Release the Hounds

Canna flips the switch into 2024.

I returned from my annual digital sabbatical to find incremental news but sadly, still no DEA affirmation of the HHS late-summer decision. Below, we look back at 2023 and preview what’s to come as we head into the election stretch.

Year-End Recap

While early projections had New York slated to take over as the East Coast’s largest adult-use cannabis market with north of $1 billion in sales during its first year, 2023 was, for the most part, a comedy of errors, at least until a late December decision to allow MSO’s to enter the Empire State.

Massachusetts retained the top northeast spot for 2023 with an estimated $1.6 billion in adult-use cannabis sales, while Missouri and Maryland were star performers among the six states to recently transition to recreational sales.

Garden Party

New Jersey’s adult-use sales started in April 2022 with 22 dispensaries, which were mostly multi-state operators. Now, 80 dispensaries serve recreational customers in 18 counties with sales of $578M in the first three quarters of 2023, and sales predicted to reach $1 billion in 2024.

Pardon Me

President Joe Biden issued a proclamation to expand the marijuana pardon initiative he began last year by including people who were charged with cannabis possession offenses on federal properties. The timing, of course, was no coincidence.

“Criminal records for marijuana use and possession have imposed needless barriers to employment, housing, and educational opportunities; too many lives have been upended because of our failed approach to marijuana. It’s time that we right these wrongs.

Stocks & Stuff

U.S. cannabis ETF MSOS finished 2023 almost flat to the penny, albeit 45% above the low-water mark this summer. While the sector has become a referendum on federal reform, real companies were forged throughout this war of attrition, and a few stellar performances were scattered across the landscape.

We’ll dig deeper into the particulars and the states that should stand out as we reset the calendar and eye the election. There was much to digest last year and a lot to look forward to in 2024—all you’ve gotta do is scroll down.

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