Fire & ICE

Recapping a wild week in cannabis.

Daily Recap

Ohio adult-use cannabis stores have racked up $600 million in sales since the market launched in Aug. 2024, recent data shows and so far, customers are buying twice as much marijuana from adult-use stores as they are from MMJ dispensaries.

Ohio lawmakers failed to make changes to the state’s cannabis laws before going on their summer break but operators are still hoping for stricter rules around intoxicating hemp as the market grows.

“While we would have hoped for stronger safeguards around intoxicating hemp products, we remain optimistic that Ohio’s regulatory approach will continue to evolve in the best interest of public health and consumer safety.”

Jason Vedadi, CEO Story Cannabis

🔥 and 🧊

Cannabis farms operated by a major state-licensed business in California were raided by federal officials on Thursday. Glass House Brands Inc. said its facilities were “visited” by officials with Immigration and Customs Enforcement (ICE).

“Machine guns, helicopters, the full thing, so they had to let them in…”

This does not appear to be a targeted effort by the federal government against the state-legal cannabis industry, as other reports have indicated ICE agents have been involved in numerous enforcement actions in the area.

Veteran Affairs 🫡

A Congressman who was severely wounded while serving in the Army in Afghanistan wants Department of Veterans Affairs doctors to be allowed to talk to patients about cannabis as an alternative to narcotic painkillers in states where MMJ is legal

Rep. Brian Mast (R-Fla.) introduced an amendment to the VA’s fiscal year 2026 military construction appropriations bill that would prevent the VA from using any money to stop its doctors from talking to patients about legal medical marijuana programs.

“I know from my own recovery just how devastating the side effects of narcotics can be. Veterans deserve options when it comes to healing, and that includes the ability to talk to their doctor about medical cannabis. It’s not a catch-all cure, but rather, a potentially life-changing option that I believe our veterans should have.”

True North, eh?

Veterans Affairs Canada reimbursed more than thirty thousand kilograms of cannabis for its members in 2024-2025, worth nearly $245M. Since 2011, they’ve compensated more than $1 billion worth of canna to eligible military and other qualified individuals, which can include RCMP, for more than 143 million grams worth of cannabis.

Stocks & Stuff

The immigration raids at Glass House and the attendant media coverage stole today’s show but when the dust settled, Glass House, and U.S. cannabis ETF MSOS, finished the session with modest gains—and the latter +22% week-over-week (-23% YTD).

Below, we’ll top-line a wild ride, dig deeper into the west coast drama, recalibrate the sector technicals, spy fresh croutons (baked breadcrumbs), and explore why cannabis, despite having the most support, has the fewest rights among divisive political issues.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $29M

PS: Prohibitionist group SAM posted this update late today before swapping it out:

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