The Green Wave

The U.S. wants it's cannabis now.

Daily Recap

Ohio voted to legalize adult-use cannabis, becoming 24th state to do the right thing as the trend of more conservative states adopting a legal framework continues. 53% of the U.S. population now lives in a legal market domain and Senator Sherrod Brown, Senate Banking Chair, and Rep. Dave Joyce, GOP sponsor of SAFE, both live in Ohio.

Opponents of a petition to decriminalize recreational weed in Florida found a hostile state Supreme Court bench on Wednesday in a case that has huge implications for the cannabis industry, Florida election law, and next year’s election. Bloomberg Law has reported that the Florida Justices are poised to approve the recreational pot petition.

Democrats retook full control of the Virginia General Assembly, handing a defeat to Gov. Glenn Youngkin, a Republican who spent a shit-ton of money with the hopes of creating a majority for his party in both houses of the legislature. The results, as we touched on yesterday, open the door for lawmakers to legalize retail cannabis sales.

Support for marijuana legalization has reached a new record high nationally, with seven in 10 Americans—including a sizable majority of Republicans, Democrats and independents—now backing the end of prohibition, according to a Gallup poll. The level of support is at its highest level since Gallup began tracking public opinion.

Worldwide

As the U.S. cannabis industry awaits the rescheduling decision from the DEA, many countries around the world—Germany, Thailand, Colombia, the Czech Republic and Switzerland, among them—continue to liberalize their cannabis policies as a superior method of promoting the health and welfare of their citizens.

Market Stuff

Positive state-level news and strong earnings triggered a 6% rally in U.S. canna ETF MSOS before Pavlov’s dog emerged to kick us in the nuts sell the space back to the flatline, where it meandered for the better part of the session before finishing 3.5% higher and slightly above the 200 DMA.

Below, we’ll talk through today’s price action, dig into the implications of Ohio, the readthrough for demographics and the implications for SAFE, review and preview today’s earnings, talk timing on a stickier, ickier move; basically, we’ll try to make sense of what seems like an increasingly nonsensical world.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $63M

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