Pencils Down!

We've reached the halfway point of 2023.

Daily Recap

The second quarter of 2023 came to an end with broader markets enjoying continued relief from the rally that began late last year, while cannabis stocks remain mired in the muck that’s been manifested by the cruel chasm between federal and state law.

The U.S Cannabis ETF MSOS ended the session flattish (-21% YTD) and the summer Friday pre-holiday notional volume was ~$34M, allowing for double accounting et al. TerrAscend was upgraded to a Buy from Hold at Craig-Hallum.

The headlines of the day came early…

*CRESCO LABS & COLUMBIA CARE PROVIDE UPDATE ON TRANSACTION *CRESCO SAYS CAN'T COMPLETE DIVESTITURES BY JUNE 30
*CRESCO, COLUMBIA CARE WORKING AMICABLY ON NEXT STEPS

…surprising absolutely nobody that’s followed this story or monitored the arb (←blew out months ago). Yet another sign of the times that reminds us just how untenable the status quo has become as it reverberates throughout the industrial hierarchy.

While all eyes will be on TerrAscend Tuesday—or at least the eyes not fully affixed to BBQ’s and bikinis at the beach—let’s remember to wish Maryland some mucho mazel on becoming the 23rd State (+ DC) to legalize adult-use cannabis, a/o midnight tonight.

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