time.
The seven-figure advertising spend is aimed at two of Trump’s current focuses: former President Joe Biden, and Canada. One of the ads attack Biden’s failure to end decades of federal policy that treats cannabis like heroin; the other says Canadians “cash in” on U.S. anti-cannabis policies by listing U.S. cannabis companies on their stock exchanges.
It was also reported that Trump and his team backed an unsuccessful attempt to add canna banking to the December CR, according to three people, per CNN, but a White House official said “no action is being considered at this time.”
Billy Busters
Canna sales in Ohio surpassed $2.5B, driven by adult-use sales, with more than $390M of that over the past seven months alone.
Adult-use sales, subject to a 10% excise tax, have generated $38M in cannabis-derived tax revenues this year alone. According to a study by OSU, the state could collect as much as $62M in tax revenues from adult-use cannabis sales by the end of the year.
Democracy Labs
A study on government-funded cannabis research in legal cannabis states said that the ongoing federal classification makes some states too “risk averse” to dedicate resources and “unsure of how to navigate complicated federal research requirements.”
“States have much to gain from scientific advancements in cannabis, especially as they navigate a preponderance of public policy issues without a federal structure.”
Swiss Bliss
An ongoing adult-use cannabis trial in Switzerland has published an update showing positive health outcomes, such as improvements in mental health and a decrease in addiction problems.
The trial has been gathering data on “for-pleasure” use of 300 cannabis consumers to understand the differences between the illicit-market and a legal market, to monitor changes in participants’ behaviors and health, and to help inform a nationwide legal cannabis industry as it takes shape.
Stocks & Stuff
The second quarter began much the way the first quarter ended: awash in animus and short on patience. U.S. cannabis ETF MSOS finished the session where it began but the reality of the status quo continues to weigh heavily on the collective psyche.
Below, we’ll say goodbye to Q125, look forward to second chances, dig deeper into the IIPR dilemma, touch on the human toll of the ongoing bifurcation, keep a finger on the pulse of D.C. appointments, and sniff out where weed is most likely to win.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $13M
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