Dances With Wolves

Mapping a path through the crosscurrents.

Daily Recap

Colorado dispensaries have sold more than $15 billion worth of marijuana since they became the first state to legalize adult-use in 2012. The Rocky Mountain High has generated $2.5 billion in tax revenue during that period, according to state reports.

Early voting for the Ohio marijuana legalization initiative began on Wednesday as Buckeye Nation attempts to become the 24th state to go green and legalize adult-use.

“Our proposal fixes a broken system while ensuring local control, keeping marijuana out of the hands of children, and benefiting everyone,” said a pro-canna spokesman, “We are proposing to regulate marijuana for adult use just like we do for alcohol.”

The Ohio senate, meanwhile, is urging voters to oppose marijuana legalization on the ballot, citing anti-drug talking points. The Senate’s dire warnings, which did not cite any supporting data, represent a selective slice of the currently available evidence.

Marijuana consumers who caught COVID had ‘better outcomes and mortality’ than nonusers, a study found, confirming what many of us already suspected but couldn’t articulate with a dry mouth. More research exploring the efficacious ability of this magical plant can be found here.

Thompson Coburn LLP updated their state-by-state rankings of cannabis regulations, which provide an overview of the most favorable and restrictive cannabis laws in each state. TL;DR: Michigan won the gold, Illinois took the silver and Arizona placed third.

Texas activists say they have enough signatures to put marijuana decriminalization on the Lubbock ballot, an Alabama Judge ruled their good ol’ boy canna commission has the authority to void license awards, Missouri MJ retailers are challenging local taxes and PharmaCann unveiled their snazzy $130M state-of-the-art New York facility.

Dutch coffee shops are getting ready to savor a legal pot trial—we know who is super-well-positioned for that—as the Canadian government released their report outlining the findings of a legislative review of the Cannabis Act, and the results of which paint a less-than-ideal portrait of the industry.

Cannabis stocks went on another wild ride as fresh chatter made it’s way around the street before a midday rug-pull and late-day reprieve. We’ll get into all that, lay odds on Ohio, get color on canna bonds, and offer random thoughts on the price action.

All that and more, just scroll down.

SPY -0.81%↓ QQQ -0.55%↓ IWM -2.57%↓ MSOS 0.43%↑ PT Notional: $105M

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