Hump Day Hash-Out

Previewing a November to Remember.

Daily Recap

A Pennsylvania House committee approved a Senate-passed bill that would allow all licensed medical marijuana grower-processors in the state to sell cannabis products directly to patients, along with an amendment to further permit independent growers and dispensaries to expand their operations.

Two recently released polls show that Ohioans remain solidly behind an Election Day effort to legalize marijuana possession, home cultivation, and sales. Separately, a new study predicts legalization would add $260M annually to the Buckeye State economy.

Home values in states with adult-use canna laws have outpaced home values in other states by nearly $49,000 from 2014 to 2023. The typical home in a state with legalized cannabis saw its value appreciate by $185,075 since 2014 vs. $136,092 in states that are stuck in the dark ages.

New York officials admitted it’s time to rework the enforcement efforts against illegal weed shops; $40M in medical marijuana taxes have been sent to the Missouri Veterans Commission; the Philippines Department of Health supports a limited MMJ market; Oklahoma’s wild marijuana market is about to shrivel; and cannabis reform champion Big Earl Blumenauer (D-OR) won’t be seeking reelection when his current term is up.

Markets

Following Turnaround Tuesday, we hiked up today’s Hump with some pep in our step and two questions in mind: will the double bottom HHS-retest hold and if so, what’ll it take to recapture the 200-DMA and trigger those higher buyers?

The price action was anticlimactic from the start as stocks drifted lower on extremely light volume—$49M notional across all U.S. plant-touching stocks and ETFs—before settling down 4% and dutifully wasting yet another risk-on session on Wall Street.

Below, we’ll talk tape, highlight a few deals, share perspective on valuations ahead of earnings, pull back the aperture on sector volumes, preview some potential 280E tax savings and top it all off with a few random thoughts and a form letter from Chuck.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $49M

Top Stories