Play it Again, Sam

Canna campaigns commence.

Daily Recap

After Donald Trump endorsed a Florida ballot initiative that would legalize adult-use cannabis in that state, Kamala Harris accused her opponent of ‘flip-flopping’ on the issue. Yet the vice president herself did not publicly support marijuana legalization until 2018, when two-thirds of Americans already favored that policy.

The truth is that both presidential candidates changed their positions on this issue over the years, reflecting the surge in public opinion. But if recent history is a guide, that doesn’t mean that either, if elected, would invest any effort in addressing the untenable conflict between state cannabis laws and federal prohibition.

And it’s not like we haven’t seen this movie before; the original aired in 2019:

No one should be in jail for marijuana use ❌

Decriminalize recreational marijuana use ❌

Automatically expunge prior convictions ❌

Legalize medical marijuana ❌

Allow states to legalize recreational marijuana ✅ but pay 75% effective tax-rates 😡

Reschedule marijuana so researchers can study it’s health impacts 🧐

Calmer Heads

Before supporting the cannabis legalization initiative on Florida’s ballot this weekend, former President Donald Trump met with Trulieve CEO Kim Rivers and Florida Senator Joe Gruters (R). Trulieve, of course, has contributed over $70 million to the cannabis campaign Smart & Safe Florida behind Amendment 3. Thank you, Kim.

“President Trump is certainly trying to make inroads with the younger demographics, where I think a lot of these voters—certainly undecided ones—where this can make a big difference. And I think that certainly had a role.” Joe Gruters, fmr. Chair FL GOP

The Miami Herald, April 14, 1990

My Wife Didn’t Believe Me

A new study shows that cannabis users have lower rates of severe COVID19 infections and experience fewer serious consequences such as death or lengthy hospital stays when they get the virus.

“Cannabis users had better outcomes and mortality compared with non-users,” says the report, authored by researchers at Northwell Health in New York. “The beneficial effect of cannabis use,” it adds, “may be attributed to its immunomodulatory effects.”

Dough Nations

Increased demand for U.S. cannabis products and emerging opportunities in Europe are driving some American brands to expand internationally.

The roster of companies targeting international growth represent a small but growing cross section of the industry, from established category leaders such as Jeeter and Wana Brands to infused beverage manufacturer Lehua Brands.

Stocks & Stuff

It was a quiet, nondescript session in Cannaland as we await policy insights from at least one of the Presidential candidates ahead of next week’s debate. U.S. cannabis ETF MSOS gave up an early 4% rally and closed flat on light, in-touch-with volume.

Below, we’ll top-line the current set-up, dive deeper on Trulieve, filter which MSOs are trading at lower multiples than they were pre-S3, and offer a few random thoughts on how cannabis could be used as a political football into/ through next week’s debate.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $62M

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