Usual Suspects

DNC royalty missed their mark.

Daily Recap

If money talks, Florida’s adult-use canna legalization campaign is well on its way to a 60% supermajority that’ll pass a constitutional amendment in the November election.

Smart and Safe Florida, the PAC behind the #YesOn3 campaign, is outraising its main two opposition campaigns, $71.8 million to $14.5 million as of mid-August, according to the Florida Division of Elections’ campaign finance database.

Meanwhile, a top staffer for Gov. Ron DeSantis and the CEO of Trulieve went at it online over the governor’s position on allowing home grows, which can’t be included in the upcoming ballot initiative but has a separate, viable legislative path to passage.

Promises Promises

If Vice President Kamala Harris is elected president this November, she will “be ready to sign” marijuana reform bills into law, a Democratic senator says, as other lawmakers predict even more momentum on cannabis legalization at the state and federal levels under a Harris-Walz administration.

Since Harris ascended to the top of the ticket, however, her campaign has been silent on marijuana policy issues—and while there maybe good reason for that, they’ve left an important policy plank exposed and stakeholders concerned.

The Trump Card

As the presidential election approaches, cannabis policy remains an area of interest for voters—and with the Harris campaign seemingly arms-length on her pro-weed agenda, former President Trump seems to be shifting his position on legalization.

During a press conference at Mar-a-Lago earlier this month, Trump hinted that he might support the legalization of adult-use cannabis in Florida. While not committing outright, he expressed a growing acceptance of marijuana legalization, noting that it is becoming more common across the country.

“As we legalize it, I start to agree a lot more because, you know, it’s being legalized all over the country… whether that’s a good thing or a bad thing, it’s awfully hard to have people all over the jails that are in jail right now for something that’s legal.”

Heartland High

Marijuana sales in Ohio have skyrocketed since recreational transactions began two weeks ago. Sales are expected to generate hundreds of millions of dollars in state tax revenue and increase business for the 125 or so dispensaries statewide that sell MMJ.

So far, Ohio's sales of recreational marijuana are tracking ahead of sales during the first few weeks of legalization in Michigan (2019) and Illinois (2020).

Stocks & Stuff

Democratic royalty rolled through Chicago this week, with a who’s who of leadership enjoying a celebration of achievement and hope—but there was a notable absence: cannabis was M.I.A on the big stage, either as a policy achievement or a policy goal.

While we suspect Dems may not want to send mixed messages to the DEA given the final [Schedule III] rule is on tap, the silence has been deafening, which helped mute trading volumes and dampen investor sentiment as the autumn wind beckons.

U.S cannabis ETF MSOS lost 3.5% in light trading and is again flat for the year.

Below, we’ll top-line the recent price action, dig deeper into the Florida opportunity and who’s best positioned to benefit, and fire up a few random thoughts.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $49M

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