Happy Wednesday, Cannabin-vestors! You’ve probably heard plenty about how weed makes you “lazy,” “stupid,” “paranoid,” “hungry,” or, if 1936’s Reefer Madness is to be believed, “a hallucinating suicidal murderer.” But why isn’t anyone talking about how cannabis makes you just plain “nice”? 

Yes, according to a new study, marijuana truly is the modern-day peace pipe. It makes people more kind, less anxious, and overall empathetic. Just another reason to celebrate the fact that more than half of U.S. adults now have legal access to it. But, on second thought, I’m not entirely surprised it has a different reputation. I can’t exactly imagine Seth Rogen playing “empathetic.”

Plus, Massachusetts’ historic year, the latest on the guns and weed debate, the Oscars of Marijuana Equity and more.

And, check out the newest episode of Cannabis Insider, also available on Apple and Spotify.*

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TOP STORY

An Historic Year For Massachusetts' Booming Industry

Briefly: Last month, Massachusetts set a record of nearly $159 million in cannabis sales, contributing to the state's 2023 total of almost $1.8 billion.

So Basically: Adult-use marijuana sales accounted for over 87% of the total, or about $1.57 billion. Medical marijuana sales added roughly $226 million for the year.

Back Up: Since the legalization of adult-use marijuana in late 2018, total sales have reached more than $5.5 billion, compared to just $1.2 billion in medical marijuana.

So What? This latest record is a testament to the economic power of legal cannabis. Massachusetts now generates more tax revenue from marijuana than alcohol.

What Next: The state is also considering legalizing psychedelics. On a totally unrelated note, I wonder if my buddy from Boston needs a roommate.

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FIVE ZINGERS

Guns And Weed: Pennsylvania District Attorney Robert Greene sued the federal government over the firearms ban on cannabis users.

We Are Farmers: Bum bum bum. The USDA launched its latest survey of hemp farmers to gauge the current state of the rapidly evolving industry.

Math Don’t Math: Recovering opioid addicts must abstain from weed use to access life-saving medications like methadone, but cannabis use does not increase the chance of opioid relapse, per a Yale study. 

Emphasis On Link: LeafLink and the New York Cannabis Association announced a partnership to increase efficiencies for NY cannabis operators.

Pot Of Gold: According to a new study from Ireland, medical marijuana can help manage neuropathic pain.

ONE FOR THE ROAD

2024 Oscars Of Marijuana Equity

Briefly: The Oscar nominations underwhelmed. (No Charles Melton? No Cocaine Bear?! Come on.) Can cannabis industry analysts do better?

What: In his latest report, analyst Pablo Zuanic of Zuanic & Associates highlighted the most promising states and companies of 2023, based on trends from the final quarter of last year.

Where: There was a general trend of flat or declining sales in most states during 4Q23. But Connecticut, Ohio, Illinois, Maryland and Rhode Island showed encouraging growth.

Who: Notable companies like MariMed (MRMD), Verano (VRNOF) and Green Thumb Industries (GTBIF) benefited from diversified state exposure.

But: Multi-state operators did not see uniform success. For example, in Florida, Trulieve (TCNNF) showed stable volumes, while Cresco Labs (CRLBF) achieved over 30% growth and AYR Wellness (AYRWF) saw significant decline.

So What? As the sector awaits the DEA’s rescheduling decision, Zuanic wrote that approval “could be positive for stocks, but without a framework, implementation might wait until after the election, potentially capping the upside.”

What Next: Check out the analyst’s full state-by-state breakdown.

KEEP READING

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