Hades Comment

Observations on the road through hell.

Daily Recap

While challenges in the cannabis industry have been formidable for several years, they have created opportunities for those willing to navigate the insane complexities that have come to define this homegrown—and struggling—American industry.

With more states embracing regulated markets, bipartisan support for much-needed federal reform and management teams that have shown resilience despite seemingly insurmountable odds, 2025 has the potential for success if certain cards fall our way.

Mass General

Cannabis retailers in Massachusetts sold $1.65 billion of adult-use products between Jan. 1, 2024, and Jan. 5, 2025. According to the latest figures, adult-use canna sales in Massachusetts now top $7.2 billion since launch.

“This is still a new industry. We’re excited about the numbers, but we realize that our attention and our work doesn’t stop.” Bruce Stebbins, acting chair of the CCC

Tax Facts

A Democratic congresswoman is appealing to a GOP-controlled House committee to advance legislation allowing marijuana businesses to take federal tax deductions they are currently barred from utilizing under an IRC 280E.

“Like gaming, cannabis has now spread to many states and it’s a legitimate source of jobs and tax revenue. It’s legal for medical purposes in 39 states and adult-use in 24 states.” Congressional Cannabis Caucus co-chair Rep. Dina Titus (D-NV)

While they figure that out, David Boies is on line three.

Booze Snooze

More than half of marijuana consumers say they drink less alcohol—or none at all—after using cannabis, according to a new poll.

Asked how consuming marijuana affected their alcohol use, 54% of respondents said they “tend to drink less or not at all.” 22% said there wasn’t a relationship between use of the two substances, and 14% said it “depends on the circumstances.”

Stocks & Stuff

It was Groundhog Day in Cannaland as the U.S cannabis ETF MSOS continued to drift lower on light volume, losing a percent (-11% YTD) while Green Thumb, the consensus top-pick in the sector, registered a fresh 52-week low.

Below, we’ll top-line the space, chew through the noise, preview tomorrow’s relevant confirmation happenings—and why certain outcomes are more exciting than others—and check the pulse on both sides of the border.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $15M

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