Last Licks
The clock expires on Q325.
Daily Recap
According to a new report, the global legal canna market is currently valued at $39B and is projected to quadruple to $141 billion by 2032. And despite ass-backward U.S. cannabis policies, North America accounted for nearly 68% of 2025’s total revenue.
The anticipated growth will be fueled by ongoing legalization across multiple regions, rising consumer acceptance, and growing demand for MMJ treatments for conditions such as chronic pain, anxiety, and neurological disorders, the report states.
Between 2019 and 2024, the industry posted 20% annual growth, which is expected to accelerate as safe and legal frameworks become the norm in the coming years.
Northern Lights
A new report shows that in 2024, legal cannabis contributed $16B to Canadian GDP, generated nearly $29B in total output, supported over 227,000 jobs, and delivered $2.7B in farm cash receipts, making it New Brunswick’s most valuable crop.
It has become a significant part of Canada’s economy with a coast-to-coast supply chain of growers, processors, manufacturers, transporters, and retailers creating jobs and economic activity in urban centers and rural regions.
Cheese Please
Three Republican lawmakers in Wisconsin, including the Senate president, introduced legislation to legalize medical cannabis. The proposal would legalize MMJ, establish a regulated program for growers, processors, labs, and dispensaries, and keep the strict limits to prevent ‘non-medical use.’
“Someone who suffers from a serious health condition should not have to make the choice to travel to another state or break the law so they can try an alternative medicine for relief.” Senate President Mary Felzkowski (R)
Majority Rules
A new Rasmussen Reports survey finds most Americans still do not consider cannabis to be dangerous, though the number who say otherwise has increased in recent years.
According to the poll, 51% of U.S. adults say cannabis use is not dangerous, with 24% saying it’s not dangerous at all. 42% believe marijuana use is dangerous, up from 35% when the same question was asked in 2022.
Stocks & Stuff
One day after U.S. cannabis ETF MSOS closed +28% on $230M notional volume, Turnaround Tuesday came to town and pushed it 9% lower on $92M notional.
Despite today’s fright, the ETF finished Q325 +99% and is +26% YTD as the most important quarter in cannabis history readies to begin.
Below, we’ll recap today’s fray, synthesize recent happenings, update our technical lens, review valuations, and handicap the impact of the looming gov’t shutdown.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $93M
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