Feast or Famine

U.S. canna is hungry to grow.

Daily Recap

Virginia's Democratic-controlled legislature last week passed a long-awaited bill to legalize marijuana sales but Gov. Glenn Youngkin (R) hasn't shown much interest in the idea. Now, he may have new incentive to act—or not, which would be just fine.

A key Democratic senator told Axios that the governor needs to approve his caucus' priorities — a retail weed market being one of them — to get the Caps and Wizards arena deal done, something the Gov wants but needs the Dems help in securing.

"I have been very clear, if the governor would like the arena, cannabis has to be part of the discussion. -Scott Surovell, Fairfax (D)

Imagine That

According to a new study, cannabis use is associated with lower odds of subjective cognitive decline (SCD) and people who consume cannabis reported less confusion and memory loss compared to non-users.

The study—which showed that recreational cannabis use is “significantly” linked to lower SCD—is especially notable given that past research has connected subjective decline to the development of dementia later in life.

“Compared to non-users, non-medical cannabis use was significantly associated with 96% decreased odds of SCD.”

Beach Pass

The Delaware lawmaker behind the state’s cannabis legalization law says he’ll be introducing cleanup legislation in the coming days to help “get the industry up and running” as regulators consider the possibility of letting existing medical cannabis dispensaries start selling to adult consumers sooner.

One area the bill hopes to address is residency requirements as the current law limits licensees to established Delaware residents. Concerns have been raised about the possibility of litigation that challenges the requirement, as we’ve seen in other states.

Stocks & Stuff

It was déjà vu all over again as the circle smirk continued throughout risk assets and canna fans were on the outside looking in. U.S. cannabis ETF MSOS ended the session down 3% on some of the lightest volume of the year.

Below, we’ll chew through a succinct summation of the current set-up, dig deeper on the Virginia timeline and implications, update the math for U.S canna multiples, see what the option markets are saying and countdown the catalysts we can’t yet see.

All that and more, just scroll down.

Top Stories

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $63M ($35M)