Daily Recap
Tax revenue on the sale of adult-use cannabis has become a major source of income for states where it's legal—and in New Mexico, they are redistributing that money to the communities that need it most.
Some families in Albuquerque have received monthly no-strings-attached payments this month as part of a new basic income project funded in part by tax revenue from adult-use cannabis sales.
The city first approved the $4.02 million basic income plan in March. The program is providing $750 monthly payments to 80 families in districts where students struggle with low academic performance, and the city will also offer financial counseling.
Mattress Police
Utah officials have confirmed that the state reached a new milestone with its medical marijuana program, with more than 100,000 patients now registered.
It’s been seven years since Utah voters approved a ballot initiative to legalize MMJ. According to new data from the Department of Health, the program continues to see growth, w 100,144 registered patients and 993 qualified medical providers, as of April.
Roll Call
A new survey of veterans and their families found that a majority (57%) feels the U.S. Department of Veterans Affairs should provide medical cannabis to eligible patients.
The poll was conducted by Mission Roll Call, a nonprofit that represents veterans, and results surveyed nearly 2,000 responses from all 50 states and 95% of respondents are either a veteran or a family member of a veteran,” the group said.
Never Forget This PSA 👇
Stocks & Stuff
It was another docile day on Wall Street—all things considered—as the markets wade their way toward Memorial Day. Equity indices were slightly lower, and yields lifted a bit, as the A-teams makes their way to the Hamptons and junior traders take the Con.
Canna was mixed on both sides of the border, with continued strength in fan-fave Village Farms, which we view as the cleanest global cannabis play after last week’s news. VFF 0.00%↑ enjoyed a 90% sprint since last Monday before late day profit taking today but of course, it’s an entirely different stock now.
Below, we’ll top-line the space, talk through a few other individual names with firmer fundamentals, explore the canna-hemp push-pull that is happening throughout state legislatures, and highlight how life all comes down to a few moments.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ ETF Notional: $10M
Top Stories
Keep reading with a 7-day free trial
Subscribe to Cannabis Confidential to keep reading this post and get 7 days of free access to the full post archives.