Get a quick update on today’s TDR News! We’ve condensed the most important information about Cannabis, Psychedelics, Crypto and Miners, AI, Small Cap REITS and Large $$ Volume Mega Caps into a brief format, saving you time and keeping you informed as you start your day.
Recap of Thursday
The TDR Comprehensive Cannabis Index increased by 2.19%, which resulted in the TDR Pharma Cannabis and TDR Retail Cannabis Indexes rising by over 3%. Meanwhile, the TDR Crypto Indexes declined by slightly less than 1%, although they experienced significant gains on Wednesday.
What’s Driving the Market Today?
The futures are up a bit this morning, here is what is in focus globally for stocks:
- Dollar gains after global rate cuts
- Apple antitrust suit impacts stocks
- US Treasury yields firm above 4.60%
- Mixed overnight earnings reports
- Fed officials set to speak today
Cannabis Capital Market News:
The High Flyers yesterday were led by PharmaCielo which was up by just over 19%, and the Low Flyers were led by LFTD, which was down over 16% on the day. Here are the charts of the High and Low Flyers:
Let’s examine the highlights from companies in the TDR Comprehensive Cannabis Index!
- High Tide (Nasdaq: HITI, TSXV: HITI) announces its 3rd Canna Cabana store in Mississauga, Ontario, marking its 166th location in Canada.
- Tilray (Nasdaq: TLRY, TSX: TLRY) expands Redecan’s lineup with Space Age Cake flower, Hemp’d pre-rolls, and a 10-pack Taster Series.
- 4Front Ventures (CSE: FFNT, OTCQX: FFNTF) launches Crystal Clear Blast in Massachusetts and Illinois and updates on Norridge and Matteson projects.
Cannabis News
- A Canadian federal panel recommends revising cannabis excise taxes based on THC content to address industry challenges.
- Treasury Secretary Yellen supports passing a bill to resolve banking issues for cannabis businesses amid federal-state policy conflict.
- A study finds no significant risks in organ donations from marijuana users, challenging restrictions on transplants to cannabis consumers.
Cannabis Policy Highlights from our Friends at Marijuana Moment:
- The VA supports amending a medical marijuana bill for veterans but opposes a psychedelics measure, citing it as unnecessary.
- Washington’s governor signs a law exempting medical marijuana patients from the state’s 37% cannabis excise tax on DOH-compliant products.
- Congressional leaders propose continuing to block D.C. marijuana sales while funding psychedelics studies in a new spending bill.
- The Idaho Senate voted against a bill to ban marijuana advertisements, with concerns about unintended consequences and its broad application of federal law.
- A lawsuit led by a Pennsylvania prosecutor and advocacy groups argues the federal gun ban for medical marijuana users is unconstitutional, lacking historical precedent.
- Delaware senators have approved a bill to expand medical marijuana access, allowing doctors to recommend cannabis for any condition and patients 65+ to self-certify without a doctor’s recommendation.
Psychedelic News:
- Numinus Wellness (TSX: NUMI, OTCQX: NUMIF) submits a Clinical Trial Application to Health Canada for MDMA-assisted psychotherapy in a group model. Read all about it on the TDR Website!
- MindBio (CSE:MBIO) initiates Phase 2B take-home microdosing LSD trial for Major Depressive Disorder treatment, following successful Phase 2A results.
- Silo Pharma (Nasdaq: SILO) licenses SPC-15 for PTSD and stress-induced anxiety, aiming for FDA pre-IND submission by Q2 2024.
- Mydecine Innovations Group (CSE: MYCO, OTC: MYCOF) settles $50,000 debt with shares, preserving cash for working capital.
Crypto and Crypto Miners:
- TeraWulf (Nasdaq:WULF) reports a 360% revenue increase and a 550% rise in BTC mined in 2023, with a cost of power at 3.2 cents per kWh. Read all about it on the TDR Website!
- Bitcoin ETFs experienced a record $742m outflow over three days, despite overall strong investment since launch.
- Coinbase’s chief lawyer calls for SEC approval of Ethereum ETFs, highlighting Ethereum’s long-standing classification as a commodity.
AI:
- The UN unanimously adopted a global resolution on AI, aiming to protect human rights and monitor AI risks. Read all about it on the TDR Website!
- Microsoft introduces Surface Pro 10 and Surface Laptop 6 for Business, featuring new Intel Core Ultra processors and AI capabilities.
- Sam Altman’s stake in Reddit increased to over $613 million following the company’s successful NYSE debut.
Big $ Volume Big Caps Highlights:
- Reddit’s (NYSE: RDDT) shares surged 48% in its NYSE debut, raising $750 million with an opening price of $47 and a closing market cap of $9.5 billion.
- Micron Technology (MU) reports Q2 fiscal 2024 revenue of $5.82B and GAAP net income of $793M, forecasting Q3 revenue at $6.6B.
- The Justice Department sues Apple (AAPL), alleging it has illegally monopolized the smartphone market, stifling competition and innovation.
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