Daily Recap
Vice President Kamala Harris says it’s time to legalize cannabis, marking the first time she has publicly discussed her position on cannabis since becoming the Democratic presidential nominee.
“I feel strongly people should not be going to jail for smoking weed,” she said in an interview with the All the Smoke podcast that was released today, adding that “we need to legalize it and stop criminalizing this behavior.”
Story Time
The U.S. cannabis industry is poised for historic gains with the upcoming presidential election but that hasn’t translated into investor confidence, says Jason Vedadi, CEO of Arizona-based multistate operator Story Cannabis.
Vedadi noted how far into the mainstream the cannabis trade has permeated, now that both VP Kamala Harris and former President Donald Trump have both formally supported rescheduling, which should save the industry billions of dollars a year.
“The most positive thing is that it looks like we’ve got, at least on the surface, pro-rescheduling out of both parties and we’re losing the prohibitionist lifestyle of prosecuting people over cannabis.”
Sunshine State
If Florida passes amendment 3, the state would become something of an aberration.
While 24 other states have legal pot on the books, only four of them voted for Donald Trump in 2020: Alaska, Missouri, Ohio, and Montana.
To Jason’s point, while there are pockets of Republicans who are vehemently opposed to legal weed, the popularity of the issue, on top of mounting medical evidence, are making that political position increasingly isolated.
O-HIGH-O
Less than two months into adult-use, Ohio cannabis retailers have sold over 8,800 lbs. of plant materials and 1,187,395 units of manufactured products, garnering more than $76 million in sales, according to the DCC.
There are 124 dual-use marijuana dispensaries in Ohio, meaning they can sell medical and non-medical cannabis. Columbus, home of the Ohio State University, has 13 dual-use marijuana dispensaries, Cincinnati has 10, Dayton has six and Cleveland has five.
Stocks & Stuff
It was a green day to start the week but the bulls had to work for it. U.S. cannabis ETF MSOS finished the session +1.5% yet it remains stuck in the technical muck with fresh money sidelined by choice and/ or necessity.
Below, we’ll top-line the landscape, frame the suspended reality, check the charts, spy the math behind a sell-side recommendation, and crunch a few credit scores.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $68M
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