Demand Curve

Consumers continue to crave the kind bud.

Daily Recap

Cannabis is the most widely used medicine illicit substance in the world, with about 219 million partaking, as of 2021. This prevalence is notably high in the United States, where 52M people self-identify as consumers, including both teens and grandparents.

A surge in adolescent cannabis use, however, isn’t implied by the data. Results from the National Survey on Drug Use and Health show that rates of past-month cannabis use among teens aged 12-17 in the U.S. actually declined in the past 20 years, from 8% in 2002 to less than 5% in 2021.

Sales of legal marijuana in Michigan contributed $266.2 million in tax revenue to the government during the most recent fiscal year, according to a new report from the legislature’s House Fiscal Agency. That’s more than the state made from the sale of beer, wine and liquor combined.

Connecticut canna sales were roughly $25M in October, according to the Department of Consumer Protection, which is on par with what the Constitution State generated in September. Kind bud represented 51% of those October sales, vape products were 31% and edibles came in at 11%.

Maryland officially opened the first round of applications for new adult-use marijuana dispensary, cultivation and processing licenses that are reserved exclusively for social equity businesses. The 75 proposed dispensaries will more than double the number of retailers in the Old Line State.

German lawmakers have postponed a final vote on legislation to legalize marijuana that was scheduled for this week, which is expected to delay the proposed nationwide reform from taking effect into at least early next year. The bill will now be decided in December, a spokesman said, adding, “Sie haben diese Übersetzung gegoogelt, nicht wahr?”

Stocks & Stuff

A weekend report that the risk of a government shutdown has likely down-ticked + the technical set-up from late Friday + last week’s Green Shoots were enough to spur some upside followthrough in Cannaland. U.S. canna ETF MSOS finished the session +4% and at levels last seen immediately prior to the Halloween Horror Show.

Below, we'll chew through today’s price action, review the Q323 earnings Report Card, preview reports still to come, dig deeper on Ohio, talk about a few of the things we’d like to see into year-end and offer some random thoughts on possible positioning.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $87M

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