Cannaland Ready to Pop
Daily Recap
A Democratic senator introduced a bill to create federal incentives for states, localities and Indian tribes to expunge low-level marijuana records. The HOPE Act, of course, is the criminal justice reform initiative that leadership has repeatedly discussed attaching to the bipartisan cannabis banking legislation that’s pending Senate floor action.
If enacted, the Justice Department would run a new State Expungement Opportunity Grant Program, which is designed to help cover the administrative costs of identifying and clearing eligible cases. This oldie but goodie will provide some context on the history of SAFE + HOPE.
Do As I Say…
Democratic senators, including Senate Majority Leader Chuck Schumer (D-NY), are “trying to recruit Republicans” to join them to push for federal marijuana legalization, Senate Finance Committee Chairman Ron Wyden (D-OR) said ahead of 4/20.
“My commitment to ending federal prohibition on cannabis remains as strong as ever. As many of you know, cannabis reform is an issue I’ve cared about
despite doing nothingand been working on for years; momentum is now in our favor.”
For the People
The legal cannabis industry is thriving in the U.S., reaching its highest-ever number of jobs and sales, a new report shows.
Vangst, the cannabis industry job platform, found that there were 440,445 full-time-equivalent jobs in the legal cannabis industry at the beginning of the year, —a 5.4% increase from 2023, while annual sales increased 10.3% to $28.8 billion last year.
The Replacements
More than one-in-three THC users (36%) say they’ve reduced alcohol consumption, per a new analysis of cannabis consumer behavior. The report also found that regular users of THC skew younger than CBD users and tend to spend a higher percentage of their grocery budget on snacks and beverages. Shocker there.
Stocks & Stuff
As the denizens of Cannaland returned to their respective domiciles—obviously not bringing home any product across state lines—volumes ran lighter than they’ve been as the U.S. canna ETF MSOS gave back some of yesterday’s cheeky gains.
Below, we’ll chew through today’s price action, recap the rumors, check the charts, share the ATB investor sentiment results, explore what’s driving the passion behind the plant and otherwise ready ourselves for tomorrow’s last licks ahead of 4/20.
All that and more, just scroll down.
PT Notional: $111M/$83M
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