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 Wednesday
Wow, that was a wild day for sure! The TDR Crypto Miners Index was up by 16% and The TDR Retail Cannabis Index was up by over 8%. The overall TDR Comprehensive Cannabis Index was up 1.51% and only the TDR Pharma Cannabis Index was down a bit on the day! Green was leading the way yesterday!
What’s Driving the Market Today?
The futures are almost a half percent up, here is what is in focus globally for stocks:
- Fed confirms rate cuts plan
- Swiss National Bank surprise rate cut
- Stocks hit new highs
- U.S. bonds rally
- Micron shares surge 16%
Cannabis Capital Market News:
The High Flyers yesterday were led by CordovaCanna which was up by just over 30%, and the Low Flyers were led by Statehouse, which was down over 21% on the day. Canopy Growth had a noticeable upside as well of over 18% 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!
- SNDL (Nasdaq: SNDL) achieved record cannabis revenue and gross profit in 2023, along with strong contributions from retail liquor segments. Read all about it on the TDR Website.
- Aurora Cannabis (Nasdaq: ACB, TSX: ACB) receives TGA GMP certification, enhancing its market presence in Australia.
- InMed Pharmaceuticals (Nasdaq: INM) receives a 180-day extension from Nasdaq to meet the minimum bid price requirement.
- High Tide (Nasdaq:HITI) announces the opening of its third Canna Cabana store in Mississauga, Ontario, marking its 166th location in Canada.
- Verano Holdings (Cboe CA: VRNO, OTCQX: VRNOF) launches Cabbage Club™, a unique national cannabis membership model.
Cannabis News
- The Canadian cannabis industry calls for regulatory changes to allow joint promotions with retailers, aiming to boost growth and brand awareness. Read all about it on the TDR Website!
Cannabis Policy Highlights from our Friends at Marijuana Moment:
- The top health official clarified that rescheduling marijuana would not decriminalize it, against Biden’s campaign promise.
- German officials aim to amend marijuana legalization law to address concerns, potentially avoiding a vote delay.
- Congressman Blumenauer criticized the Biden administration for slow progress on marijuana reform, urging immediate action.
- State AGs urge Congress to address hemp’s intoxication loophole in the Farm Bill, highlighting public health concerns.
- Montana lawmakers are polled on overriding the governor’s veto of a marijuana revenue measure amid legal and procedural debates.
- Pennsylvania lawmakers discuss marijuana legalization’s criminal justice impact, with the governor advocating reform.
- A Hawaii House committee has advanced a marijuana legalization bill with amendments, moving closer to full legalization.
Psychedelic News:
- Research reveals natural mushroom extracts may outperform synthetic psilocybin in treating psychiatric disorders. Read all about it on the TDR Website!
Crypto and Crypto Miners:
- A UN report reveals North Korea earns nearly half its foreign currency from cyberattacks on the crypto industry.
- Wednesday saw a significant surge in crypto mining stocks, fueled by positive market news and the Federal Reserve’s decision to hold interest rates steady. Read all about it on the TDR Website!
- The SEC has postponed the VanEck Ethereum ETF decision to May 23, inviting public commentary.
- Solana’s DEX volume hit $21.3 billion, surpassing Ethereum due to a surge in meme coin trading.
AI:
- Google AI now predicts global flooding up to 7 days ahead, covering 80 countries and 460 million people.
- An AI model developed in Denmark can predict life events, including mortality, with data from six million people.
Big $ Volume Big Caps Highlights:
- Reddit (NYSE: RDDT) prices IPO at $34/share, signaling its market debut with a $6.4 billion valuation and significant investor interest.
- ServiceNow (NYSE: NOW) enhances its GenAI leadership with new AI capabilities in the Washington, D.C. platform release, boosting productivity and AI ROI.
- Biden announces up to $8.5 billion in funding for Intel (NASDAQ: INTC) to boost U.S. chip production, targeting a 20% global share by 2030.
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