Vikings Win!
Minnesota rolls out adult-use.
Daily Recap
Minnesota’s first adult-use cannabis sales have officially launched after the first non-tribal cannabis transaction took place today.
Two years after Gov. Tim Walz (D) signed legalization into law, the state is now up and running after Vireo Growth announced the first-ever adult-use sale at its Green Goods dispensary today.
Rhode to Redemption
For almost three years, prospective business owners have eagerly waited for the date they could join Rhode Island’s budding retail cannabis market—and that day is here.
Regulators are accepting online applications for two dozen new retail licenses through late December. Under the 2022 act that adult-use, 24 new licenses will be available for retailers, with six reserved for social equity applicants.
“This is a significant day for Rhode Island and represents the culmination of years of work and collaboration.”
Woo Pig Sooie
Arkansans spent more than $193M on medical cannabis so far in 2025, marking a year-over-year increase of more than $10M. From Jan. 1 through Aug. 31, state legal shops sold 52K lbs. of MMJ, up from the previous year. State tax revenue totaled $5.4M in July and August, bringing the total 2025 tax collections to $22M.
Despite the Fright
California tax revenue from cannabis sales topped $500 million during the first half of 2025, according to new state data. The Golden State saw $260M in tax income during Q225, which reflects $147M in excise tax and $112M in sales tax. Q125 revenues were revised higher from $237M to $243M, marking $503M for 1H25.
Stocks & Stuff
It was a quiet day on Wall Street as the process of price discovery continued across Cannaland, with a few headlines offering a constructive tone out of the gate. U.S. cannabis ETF MSOS finished the session +7% (+16% YTD).
Below, we’ll top-line the latest, maintain proper perspective, juxtapose 2024’s PTSD, explore the ETF mechanism, and take a realistic read of cannabis as a category, as well as the names to watch within that category, and pay homage to a legit legend.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $42M
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