The Highlights
Cannabis stocks rose for the fourth consecutive week, with the US cannabis MSOS ETF +8.06% and the global YOLO +4.96%. Returns continue to be driven by optimism around political progress in the US. YTD MSOS is +30.10%, while YOLO is +15.55%. Since the HHS rescheduling recommendation on August 29, MSOS is +88.05% and is outperforming YOLO by 42.29%. Jungle Java shared on X that YTD MSOS has had $65,540,050 in inflows and AUM has increased by $260,603,450 to $863,136,249. The 2x MSOS fund called MSOX has had $13,789,250 in inflows and AUM has increased $32,969,667 to $62,276,113. Our impression is that most of the new capital is coming from existing investors in the space and that most institutions are waiting for the DEA’s response prior to deploying capital. Trulieve (CSE: TRUL, OTCQX: TCNNF) was +27.88% this week and is +65.94% YTD. Governor Ron DeSantis stated he expects adult-use cannabis to appear on the Florida ballot this fall. Trulieve has 131 doors in the Sunshine State and also has 20 of the 127 MSO-owned stores in Pennsylvania, another state that may approve adult-use in 2024, with sales starting sometime in 2025. Paired with potential 280E removal, Trulieve has three large potential catalysts in the next year. Curaleaf (TSX: CURA, OTCQX: CURLF) finished +4.50% this week and opened its first adult-use store in New York. The dispensary is in the Hudson Valley and has been medical-only since 2017. While it’s encouraging to see new adult-use stores open and have a functioning legal market, New York must accelerate approvals and increase enforcement against the thousands of illegal stores. To date, the adult-use rollout has been a disaster. California’s Gold Flora (NEO: GRAM, OTCQX: GRAM) had another strong week and is +100.00% YTD. The US ticker has traded an average of 410,804 in January versus just 58,130 in November, an increase of more than 7x. InMed Pharmaceuticals (NASDAQ: INM) is a leader in the pharmaceutical research, development, manufacturing, and commercialization of rare cannabinoids. We recently hosted a fireside chat with CEO Eric Adams to discuss its latest pipeline and milestones. Those interested can access the event on-demand. The link is accessible in our full report.
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