Swipe Right
GOP poised to steal canna into midterms.
Daily Recap
The legal cannabis market was valued at $22B in 2024 and is expected to reach $138B billion by 2032, growing at a CAGR of 26% from 2025 to 2032.
The growth will be fueled by factors that include the normalization of cannabis, the increased legalization for MMJ and adult-use, rising investor interest, and the rapid evolution of cannabis-based products.
Swiper No Swiping
Four Dems in the Congressional Cannabis Caucus in the U.S House of Representatives introduced the Realizing Equitable & Sustainable Participation in Emerging Cannabis Trades (RESPECT) Resolution to create an equitable cannabis industry that repairs the consequences of the failed “War on Drugs.”
The Democrats, of course, had every chance to move federal cannabis reform forward but between Joe Biden, Chuck Schumer, and Cory Booker, they failed to fulfill their oft-stated cannabis promises. President Trump and the GOP could now steal this issue to recapture the youth vote into the midterm elections, particularly if/ as crypto fades.
Mother of States
Efforts to allow retail canna sales in Virginia failed multiple times, but lawmakers are working on a new framework that Governor-elect Abigail Spanberger’s will soon sign.
On July 1, 2021, the General Assembly legalized the possession of cannabis, but not the sale. If the current proposal is approved, retail cannabis sales could begin on Nov. 1, 2026, with Verano, Green Thumb, Jushi, and maybe Curaleaf among the first movers.
Cheese, please!
A proposed bill in Wisconsin seeks to protect the state’s hemp industry from a federal crackdown on hemp-derived THC products by aligning state rules with those included in the recently passed federal spending bill.
The bipartisan legislation would set an age limit of 21+ on the sale of intoxicating hemp products, require hemp cultivators to have crops tested by an independent lab, mandate hemp-derived THC products be sold in child-resistant packaging and impose a 10 milligrams of THC limit per serving, and capping containers at two servings.
Stocks & Stuff
It was a mixed session on Wall Street as the calendar year winds down and Cannaland hopes for a long-shot Christmas Miracle. U.S. cannabis ETF finished the session +7% and is now (checks notes) +3% YTD (and -93% since the blue sweep highs in Feb. 21).
Below, we’ll top-line today, spy a curious shift in expectations of a near-term catalyst, share some interesting chatter that didn’t stay in Vegas, and explore category leaders across the Canadian cannabis landscape.
All that and more, just scroll down.
note: there will be no Canna Confidential tomorrow; enjoy your weekend.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $28M
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