He Said, She Said

Bickering belies the bigger picture.

Daily Recap

Amid swirling rumors about the possibility of an imminent announcement from the White House on cannabis policy, an anonymous Biden administration source told Marijuana Moment late Tuesday that they would “wave off” that speculation.

We remind readers there will likely be multiple headlines from various branches of the government over the next several months. While few outside the inner sanctum know the precise timing, those close to the situation continue to suggest that multiple initiatives remain in play.

PA System

Pennsylvania Gov. Josh Shapiro (D) urged lawmakers to legalize and tax adult-use marijuana. Shapiro’s budget proposal for fiscal 2024-2025 would create a 20% tax on the wholesale price of cannabis products sold within the regulated system, with sales expected to start in 2025.

"Ohio, New York, New Jersey, Delaware, and Maryland- practically all of our neighbors- have legalized marijuana. We're losing out on an industry that would bring in more than 250 million dollars in annual revenue. And our failure to legalize and regulate this only fuels the black market and drains much-needed resources for law enforcement.”

How bout them Apples?

Canna sales in Massachusetts were up by $78 million in 2023 vs. 2022, which was a 5% increase and the sixth straight record-setting year. December was also the best month ever with  $140M in sales, surpassing the previous high-water mark set in August ‘23.

Spring Cleaning

A panel of experts scrutinizing Canada’s federal Cannabis Act is scheduled to release its review and recommendations this spring, per MJBizDaily. The cannabis industry will be watching for recommendations that’ll hopefully lead to much-needed reform.

The Pot Piñata

Following Tuesday’s wild ride, the bears tried to trap the late-to-the-party bulls back below the recent breakout but the bovine held firm on moderate volume that was less than half of what we saw yesterday.

Below, we’ll unpack the madness, including the back + forth that evidently triggered PTSD among U.S. canna holders despite what’s been a remarkable start to 2024.

The active season in Cannaland continues and there’s much to discuss.

All you have to do is scroll down.

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