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- 🌞 All Eyes On The Sunshine State 🌞
🌞 All Eyes On The Sunshine State 🌞
William McNarland
April 02, 2024
GM Everyone,
The Florida Supreme Court did the right thing yesterday and accepted the ballot initiative to put Adult-Use Cannabis on the ballot in November. This was a huge win for the sector, as Florida has been a major topic of conversation, and most MSOs have exposure to the state. This was just one of the major catalysts that we have been talking about for the last year or so, which brings us to our next domino to fall: Schedule 3. April could be a "fireworks" month for the cannabis sector, so stay locked in and keep your eyes on the prize.
Today’s letter can be read in 6 minutes and 20 seconds.
The Florida Supreme Court did the right thing
Everyone needs to be watching Pennsylvania next
Bitcoin is seeing some major volatility going into the “halving”
We fully broke down the implications of the FL Supreme Court with Dan Ahrens on MSOS Monday
Capital Markets this Morning:
The futures are down this morning, here is what is in focus globally for stocks:
U.S. manufacturing sector grows for first time in 1.5 years, pushing Treasury yields up.
Market odds favor less than three Fed rate cuts by December, reflecting strong economic footing.
Dollar strengthens, trading near its highest since mid-November against major currencies.
Wall Street set for a down opening; European markets show positive momentum.
Market anticipates non-farm payrolls report; job market tightness eases since COVID-19 peak.
Cannabis Regulation: Florida’s Big News
Huge news for Trulieve, Verano, AYR, Curaleaf, Cansortium, Cresco, Planet 13, The Cannabist and New Lake Capital!
The TDR Takeaway: Florida's move to put recreational marijuana on the ballot shows growing acceptance with other Red states watching the outcome closely. Polls show varied support for the marijuana initiative, indicating an uncertain outcome for the required 60% approval in November. What are the polls and survey’s showing and what do we think will happen? Read all about it on the TDR Website!
Cannabis Capital Markets - Safe Harbor’s Big Year
Safe Harbor's Record Revenue and Loan Book Value Surge in 2023!
The TDR Takeaway: Safe Harbor reported excellent results despite facing challenges this year, including the termination of their relationship with Central Bank. What will be in store for in 2024 for Safe Harbor? Read more about it on the TDR website!
Cannabis Politics: Lessons from Pennsylvania
A new report from the Pennsylvania Independent Financial Office reveals the impact of delayed marijuana legalization on revenue in Pennsylvania.
The TDR Takeaway: When a state bordering many others does not legalize recreational cannabis, people can easily travel, benefiting the neighboring states. Although this might seem obvious (see map above), Pennsylvania has released a report confirming it. Read more about it on the TDR website!
Crypto this Morning:
Why is Bitcoin down 5% to under $66K this morning?
The TDR Takeaway: As Bitcoin becomes more established, its price movements are increasingly correlated with broader economic indicators, reflecting its sensitivity to shifts in traditional financial metrics such as the dollar's strength and manufacturing data. With lots of US Economic Data out this week, what might happen to the price of Bitcoin? Learn more on the TDR website!
AI Today:
The UK and US have signed an agreement to collaborate on AI safety.
The TDR Takeaway! Can governments effectively safeguard the public against the risks of artificial intelligence (AI) and ensure safety? This article examines the measures governments are undertaking to address these challenges. However, it appears unlikely that they can fully keep up with the fast-paced evolution and changes in the field. For more information, visit the TDR website!
Join us for a conversation with Jay O’Malley from MariMed as we explore the future directions of the cannabis industry.
On Yesterday’s Trade To Black, we find out how Dan Ahrens, COO of Advisorshares, feels about potential cannabis Legalization on Florida's ballot. New updates on the industry and Florida Supreme Court comments.