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- 🔥 The Cannabis Newswire Is HOT 🔥
🔥 The Cannabis Newswire Is HOT 🔥
William McNarland & Anthony Varrell
June 04, 2024
GM Everyone,
We have a couple of big numbers to start the week off: 10,789 and 224. The first one is the number of comments that the proposed ruling has accumulated in the public register thus far. The second is the number of illegal dispensaries that have been shut down in NY over the last two weeks. Keep them coming! The last number I will leave you with is 0, which is the number of people that should be in prison for cannabis-related offenses.
Now let’s get after it.
Today’s letter can be read in 7 minutes and 10 seconds.
What's Driving the Market Today?
Stock futures are down this morning and showing a negative open. Here is what is moving the market:
Nvidia's stock split could boost retail investor appeal, Dow chances
Roaring Kitty's GameStop options up millions, but can he cash out?
Fed's real-time "GDPNow" estimate back down as low as 1.8%, its lowest reading all year.
UBS lifts MSCI AC World index's end-2024 forecast to 830
Mexico's next president will have to raise taxes to pay for social programs
Cannabis News for the Last 24 Hours
Trulieve Celebrates Milestone with 200th Dispensary Opening
Our first Cannabis News for the last 24 Hours is Trulieve Cannabis Corp.(CSE: TRUL, OTCQX: TCNNF) has announced the opening of its 200th dispensary, marking a significant milestone in the company’s expansion efforts. The new location is set to enhance access to medical cannabis for patients across the region.
High Tide to Open First Canna Cabana in Huntsville, Ontario
High Tide Inc. (Nasdaq: HITI, TSXV: HITI) has announced the opening of its first Canna Cabana retail cannabis store in Huntsville, Ontario. This expansion is part of High Tide’s strategy to increase its retail footprint across Canada.
Ohio Officials to Accept Recreational Marijuana Sales Applications
Marijuana Moment reports that Ohio officials will begin accepting applications for recreational marijuana sales this week. However, the market launch is not expected to be immediate, as regulatory and logistical frameworks are still being established.
Analyzing Small Cap Stocks: Ispire Technology
Facts that matter:
Ispire Technology reports significant sales growth, up 30.7% year-over-year.
Ispire Technology is operating and manufacturing in Malaysia, which ranks 50 on the transparency index, providing a relatively stable business environment.
Ispire Technology maintains a favorable position despite volatility, the price range fluctuated between $5 and nearly $20.
Quick Hit: Ispire Technology reported gross margins close to 18%, indicating solid profitability in its operations. However, the company’s levered free cash flow has shown variability, with a negative $27 million last year, down from a positive $17.5 million the previous year. This fluctuation is due to mismatches between account receivables and payables, a situation that requires further clarity from management. Despite a negative net income of $12.9 million over the past 12 months, the company’s credit score of 4.6 indicates sufficient time to refine its growth strategy.
Coverage Initiated: New Lake Capital Partners
NewLake Capital stands out in the small-cap stock market for its strong financials and its unique position in the cannabis sector. The company’s business model operates on a simple yet efficient premise where it serves as a landlord to cannabis operations, offering real estate solutions that are both strategic and lucrative.They take in the money from the cannabis companies and manage it. The company takes a narrow, thin charge for doing that.
Analyzing Small Cap Stocks: Globex Mining
Facts that matter:
Globex Mining’s unique mineral bank model minimizes risk and ensures steady revenue.
Globex Mining reported $4.4 million in revenue for the last 12 months.
Globex Mining exhibits strong financial health with a credit score of 54.3.
Quick Hit: Globex Mining’s financial performance over the past year highlights the stability and potential of its business model. The company reported $4.4 million in revenue for the last 12 months. Despite the inherent volatility in the mining industry, Globex has managed to maintain consistent revenue growth. A notable instance was in December 2021, when the company achieved $35 million in revenue, demonstrating the significant impact of successful transactions.
The company’s levered free cash flow was $2.8 million last year, an increase from $1.7 million the previous year. This positive cash flow indicates effective financial management and the ability to sustain operations and invest in new opportunities. Additionally, Globex reported a net income of $3.1 million, reflecting strong profitability.
MSOS Monday - Time to Buy Marijuana Stocks?
What we covered:
✅Major California cannabis product advisory warning
✅Candain recreational cannabis macro trends
✅Rescheduling comment period update