Higher Education

Legal canna boosts college enrollments.

Daily Recap

A new study of college enrollment data found states’ adoption of adult-use cannabis legalization “increases enrollments up to 9%, without compromising degree completion or graduation rate.”

Increases in out-of-state enrollments further suggest the policy shift “boosts college competitiveness by offering a positive amenity,” the report says, with “no evidence that adult-use legalization affects college prices, quality, or in-state enrollment.”

Slurring the Lines

A major alcohol industry association is calling on congressional leaders to create a regulatory framework for hemp-based intoxicating cannabinoids, rather than impose an outright ban as is proposed under a large-scale agriculture bill that’s advancing in the House.

“We strongly advocate for clear federal rules and regulations that define intoxicating hemp compounds and to grant states the authority to regulate these products within their borders.”

California Screaming

Legal marijuana sales in California have fallen sharply over the last three years, coming in at just over $1.2B for the first three months of 2024, according to state data.

That’s the weakest three-month period for licensed canna since Q220, when legal sales reached $1.B for the first time, and is down from a $1.5 billion peak in Q221.

“There’s no denying the legal market in Cali is on the verge of collapse. The reason I use that phrase intentionally is because there’s an effort from regulators and others to suggest things are rosier than they are.” Hirsh Jain

Go Bucks!

In a surprise move, dual-licensing applications were published on the Ohio Division of Cannabis Control’s website Tuesday afternoon. Dispensaries will have to submit their applications on the DCC’s website on Friday as the June adult-use launch takes root.

“They had what they needed to publish the documents ahead of schedule so people could gather what they needed and prepare.”

Stocks & Stuff

It was a quiet session in Cannaland as the tape digested the recent price action and probed technical levels on both sides of the ledger. U.S. canna ETF MSO traded in a tight range for most of the session before a late day, low volume fade lower. (-2%).

Below, we’ll chew through today’s price action, update our near-term levels, watch Village Farms climb the Canadian charts, sniff at a few more left fielders that could disrupt this quiet period and travel the world for the cannabis coming out party.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $52M

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