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📈 Thank God It's Friday 📈

Author

William McNarland
April 26, 2024

GM Everyone,

Yesterday, Kamala Harris once again took center stage in the national spotlight. She broached the topic of cannabis in a nationally streamed roundtable discussion, and her conversation partner was none other than Kim Kardashian. This marks the second such event within the last month, indicating Harris's intent to prioritize the cannabis issue as we head into election season. While this is promising, as of yesterday, there has been no response from the DEA. Additionally, a letter from politicians to the DEA surfaced yesterday, raising more questions than it provided answers. Many of us believe it's not a question of if but when change will come, but the slow progress is becoming tiresome as we navigate the hurdles on our journey to reform.

Today’s letter can be read in 6 minutes and 12 seconds. 

  • Maxine Waters backs SAFE

  • Lawmakers call for rescheduling in another letter to the DEA

  • STRIPE will take stablecoins mainstream

  • Our interview with Canopy CEO - David Klein is LIVE

Capital Markets this Morning:

The futures are up this morning, NASDAQ is set to open 1% higher, here is what is in focus globally for stocks:

  • Earnings Impact: Alphabet and Microsoft report strong earnings, boosting their stocks and stabilizing tech sector after Meta's AI spending concerns.

  • Yen Volatility: The Japanese yen hits a 34-year low against the dollar as the Bank of Japan maintains its easy monetary policy.

  • U.S. Economic Data: Slower Q1 GDP growth in the U.S. viewed in light of strong domestic demand; inflation expectations keep Fed rate cuts in check.

  • Market Futures: Positive overnight movement in Nasdaq and S&P 500 futures, driven by tech earnings and anticipation of Big Oil reports.

Cannabis Policy: SAFER Banking Act Comments By Maxine Waters

The TDR Takeaway:  Representative Maxine Waters, the senior Democrat on the Financial Services Committee, expressed her expectation to soon finalize an agreement with Chairman Patrick McHenry on stablecoin regulation legislation. Can she get Senator Mitch McConnell support on adding SAFER Banking? For additional details, visit the TDR website.

Cannabis Policy: U.S. Lawmakers Call for Marijuana Rescheduling

The TDR Takeaway: U.S. lawmakers are urging the DEA to reschedule marijuana, arguing that internal agency disagreements should not hinder regulatory changes. Their efforts aim to reshape national drug policy, emphasizing the increasing acknowledgment of marijuana's medical benefits and shifting public opinion. Should they do more besides send a letter? For more details, visit the TDR website! 

Psychedelics: Lykos Therapeutics Makes Progress with European Approval for PTSD Therapy

The TDR Takeaway: More progress for Lykos, they have completed their phase 2 trials in Europe. This process is behind in Europe compared to the USA where Lykos has a New Drug application in at the FDA, but this does give hope to millions of people suffering from PTSD in Europe. Read about it on the TDR website!

Crypto: Stripe Revives Crypto Services with Stable Coin Payments

The TDR Takeaway: Stripe has resumed accepting cryptocurrency payments after a six-year hiatus. Initially, the service will support the USDC stablecoin. This development raises the question of whether it will set a precedent for more widespread adoption of cryptocurrency payments. Read about it on the TDR website!

AI: Microsoft Outpaces Meta in AI and Revenue Growth

The TDR Takeaway: Microsoft's stock has risen over 5% after market close due to investor enthusiasm following its revenue beat and promising prospects in AI. Conversely, Meta's stock declined over 10% yesterday, partly because of diminishing confidence in its AI development. Read about it on the TDR website!

Trade To Black - Canopy Growth

David Klein, CEO of Canopy Growth provides a corporate update covering the Constellation equity conversion, plans for integrating Wana, Jetty and Acreage, new financial reporting, institutional opportunities, and expansion into Europe. Here is the link!