The Wind Cries Mary

U.S. canna whispers as markets whip.

Daily Recap

The total US economic impact generated by regulated cannabis sales could top $112B in 2024, or 12% more than last year, according MJBiz. While segments of the industry saw sales declines, especially in mature western states, recent markets like Maryland, Missouri and New York continue to foster growth.

The industry is expected to add upward of $200 billion in additional spending to the U.S. economy by 2030 and those projections do not take into account action from the U.S. government such as federal rescheduling or other legislation.

Liquid Hopium

California Rep. Maxine Waters (CA), the top Democrat on the House Financial Services Committee, said that her panel is on the way to getting a stablecoin bill “in the short run,” during an interview on Bloomberg TV.

Waters also said she is “hopeful” that they’ll overcome concerns from Senate Minority Leader Mitch McConnell regarding the SAFER Banking Act, which would finally allow banks and credit unions to work with the legal cannabis industry.

Dem Apples

Massachusetts reached a new canna sales milestone last week as the state crossed the $6 billion mark since the adult-use market launched, regulators announced. The state also broke a single-day sales record on 4/20, with $8.5 million in sales.

It was only last September that the state exceeded $5 billion in sales, meaning this is “the shortest it’s taken for Massachusetts businesses to generate another $1 billion dollars in gross sales,” the Cannabis Control Commission said.

Teenage Case Land

Authors of a new research letter published by the Journal of the American Medical Association (JAMA) said there’s no evidence that states’ adoption of laws to legalize and regulate marijuana for adults have led to an increase in youth use of cannabis.

The four-author team analyzed results from 207,781 respondents.

Stocks & Stuff

It was another volatile session in Cannaland as macro crosscurrents, technical triggers and competing headlines vied for the mindshare of the handful of cannabis investors still hanging on. U.S. canna ETF MSOS finished the session down 4.5%.

Below, we’ll chew through todays price action, examine cannabis uptake and growth vs. other consumer categories, digest more breadcrumbs from the White House and the Department of Justice and otherwise just try to keep up with The Kimala Show.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $104M/$79M

Top Stories