Green Acres

Fertile midwest markets await.

Daily Recap

When the Midwest market reaches its full potential, sales could eclipse $1 billion in 2025 and rise to $1.5B-$2B by the end of 2027, per MJBizDaily. Ohio is the seventh-most-populous state with 12M residents and, of the five other states that it borders, only Michigan has a regulated adult-use market.

Minnesota regulators are currently drafting regulations in anticipation of issuing adult-use canna licenses next year, Indiana and Wisconsin remain cannabis holdouts, and it might take federal reform to push Iowa from medical to adult use, Ray.

Forecast: Sunny in Philadelphia

Pennsylvania seems to have momentum to become one of the next states to legalize cannabis for adult use. After a bipartisan bill was introduced in the commonwealth’s Senate last year, the House now has submitted an identical bill.

There is optimism from lawmakers as neighboring NJ and NY have implemented adult-use cannabis laws and created jobs and tax revenue that PA legislators don’t want to permanently cede to their neighbors. Accordingly, it appears to be a matter of when, not if, adult use will be legalized.

Retail Therapy

The New York City retail market is facing a big change as illegal smoke shops across the city are being padlocked by law enforcement. In just four weeks, officers sealed 311 stores, prompting many more cannabis retailers to voluntarily close their doors.

The closure of illegal smoke shops has left landlords with approximately 3,000 vacant storefronts across the city.

Eurovision

The European Monitoring Centre for Drugs released its annual European Drug Report this week, which noted that cannabis "remains, by far, the most commonly consumed illicit drug in Europe."

National surveys suggest that an estimated 8% of EU adults (23 million aged 15 to 64) have used cannabis in the last year." The report highlighted that 1.3% of adults in the EU (3.7 million people) consume marijuana daily or almost daily.

Stocks & Stuff

It was another snoozer in Cannaland as the space continued to churn under resistance and investors, or what’s left of them, contemplate life away from this nutty little corner of the universe. U.S. canna ETF MSOS finished a percent lower on the lowest volume since March 14.

Below, we’ll top-line today’s price action, brace for the opposition lawsuits, dig deeper into the implications of the Verano buyback, check charts to see which names are still sporting relative strength, and look for value in Canopy Growth.

All that and more, just scroll down.

Note: there will be no Cannabis Confidential tomorrow as U.S. markets will be closed.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF notional: $35M 👀

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