Fear Factor

Wall Street braces for a trade war.

Daily Recap

Ohio’s legal cannabis industry has generated $656M in cannabis sales in the eight months since the state’s adult-use program first launched, with $434M in adult-use sales and $222M via medical sales.

Legal cannabis was first sold in Ohio under the medical program in January 2019 and the state has generated more than $2.5B in sales since.

Sunburned 🫠

A key lawmaker issued a subpoena for text messages and call logs from Florida AG James Uthmeier about the Hope Florida Foundation, a dramatic escalation in House Republicans’ investigation into the charity overseen by first lady Casey DeSantis.

Rep. Alex Andrade issued a subpoena after speaking to leaders of the two dark money groups that received $5M grants from the foundation last year. The money was partly used to lobby against the ballot referendum to legalize adult-use cannabis in the state.

Aiiiiiirr Ball

The Indiana Senate, in considering several amendments to a two-year budget, shot down many Democratic-led proposals—including one to create a regulated adult-use cannabis market.

“We have hundreds of people in the hallway that are concerned about money that we are spending, and this is an easy way to turn what is in an illicit market that is funding crime into a regulated and safe taxed market where we reap the benefits.”

Sen. Rodney Pol (D)

Smell Test

The Illinois Senate passed a bill to clarify that police may not stop or detain drivers, or search their vehicles, based solely on the smell of cannabis. It would further remove a requirement that marijuana be transported in odor-proof containers.

Stocks & Stuff

It was another slow, thin session in Cannaland as the broader market tries to ascertain whether current tensions will trigger an all-out trade war. The implications—for rates, stocks, currencies and perhaps society at large—are simply massive.

Below, we’ll top-line our space, explore market sentiment at a three-decade low, look for low-hanging fruit, sniff at a possible cannabis-hemp regulatory solution and touch on why Trulieve just spent another $20M on a future Florida adult-use referendum.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $4M

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