Quaker State

Pennsylvania readies to join the race.

Daily Recap

Bipartisan Pennsylvania lawmakers filed a bill to legalize recreational marijuana in the Commonwealth. The renewed efforts arrive as neighboring states such as Ohio have moved forward with legal channels. Sponsors have said that regional developments have allowed other states to “capture Pennsylvania dollars into their market.”

Hard Six

Officials in at least six states with legal cannabis—Connecticut, Maine, Maryland, Michigan, Missouri and New York—reported hitting their highest-ever monthly sales in August, led by surging summer purchases of adult-use canna products.

Exit Strategy

The Governor of New Jersey signed the “Intoxicating Hemp Law”, which is designed to regulate the production and sale of certain intoxicating hemp products. The law will limit the manufacture and sale to those already licensed by the NJ Canna Commission, albeit with a limited carveout for beverages that may be sold by licensed liquor stores.

Bud Huskers

Nebraska officials have confirmed that a pair of medical marijuana legalization ballot initiatives will go before voters at the polls this November.

About two weeks after the secretary of state’s office confirmed that Nebraskans for Medical Marijuana had submitted enough signatures to secure ballot placement, he formally certified those measures today.

Stocks & Stuff

It was another quiet session in Cannaland with the ETF trading $35M total notional as an aside to the general market. The ETF closed +1.5% on the day but it really wasn’t about that. The space seeks a spark, if not direction, as technical influences continue.

Below, we’ll top-line today, recap the week, update the Hemp Wars and talk through several of the whispers that made the rounds on an otherwise quiet day.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $35M

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