Bucket List

Cannaland has one wish.

Daily Recap

The federal government may be shut but the illicit cannabis crackdowns continue, with almost daily news of raids and seizures throughout the country.

Yesterday in Oklahoma, the Organized Crime Task Force raided an illegal canna grow operation near Wilson, confiscating and eradicating approximately 15,000 plants and hundreds of pounds of processed marijuana.

It was also reported that California destroyed $222M of illegal cannabis in Q325, with law enforcement agencies working together to seize illegal plants and firearms from unlawful operations across the Golden State.

Pay it Forward

New York has awarded $5M in grants derived from cannabis taxes to youth groups throughout the state, including $2.6M for mental health organizations, $1.9M toward workforce development, and $500,000 to youth-focused housing.

The Swamp

There’s a fresh legal battle in Florida over the efforts to bring adult-use cannabis to voters in 2026. Smart & Safe Florida has accused state officials of trying to sabotage the campaign—again—by invalidating 200,000 petitions without legal grounds.

Buckeye Twist

Ohio lawmakers are expected to decide on a bill that would restrict sales of hemp-derived THC products—including beverages—to state-licensed cannabis stores. This has created fresh anxiety for the drink makers, per the Dayton Business Journal.

Stocks & Stuff

It was a sloppy session on Wall Street as the government shutdown continued, Russia saber-rattling started, and momentum trades unwound. All three of the major indices closed lower, albeit well off their lows, as we edge toward another year-end.

U.S. cannabis ETF MSOS finished the session -4% (+17% YTD) as patience thins and hope fades that we’ll see federal reform in the near-term, with bears using the federal respite as air cover for a ground assault.

Below, we’ll top-line today, talk through this particular moment in time, update the technical set-up, share recent gleanings, and spy a twist in select credit conditions.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $43M

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