The Sandlot
U.S. canna is dreaming of the bigs.
Daily Recap
July was a month for celebrating the United States’ independence—and consuming a lot of cannabis, evidently, as most states with regulated adult-use cannabis markets reported a rise in sales for the month.
California and Michigan sat atop the monthly leaderboard despite the Sunshine State suffering its worst July on record (still $2.75 billion in sales year-to-date), while Illinois, Massachusetts and Missouri rounded out the top five.
In Ohio, licensed dispensaries sold $38.4M of cannabis in the first twelve days of adult-use sales, putting the Buckeye State on pace for a $1.2 billion annual run rate.
Free the Plant
Marijuana is legal for recreational use in 24 states, the U.S. Justice Department is in the process of reclassifying it as a less-dangerous drug and more than nine of 10 U.S. adults consider cigarettes, chewing tobacco and e-cigarettes to be more harmful.
Deep Dish
As the DNC got underway in Chicago, visitors were reminded that Democrats under the leadership of Gov. J.B. Pritzker (D) successfully legalized cannabis in the state—a policy promotion that signals the party’s understanding of cannabis reform as a key way to win voters heading into the November election.
With a recent survey showing majority support for the reform in key battleground states such as Wisconsin, Michigan and Pennsylvania, the campaign committee evidently felt that this would send a powerful message.
Morocco's King Mohammed VI has pardoned more than 4,800 farmers accused of illegally growing cannabis, the justice ministry said Monday. The monarch "kindly granted pardon to 4,831 people convicted, prosecuted or wanted in cases linked to the cultivation of cannabis."
Morocco is the world's leading cannabis producer, according to the United Nations. It adopted a law in 2021 on the production and medical use of the drug, authorizing its cultivation in rural provinces in the northeastern region.
Stocks & Stuff
After a two-week 25% rally in U.S. cannabis ETF MSOS, the space came for sale on Turnaround Tuesday, losing 6% in light late-summer trading as some of the recent rebalances unwound and patience continued to thin.
Below, we’ll top-line the current construct, follow the smart money, eyeball a new initiation, and explore why some believe the best is yet to come for U.S. canna 👇.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $78M
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