Get a quick update on today’s essential news with TDR News highlights! We’ve condensed the most important information about Cannabis, Psychedelics, Crypto, and AI into a brief format, saving you time and keeping you informed as you start your day.
Cannabis:
It has been a slow period for Cannabis Company news since Friday, but we have some interesting analyses to share. At TDR in 2024, we are focusing on being a thought leader in the research and analysis of cannabis companies. Explore inventory efficiency in the cannabis industry with our analysis of Days Inventory Outstanding (DIO). We have ranked and analyzed the inventory conditions of 43 cannabis companies we follow. Our study highlights the top performers, including Trees, Body and Mind, Indiva, and Glass House Brands. Read the full report on the TDR website.
Cannabis Policy:
The DEA’s recent social media conduct has been questionable, displaying either a lack of awareness, racial insensitivity, or juvenile handling. The DEA’s post of Nixon receiving a narcotics law enforcement award at the start of Black History Month sparked criticism due to its connection with the war on drugs, which has disproportionately impacted Black communities. This, coupled with an advisor’s admission of the drug war’s racially charged strategy, has fueled debate over the DEA’s historical and ongoing role in drug policy, amidst calls for cannabis reclassification and policy reform. Read our full post and see the images at the TDR Website.
Virginia is focused on initiating adult-use cannabis sales intertwined with social justice causes. A Virginia House subcommittee advanced HB 698, which will allow medical marijuana dispensaries and selected small businesses to begin adult-use cannabis sales by next January. The bill emphasizes social equity by requiring microbusinesses to be significantly owned by socially disadvantaged individuals, including those with past marijuana misdemeanors. It proposes a 9% sales tax and prioritizes equitable licensing. Amid debates on cannabis market regulation, the legislation aims to facilitate legal sales while addressing the impacts of past criminalization policies.
Canada is the only country where full recreational use is entirely legal; however, compliance with regulations is required. In Winnipeg, a woman and two employees are facing charges for illegally selling tobacco and cannabis in three convenience stores. Following a tip, police inspections revealed that these items were accessible to minors. The investigation resulted in 30 charges against the store owner for selling unmarked tobacco products and cannabis targeting young individuals.
Psychedelics:
Mydecine Innovations Group Inc. (CSE:MYCO, OTC:MYCOF), focused on psychedelic-based mental health and addiction treatments, announced Neil Stevenson-Moore’s resignation as a director. The company is searching for a replacement and remains committed to advancing psychedelic therapies. We track the continued change in leadership in Cannabis and Psychedelic companies each day at TDR.
Crypto:
Jim Rogers, co-founder of Soros Fund Management, believes Bitcoin doesn’t threaten governments or replace traditional currencies. In a Kitco News interview, he labeled Bitcoin more as a trading vehicle than a viable legal tender, doubting its global adoption due to government resistance. Rogers also highlighted concerns over the surveillance potential of central bank digital currencies (CBDCs), reflecting wider fears about privacy. The Privacy benefit of Crypto could be taken away with government controlled CBDCs.
Anthony Scaramucci, SkyBridge Capital founder, advised the crypto community to back President Joe Biden for the 2024 election at a Duke University conference, citing the long-term risks of a Trump presidency to the legal system despite stricter current crypto regulations under Biden. He referenced the crypto industry’s legal wins, such as Grayscale’s suit against the SEC, and predicted a favorable outcome for Coinbase in its legal battle with the SEC, even foreseeing a Supreme Court victory. Scaramucci, a vocal critic of Trump post his brief communications director stint, also predicted Bitcoin would hit $170,000 after the next halving based on past trends, despite the hedge fund industry’s cautious stance on crypto.
AI:
Andrew Bailey, Governor of the Bank of England, has countered concerns about AI causing widespread job losses, emphasizing economies and jobs’ ability to adapt and improve with technological advancements. He highlighted the potential productivity benefits of AI across various sectors. This is in contrast to this article we posted on the TDR Website on Friday.
Canada has signed a letter of intent with Nvidia(NASDAQ:NVDA) to enhance AI computing infrastructure, a move not disclosed in detail during Nvidia CEO Jensen Huang’s visit to Toronto. Huang highlighted Canada’s significant AI research landscape, rooted in the work of AI pioneers Yoshua Bengio and Geoffrey Hinton, and stressed the importance of supporting this research with necessary funding and technology.
Want to keep up to date with all of TDR’s content, subscribe to our daily Baked In newsletter.