The Highlights
It was a good week for cannabis stocks, with the US cannabis MSOS ETF gaining 6.15% and global YOLO increasing 5.15%. The Cannabist (NEO: CBST, OTCQX: CBSTF) +16.67% was the biggest winner among the larger MSOs, while MariMed (CSE: MRMD, OTCQX: MRMD) -10.53% lost the most. Politics continue to drive prices and cannabis investors are showing that they prefer a democratic ticket headlined by Vice President Harris rather than President Biden. Probabilities of a Biden replacement continue to impact neat-term prices. The Schedule III comment period ends next Monday, July 22nd. On this week’s Higher Exchange, we did a mid-year federal catalyst review. Morgan, Toby, and I covered Schedule III probabilities, the Boise lawsuit, and talked about trends in the vape market. You can catch the latest episode on Apple Podcasts, Spotify, or X Spaces. Links accessible in our full report. Florida is the biggest state catalyst in 2024 and the most recent poll by Florida politics shows 64% of Florida voters are in favor of adult-use cannabis, slightly ahead of the 60% required to pass. Importantly, 100% of voters ages 18-29 were in favor of Amendment 3. This follows the Fox News poll showing 66% would vote for adult-use cannabis in Florida. Support from younger generations is the reason we believe we are seeing a coordinated democratic effort to advance cannabis reform ahead of the elections. Trump has not stated his position on cannabis and the Republican stance remains an important wildcard as the election nears. Last week we shared highlights of touring our client LEEF Brands’ (CSE: LEEF, OTCQX: LEEEF) The Leaf El Paseo dispensary. It’s a beautiful store with a menu tailored to its more affluent, senior-heavy clientele. You can read the full note here. LEEF also announced that its LEEF Organics products are available in new services at the Willowbrook Spa in New York. Our client Gold Flora (CSE: GRAM, OTCQX: GRAM), launched its new line of GRAMLIN all-in-one live rosin cartridges on 07/10. These cartridges are filled with solventless live rosin made by Gold Flora and come in an innovative new hardwire design. GRAMLIN continues to be one of the fastest growing brands in California. We recently toured Gold Flora’s state-of-the-art campus in Desert Hot Springs and will be sharing the highlights in an update note later this week.
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