Giving Danks

Thankful for the plant and the people.

Daily Recap

American support for cannabis legalization has soared to a new high of 70%, marking an increase from the 68% level that’s been observed in recent years. The new high-water mark cuts across all demographic and political groups, signaling widespread change in public opinion.

The latest result, from a Gallup poll conducted in October, reveals that a majority of Americans back legalization, 29% oppose, and 1% are still confused. In 1969, the year I was born and while Tricky Dick was POTUS, only 12% supported legalization but that number has grown like a weed over the last 54 years.

As the cannabis industry evolves, a new trend has emerged to capture the attention of enthusiasts and casual consumers alike: Green Wednesday. This phenomenon, which takes place on the Wednesday before Thanksgiving, is quickly becoming a thing in the cannabis community, akin to Black Friday in the retail world.

Below, we’ll talk through today’s price action, see if Green Wednesday earned some stripes, chew through a few random thoughts and otherwise try to add genuine value for those who are kind enough to support these efforts as a paid subscriber.

Which brings me to this, shared through the lens of gratitude is latitude:

The last few years, and these last six weeks in particular, have illuminated how lucky we are and perhaps, how much we (I) sometimes took that for granted. As this is the season for appreciation, I’d be remiss if I didn’t share the quiet parts out loud:

Beyond thankful for my wife Jamie, our three kids and the rest of my fam, who’ll tell you I’m more pleasant on the page than in person, particularly while navigating a prolonged bear market; and our lives would be incomplete without our pups.

I’m thankful for the people I’ve met in this industry—the hustlers, grinders and doers that continue to traverse an insanely difficult landscape despite the financial stress + opportunity costs. This extends to my team, our clients, and colleagues in the space.

I’m thankful for the opportunity to pen Cannabis Confidential and equally appreciative for those of you who are here for the right reasons—trying to learn and yes, also make money—while doing it the right way, with honesty, trust & respect, despite the many unique and valid reasons to be angry and bitter.

And thankful for YOU bc I know most of the last 1015 days have been akin to getting a full-thrust steel-tip kick to the groin all day and then waking up, swallowing hard and doing it again, all with the same stiff upper lip that used to shape your smile.

IDK what the holiday seasons brings in terms of news flow but with the elections less than a year out, 2024 should be a transformative stretch for the U.S. cannabis industry, and that's before we find out what happens with FL, PA, VA and MN, among others.

The hardest part about moving a boulder is the first two inches and while Schedule III wouldn’t be a magic bullet—as discussed, it has some good, bad and ugly aspects—it's a seismic shift nonetheless, and one that will facilitate further change.

As I said, much to be thankful for.

note: there will be no Cannabis Confidential tomorrow + likely Friday, depending on the news/ price action. Enjoy a happy and healthy Thanksgiving with your families + please remember to consume responsibly.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $44M

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