Southern Cross
The canna migration continues.
Daily Recap
Cannabis isn’t a hallmark issue for incoming Virginia Governor Abigail Spanberger but her election jacked the specter that the long-awaited opening of a billion-dollar adult-use retail market, which is the best news the legal industry has gotten in a long time.
“Governor-elect Spanberger’s administration has an opportunity to do what the last could not: implement a well-regulated adult-use cannabis market that prioritizes consumer safety, product transparency and public revenue over illicit sales.
The framework is already in place thanks to years of legislative work and public input. With an administration poised to act, the focus now shifts from planning to building a retail system that Virginians can trust.” JM Pedini, NORML VA
No Coke, Pepsi
The Consumer Brands Association—whose member list includes Coca-Cola, Nestlé, General Mills and Kraft Heinz—asked lawmakers to adopt appropriations language that would bar hemp products with any “quantifiable” THC, arguing that the current market confuses consumers and lacks FDA oversight.
Bait-and-Switch
The ballot initiative seeking to end Massachusetts’ $1.6 billion legal cannabis industry says it’s not affiliated signature gatherers accused of using misleading and deceptive behavior to fool voters into signing petitions.
While such tactics are not uncommon and have been seen across the country in other ballot campaigns, here’s the rub—in most cases, what they’re doing is legal.
Joe Knows
Stocks & Stuff
It was a shit sandwich on Wall Street as evidence of a cooling labor market hit big tech and crypto while bonds rallied on a potential December rate cut. Canna stocks weren’t immune, as MSOS fell 8.5% (+3% YTD) on the heels of earnings and a risk-off tape.
Below, we’ll top-line today, update the D.C. dizziness, speak to the pressure point that has emerged to reopen the government, recap an insanely busy earnings season, spy some of the forgotten names, and take a deeper dive into Pennsylvania.
All that and more, just scroll down.
note: there will be no Cannabis Confidential tomorrow.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $33M
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