Tall Task: US Cannabis Tries To Climb A Wall Of Worry
By Todd Harrison via Cannabis Confidential (July 11)
Marijuana retailers in Illinois have already sold more than $1 billion in legal cannabis products during 2024, Gov. JB Pritzker (D) announced, noting the state reached the billion-dollar mark at a faster pace than it did last year. The Prarie State is now on track to exceed $2 billion in sales for the first time.
“The increase in total adult-use cannabis sales, combined with the policies my administration is implementing to support communities ravaged by the War on Drugs, highlights how this emerging industry is helping set a national standard in equity and economic justice.” – Gov. JB Pritzker
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Last Licks
A GOP-led House committee approved a large-scale spending bill that would block the Department of Justice from rescheduling cannabis. The included amendment would never pass the full House much less the Senate, and there are some who feel S3 will already be done before the final appropriations bill passes in the lame duck.
Separately, 23 Congressional Republicans have sent a public comment letter to the Attorney General opposing the Biden administration’s planned rescheduling, alleging the recommendation was based on politics rather than science.
Both could be interpreted as a sign that Schedule III is closer than most people think.
A key U.S. Senate committee has approved a spending bill with a new amendment allowing doctors at the U.S. Department of Veterans Affairs (VA) to recommend medical marijuana to patients living in legal states.
“The only healthcare system in America where a doctor cannot discuss medical marijuana with patients in states where it’s legal is the veterans system. We’re discriminating against our veterans; its really unacceptable.” Sen. Jeff Merkley (D)
Swiss Cheese
Six months on from the opening of Europe’s first legal cannabis stores in Switzerland, experts are reporting trends towards regulated sales and ‘lower-risk’ consumption methods, such as edibles and extracts.
The pilot study is one of seven approved by the Swiss Federal Office of Public Health (FOPH) to examine the effects of legal, regulated sales of cannabis for recreational use through licensed specialist shops in regions throughout the country.
Stocks & Stuff
It was a broken clock sorta session as a rotation within the broader market from tech and industrials into small caps, helped shine a light on the pay-no-mind club.
U.S. cannabis ETF MSOS gained 8% and while correlation doesn’t equal causation, the space happened to catch a bid just as Kamala was creeping higher in the polls, which mirrors the price action that we saw at the beginning of this month.
Below, we’ll weigh the current bricks in the sector’s wall of worry, talk through the lay of the land, offer up some random hemp thoughts, and explain to prohibitionists why the administration’s political motivations are more or less moot.
All that and more, just scroll down.
SPY 0.85%↑ QQQ 1.23%↑ IWM 1.16%↑ MSOS 1.85%↑ ETF Notional: $108M
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Top Stories
Illinois Marijuana Retailers Already Sold $1B In Legal Products So Far This Year
Senators Approve Bill To Let …