Vegas Vacation
The industry gathers in the desert.
Daily Recap
Congress gave the $32 billion legal cannabis industry its biggest win in history when it redefined hemp to exclude intoxicating cannabinoids such as THC, but the state-legal industry still has one simple holiday wish: to be treated like any other normal business, whether its Meta, the I.R.S., or anyone in between.
That was the vibe during the first day of MJBizcon, the industry event in Las Vegas this week, where industry leaders gathered to share their year-end vibes and views. With eyes on D.C. and ears glued to the tracks, the theme was a familiar one: control what you can and navigate the rest.
“Looking ahead, we will continue monitoring potential adult-use developments in Pennsylvania and Florida, large medical markets where we have significant vertical operations and 100 dispensaries combined.” Verano CEO George Archos
Sunny and Share
Florida’s medical marijuana program generated $135 million in November sales, bringing the year-to-date total to roughly $1.51 billion.
Through November, flower captured 46% of the spend, with vapes (23%), edibles and concentrates (11%), pre-rolls (4%), tinctures (2%) and topicals (.5%) all providing safe and regulated wellness to the state’s 930,000 registered medical patients.
By this time next year, the Sunshine State will have again voted on adult-use, an effort that has gained added additional visibility considering the intoxicating hemp ban.
Duck Season
Oregon has officially crossed a major milestone in its nine-year-old regulated market, surpassing $8 billion in legal marijuana sales between 2016 and November 2025.
Although the mature market has faced persistent challenges, the state continues to boast some of the highest per-capita cannabis spending in the country, and it remains one of the most established and influential models in the United States.
Narcos
Dozens of Mexico’s most dangerous prisoners, including leaders of the Sinaloa, Jalisco New Generation and Zetas cartels, were transferred to the US under heavy guard. The prisoners, who face charges that could keep them locked in maximum-security prisons for the rest of their lives, are expected to flip and further expose Mexico’s underworld.
“Never in the history of our agency have we seen this level of bad guys removed from Mexico.” Derek Maltz Sr., former DEA chief
Stocks & Stuff
It was another firm day on Wall Street and another thin session for the sector as the U.S. cannabis ETF MSOS registered a rare Blutarsky (0.0; -3% YTD) and much of the industry worked on their M&A game in Las Vegas.
Below, we’ll top-line the latest, map potential year-end catalysts, including a quickly approaching SCOTUS decision, check the technical set-up, chew through the ATB 2026 preview, picks and pecking order, and share the history of this magical plant.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $26M
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