Victoria's Secret

Cannaland makes a stand.

Daily Recap

Ohio cannabis regulators have approved dozens of provisional licenses for existing MMJ operators to convert to dual-use licenses, setting the stage for an immediate launch of the state’s recreational market. As of Friday, the DCC has signed off on 62 provisional dual licenses for dispensaries, cultivators, processors and testing labs.

“We’ve worked with municipalities all over the country and Ohio seems to be working lightning-fast, issuing provisional licenses a week after applications submitted. We’re ready to flip the switch and welcome people to our stores.” -Jason Erkes, Cresco Labs

Steeler’s Wheels

Pennsylvania lawmakers have signaled that a bill to legalize adult-use cannabis could advance imminently as there are only a few differences remaining between the House and Senate proposals—as they keep close tabs on neighboring Ohio’s progression.

A PA state representative said there was enough alignment between each chamber’s reform measures to move before a deadline this week. “Our goal is to get this done as soon as possible… and as part of the governor’s budget proposal.”

Florida Lottery

Smart & Safe Florida raised over $40M with the election still five months away. That means the committee has officially surpassed the fundraising of California’s Prop. 64, which held the record as the most-funded adult-use cannabis legalization measure.

In terms of Florida’s footprint, Trulieve recently opened its 200th store, Verano has 77 dispensaries under the MÜV name, Ayr Wellness has 64 stores, Curaleaf has 62 stores, Cresco Labs has 33 stores and Green Thumb just opened its 17th store in the state.

If you can’t beat ‘em…

Curaleaf Holdings, a leading international provider of consumer cannabis products, announced the launch of an all-new line of hemp-derived THC products under the company's Select and Zero Proof brands.

Products will be available direct to consumers on Wednesday via the company's new online storefront, which is Curaleaf's new home for all fully Farm Bill compliant hemp-derived products. Shipments will begin on July 1, in time for Independence Day.

Stocks & Stuff

It was opposite day in Cannaland and we ate chicken salad on rye and watched canna stocks rally, gaining confidence as the session progressed. MSOS finished 6% higher and while volume lacked girth, the price action was enough to reclaim the march lows and give the bulls a technical leg to stand on.

Below, we’ll top-line today’s price action, update our technical levels, weigh whether the opposition has the standing to delay the rescheduling process, look ahead to this week’s potential catalyst, and update our weekly U.S. canna comps.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF notional: $62M

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