Canadian Goose

U.S. canna takes off up north.

Daily Recap

The U.S. government released hundreds of pages of documents related to its ongoing review of marijuana’s status under federal law, officially confirming for the first time that health officials have recommended the Drug Enforcement Administration place cannabis in Schedule III of the Controlled Substances Act.

The Department of Health and Human Services released 252 pages of documents that explained cannabis has “a currently accepted medical use in treatment in the United States” and a “potential for abuse less than the drugs or other substances in Schedules I and II.”

The Heartbeat of America

Illinois is blazing a trail to becoming one of the largest legal cannabis markets in the United States. Since adult-use kicked off in January 2020, the industry raked in over $5 billion for the state, with adult use cannabis sales setting a new annual record in 2023, exceeding $1.6 billion and set to reach $45 billion in sales nationally in 2027.

Terrapin Station

Maryland canna sales set a new monthly record to close out 2023, with nearly $96.5 million in combined purchases between the state’s medical and adult-use markets.

All told, the state saw $787.5 million worth of legal marijuana products sold in 2023—even with the recreational market launching halfway into the year.

March Madness

A new collegiate athletics proposal would remove cannabis from the list of substances included in drug screenings for NCAAS championship competitions, with officials set to vote on the matter in June.

The latest proposal would effectively treat marijuana more like alcohol. While NCAA doesn’t intend for the change to promote cannabis use, the substance isn’t believed to give competitors an unfair advantage in sport.

Markets

U.S. markets were closed in observance of Martin Luther King Jr. Day but U.S. canna stocks traded in Canada. Despite the NYSE-listed ETF MSOS being sidelined, most underlying stocks finished the session higher, with AYR leading the way (+22%).

Below, we’ll dig into the recent news, review the Street coverage, explore today’s price action, update several breakouts among US leaders and ready for the rest of the week, which includes what should be a super-spicy options expiration on Friday.

All that and more, just scroll down.

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