💸 The Tape

We Have One Week To Go For Amendment 3

As Election Day approaches faster than a retiree driving in the left lane, Florida finds itself at a crossroads over cannabis legalization. Two new polls have emerged like dueling weathervanes, each pointing in a slightly different direction and leaving everyone wondering whether Amendment 3 will pass or go up in smoke.

The Emerson College Polling/The Hill survey released this week offers a glimmer of hope for cannabis enthusiasts, showing exactly 60% support—the magic number needed for the amendment to pass under state law. Meanwhile, the Florida Chamber of Commerce, not exactly the life of the party when it comes to marijuana, reports support at a slightly less encouraging 57%. With margins of error tighter than a gator's grip, the outcome remains as unpredictable as a Florida thunderstorm.

Democrats are leading the charge with 78% in favor, and independents aren't far behind at 66%. Republicans, however, are as divided as a theme park family deciding between Disney and Universal, with 51% opposed and 42% in support. It seems the GOP is still deciding whether to inhale or just say no.

Governor Ron DeSantis, ever the buzzkill, continues his crusade against Amendment 3. Accused of weaponizing state departments to disseminate anti-cannabis propaganda, he's faced lawsuits that have been dismissed faster than a bad joke at a comedy club. DeSantis insists the amendment is designed to benefit big cannabis corporations, urging enthusiasts to join him in opposition—a bit like asking surfers to oppose the ocean.

On the flip side, advocates are riding a wave of optimism. A different survey shows two-thirds of voters planning to support the measure, signaling that it's "on track" to pass. High-profile endorsements are rolling in like afternoon rain, including ads featuring former President Donald Trump and bipartisan state senators who agree on almost nothing except this.

The Good

The Bad

The Ugly

This week is sure to be filled with media coming from both sides of the argument as it relates to Amendment 3. Just make sure you are on the right side of history. #YesOn3

📈 Dog Walkers

BAM Announces Facility

Body and Mind Inc. is shaking things up in the cannabis finance arena with a new $2.3 million credit facility from Bengal Catalyst Fund, LP. Sporting an 18% interest rate and a 5% original issuer discount. CEO Michael Mills says the infusion gives them the flexibility to "rationalize" their asset base and protect shareholder value—corporate speak for gearing up their dispensary projects in Illinois and New Jersey. They're also banking on a potential $2.5 million payday from a contingent payment in Ohio early next year. To sweeten the pot, they've amended convertible debentures to a 15% interest rate, half paid in cash and half in kind. Bold moves all around.

Trulieve Opens In Lake Placid

Trulieve Cannabis Corp. is planting new roots in Lake Placid, Florida, just in time to spice up the post-Halloween season. Opening its doors on November 1 at 9 a.m., this marks Trulieve's latest venture to expand in the Sunshine State. The grand opening isn't just about product specials and discounts; it's also a rallying point for #YesOn3, the ballot initiative aiming to legalize adult cannabis use in Florida. CEO Kim Rivers expressed pride in expanding access, tapping into a community eager for alternative wellness options.

👾 Number Of The Day

$120M Dollar amount of flower sold in Ohio over the last 90 days.

🗞️ The News

Legalizing Natural Marijuana Is The Pathway To Protect Public Health, Not Pretending Synthetic THC Products Are Hemp (Op-Ed)

Trulieve to Open Medical Cannabis Dispensary in Lake Placid, Florida

Body and Mind Announces Debt Financing

📺 YouTube

Election 2024: How Congress Could Dramatically Change Cannabis

What we covered:

✅ On our latest Trade To Black podcast, Anthony Coniglio, CEO of NewLake Capital (OTCQB: NLCP), joins us to discuss potential scenarios that could unfold in Congress following the U.S. Federal Election, and the impacts they may have on the cannabis industry.

With a chance to improve Senate support, we analyze key figures like State Senator Matt Dolan’s opposition to Ohio’s Issue 2, Rep. Jim Jordan’s stance against reform, and Senate candidate Bernie Moreno’s gateway drug view.

We’ll also examine how potential DOJ and Treasury appointments, including Mike Lee and Bobby Jindal, could influence SAFE Banking and federal cannabis policy.