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Titanic Hitting the Iceberg

Have we paused the Rally?

Author

William McNarland
April 10, 2024

GM Everyone,

Nothing douses the flames of a rally quite like an uninspiring earnings report, and boy, did we get served yesterday. Tilray, stepping into the spotlight pre-market, managed to drop jaws and not in a good way. To everyone's astonishment, they missed the mark on every single analyst estimate out there and took a grim view of their EBITDA for 2024, guiding it downward. As a result, we watched the stock plunge by a staggering 20%, dragging down the sector with it. Here's hoping this doesn't set a precedent for the near future. We're all craving some clear differentiation between Canadian LPs and the multi-state operators. Until that day comes, we're stuck in our own peculiar version of purgatory, dodging bullets from our friends up north.

Today’s letter can be read in 6 minutes and 56 seconds. 

  • The Cannabist Expansion to Four New States

  • Can THC in Recreational Cannabis Prevent Cognitive Decline?

  • How Transaction Fees Impact Blockchain Development

  • What to Expect from ChatGPT 5

Capital Markets this Morning:

The futures are flat, here is what is in focus globally for stocks:

  • Yesterday the S&P500 edged higher, with focus on today's March inflation report potentially influencing future rate decisions.

  • U.S. Treasury market shows mixed signals amid inflation concerns and a significant 10-year note auction.

  • Crude oil prices dropped 3% from the 2024 peak, easing inflation worries slightly.

  • Central banks' decisions in focus: Bank of Canada and ECB might set the stage for global rate cut cycle.

  • Overseas markets react to TSMC's revenue surge and geopolitical shifts, including a downgrade of China's outlook.

Cannabis Capital Markets: The Cannabist Expansion to Four New States

The TDR Takeaway: The Cannabist Company is expanding into four new East Coast markets and partnering with Revelry Herb Co. for growth. The decision is based on positive customer feedback, encouraging the company's executives to pursue more partnerships. The is the second announced partnership in one week! Read all about it on the TDR Website!

Cannabis Regulation: Can THC in Recreational Cannabis Prevent Cognitive Decline?

The TDR Takeaway:  According to a study by Zhi Chen, recreational cannabis use may lower the risk of subjective cognitive decline in adults over 45, offering potential cognitive health benefits. The study distinguishes between recreational and medical cannabis, suggesting THC content may protect against cognitive decline. For more details, visit the TDR website. 

Crypto: How Transaction Fees Impact Blockchain Development

The TDR Takeaway: High transaction fees on Bitcoin and Ethereum blockchains hinder new applications, affecting cryptocurrency's growth.Alternatives like Solana aim to offer lower transaction fees, supporting practical blockchain application development. How could this affect the price of Bitcoin and other coins? For more information, read about it on the TDR website.

AI News: What to Expect from ChatGPT 5

The TDR Takeaway! ChatGPT 5 marks a significant advancement in AI, focusing on personalization and accuracy in human-computer interaction. OpenAI's push for ChatGPT 5 demonstrates a commitment to achieving AGI with improved reasoning and dependability. The anticipation for ChatGPT 5 is high but it likely will not be out until this summer. Learn what we know about ChatGPT 5 on the TDR Website!

In yesterday’s episode of the Trade To Black podcast, we interview Kim Rivers, CEO of Trulieve. We will discuss the latest developments from Q1, including the Florida Supreme Court's approval of the initiative to include cannabis on the ballot this fall. We'll examine how this decision aligns with the company's growth and explore the potential need for further expansion in Florida.

Last Wednesday’s TDR's Trade To Black podcast features an interview with Rep. Nancy Mace. Our discussion focused on the current wait for cannabis rescheduling, the potential impact of a Trump presidency on the cannabis industry, and the level of access politicians have to the DEA. Get the insights straight from Washington, D.C.