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Rumors drive Cannaland mad.

Daily Recap

In 2023, global legal cannabis spending grew to $36B and BDSA forecasts sales to grow at a compounded annual growth rate of 10% from 2023 to 2028, resulting in a $58B market by 2028. The growth of legal cannabis sales has been largely driven by U.S. markets, and particularly fueled by the adult-use channel.

“Looking ahead to 2028, emerging adult-use states, particularly those on the East Coast and in the Midwest, are expected to contribute the strongest increase to total U.S. and global sales.”

Wowie

Hawaii’s Senate passed legislation to legalize and regulate adult-use marijuana in the state, sending the proposal to the House of Representatives. The legislation would allow adults to possess up to an ounce of marijuana and up to five grams of cannabis concentrates and would establish a framework for licensed sales.

Southern Charm

As lawmakers in Virginia wait to see how Gov. Glenn Youngkin (R) will greet a retail cannabis sales bill sent to him last week, the legislature passed separate legislation to provide relief for people convicted of past cannabis crimes. Should the legislation become law, many criminal cases would be resentenced by the end of the year.

Plant Medicine

Demand for medical cannabis is increasing globally to treat a wide range of illnesses and conditions despite patients facing continued barriers and strict regulations in most countries. Below, we continue our exploration of the medical potential, the stages of development for countries and regions, and the access to solutions.

Stocks & Stuff

It was another wild ride in Cannaland as a rumor that a rumor was a rumor triggered an exodus in the options market which in turn, drove the space lower. U.S. cannabis ETF MSOS finished -7% on the session ahead of Curaleaf earnings post-close.

Below, we’ll chew through today’s price action, discuss the coffee talk, check on that March paper (much changed), finger our forward catalysts (not much changed) and see through yet another bumpy but on brand session.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $146M ($99M)

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