East Coast Blaze
Virginia, New Jersey lead canna wins.
Daily Recap
Abigail Spanberger has been elected governor of Virginia, a victory that could mark a major turning point for cannabis policy in the Commonwealth.
The Democrat has pledged to establish a regulated system for adult-use canna sales, a move that will end Virginia’s years-long gap between legalization and retail access and end its title as the only legal cannabis state to not allow licensed sales.
Multistate operators Verano, Jushi and Green Thumb and a company formerly known as AYR have licenses to operate in Virginia.
Jersey Girl
Democrat Mikie Sherrill was elected governor of New Jersey, a victory that could bring major changes to the state’s cannabis laws, particularly around home cultivation. Her position was in sharp contrast with GOP candidate Jack Ciattarelli, who argued against expansion and supported keeping the state’s strict limits on cultivation and licensing.
Not So Fast
Michigan cannabis operators are taking the state to court in an effort to block a new 24% wholesale tax on marijuana. Industry advocates say the massive hike, which is set for Jan. 1, as an “unconstitutional statue adopted in derogation of the voters’ rights.”
Red Stripe
Most Republicans no longer support legalizing cannabis under President Trump. After reaching an all-time high of 55% in 2023, Republicans who think cannabis should be federally legalized dropped to 40% in 2025, the lowest mark since 2015 (37%).
Stocks & Stuff
The Hump saw a bump in equity prices as all three major indices finished in the green, as did bitcoin, which continues to hover slightly above $100K. U.S. cannabis ETF MSOS ended the session 2+% higher (+12% YTD) on what continues to be anemic volumes.
Below, we’ll top-line today, explore the companies poised to benefit from yesterday’s elections, chew through the slew of earnings and sniff at what may be a stealth tell.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $14M
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