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Missouri Cannabis Sales Rake in $240 Million

Legal cannabis sales have generated $240.78 million in new sales tax revenue for Missouri state and local governments over the past 12 months. The state government collected $143.30 million, while local governments received $97.48 million, surpassing initial projections significantly.

These figures dramatically exceed the State Auditor’s original estimates following adult-use legalization in November 2022, which predicted $40.8 million in annual state revenue and $13.8 million for local governments. The 2018 medical marijuana program similarly projected modest returns of $18 million for the state and $6 million for local governments annually.

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What’s going on?

• Toronto Condo Sales Fall 91% As Prices Tumble (theDeepDive)

• Australia passes social media ban for children under 16 (Reuters)

• Israel says ceasefire with Hezbollah violated, fires on south Lebanon (Globe)

• Canada Post Strike Continues As Government Refuses To Intervene (theDeepDive)

• Net migration to the UK hit record 900,000 in 2023 (FT)

• Trump’s Tariff Threats: A Prelude to USMCA Review Negotiations? (theDeepDive)

• Sixteen caught crossing illegally into U.S. from Quebec in days before Trump tariff threat (CBC)

• X Claims It Owns All of Its Users’ Accounts Amid Infowars’ Pending Sale to The Onion (theDeepDive)

• Liberals, NDP expected to pass GST holiday in House of Commons today (TS)

• More Oil for Fewer Migrants: Trump Is Urged to Make Deal With Venezuela (WSJ)

• Golden Triangle’s Top Drill Results: Silver Giant Fully Funded Through 2026 | Dolly Varden Silver (theDeepDive)

What’s the latest?

• European Bond: European bond issuance reached a record €1.705 trillion ($1.8 trillion) in 2024, surpassing the previous peak set in 2020. Sovereigns and public sector entities drove the surge, with the UK's £4.25 billion debt sale attracting record demand of £65 billion. Bloomberg's euro investment-grade and high-yield indices have returned 4.67% and 7.42% year-to-date, reflecting strong market conditions.

• Seven & i: Margin purchases of Seven & i Holdings shares hit a decade-high of 27.53 million last week, tripling from the previous week amid speculation of a speedy buyout by the founding Ito family. Shares surged nearly 50% since August when a takeover proposal by Alimentation Couche-Tard Inc. became public, heightening investor interest. Analysts warn of potential sell-offs if the management buyout faces delays.

• Yuan: The yuan faces pressure as forecasts project a record low of 7.51 per dollar by the end of 2025, following U.S. president-elect Trump's tariff threats. The offshore yuan has already dropped over 2% since the election, trading at 7.2514, and could weaken further to 8.42 if 60% tariffs materialize. Chinese authorities are intervening to stabilize the yuan, capping the onshore rate at 7.20 while avoiding interest rate hikes to protect the fragile economy.

• CRA: The CRA will increase the annual TFSA contribution limit to $7,000 starting January 1, 2025, maintaining the amount from this year. Canadians who have never contributed and were eligible since the TFSA's 2009 introduction will have a total contribution room of $102,000, up from $95,000 in 2024. TFSAs offer tax-free growth and withdrawals, making them a popular choice for both short-term goals and long-term retirement savings alongside RRSPs.

• Gold: Gold rose 0.3% to $2,641.11 per ounce on Wednesday, supported by a weaker dollar and expectations of a measured Federal Reserve approach to rate cuts. The Fed’s preferred inflation gauge, core PCE, increased 2.8% year-over-year in October, aligning with a careful rate-cut strategy. The metal, up 28% year-to-date, also benefited from strong Q3 U.S. economic data, including robust consumer spending.

New Gold: A hidden gem in Canada’s gold market?

The stock market and stuff

• Kinross Gold CEO Unloads $21.0 Million Worth Of Shares (theDeepDive)

• Shares of key chip suppliers jump as U.S. reportedly considers toned-down China curbs (CNBC)

• Glencore agrees to solar plant deal with Pele Green Energy (Reuters)

• SoftBank Group Eyes Larger Stake In OpenAI With $1.5 Billion Tender Offer (theDeepDive)

In the juniors

• Redishred Delivers Double-Digit Growth in Q3 2024 as Buyout Looms (theDeepDive)

• Benton Resources Makes Gold Discovery At Dominion Lake, Options Additional Claims (theDeepDive)

• Fireweed Metals Hits 15.1 Metres Of 10.39% Zinc, 18.10% Lead, 296.9 g/t Silver At Macpass (theDeepDive)

FULL DISCLOSURE: Plurilock Security is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Plurilock Security. The author has been compensated to cover Plurilock Security on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.