Daily Recap
As Pennsylvania lawmakers again consider proposals to legalize adult-use cannabis, the governor is emphasizing that the state is “losing out” to others that have already enacted the reform, while maintaining a policy that’s enriched the illicit market.
According to Spotlight PA, 26 companies have spent over $1.6M lobbying for reform in 2024, with over $800,000 from cannabis companies, nineteen of which already have a presence in the state in the form of retail operations or products on shelves.
“I think it’s an issue of freedom and liberty. I mean, if folks want to smoke, they should be able to do so in a safe and legal way. We should shut down the black market—and, by the way, every state around us is doing it. Pennsylvanians are driving to those other states and paying taxes in those other states.” Gov. Shapiro
As Virginia Gov. Glenn Youngkin readies to veto a lawmaker-passed plan to legalize retail cannabis sales in the commonwealth—again—an impact statement clarified that rejecting the proposal would mean missing out on tens of millions of dollars in annual state revenue for pre-K programs, community reinvestment and substance treatment.
All told, by the end of fiscal 2031, retail cannabis is expected to bring Virginia nearly $300 million in total revenue. But fuck the kids, right Glenn?
Got Blue?
Total sales of adult-use cannabis products in Michigan dropped in February to $241M, down from $247M in January and $259M the same month a year ago. While the total units sold continues to increase, the price of Michigan cannabis continues to decline—down 30% YoY—and businesses, especially growers, are struggling as a result.
Michigan has the highest sales per resident compared to all other states where adult-use cannabis is legal at $327 per resident and the state hit a major milestone this year, surpassing $10B in sales in January since sales first started in the state.
Feed the Turtle
Maryland reported that the state collected nearly $73M in tax revenue from adult-use cannabis sales in 2024, with $18M generated in the final quarter. A portion of the revenue was allocated to community reinvestment, county governments, public health initiatives, business assistance, and the state’s General Fund.
Seperately, a Maryland Senate committee approved a bill to protect fire and rescue workers from being penalized for off-duty use of medical marijuana.
Stocks & Stuff
It was another slow-ass session in Cannaland as the left-for-dead sector whispered in the wind. The U.S. cannabis ETF lost the 2.5% that it gained yesterday on all of $4M notional and while Canada stirred early, relative strength was all it could muster.
Below, we’ll chew through the current reality, keep an eye peeled toward Canada, look at how the mighty (valuations) have fallen, and step through the farm bill loophole.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $4M
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