Good morning and happy Friday.
We’re delighted to share the second version of our NuggMD-Cultivated Cannabis Consumer Economic Anxiety Index.
We’ll have NuggMD’s Andrew Graham on Cultivated Live to discuss the findings at 10 AM Eastern. Tune in.
Let’s get to it.
-JB, JR, ZH, NM
This newsletter is 909 words or about a 6-minute read.
Today’s newsletter made possible by:
💡What’s the big deal?
ANXIETY INDEX
The NuggMD-Cultivated Cannabis Consumer Economic Anxiety Index 📊
Driving the news: We’ve partnered with cannabis telehealth platform NuggMD to create the exclusive Cannabis Consumer Anxiety Index.
It’s part of our goal to bring robust economic insights to the burgeoning cannabis market. The data will be exclusive to Cultivated readers and we’ll update it on a quarterly basis.
Check it out here:
Zoom in: NuggMD polled 561 cannabis consumers in legal markets.
Consumers were asked: “to what degree do you think the economy will impact your spending on cannabis over the next three months?"
Overall, 52% said no impact, 26% said they’d spend a little less, and nearly 15% said they’d spend much less, up from the 9% that indicated the same in our July poll.
Why it matters: Since the last survey, which you can see here, the category of consumers who said they’d spend much less grew, possibly because of recent economic turbulence. That tipped the scale to the “high” anxiety category, from “moderate” in July.
To many recreational consumers, cannabis is considered discretionary spending, so when pockets are tight, they may purchase less. (It’s a different story for medical consumers, of course).
Still, many respondents viewed the economy through their political lens. Self-identified Democrats in the sample were more likely to say their anxiety grew, while Republicans, many of whom likely voted for Trump, were more bullish.
And in a separate poll, NuggMD found that cannabis consumers are price sensitive. A majority said a relatively small tax increase, 4%, may force them to look toward un-taxed or unregulated sources. That’s a crucial finding as Michigan and other states recently moved to increase cannabis taxes.
Why it matters: The Index provides cannabis industry stakeholders with a standardized measure of economic sentiment among the US cannabis consumer population.
By tracking forward-looking spending intentions, it will offer early insights into how the economic perceptions of cannabis consumers are affecting their spending on cannabis.
-JB
⏩ Quick hits
The Free Press says Trump is soon to make a decision on cannabis 🧠
The Free Press, an outlet well-connected with Republicans and the Trump Administration, reports that President Trump could make a decision on rescheduling as early as this month and is likely before the end of the year. Trump is reportedly swayed by seniors on the golf course telling him cannabis helps with their pain, but other Republicans and White House officials disagree. Read the story ($).
Michigan continues to consider licensing pauses ⏸️
State Sen. Sam Singh filed a bill that would halt new cannabis licenses for cultivating, transportation, and testing. The bill would also limit retail licenses to one per 10,000 residents. There has been a consistent push from the industry to limit licensing in Michigan, as prices have fallen, where the average price for an ounce was about $81 in September, according to a monthly report from the state. Bridge Michigan has more.
Nebraska advocates lambast proposed medical regulations 😡
About two-third of those who provided public comments to the Nebraska Medical Cannabis Commission on Oct. 15, were critical of proposed regulations that are intended to launch the nation's 40th medical market following 71% support from voters for the ballot measure that legalized medical cannabis last November. Since that vote, regulators have proposed tight limits on what might be available, such as limiting cultivators to 1,250 plants and limiting patients to 5 grams every 90 days.
Ohio dispensary workers go on strike 🎳
Unionized cannabis workers at Herbal Wellness Center in Columbus, Ohio have gone on strike as of Oct. 15, according to a press release from Teamsters Local 413. The employees originally organized in 2023 when the dispensary was known as Strawberry Fields. Since then Vext Science acquired the company and has resisted renegotiating the workers' agreement.
FBI is still arresting people for cannabis 👮
The FBI's latest crime data report shows that the agency apprehended almost 188,000 people in 2024 for cannabis possession, despite almost half of US states legalizing cannabis. Despite the large number, the total amount of arrests continues to slowly fall as more legal state markets come online. Marijuana Moment has more.
Investors can now buy Glass House Brands stock on Robinhood 📈
Traders on Robinhood can now buy Glass House Brands ($GLASF) shares, a first for a US cannabis firm. A spokesperson for Robinhood said the listing is part of a bigger push to give traders access to over-the-counter (OTC) stocks, where many US cannabis firms trade.
🤝 Deals, launches, partnerships
A pair of announcements from Verano Holdings:
The Chicago-based cannabis firm opened its sixth Ohio dispensary, Zen Leaf Antwerp, right near the Indiana border. Indiana does not have legal cannabis, so this could be a profitable location.
It also will launch HYPHEN, a new vape system that allows consumers to switch between different oils and sizes easily. The system will debut on October 18 in select states, including Arizona, Illinois, Maryland, and New Jersey. More here.
📰 What we’re reading
Cannabis Taxes Fund First Wave of Grants to Community Groups in New York | The New York Times
Being and nothingness | Cannabis Musings