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Workweek Midpoint
William McNarland
February 21, 2024
GM Everyone,
Well, everyone this might be another “hold onto your butts” moment for the stock market. It looks like the Mag 7 or whatever Cramer is calling the cohort of tech giants that continues to prop up the major indexes is starting to crack. Earnings and guidance are coming in a little light due to ungodly expectations in terms of performance and everyone with their heads in the sand when asked what the pull forward metrics look like on something like $NVDA that has taken the elevator straight to the penthouse and shot through the roof.
What does this mean for the cannabis sector? Well, it could mean that money is now going to be searching for that new trend and we happen to be sitting on the precipice of major regulatory reform that will fundamentally alter this sector for the better. Will this happen today? Probably not? However, once we start to see related headlines, it’s likely that investments will flow into this area.
This mornings letters highlights:
$CGC shareholder meeting is coming up
$REFI and Silver Spike tie up
$NVDA earnings came in LIGHT
$NUMI is cashed up and ready to go in our latest interview with the CEO
Cannabis Capital Markets
Details on Canopy Growth’s News……
Canopy Growth (TSX:WEED, NASDAQ: CGC) plans to vote on creating Exchangeable Shares and form Canopy USA, LLC to facilitate U.S. market entry and navigate regulatory challenges, enhancing shareholder value. Read our detailed article on the TDR Website.
Aurora Cannabis (NASDAQ: ACB, TSX: ACB) announces the appointment of Simona King as Chief Financial Officer, effective February 21, 2024, succeeding Glen Ibbott, and the completion of a 10 to 1 share consolidation, with shares trading post-Consolidation on NASDAQ and TSX starting today.
SweetWater Brewing Company, a subsidiary of Tilray Brands (NASDAQ: TLRY, TSX: TLRY), has become the official craft beer partner of Major League Soccer's Atlanta United, expanding its presence at Mercedes-Benz Stadium and launching co-branded products to support community engagement and fan events.
Chicago Atlantic BDC Holdings and Silver Spike Capital entered into a joint venture to merge and operate portions of their investment management businesses, with the venture leading to the renaming of SSIC to Chicago Atlantic BDC, and SSC to Chicago Atlantic BDC Advisers, subject to SSIC stockholder approvals and closing conditions.
Curaleaf Holdings (TSX: CURA, OTCQX: CURLF) announced the relocation of its Phoenix Airport dispensary to a new, larger, and state-of-the-art renovated retail space at 4415 East Monroe Street, aiming to enhance customer experience and accessibility near Sky Harbor Airport.
4Front Ventures (CSE: FFNT, OTCQX: FFNTF) announces the launch of Mission Cannabis, a premium flower brand now available at all Mission Dispensaries in Massachusetts and soon in Illinois, aiming to provide high-quality, affordable cannabis experiences across recreational and wellness categories.
iAnthus Capital (CSE: IAN, OTCQB: ITHUF) announces the extension of the maturity date of its senior secured bridge notes from February 16, 2024, to February 16, 2026, with interest rates unchanged at twelve percent per annum, payable quarterly, and an amendment fee payable through the issuance of common shares.
Last week, MSOS recorded inflows of $15,088,000, contributing to February's total inflows of $91,345,550, averaging $8,304,140 per trading session, indicative of consistent new capital ahead of potential political progress.
Cannabis Policy
According to Nebraska Public Media, a new poll shows 70% support among Nebraskans for legalizing medical cannabis, as efforts to place the issue on the 2024 ballot continue amidst broader tax reform discussions.
Thailand's health minister announced in a Bloomberg interview that the country plans to ban recreational cannabis by year-end, aiming to pass a new bill that outlaws such use, which may impact thousands of businesses that emerged after the decriminalization of cannabis two years ago.
According to Bloomberg, Germany is set to decriminalize personal cannabis use this week, with legislation allowing adults to possess up to 25 grams and grow three plants, as part of a move towards broader legalization, despite opposition concerns over health and law enforcement impact.
Cannabis Studies
Expanding U.S. cannabis research uncovers its health pros and cons, stressing the importance of informed usage and ongoing study. Read the full article on the TDR website.
Psychedelic Capital Markets
Clearmind Medicine (Nasdaq: CMND, CSE: CMND), specializing in psychedelic-derived therapeutics, has submitted three international patent applications under the Patent Cooperation Treaty in collaboration with SciSparc (Nasdaq: SPRC), targeting novel combinations of LSD, psilocybin, DMT, and SciSparc's PEA for the development of treatments for central nervous system disorders.
Filament Health (CBOE CA: FH, OTCQB: FLHLF) has received approval from the U.S. Food and Drug Administration (FDA) for its Investigational New Drug application for PEX010, a botanical psilocybin drug candidate aimed at treating Substance Use Disorders.
Psychedelic News
MAPS emphasizes the importance of integration in safely and effectively utilizing psychedelics, offering a free website and workbook developed with The Primed Foundation's support to aid individuals in incorporating psychedelic insights into their everyday lives.
Cryptocurrency
According to DL News, residents of Granbury, Texas, are experiencing health issues due to the constant noise from Marathon Digital Holdings Bitcoin mining operation, which utilizes 80,000 machines, highlighting noise pollution as a growing concern for the cryptocurrency mining industry.
I think the noise will get worse……..
Eight Bitcoin ETFs have collectively accumulated 268,149 BTC, valued at approximately $13.97 billion, with iShares by BlackRock leading the pack by holding 119,681 BTC worth around $6.23 billion, reflecting significant institutional investment in Bitcoin.
AI
A Stanford Medicine study reveals an AI model that can determine the sex of individuals with over 90% accuracy from brain scans, highlighting significant sex-based differences in brain organization and opening new paths for personalized medicine.
According to the NY Times, Anthropic, an AI start-up, raised $7.3 billion in a year from investors like Google, Amazon, and Salesforce, highlighting the intense competition and unconventional deal structures emerging in the AI industry.
Big $ Volume Big Caps
Nvidia (NVDA) experienced its largest one-day market cap loss of $78 billion ahead of its quarterly earnings report, with shares dropping 4.4% despite expectations for steady sales and a positive long-term outlook driven by expansion into new markets. Read the whole article on the TDR Website!
That is one huge insider sale………
Jeff Bezos, founder of Amazon (AMZN), completed the sale of 50 million Amazon shares within nine trading days, netting approximately $8.5 billion, without disclosing plans for the proceeds, amid his move to Miami potentially saving him from Washington state's capital gains tax.
More Amazon News: At the same time Amazon Is Joining the Dow Jones Industrial Average. Walgreens Is Getting the Boot.
Walmart (WMT) reported a 4% increase in U.S. comparable sales and is buying Vizio for $2.3 billion to expand its revenue sources amid cautious consumer confidence and a mixed economic outlook.
On yesterdays episode of TDR's Trade To Black podcast, we're joined by Payton Nyquvest, Founder and CEO of Numinus Wellness (OTCMKTS: NUMIF), to discuss the latest advancements in psychedelic-assisted therapy. Nyquvest talks about Numinus' recent $6 million funding success, strategic partnerships, and the future of MDMA-assisted therapy for mental health.
In this special episode of TDR’s Trade to Black podcast, we explore the dynamic of the cannabis market in Pennsylvania. Our guest Anthony Coniglio, CEO of New Lake Capital, joins in as we dissect the intricacies of the Pennsylvania market.
Thanks for reading today’s Baked In—see you soon!
Written by Bill McNarland and Anthony Varrell