Capital Markets this Morning:

The futures are down this morning. Here is what is in focus globally for stocks:

• Israel's strike on Iran stirs geopolitical tensions, with modest immediate impacts on oil and gold but potential longer-term market uncertainties.

• U.S. stock futures dip, marking potential for a sixth consecutive day of losses; S&P 500 down 5% from recent highs.

• U.S. Treasuries attract attention amid global conflicts and the Fed's firm stance on maintaining high interest rates.

• Tech sector earnings underwhelm, with significant drops in shares of TSMC and Netflix, affecting market sentiments.

Cannabis in Washington: SAFER Banking Act Endorsed by National Conference of State Legislatures

The TDR Takeaway:  The National Conference of State Legislatures (NCSL) has publicly endorsed the SAFER Banking Act. The call for action on the SAFER Banking Act by various groups is gaining momentum, a sentiment underscored during The Dales Report (TDR) team's recent visit to Washington DC. During this trip, TDR had the opportunity to speak with Senators JD Vance, Steve Daines, Rand Paul, Robert Menendez, and Cory Gardner, all of whom acknowledged the increasing pressure for legislative action. For additional details, visit the TDR website.

Cannabis In Florida: Florida's Tight Race for Recreational Marijuana Legalization

The TDR Takeaway:  This week, another survey by Mainstreet Research, supported by findings from FAU Polling, highlighted a challenging path ahead for the proponents of recreational cannabis legalization in Florida. Although the movement has gained momentum, the necessary 60% voter approval seems elusive. According to the latest data, a significant 18% of voters remain undecided, a demographic both Governor Ron DeSantis and major cannabis retailer Trulieve are eagerly trying to sway. For more details, visit the TDR website! 

Cannabis Capital Markets: Constellation Brands Converts $100M Canopy Growth Promissory Note

The TDR Takeaway: This week, Canopy Growth advanced its US market strategy by converting a $100 million promissory note from Constellation Brands into exchangeable shares. Constellation will continue to support Canopy non-financially and has allowed room for new members on its board. For additional details, please visit the TDR website. For more details, visit the TDR website! 

Cannabis Capital Markets: LEEF Brands 2024 Q1 Review: Sales Up but Losses Continue

The TDR Takeaway:  Despite achieving growth in 2023 and Q1 2024, LEEF Brands reported significant financial losses yesterday, posing liquidity challenges. The company responded by issuing 15 million common shares at an average price of $0.03 CAD each to address $450,000 USD in outstanding payables to a service provider. For more details, visit the TDR website! 

Psychedelics: Numinus Cedar Clinical Research Selected as Site for Cybin’s Phase 3 Study of CYB003

The TDR Takeaway: Numinus is proving out its Clinical Research Service business with an agreement with Cybin. Numinus' collaboration with Cybin could offer significant benefits for individuals suffering from Major Depressive Disorder. For more information, read about it on the TDR website!

AI: How Llama 3 Could Change AI Competition

The TDR Takeaway: Yesterday, META introduced its new AI assistant, Llama 3, adding new competition to the crowded AI space. This launch appears to be an effort by META to not only catch up with but potentially outpace its competitors by releasing a tool that inherently improves through user interaction. While I've not yet had the chance to engage with Llama 3 directly, the release of this technology suggests an emphasis on real-world testing and enhancement driven by user feedback. But, I do notice that it seems to be a drive to have users focus on WhatsApp, Facebook and Instagram, which other companies products are not meant to integrate with proprietary solutions. This aspect, I did not find appealing. Read about it on the TDR website!

How to Make a Difference in Cannabis Policy with Rep. Cardenas

In Wednesday episode of TDR's Trade To Black podcast, we're premiering a special fireside chat with Representative Cárdenas from Washington, DC. Tune in for a clear, insightful discussion about what's really holding back the cannabis narrative, how we can influence decisions on cannabis, and the unmatched value of first-hand experience. Don't miss this deep dive with California's Rep. Cárdenas—an essential conversation for anyone interested in cannabis policy. For more information, view the video on YouTube!

Monday’s Interviews on Capitol Hill were Fantastic!

The TDR Takeaway: Join us on TDR's Trade To Black podcast today as we take you on our journey throughout Washington, DC. This video features more than 7 Senators and Representatives who will discuss the current state of affairs with Cannabis reform in Washington, DC. We asked about their thoughts on the SAFE Banking Act and whether they anticipate the DEA recommending cannabis rescheduling to Schedule III. Don’t miss this vital update—get the facts directly from Capitol Hill. For more information, view the video on YouTube!