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Cannaland breaks up with Chuck Schumer.

Daily Recap

U.S. states where cannabis is legal have raked in more than $9.7 billion in marijuana tax revenue since the middle of 2021, according to the Census Bureau—up nearly $1 billion since the agency last updated its cannabis revenue tracker in September.

During the third quarter of 2024, states reported $735 million in total cannabis tax revenue to the federal agency. The new data also revised recent quarters, adding a billion-dollar growth in state revenue in the last three months.

More for Less

Michigan’s licensed dispensaries are selling more cannabis flower than ever despite neighboring Ohio recently launching adult-use sales earlier this year. State retailers sold 103K lbs. of adult-use flower in November, breaking a monthly record of 101K lbs. from August.

November sales came in at $276M, which was below the monthly record of $295M that was set in August as flower prices continue to fall. The average price for an ounce of flower fell from $80.14 in August to an all-time low $71.80 in November.

Texas Tease

Texas State Rep. Jessica Gonzalez (D-Dallas) filed a bill to legalize adult-use cannabis to be considered during the next legislative session. The bill would have limitations: smoking in public would be illegal, as would smoking in a vehicle on a public road.

But, it's remains highly unlikely the new bill will be passed as Texas officials continue to tighten rules and regulations on cannabis issues statewide given the state already has over 7000 stores that are selling unregulated intoxicating hemp-derived products.

Stocks & Stuff

It was a brutal day on Wall Street as broader markets plunged after Fed Chair J-Pow said future rate cuts would require fresh inflation progress. U.S. cannabis ETF MSOS lost 2% on the session after early gains sniffed at the first of many resistance levels.

Below, we’ll top-line the landscape, eulogize Chuck Schumer’s disgraceful reign and read between the lines to explore what would happen if a leading MSO went private.

All that and more, just scroll down.

I’ll be offline through New Year’s. Healthy & safe holidays to you and yours.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $24M

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