Kelly Leak

Hope drains across cannabis.

Daily Recap

Cannabis legalization largely stalled out in 2024 amid cross-chamber disagreements in state legislatures and ballot measure disappointments on Election Day.

Where does that leave reform in 2025? Despite federal prohibition, 24 states have legalized adult-use cannabis, and 39 states have legalized medical cannabis, leaving additional reform opportunities on the table for more than half the nation.

Cannabis Business Times counts 12 states in play in their 2025 legalization forecast, including eight states that may move on medical and four that could transition to adult-use, including Pennsylvania, New Hampshire, Hawaii, and Virginia (sales).

Achtung Baby

Germany imported a record amount of cannabis in the final quarter of 2024, seeing imports more than double for the full year as the acceleration of its thriving medical cannabis market shows no signs of slowing down.

It comes days after the Christian Democratic Union, which stated its intention to crack down on the industry and even repeal the country’s newly established liberal cannabis laws, received the most seats in Germany’s federal election.

As the CDU is required to form a coalition with another party to form a government in the coming weeks, it is yet unclear if it will have the political capital to force a repeal.

Texas Two-Step

A Texas judge shot down the Republican state attorney general’s attempt to block a local marijuana decriminalization law that voters approved at the ballot last November.

The one-page order from the judge states: “Upon consideration of the pleadings, the application, responses, evidence, and oral arguments presented, if any, the Court finds that the application is hereby DENIED.”

Hero’s Welcome

The U.S. Department of Veterans Affairs (VA) should continue to explore psychedelics and medical marijuana therapy and expedite access to such alternative treatments if they’re proven to be efficacious, representatives of the veterans service organizations (VSOs) told members of Congress this week.

Stocks & Stuff

The slow-motion capitulation continued across Cannaland with the ETF notching fresh all-time lows on what continues to be anemic volume. MSOS finished the session -4% and was -9% for the month of February.

Below, preview next week’s earnings, have an honest conversation about how we got here, touch on a simple truth, watch premium price out and try to make it make sense.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF notional: $11M

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