Moneyball

State programs are making bank.

Daily Recap

Eleven states are on pace to top the $1 billion benchmark in total retail sales at licensed cannabis dispensaries in 2024—including a pair of medical-only markets.

California, which was the fifth largest economy in the world in 2023, is projected to remain the world’s largest canna-conomy with more than $4.7 billion in adult-use and medical sales in 2024, according to monthly sales figures.

Sixth Sense

Representatives in the sixth largest U.S. market—the medical market of Pennsylvania—filed legislation on Sept. 13 to legalize adult-use cannabis for those 21 years and older.

The Commonwealth has more than 441,000 active patients who have spent more than $6.5 billion since the legal medical market first launched in February 2018.

Apple Orchard

New York cannabis retailers reported $430 million in revenue from January through August, a month that saw weekly sales surpass $20 million for the first time.

At this pace, with an estimated 200 licensed retailers ready to open by the end of September, a top regulator believes that finishing 2024 with more than $1 billion in regulated cannabis sales is “within the realm of plausibility.”

Feed the People

As the November election approaches, two new polls show strong majority support for marijuana legalization, federal rescheduling and cannabis banking reform among likely voters in the key presidential battleground states of Arizona and Nevada.

In Arizona, there was majority support for medical cannabis legalization (86%), adult-use legalization (69%) and banking reform (78%).

Stocks & Stuff

The hurry up and wait continued as we edge through September and await the fate of several near-term catalysts. U.S. cannabis ETF MSOS finished down a dime in thin and uninspired trading.

Below, we’ll top-line the landscape, couch the canna cusps, highlight a chart, spy a few regional trends and finger the low-key bullish headline that crept across today’s wire.

All that and more, just scroll down.

Note: there will be no Cannabis Confidential tomorrow as I’ll be at the ATB conference.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $64M

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