Coming to America

U.S. cannabis is about to arrive.

Daily Recap

The Michigan state cannabis industry sold over $3 billion worth of ganja last year—or about $305 worth of marijuana for every man, woman and child in the state. That’s more than the gross domestic product of 51 nations, nearly reaching the GDP of the African nation of Zamunda Burundi.

Old Bay City Rollers

Maryland legal cannabis shops sold just under $800 million worth of products since the adult-use market launched in July. There are now 96 dispensaries, 18 growers, 23 processors, five testing labs and 32 “ancillary” businesses in the Old Line State.

Glad, Glad, Leroy Brown

The Illinois Department of Financial and Professional Regulation announced that the state’s adult-use cannabis sales exceeded $1.6 billion in 2023, setting an annual record for the third consecutive year.

"From day one, my administration has put equity first to build the most accessible cannabis industry in the nation." -Gov. JB Pritzker

Sports Medicine

The National Football League is partnering with researchers on a clinical trial that will test the safety and efficacy of CBD for pain management and neuroprotection from concussions—key issues that have plagued football players through the years.

The idea behind the collaboration was inspired by moves by Major League Baseball and certain teams like the Kansas City Royals and Chicago Cubs that have recently partnered with CBD businesses.

Markets

After a three-day 24% run, U.S. canna ETF MSOS took a well-deserved breather...

…ahead of what promises to be an extremely busy options expiration on Friday.

With the HHS having effectively having offered up a confession—the Department of Justice is scheduled to respond to a Federal lawsuit on Tuesday—the process of price discovery has been—and should remain—fierce.

We’ll dig into all that—today’s price action, the gravitational pull of expiration, next week’s potential catalyst—as well as a curious nuance that may (or may not) impact how the Garland Memo is interpreted.

All you’ve got to do is scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $76M

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