State Farms

U.S. cannabis is growing inside-out.

Daily Recap

States have made more than $5.7 billion in marijuana tax revenue over an 18-month period, per new Federal Census Bureau data. This report followed what the agency called “a complete canvass of all state agencies” that dated back to July 2021.

The California governor signed a bill that will block employers from asking about past cannabis use during interviews, and he vetoed legislation that would have allowed for cannabis cafes. Separately, the state announced that it has seized over $101M worth of unlicensed products.

The Pennsylvania House approved a 280E tax cut for cannabis businesses, Kentucky’s governor signed an EO that will create a MMJ workgroup, the future of legal cannabis sales in Virginia is up in the air, canna companies are trying to grab Arizona’s social equity licenses, and low-THC oil sales will begin at independent Georgia pharmacies.

It was a thinnish session for cannabis stocks as Canada was closed for Thanksgiving and the U.S. observed Columbus Day (fixed-income markets were closed). Only $45M notional volume traded across the entire U.S. plant-touching stock and ETF universe.

Cannabis firms remain cut off from the US financial system but relief is in sight as the senate eyes a bill that would allow banks to do business with cannabis companies—if only they would vote on it. Below, we look at the evolving calculous surrounding the prospects for SAFE banking, as well as the other catalysts on our year-end wish list.

Chai Times

I try to avoid politics that aren’t pertinent to our subject matter but silence is not an option when there is so much evil in the world.

When I arrived in Baltimore on Friday, my wife told me that our daughter had decided to spend her summer in Israel for birthright. Our nephew just returned; friends are there, family of friends... everyone seems to know someone.

Hamas isn't Palestine, they are terrorists and they will get what's coming to them as did Al Qaeda and ISIS. I will continue to pray for all of the innocent people in that region and the safe return of the kidnapped Israeli and American men, women and children…

…but he misinformation + antisemitism is mind-numbing. More Jews were murdered on Saturday than on any one day since the Holocaust and this was NYC the day after:

It’s hard to believe this has to be spelled out but for those who are still confused:

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $45M

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