Code Red

Cannaland braces for the GOP.

Daily Recap

Nearly seven in ten Americans said “the use of marijuana should be legal,” according to new nationwide polling data released by Gallup. 68% of the respondents endorse cannabis legalization, which is among the highest level of support ever reported.

In 1969, when Gallup first asked the question, 12% of Americans backed legalization. Since 2012, when Colorado and Washington became the first states to legalize adult-use, public support rose nationally by some 20%. Legalization has enjoyed majority support since 2013 and has held steady around 68% since 2020.

“An overwhelming majority of Americans oppose marijuana prohibition, and this has been the case for more than a decade. It borders on political malpractice that Congress has yet to take any meaningful action to comport federal cannabis laws with the will of the people.” NORML’s Deputy Director Paul Armentano

Hail Mary Jane

As part of her closing argument before Tuesday’s election, Vice President Kamala Harris reaffirmed her vow to federally legalize marijuana if elected and ensured that there are opportunities for “all Americans to succeed in this new industry.”

Harris said in a social media post that she will “legalize recreational marijuana, break down unjust legal barriers, and create opportunities for all Americans to succeed in this new industry” if voters put her in the Oval Office.

Aye, Bucks

Ohio recreational marijuana sales topped $131 million in less than three months.

Ohioans voted to legalize cannabis last November through Issue 2 and adult-use sales started Aug. 6. There are 124 dual-use marijuana dispensaries in Ohio, and about 100 Ohio cities or townships have passed moratoriums banning sales.

German Shepherd

Just a few months after German officials began approving cannabis social clubs—which cultivate cannabis on behalf of enrolled members—the first of the groups has announced its initial distribution of marijuana.

Meanwhile the city of Frankfurt is moving forward with a five-year pilot program that will make cannabis products available to adults more broadly, with the city of Hanford pursuing a similar plan.

Stocks & Stuff

Cannabis stocks were soft today as the specter of a red regime, concerns surrounding Amendment 3 in Florida and the still vulnerable charts were enough for the bears to make a stand. U.S. canna ETF MSOS finished the session -4% as we count the votes.

While we may not know some of the political outcomes tonight, and lots will depend on who’s ass sits in what seat (and when), we should find out the fate of Florida later tonight, which will help shape tomorrow’s price action.

Below, we’ll top-line the landscape, review the Trulieve quarter, preview the earnings on tap the rest of the week, check on charts and offer some random thoughts.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $82M

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