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- 👽 HUGE Win For Ethereum 👽
👽 HUGE Win For Ethereum 👽
William McNarland & Anthony Varrell
May 24, 2024
GM Everyone,
An amendment to the Farm Bill to close the loophole that allows intoxicating hemp-derived products was approved in the House yesterday. This is seen as progress by some and as another form of prohibition by others. Opinions are divided because, while it is technically another form of prohibition, there is also a complete lack of oversight regarding these derivatives, which casts a shadow on the legal cannabis industry. This amendment still has a long way to go, as it may be shot down in the Senate upon arrival. However, this will be very telling for the future of hemp. People like Mitch McConnell will have to show their true colors, as he has been outspoken against cannabis but seems to be completely fine with hemp.
Today’s letter can be read in 7 minutes and 56 seconds.
What's Driving the Market Today?
Stock market futures are up after yesterdays drop; these are the top highlights moving the markets:
Markets price in just one Fed rate cut for 2024, down from six in January.
Strong U.S. economic data boosts yields, dollar; pressures gold prices.
Wall St. drops despite Nvidia's gains; S&P500 posts worst day of the month.
Global markets fall on Fed jitters, China-Taiwan tensions; European losses continue.
Boeing, Live Nation shares slump; Renault and National Grid rebound in Europe.
Ethereum ETFs Approved: SEC’s Latest Crypto Update
Facts that matter:
SEC’s approval of Ethereum ETFs signals major development in traditional financial markets.
Ethereum ETFs are expected to enhance market liquidity per SEC’s approval.
Ethereum ETFs under SEC regulation enhance investor confidence.
Quick Hit: Ethereum ETFs provide a new investment vehicle for both retail and institutional investors. By allowing investors to purchase shares of funds that track the price of Ethereum, the SEC is opening the door for more traditional investment in the cryptocurrency market. This step forward could lead to increased liquidity and potentially stabilize the often volatile price of Ethereum.
Delaware House Bill 408 Fast-Tracks Recreational Cannabis Sales:
Facts that matter:
Delaware lawmakers fast-track recreational cannabis sales with House Bill 408 approval.
House Bill 408’s efficiency and economic benefits are highlighted by proponents.
MariMed stands to gain from the early start to recreational sales after approval of Bill 408 in Delaware.
Quick Hit: However, the bill has also sparked controversy. Critics argue that it gives an unfair advantage to established multi-state operators (MSOs) over new market entrants. Zoë Patchell of the Delaware Cannabis Advocacy Network voiced her concerns, stating, “This approach risks repeating the mistakes seen in New Jersey, where large MSOs dominate the market, potentially undermining equity for smaller businesses and new entrepreneurs.”
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.
Colorado Pioneers AI Regulation to Prevent Bias
Facts that matter:
Colorado’s AI regulation law aims for transparency and fairness in AI decisions.
Colorado’s AI law could be a national model for AI regulation, says Professor Riedl.
Colorado’s AI law seeks ethical AI use while fostering innovation.
Quick Hit: Colorado’s new AI law represents an advancement in regulating artificial intelligence. This legislation requires companies to disclose how AI influences their decision-making processes, particularly in areas such as employment, housing, and lending. The law also mandates regular audits of AI systems to identify and mitigate any potential biases.
Mark Yusko Crypto Update and Ethereum ETF Approval | Trade to Black
Facts that matter: Today, on Trade to Black, we talked about crypto with one of our favorite guests, Mark Yusko. Mark shares his thoughts on the Crypto market and the Ethereum ETF Approval. TDR Trade to Black Co-host Shadd Dales and Anthony Varrell also discussed the upcoming US election, AI, and the viability of Blockchain with Mark. Mark Yusko is the Founder, CEO, and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital. Morgan Creek Capital Management was founded in 2004 and currently manages approximately $1.5 billion in discretionary and non-discretionary assets. Before founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office.