SPY - The Pot Piñata: Investors Wanna Know What's Inside | Benzinga
By Todd Harrison via Cannabis Confidential (Jan 11)
Daily Recap
A month after a Virginia Senator declared that he was confident a marijuana sales bill could pass the legislature and reach the governor’s desk this year, lawmakers officially filed legislation to make that happen.
Governor Glenn Youngkin (R) responded that he doesn’t have "any interest in pressing forward with marijuana legalization” but if he vetoes the bill, Virginia will only suffer—and lose tax dollars—as the illicit market continues to grow.
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Garden Party
New Jersey lawmakers are gearing up for a busy year, having filed more than a dozen cannabis policy bills ranging from interstate commerce, home grow and banking. The Garden State is projected to sell more than $1 billion in canna sales in 2024.
Desert Storm
After three years, Arizona’s cannabis markets have seemingly found a balance as adult use is repeatedly ringing up twice as many sales as the more heavily regulated medical market. October was the third straight month adult-use sales were ~$85M, as MMJ sales dipped to ~$25M.
Stocks & Stuff
Following yesterday’s yoga routine, we entered today’s session braced for impact as the mood once again soured across the street. Thankfully, while most of the Street was obsessing about Bitcoin ETFs, there was enough residual interest to defend the levels we discussed last night.
Below, we’ll chew through today’s price action, sniff at some possible explanations for the recent volatility, quantify the benefits of removing 280E (spoiler alert: it’s massive) and share some credible breadcrumbs that suggest a DEA headline is on its way.
All that and more, just slow scroll down.
SPY 0.26%↑ QQQ 0.22%↑ IWM 0.21%↑ MSOS 3.78%↑ PT Notional: $56M
Top Stories
- Feds Will Release Marijuana Rescheduling Memo And Related Documents ‘In Their Entirety’ In Response To Lawsuit
- Virginia Bills Would Legalize Recreational Marijuana Sales In 2024, Though Threat Of Governor’s Veto Looms Large
- New Jersey Lawmakers File Bills To Allow Marijuana Home Grow, Interstate Commerce, ...