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📈 Curaleaf and Marimed Beat On Revenue 📈

Author

William McNarland
March 07, 2024

GM Everyone,

As of yesterday, despite stock prices being well off the September lows, it still felt like maximum pain around here. The sentiment around the sector was full of despair, as if someone had just soiled everyone's brand-new Jordans. Well, relax everyone, Chuck Schumer decided to emerge from his hole, as he does once a quarter, and start dangling the SAFE — or is it SAFER or SAFEST — Banking Act around the internet, assuring everyone, "This is important and it's finally time to get this thing done." Okay, Chuck. We'll believe you and thank you dearly when we see it pass and be written into law. So, this time around, please, please, please, limit the rhetoric and just get. it. done. Sir.

Today’s letter can be read in 9 minutes and 08 seconds. 

  • Curaleaf and Marimed both beat on revenue

  • Trulieve expand “express” dispensaries in FL

  • Bitcoin Miners are a growing trend to watch

  • Cannabis SOTU was a YUGE success on yesterdasy TTB

Capital Markets Recap of Yesterday:

We now have nine TDR Indexes covering stocks and investments of interest to our readers. Today, we launched the TDR Crypto Miners Index. These indexes help us at TDR track the market and, importantly, save you, our reader, time, as this detailed information is not available elsewhere. We designed them to be unique and straightforward.

Yesterday, the capital markets experienced an upturn as measured by the TDR Global $$50 Index. The TDR Crypto and Crypto Miners Indexes were up over 6% after a quick sell-off following new highs. There was also a slight increase in the TDR Small REIT Index. The Cannabis Industry was down in each sector, resulting in a 3.0% loss for the TDR Comprehensive Cannabis Index. The TDR Retail Cannabis Index was the hardest hit.

Capital Markets this Morning:

What's Driving the Market Today?

The futures are showing a positive open currently, here is what is in focus:

  1. Yen surge impacts Nikkei.

  2. ECB likely to hold rates.

  3. Powell hints at future rate cuts.

  4. Bitcoin is trying again to set records.

  5. NY Community Bancorp is saved.

Cannabis Capital Markets Price Overview:

The High Flyers yesterday were led by Leef  which was up by just over 12%, and the Low Flyers were led by CordovaCann, which was down over 22% on the day. Here are the charts of the High and Low Flyers:

This week, the earnings season is heating up quickly. Here is a reminder of who is reporting this week.

Let's examine the highlights from companies in the TDR Comprehensive Cannabis Index!

  1. MariMed (CSE: MRMD, OTCQX: MRMD) 2023 earnings shows continued revenue increases, new openings and improved cost of capital. Read all about it on the TDR Website!

  2. Curaleaf (CURA:CA) (OTCQX: CURLF) surpasses Q4 earnings estimates, showcasing revenue growth and operational improvements. Check out the full story on the TDR Website!

  3. AYR Wellness (CSE: AYR.A, OTC: AYRWF) announces the opening of its relocated AYR Cannabis Dispensary in Tallahassee, offering a wide range of premium cannabis products.

  4. Breckenridge Brewery (NASDAQ: TLRY, TSX: TLRY) reintroduces its Nitro Irish Stout and Go Gold Sweepstakes for a chance to win a trip to Ireland.

  5. Trulieve (CSE: TRUL, OTC: TCNNF) announces a new express medical cannabis dispensary in Palm Bay, Florida, focusing on quick pickup service.

  6. Vext Science (CSE: VEXT, OTCQX: VEXTF) completes a debt conversion transaction, receiving regulatory approval and increasing insider shareholding.nancials and Q1 2023 due to distributor revenue adjustments.

Cannabis: News

  1. Cannabis Cottage in Penticton, BC, Canada, will soon open one of the province's first legal cannabis consumption patios.

  2. Canada's finance committee recommends lowering the cannabis excise tax to a 10% rate and revising stamp requirements, amid concerns over its impact on competitiveness.

  3. Manitoba, Canada experienced the highest increase in recreational cannabis sales in Canada at 23%, while its beer sales fell by 6.7%.

Cannabis Policy: Highlights from our Friends at Marijuana Moment

  1. Chuck Schumer stated the Senate will prioritize passing the SAFER Banking Act for marijuana before the November elections, alongside other key legislations.

  2. The Hawaii House passed a bill for automatic expungement of low-level marijuana possession cases, now proceeding to the Senate for consideration.

  3. Federal marijuana trafficking cases dropped in 2023, continuing a decade-long decline as state legalization expands and federal priorities shift.

  4. The UN's drug control body reaffirmed that legalizing marijuana for non-medical purposes violates international treaties, while noting Germany's cannabis reform and the US's psychedelics movement.

  5. Virginia's legislature passed a bill for automatic resentencing for certain cannabis convictions, now awaiting Governor Glenn Youngkin's decision.

Crypto and Miners

  1. Tether's USDT stablecoin surpassed $100 billion market cap this week, marking a significant milestone amidst growing demand and scrutiny. Read all about it on the TDR Website!

  2. TeraWulf (WULF) achieves strong 2023 growth based on unaudited results, sets ambitious goals for 2024. Read all about it on the TDR Website.

  3. Hut 8 (Nasdaq: HUT, TSX: HUT) closes its Drumheller site to optimize operations, moving efficient miners to Medicine Hat to enhance profitability.

  4. BlackRock's iShares Bitcoin ETF saw a record $788 million in daily net inflows as Bitcoin hit a new high before a 10% retraction.

AI

  1. Microsoft engineer's AI safety warnings highlight urgent need for stricter safeguards against harmful imagery. Read all about it on the TDR Website!

  2. OpenAI faces lawsuits from Elon Musk, The New York Times, and authors like John Grisham, along with government scrutiny over its transition from a nonprofit to a for-profit entity backed by Microsoft.

  3. Ex-Google engineer charged with transferring AI technology secrets to a Beijing-based company while secretly paid by them.

Big $$ Volume Big Caps

  1. Broadcom (AVGO) launches the world's first 5nm PCIe Gen 5.0/CXL2.0 and Gen 6.0/CXL3.1 retimers, enhancing AI server performance with lower power and extended reach.

  2. Salesforce (NYSE: CRM) unveils Einstein 1 Studio, enabling low-code AI customization across CRM apps, integrated with Data Cloud for enhanced customer insights, alongside new Trailhead AI courses for skill development.

Today we have Curaleaf's 4Q Earnings with CEO Matt Darin!

Dive into the State of the Union on cannabis in our latest video, where we discuss the significant developments in the industry—starting from the HHS's recommendation to reclassify marijuana, through the high-profile lawsuit by U.S. cannabis operators against the Attorney General, to the tumultuous path of the SAFE Banking Act. Uncover how these key events are reshaping cannabis stocks in America, marking a pivotal moment in history and the future.