Target 🎯 Practice

National retailer trials THC beverages.

Daily Recap 🎯

Target has started offering THC-infused beverages at a few of its Minnesota locations, marking one of the most high-profile entries yet of a major national retailer into the hemp-derived THC market.

The limited rollout includes a dozen brands across ten Target stores in the Twin Cities region and are part of the pilot launch, putting them on the shelves next to traditional drinks and beverages.

Other retailers are expected to follow, as the Replacement Theory is real…

…but so too is the hyposcrisy.

It makes no sense that if you wanna drink/ produce hemp-derived THC you can buy/ sell it anywhere but if you wanna consume/ grow state-tested THC, you have to jump through hoops/ sacrafice your first born child. One plant, one set of rules. Please.

Mas MASS, MO Lester & Gator Aide

Massachusetts Canna sales reached $140M in September, pushing the all-time total above $10 billion since sales began. The milestone comes seven years after the first dispensaries opened late 2018, following adult-use legalization in 2016.

Cannabis sales in Missouri reached $119M in September, bringing the all-time total to $4.5 billion+. Through the end of September, Missouri retailers sold $1.13B in 2025, which puts it on track to exceed the $1.46B sold in 2024, which was an all-time high.

Florida’s medical canna market drove $139M during September, for a 10% increase year-over-year. Sales are $1.28B YTD, pacing Florida for another record-breaking year, with flower the go-to choice (47% of sales), followed by vapes (20%), concentrates (12%), edibles (11%), and pre-rolls (4%).

Stocks & Stuff

The broader indices bounced back from Friday’s market malaise as the hostages were released and the specter of peace in the Middle East was raised. China trade tensions softened on the margin, and other concerns, from crypto to private credit, were quiet.

As the Canucks gave thanks, LPs with international exposure continued to field supply following Germany’s decision to halt telemedicine—but they clawed their way to the upside as this news wasn’t entirely new. VFF 0.00%↑ paced that race.

U.S. cannabis ETF MSOS, for it’s part, finished +6% (+38% YTD) as the space waits…

Below, we’ll top-line the session, unravel new layers of concern, speak to some of the recent chatter, talk through the impact of the government shutdown, sniff a potential catalyst for Canadian LPs, and share several product reviews from The Hall.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $46M

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