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- 📈 Planet13 Earnings Are Out 📈
📈 Planet13 Earnings Are Out 📈
William McNarland
February 28, 2024
GM Everyone,
It's here! The start of earnings season kicks off after the bell today with the industry's darling, $GTBIF. So many questions need to be answered. Are they making money? Will revenue come in flat? Are they paying their taxes? Will they finally break down their revenue by market segment? All shall be answered after the bell by the 'Mad Hatter' himself, Mr. Ben Kovler. But while we wait, let's dive into the relevant headlines around the sectors you come to us for every morning. Enjoy.
This mornings letters highlights:
$PLTH earnings have printed
$BTC number is still going up
Large caps are looking dicey?
Apple scraps self driving cars
Cannabis Capital Markets Price Overview:
It was a wild day yesterday, and I need to devise new charts to display such a broad range of returns. I'll tackle this task today. Overall, cannabis stocks experienced a slight decline, but the pharmaceuticals saw a significant surge!
Skye for a second day had a wild up side and C21 was the laggard. In two days Skye has almost doubled in value without any news!
Cannabis Capital Markets News
Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNH) reported solid Q4 and full-year 2023 financials, maintained strong Nevada market share, and is expanding with new locations and acquisitions. Read the full story on the TDR Website!
Cannabis News, Policy and Studies
The Canadian House of Commons Finance Committee suggests changing the cannabis tax structure and advocates for First Nations involvement in the Cannabis Act review amid industry calls for reform and significant unpaid taxes.
Cannabis Policy Highlights from our Friends at Marijuana Moment:
A double-blind study by Phylos and People Science found that THCV increases energy and motivation without causing the 'munchies' effect associated with delta-9 THC in marijuana.
Virginia's Senate committee amended the marijuana sales bill, diverging from a House compromise, affecting tax rates and equity programs, potentially leading to a bicameral conference to resolve differences.
A Florida bill aiming to cap THC potency for adult-use cannabis is no longer advancing this session, following legislative time constraints and differing chamber versions.
The Florida bill to limit THC potency in adult-use cannabis has stalled due to legislative time constraints and discrepancies between chamber versions.
California's new cannabis market data reveals a smaller and declining legal industry, challenged by high taxes and regulatory issues, contrary to previous larger market estimations.
Cryptocurrency
Bitcoin (BTC) exceeded $59,000, pushing the market towards extreme greed, with traders eyeing a potential rise to $69,000 by March amidst high trading volumes and upcoming halving event.
Ether's rally, outperforming Bitcoin, is attributed to low exchange holdings and increased usage in DeFi, not just potential ETF approval, with its deflationary supply and enhancements from Ethereum's upgrades fueling demand.
AI
Apple has ceased its self-driving car project, shifting focus to generative AI and mixed-reality headsets to seek new growth avenues and adapt to competitive tech markets.
Banco Santander SA's online bank, Openbank, is introducing an AI-based service providing price targets for over 1,000 stocks, utilizing predictive models that analyze historical data and trends.
Big $$ Volume Big Caps
US equity futures drop as investors reassess rate cut expectations and economic strength, amid a backdrop of global market shifts and cryptocurrency gains. Read the whole story on the TDR website!
Oil prices fell due to rising US stockpiles, overshadowing expectations of continued OPEC+ supply cuts and market uncertainties.
Trade to Black, did you miss it?
Join TDR's Trade To Black Podcast for a must-needed episode featuring $MSOS legend, Dan S. Ahrens. He is the Managing Director & Chief Operating Officer of AdvisorShares ETFs. Dan joins us every Monday to talk about the industry. First Citizens Bank's Entry into the Cannabis Industry: The 19th largest bank in the U.S., First Citizens Bank, with assets of $225 billion, has entered the cannabis market, becoming the largest known bank to provide services to the cannabis industry, signaling the potential for more banking engagement in Q1 and Q2 of this year. Upcoming Earnings Reports from Cannabis Companies: Notable cannabis companies Verano Holdings, Trulieve, and GTI are set to announce their Q4 earnings, with focus areas including revenue stabilization and gross margin trends for Trulieve, state-by-state market insights and financial health for Verano, and unspecified key metrics for GTI. Germany's Adult Use Cannabis Legalization: Germany has legalized adult-use cannabis, effective April 1, allowing those over 18 to possess and consume in public spaces. The muted market reaction from companies like Tilray and Aurora to this news suggests a predominant industry focus on the U.S. market over international developments.
Thanks for reading today’s Baked In—see you soon!
Written by Bill McNarland and Anthony Varrell