Billions

State-led programs are making bank.

Daily Recap

The Justice Department said that it will be requesting that a federal court dismiss a cannabis industry lawsuit that is seeking to block the enforcement of marijuana prohibition against state-legal activity.

“This step is very much in line with our expectations and we will provide more context from the legal team when we see the response. Standby!” Emily Paxhia of Poseidon

Good Bud Hunting

Massachusetts cannabis retailers sold a record $158.7 million worth of legal cannabis in December, bringing the state’s total recorded sales for 2023 to nearly $1.8 billion.

More than 87% was via adult-use sales, which tallied nearly $1.57 billion last year.

Missouri Tigers

Missouri adult-use canna sales set a new monthly record in December, pushing the 2023 total to more than $1.3 billion. Recreational cannabis purchases were $106.5 million last month, shattering the $98.7 million previous state record set in July.

Missouri has recorded $1.04 billion in adult-use sales since they began last February.

Who Shot J.R.?

Texas activists officially began collecting signatures that would put local cannabis decriminalization initiatives on the November ballot in Dallas and Lockhart. The reform efforts are looking to build upon local wins throughout the Lone Star State.

Stocks & Stuff

It was another quiet session for cannabis stocks—and by quiet, I mean the sector, as measured by the ETF, was off 2%-3% all day on light volume—which was pretty much where we closed as the animal spirits found fodder elsewhere.

Below, we’ll check on perceived U.S. Canna FAANG charts, chew through a few views on the DOJ lawsuit response, check bull & bear takes on the space, sniff out a SAFER sighting, check on the Florida torque and pull out a long-term lens on the 2023 MVP.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $53M ($27M)

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