Good morning.
In today’s, Jeremy tries to make sense of all the hand-wringing about cannabis becoming America’s most popular daily drug.
Let’s get to it.
-JB, JR, ZH
Today’s newsletter is 892 words or about a 7.5-minute read.
💡 What’s the big deal?
NEWS
Daily cannabis use now outpaces daily drinking and smoking
What happened: Cannabis is now America's most popular daily drug.
New federal survey data released Monday show more Americans use cannabis daily or near-daily than drink alcohol or smoke cigarettes at the same frequency, a first in the history of the survey.
The proof:
The 2025 National Survey on Drug Use and Health counts 21.4 million Americans age 12 and up who used cannabis on 20 or more of the past 30 days.
That compares to 17.2 million daily or near-daily drinkers and 19.9 million daily cigarette smokers.
One caveat: the cigarette measure counts only people who smoked on all 30 days, a stricter definition than the 20-day threshold used for cannabis and alcohol.
The same survey shows teen cannabis use continues to decline as more states legalize.
Go deeper: Expect this number to anchor every argument about cannabis policy for the next year, starting with taxes.
The New York Times editorial board pointed to rising heavy use earlier this year to call for raising cannabis taxes to discourage use.
But a federally funded study out of Ohio State finds that approach backfires: roughly 89 percent of the consumption reduction from higher legal prices may be offset by consumers switching to illicit products. If daily use is the concern, pushing the heaviest consumers toward untested, unregulated products is the worst available policy response.
What's next: The DEA's rescheduling process continues, and new markets like Virginia, which is set to begin retail sales next year, will test whether competitive tax rates can move heavy consumers into regulated channels.
Consider Michigan’s 24% wholesale cannabis tax — which took effect January 1 and was supposed to fund road repairs — and has only brought in nearly $34 million through the end of April, less than a third of the $105 million quarterly projection.
Final word: Since 1992, per capita daily cannabis consumption has increased nearly 15 times over.
That number is now a fact of American life, and no tax rate will undo it. The only policy question left is which market serves those consumers: the regulated one, or the illicit one. Taxes are the main lever that will determine that outcome.
-JB
🗯️ Quotable
“Those who would loose this dragon on society are laying the groundwork for another Big Tobacco,” Former Trump attorney general Bill Barr and Smart Approaches to Marijuana CEO Kevin Sabet said in a Washington Post op-ed, arguing against rescheduling.“They should think of the generations of future victims who will follow.”
Barr’s law firm is teaming up with SAM to fight rescheduling in court, if that’s how the DEA rules.
⏩ Quick hits
Congress can't settle on one hemp bill, so here's a third 🗳️
Rep. James Comer (R-KY) is reportedly working on a draft bill that would delay November's hemp ban until FDA finally publishes a cannabinoid list and container guidance it was due to deliver in February, while adding age limits, testing rules and Medicare hemp coverage. Once filed, it would be the third competing hemp bill in weeks, and the White House keeps pushing for a fix without formally backing any single one.
CANY petitions Gov. Hochul to block Cannabis Wage Board bill 🔊
The Cannabis Association of New York is calling on Gov. Kathy Hochul to veto a bill that would establish a state Cannabis Wage Board, which could set compensation standards for the industry. CANY argues that this bill would create uncertainty for an industry that has only recently started to find its footing after years of delayed regulation and licensing.
Utah looking for a second medical dispensary 📃
Utah’s Department of Agriculture and Food is now accepting applications for one of two independent cannabis pharmacies, authorized by the state's medical cannabis law. The application window will be open from August 3 to September 2.
💰 Earnings
Tilray posts record revenue, but the stock's had a rough year 📉
Tilray closed fiscal 2026 with record revenue of $915 million and its best adjusted EBITDA yet, boosted by the BrewDog acquisition and 34% growth in international medical cannabis. Still, the stock is down nearly 60% this year. $TLRY ( ▼ 0.13% )
Here’s the rest of the calendar:
Aug. 4
Grown Rogue - 5:00 PM
Green Thumb Industries - 5:00 PM
Aug. 5
Aurora Cannabis - 8:00 AM
Verano - 8:30 AM
Curaleaf - 5:00 PM
Aug. 6
Cresco Labs
Cronos Group - 8:30 AM
TerrAscend - 5:00 PM
Aug. 7
Trulieve - 8:30 AM
Aug. 10
Village Farms International - 7:00 AM
Aug. 11
Ascend Wellness Holdings
Organigram
Aug. 12
Marimed
Aug. 13
Chicago Atlantic - 9:00 AM
🚀 Deals, launches, partnerships
Heritage Global Partners will conduct an online auction for some of the equipment that The Cannabis Co. is leaving behind as part of its bankruptcy proceedings. Assets up for grabs are locations in New Jersey, Colorado, and Illinois. Bidding opens August 13 at 7:00 AM EDT.
📰 What we’re reading
An older adult’s guide to (re)discovering cannabis in Minnesota | Minnesota Star Tribune
Massachusetts must regulate cannabis like alcohol and tobacco | Commonwealth Beacon