Hare Loss
The canna crowd is hungry to eat.
Daily Recap
The new Harris Poll, The State of Marijuana in 2024, reveals just how integral cannabis has become to the modern American lifestyle. Among other findings:
Four in 10 Americans use cannabis—and 25% of the U.S population does so on a weekly basis.
Over seven in 10 of marijuana users smoke cannabis (71%), which rises to three-quarters for Gen Z & Millennial marijuana users.
77% of cannabis users prefer to consume in the evening, with the most popular time of day being 6pm-9pm.
Cannabis is always there for the calm, as 64% of marijuana users say they like to use it to relax and unwind, and over half (53%) use it to ease their anxiety.
HOPE (+SAFE) Springs Eternal
This Saturday will be the “last 4/20 celebration that cannabis will be on Schedule I,” a Democratic congressman predicted, adding he’s “quite confident” the GOP House will take up a bipartisan cannabis banking bill if lawmakers “break this loose in the Senate.”
“I’m quite confident that if we’re able to break this loose in the Senate, which looks increasingly likely, it won’t be a problem in terms of ultimate consideration in the House. This is an issue that commands broad bipartisan support in the House and is exactly the sort of thing that I would counsel House leadership, particularly Speaker Johnson, to facilitate.”.” —Rep. Earl Blumenauer (D-OR)
Green Energy
As cannabis sales continue to hit new highs in Michigan, communities that embraced legal weed are reaping the rewards with an influx of jobs, tax revenue, community benefits, and renovated buildings.
The industry has seen tremendous growth since the state’s first adult-use dispensaries opened in December 2019, with sales hitting unprecedented levels year after year. In 2023, licensed dispensaries rang up a record $3.06B in sales, a 25% increase vs. 2022.
Prairie Fairies
Illinois’ adult-use cannabis sales for March soared to $149M, or a 10% increase vs. February's $136M. The combined total of adult-use and medical cannabis sales reached $175M. This is the second-highest monthly total since the state legalized cannabis in 2020 and is part of a consistent upward trend.
Stocks & Stuff
It was an anticlimactic session in Cannaland as a lack of news, coupled with the fresh geopolitical tensions, put stocks on their heels wire-to-wire. U.S. cannabis ETF MSOS finished the session down 5% and ended the pre-4/20 holiday week with a 2% loss.
Below, we’ll top-line today’s trading, synthesize the bevy of competing crosscurrents, read between the lines, see what, if any, technical damage has been done during this latest press and otherwise exhale ahead of tomorrow’s collective inhale.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $100M/$75M
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