Meow Mix

Cats bounce in Cannaland.

Daily Recap

Public support for legalizing marijuana remains near its all-time high and momentum in favor of reforming America’s failed cannabis criminalization policies continues to grow despite disappointing results on election night.

"Every movement suffers temporary setbacks but our consistent upward trajectory is undeniable. Public support for legalization has risen 20% in the past decade and now sits at 68% nationwide. Nearly 180 million Americans reside in a jurisdiction where the possession, use, and sale of cannabis by adults is legally regulated."

Paul Armentano, NORML Deputy Director

Crazy Redheads

The movement to legalize adult-use cannabis ran into a wall of resistance, failing in all three states where it was on the ballot and leading proponents to weigh tactical shifts focused more on state legislatures and the federal government.

Over the past dozen years, the number of states legalizing marijuana use rose rapidly from zero to 24, even as it remains illegal under federal law. But no new states joined that list Tuesday, as initiatives went down in Florida, North Dakota and South Dakota.

It's going to be a potentially tougher hill to climb going forward to enact legalization in the other 26 states. That's because many of the remaining states don't allow citizen ballot initiatives, meaning the path to legalization must pass through state legislatures.

Lone Stars

Three Texas cities voted to approve the decriminalization of cannabis possession.

Voters in Dallas, Lockhart, and Bastrop have joined a growing list of municipalities in the state to adopt similar reforms. The measures, which passed with overwhelming majorities, will prevent police from making arrests or issuing citations for possessing up to four ounces of cannabis.

Stocks & Stuff

Cannabis stocks bounced off all-time lows today, leaving pundits and postulaters left to debate whether it was a dead-cat bounce or the beginning of the turn as we look to year-end and a red regime that has already promised pro-business canna policies.

U.S. cannabis ETF MSOS finished the session +5%, but is still nursing a 25% YTD loss.

Below, we’ll top-line the landscape, review the earnings avalanche, hear from RFK Jr. on canna (hint: he’s a fan), handicap some of the potential cabinet appointments and what they might mean for the space, and collect feedback from the Street.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $72M

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