Using the default page.md field set, I'm seeing this output...
<ul>
<li>
<p>I’ve opened a door here that I regret.</p>
</li>
<li>
<p>Bad news. Andy Griffith turned us down. He didn’t like his trailer.</p>
</li>
<li>
<p>But I bought a yearbook ad from you, doesn’t that mean anything anymore?</p>
</li>
<li>He’ll want to use your yacht, and I don’t want this thing smelling like fish.</li>
</ul>
...for this bit of Markdown:
- I've opened a door here that I regret.
- Bad news. Andy Griffith turned us down. He didn't like his trailer.
- But I bought a yearbook ad from you, doesn't that mean anything anymore?
- He'll want to use your yacht, and I don't want this thing smelling like fish.
The last list item is not wrapped in a <p> tag.