The top Democrat in the Wisconsin Senate has released a marijuana policy zine that features information and cartoon illustrations about the state’s ongoing prohibition of cannabis as neighboring jurisdictions adopt legalization. “The most dangerous thing about cannabis in Wisconsin,” she maintains, “is that it remains illegal.”
Legalizing cannabis in Wisconsin could add $36M or more in tax revenue, per a new report, which would pay for 450 teachers, or fix more than 700,000 potholes, or help more than 12,000 struggling families stay in their homes and avoid eviction. It would also help fix this map and show the rest of the country just how smart they really are.
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In Colorado, the rumored demise of their legal cannabis program seems to have been a bit premature as the state collected over $280 million of marijuana taxes in ‘22-’23. The Centennial State has made more in tax revenue from marijuana in the past fiscal year than from either alcohol or cigarettes and nearly as much as the two combined.
A top alcohol industry association gave congress some advice on how to best regulate hemp-derived cannabinoids. They believe that lawmakers should create a distinct regulatory category for intoxicating cannabinoids via the Alcohol and Tobacco Tax and Trade Bureau (TTB), which would naturally extend to cannabis proper, as well.
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Those efforts weren’t purely philanthropic: A new Gallup poll shows that fewer young adults are drinking alcohol as marijuana grows more popular. 62% of adults under the age of 35 said they’ve ever imbibed adult beverages versus 72% two decades ago. This comes as half of all Americans say they’ve tried marijuana at some time and one in six Americans openly admit they currently smoke pot.
[four of the other five are either lying, ashamed, too rigid, or they don’t remember]
In other sector news, GOP Presidential candidate Vivek Ramaswamy talked cannabis legalization while speaking with Bill Maher (who was smoking a joint); the Minnesota Governor dismissed claims the state constitution lets people sell homegrown cannabis without a license following legalization; the Lone Star State is lighting up as more and more cities choose to decrim cannabis; California cities and counties are cutting taxes in an effort to aid struggling canna companies; a tiny Western Maryland town says it’s a 5% equity partner in Trulieve’s Maryland operation; the next big thing in cannabis is coming to St. Louis; AYR Wellness (OTC: AYRWF) plans to build a 64,000-square-foot CT cultivation center; Marijuana revenues in Washington state will fund $1.3 million in youth anti-smoking grants; we explore why legal weed costs so much and watch Wall Street lose it’s buzz, almost tick-by-tick, and take stock. All this and more just scroll down…
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SPY 1.46%↑ QQQ 2.33%↑ MSOS -0.60%↓ PT Notional: $15M
Top Stories
- GOP Presidential Candidate Ramaswamy Talks Marijuana Legalization In Chat With Joint-Smoking Bill Maher
- Minnesota Governor Dismisses Claims That State Constitution Lets People Sell Homegrown Marijuana Without A License Following Legalization
- Marijuana Revenue In Washington State Will Fund $1.3 Million In Youth Anti-Smoking Grants
- Marijuana Decriminalization Gains Momentum In Texas As Cities Rebel
- California cities, counties cut marijuana taxes to aid struggling companies
- This town owns part of a weed company. It wants a fair share of the pot
- The next big thing in cannabis could be coming to St. Louis
- New Missouri Cannabis Rules Require Testing Labs to Double-Check Each Other’s Work
- In 2022-2023 Colorado Collected Over $280 Million on Marijuana Taxes
- Legalizing cannabis in Wisconsin could add $36M in tax revenue.
Stocks and Stuff
ETF MSOS MSOS isn’t the U.S .cannabis industry but it’s certainly a reflection thereof and if you’ve been busy the last 923 days, it’s been, how shall we say, a downward facing dog…
…which is why anyone who’s still paying attention will likely wait for something—anything—that'll shift if not shake, rattle and roll the status quo before they fall for that trick again. Absent incremental federal reform, a select few will win, most will fail and politicians will have created the very oligopoly they tried so hard to avoid.
All of that is big picture stuff; in terms of the nitty gritty, we’ve discussed the former support and current resistance that is $5.05. As long as it remains under that level, it is vulnerable through a technical lens, with or without September sitting on deck.
It’s been a cruel summer, thus far. I’ll spare you the GiF bc it’s played (+ we’re out of memory) but you get it: an 80’s pop culture reference that takes us back to a simpler time but in no way dulls the pains of recent memory.
Remember: the ability to custody these securities would be a massive step forward for these stocks, which currently trade by appointment and are at best, a public reflection of private equity. SAFE would seemingly solve for that as would, we believe, schedule III, although both require a functioning government if they are to come to fruition.
In other market-related news…
- Wall Street Loses Its Cannabis Buzz
- Weed Companies Face Rising Distress After the High
- Verano Sues Alabama Medical Marijuana Regulators Over Decision Not To Award License In Second Round
- AYR Wellness proposes 64,000-square-foot Connecticut cultivation center
ATB on Cresco Labs CRLBF:
Stems & Seeds
Half of Americans say they have tried marijuana at some time, which is a new high (so to speak). About one in six Americans say they currently smoke pot.
Why Does Weed Still Cost So Much? The $40 benchmark price for a bag of pot in the US is hurting the marijuana industry even as oversupply and over-regulation eliminate any margins for cannabis producers and some retailers.
/end
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
CB1 has positions in / advises some of the companies mentioned and nothing contained herein should be considered advice.
Original publication: Aug 22, 2023.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Cannabis rescheduling seems to be right around the corner
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