Medicine Chest

It’s not about getting high; it’s about getting well.®

Daily Recap

Patients with behavioral health conditions cannot make insurance claims for medical cannabis, a federal judge ruled in the U.S. District Court of New Mexico.

A judge granted a motion by three health insurance providers to dismiss a complaint by a New Mexico cannabis company and four individuals who pay out of pocket for medical cannabis to treat behavioral health conditions.

Three of the individuals were diagnosed with post-traumatic stress disorder (PTSD), while the fourth individual is a father whose child has nonverbal autism. This plant has so many medical benefits but the law continues to counter common sense.

Peer Pressure

In Virginia, teen weed vaping isn't just happening in one school or district, nor is it limited just to public schools. It's happening on the bus, in the parking lot, in the bathrooms and at times, in the classroom itself.

A big issue is how easily kids can access the products. While canna is legal in Virginia, Gov. Glenn Youngkin repeatedly vetoed a legal sales distribution model, and children can simply walk into one of the 10,000 vape and tobacco shops to buy products.

Congestion Pricing

The price of cannabis products in New York State is falling and the legal weed industry is finally beginning to bloom, as more retail outlets open to spur competition. Recent estimates peg the Empire State ringing in more than $1.5B this year.

Concentrates and vapes are down 15% during the last year, while edibles and flower decreased 14% and 5%, respectively, according to an analysis by the state Office of Cannabis Management.

“Lower prices indicate a growing diversity of products available in the market. They increase affordability for consumers, and they enable the legal market to compete more effectively against the illicit market.” John Kagia, OCM’s executive director

Poll Position

As lawmakers in New Hampshire consider legislation to legalize simple marijuana possession by adults, a new poll of state residents finds 70% support for the reform, including majorities of Democrats, Republicans and independents. That support has climbed since June of last year when it stood at 65%.

Stocks & Stuff

It was a tame session on Wall Street—all else being equal—as early weakness gave way to late demand ahead of a busy week of corporate earnings and economic data.

U.S. cannabis stocks continued to slip after the late Friday rug pull, with MSOS losing 6%—and it’s 50-day moving average—to start the week.

Below, we’ll top-line today’s set-up, frame the recent volatility, highlight a Canadian gem, and explore the reasoning behind the most recent analyst revisions as we ready for next week’s earnings.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $16M

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