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U.S. canna wastes solid earnings.

Daily Recap

Marijuana is illegal under federal law, but most Americans now live in a state that has legalized the drug—and most also have at least one canna dispensary in their county, according to a new Pew Research Center analysis.

Put this in your pipe and smoke it:

• 54% of Americans live in a state where adult-use cannabis is legal.

• 74% of Americans live in a state where adult-use or medical cannabis is legal.

• 79% of Americans live in a county with at least one legal cannabis dispensary.

• There are nearly 15,000 cannabis dispensaries in the United States.

Northwest Star

A Democratic senator announced that she’s joined the list of bipartisan cosponsors of a marijuana banking bill, stressing the need for the reform amid a spate of robberies targeting state-licensed cannabis businesses in her home state.

“Last year there were more than 50 robbery attempts at marijuana dispensaries in the State of Washington,” -Sen. Maria Cantwell (D), on becoming the 35th SAFE co-sponsor.

ABC’s of CBD at the FDA

The Food and Drug Administration (FDA) is actively exploring a potential regulatory framework for CBD, with plans to prioritize the issue in the next year, per an official.

“In almost every neighborhood you go to, you can see stores on the corners that are marketing CBD and one of the things we have been thinking through here at the FDA is, ‘what does the regulatory framework for those products look like?’”

Oh, Canada

Canada’s federal government collected more excise tax revenue from cannabis than it did from beer and wine last year. Beer and wine excise revenues combined to drive C$888M in tax revenues, while federal excise duties from cannabis were C$895M.

This report comes as a parliamentary committee is recommending the government ease up on the cannabis tax, which has choked the Canadian industry since inception.

Stocks & Stuff

U.S. canna leaders Green Thumb, Verano and Trulieve reported solid earnings that met or beat most street metrics, triggering a round of price target increases from the analysts who still follow the space, but Pavlov’s pups hit the afternoon bids as the crypto sirens continued to sing.

Below, we’ll chew through today’s price action, check the math without 280E, dig a bit deeper on earnings, finger the revisions, unbury the Pennsylvania lede and otherwise set our bearings as we ready for the final fifth of this freaky week.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $112M ($54M)

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