Daily Recap
“The global cannabis market continues to be impacted by broad macro and country-specific influences that are exaggerated due to the fragile state of this emerging sector,” says Steve Clark, CEO of GCX in their Fall 2025 Global Cannabis Report
These impacts are rapidly shaping the established cultivation hubs and emerging EU MMJ markets due to the global interconnectivity of the cannabis supply chain.
The global commerce portion of this conversation is happening without the United States, which remains stuck in Schedule I and is thus unable to enter that chat.
O-HIGH-O
Ohio’s cannabis industry has generated more than $1.2B in sales since the launch of adult-use sales in August 2024, according to the state’s Division of Cannabis Control.
With over 177 dispensaries now licensed for medical and recreational sales, the state’s marijuana industry is continuing to expand rapidly. Nearly 16 million adult-use and medical cannabis transactions have been recorded since last year.
Crawl, Walk, Hmm…
A Pennsylvania Senate committee has advanced legislation to establish a Cannabis Control Board that would oversee the state’s medical marijuana program.
Parts of the measure, which would set up a board, create a Cannabis Regulation Fund, and manage the permitting and dispensing of cannabis to patients and caregivers, are potentially applicable to an adult-use framework once lawmakers move that forward.
The measure now heads to the full Senate for consideration.
Steve Robinson Says the Quiet Part Out Loud on Fox News
Stocks & Stuff
It was a quiet day on Wall Street but in our little corner of the world, hope continued to fade that rescheduling will be 2025 business. Between the shooting, shutdown and Middle East, betting markets are near cycle lows that we’ll see federal reform this year.
U.S. cannabis ETF MSOS finished the session -6% (+22% YTD) as a technical signal was triggered ahead of Q325 earnings season, which will begin with Verano next week.
Below, we’ll top-line the latest, talk through the duration and impact of the shutdown, brace for a fresh round of sector earnings, and explore the Virginia market and who’s poised to benefit from the upcoming Gubernatorial election on Nov. 4.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $38M
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