Holding Pattern

The D.C. dysfunction continues.

Daily Recap

House Majority Whip Tom Emmer is now the speaker designate in the House of Reps after the Republican conference held an internal vote but with 26 Representatives still opposed, the party remains hopelessly fractured and that was before former President Donald Trump shit all over panned Emmer on social media.

[Emmer has also long backed marijuana banking legislation but even his allies were concerned when we hit send on this post]

It remains to be seen who emerges from the world’s saddest reality show but with two wars raging and 24 days left until the government shuts down, the dysfunction we’ve witnessed is the exact opposite of the leadership needed to navigate the global crises.

State Farms

New Jersey regulators are seeking input on expanding the marijuana menus to include infused drink and baked goods; Connecticut may increase the purchase limit on adult-use canna as more shops are expected to open; Denver surpassed $500M in marijuana tax revenue despite a steep pullback in the Colorado market; Ohio ranks as the sixth cheapest state for MMJ as they ready for the vote; and a Michigan Appeals Court has ruled illegal canna grows are no bueno regardless of size—proving size doesn’t matter.

Around the Horn

An Irish citizens panel voted to recommend decriminalizing drug possession but they fell one vote short of marijuana legalization; two-thirds of Canadian consumers said that they only buy legal cannabis (vs. < 30% in the U.S.) and we highlight Harish Jain, who discusses which state policies are best positioned to boost the industry.

Efficacious Agility

We like to follow the science around here and have touched on the many indications that canna could possibly/ hopefully/ eventually solve for. Today, we look at marijuana as a medicine, share a study which suggests Δ9-THC induces the death of colorectal cancer cells and explore whether medical cannabis can offer hope for Alzheimer’s.

Markets

It was another volatile day for cannabis stocks as the space started 4% lower, grinded 6% higher before closing flat, as measured by the ETF. Today’s notional volume was roughly twice what we saw yesterday, albeit still a pittance in the real world of things.

Below, we share random thoughts and random charts, update short interest, qualify some of the monster flow, highlight the operator with the highest expected growth rate and rank the capital market activities by state.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $106M

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