The UN Surrenders

War on drugs "failed completely and utterly."

Daily Recap

The United Nations High Commissioner for Human Rights is asking the international community to move away from punitive, criminal drug policies, saying that the global war on drugs “has failed, completely and utterly.”

Commissioner Volker Türk embraced a more evidence-based, human rights-centered approach to drug policies “prioritising people over punishment.”

“Criminalisation and prohibition have failed to reduce drug use and failed to deter drug-related crime. These policies are simply not working and we are failing some of the most vulnerable groups in our societies.”

Gobble Gobble

The cannabis industry's pre-Thanksgiving shopping spree hit record levels this year, though consumer reaction varied by state. Called Green Wednesday by the industry, dispensaries typically see a surge in sales ahead of the football and feasting.

Total sales soared 68% versus typical Wednesdays, according to Headset, but this year retailers had to sweeten the pot with steeper discounts, pushing average markdowns from 25% to 32%, an increase from last year's modest price cuts of 17% to 24%.

Sparty Party

If there’s one thing Michigan residents love, it’s their kind bud. A new study ranks Michigan second in the nation for cannabis sales per resident, trailing only Alaska, where tourism has boosted sales.

By the end of 2023, Michigan dispensaries rang up a record-breaking $3.06B in sales, a 25% increase from the year prior. This equates to $385 worth of cannabis for every adult in the state, with adult-use sales dominating the market at $2.74B.

Children of the Corn

A Lancaster County District Court judge has overruled two final attempts to amend legal challenges against Nebraska’s two medical cannabis petitions. Voters passed two measures, state constitutional officers certified those election results and the medical laws to legalize and regulate the drug are set to take effect by Dec. 12.

Stocks & Stuff

It was the slowest day of the year in Cannaland, as measured by the total notional volume in the ETF. Considering the underlying stocks don’t trade because they’ve been debanked by the deep state, it was a show about nothing with MSOS -1%.

Below, we’ll top-line the treachery, sweep the street, update the milestones, highlight a few earnings standouts and share a heartfelt truth bomb on the state of the union.

All that and more, just scroll down.

I’ll be offline Dec. 20th through New Year’s. Healthy & safe holidays to you and yours.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $20M 👀

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