Battleground States Swinging Green
PA, OH, FL all push toward adult-use.
Daily Recap
Cannabis stocks were mixed today as the broader market succumbed to stronger jobs data, a hawkish Fed president and higher rates, which blew some froth from atop the recent bull run. U.S Cannabis ETF MSOS finished the session off 1.37% (-16.3% YTD) on $35 million notional volume (allowing for double accounting).
Following Maryland’s successful adult-use launch last week, Pennsylvania lawmakers introduced a bipartisan marijuana legalization bill (more below) that aims to turn the Keystone State into the next 420-friendly Commonwealth.
Additionally, cannabis regulation is set to appear on Ohio’s 2023 election ballot after a coalition collected signatures from voters in support of it from every county in Ohio.
It’s worth nothing that Pennsylvania, Ohio and Florida—all of which are important battleground states heading into next year’s presidential election—are in the process of swinging green before their constituents decide on whether to vote red or blue.
Germany was in the news after top German officials unveiled their draft marijuana legalization bill. Curaleaf Chairman Boris Jordan’s tweeted that Germany will remove cannabis from their narcotics list in 2024. Curaleaf, of course, is currently the only US multistate operator with exposure in that region; Cura close 2% higher (-19% YTD).
Finally, Cronos sparked a late afternoon tizzy when it got halted after surging 24% on a Reuters article that it was exploring a sale (mentioning Curaleaf and Altria among those reportedly in the conversational mix), before doing what cannabis stocks seem to do—give up those gains to finish down 4%. Some further thoughts on that below.
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