Beer Bong?

Green Thumb flirts with Boston Beer.

Daily Recap

Cannabis producer Green Thumb Industries expressed interest in merging with Boston Beer, the maker of Sam Adams lager. GTI CEO Ben Kovler sent a letter to Boston Beer Chairman Jim Koch on Sunday seeking to discuss the potential combination, per WSJ.

Kovler outlined the benefits of a potential union, which would include the ability for Green Thumb to be listed on a major U.S. exchange, adding that young people are drinking less alcohol as the U.S. cannabis market continues to balloon.

"As we look at a future where this consumer trend continues to gain traction, I believe we have to be proactive versus reactive."

Veteran Affairs 🫡

The U.S. House of Representatives approved amendments to a large-scale spending bill that would authorize U.S. Department of Veterans Affairs (VA) doctors to issue medical marijuana recommendations to military veterans and support psychedelics research and access.

“Beyond the veteran population, the nation is turning the page on how we think about cannabis. It’s become a key part of the medical system in more than 30 states and offers law-abiding Americans a low-cost and safe option.”

Sorta SAFER

A GOP House committee unveiled a large-scale spending bill with new protections for banks that work with state-legal cannabis businesses and it omits a longstanding rider blocking Washington, D.C. from legalizing recreational marijuana sales and separately.

The notable canna-related changes came from the panel’s new leadership. Rep. Dave Joyce (R-OH), co-chair of the Congressional Cannabis Caucus, who’s the lead sponsor of standalone bipartisan marijuana banking legislation, chairs the subcommittee.

Dakota Fawning

South Dakota activists collected enough signatures to put a cannabis legalization initiative on the November ballot, the secretary of state’s office announced.

It’s been unclear if the grassroots efforts would be able reach the signature threshold for ballot placement, as national industry and philanthropic financial support has been negligible this cycle, but the campaign persevered and the people will decide.

Stocks & Stuff

It was an active session in Cannaland as early weakness was interrupted by the WSJ article that posited a potential CPG combination. U.S cannabis ETF MSOS was down more than 3% before rallying to end the day with a small gain.

Below, we’ll chew through today’s price action, weigh the merits of potential industry cross-pollination, update the technical landscape and check on prices across the land as we continue to navigate a multitude of crosscurrents.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $110M/ $72M

Top Stories