Daily Recap
American politicians don't often agree on much but U.S. cannabis has emerged as an exception after both presidential candidates endorsed federal reform for the first time.
Companies and investors surely welcome the support. The industry is expected to net $32.3B in sales this year and $45.4B in 2028, and loosening the drug classification to Schedule III, which is in it’s final phase, could drastically reduce the tax burdens, open research and put pressure on Congress to provide wider banking access.
"Democrats want this, Republicans want this, both sides should be able to come together and have something reasonable happen. No one is asking for anything unreasonable: Give us safe banking, let us operate as a normal business."
George Archos, CEO, Verano Holdings
Florida, Man
A new poll suggests Florida voters are primed to pass two of the most contentious questions on their upcoming ballot, approving adult-use canna and abortion rights.
The survey from the University of North Florida released on Monday shows 66% approval for A3 on adult-use pot and the bare minimum 60% for abortion access.
Benji Convention
Ohio adults aged 21 and older purchased $11M in recreational marijuana product from Oct. 6 through Saturday, pushing sales figures above the $100 million mark.
Dispensaries rung up a total of 1.4 million transactions totaling $110M since the beginning of recreational sales on Aug. 6 through Saturday, according to the Ohio Department of Cannabis Control.
Put. The Razor. Back.
Arkansas voters won’t get to weigh in on a ballot initiative to expand MMJ after the state Supreme Court ruled the measure didn't fully explain what it would do, tossing out the initiative just two weeks before the election.
Stocks & Stuff
It was a green day in Cannaland as speculation swirled that cannabis could be moved to Schedule III by the first quarter of next year. U.S. cannabis ETF MSOS finished the session +8% as volumes finally began to flow back into this beleaguered subsector.
Below, we’ll top-line the landscape, look at the election implications for U.S. cannabis, finger who’s best positioned in Florida and explore why the concerns of an imminent debt demise may be greatly exagerated.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $146M
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