fbpx

Cannabis News Today – July 8th, 2024

Welcome to “Cannabis News Today,” a summary of the cannabis industry’s stock and regulatory updates.

Arkansas Campaign Pushes for Medical Marijuana Amendment 2024

The Arkansans for Patient Access (APA) campaign has submitted 114,402 signatures to qualify the Medical Marijuana Amendment of 2024 for the November ballot. The proposed amendment aims to allow patients and caregivers over 21 to grow up to seven mature and seven young marijuana plants, extend the validity of medical marijuana cards to three years, and enable telemedicine consultations to improve accessibility, especially for rural residents. Despite strong support from voters, the amendment faces opposition from groups concerned about the potential expansion of marijuana use and the complexity of the ballot title. Read all about it on the TDR Website!

Dan From TheChartGuys Insights on Cannabis Stock Market

Dan McDermitt from TheChartGuys highlighted the ongoing struggles in the U.S. cannabis market, specifically with MSOS, where bulls need to break through critical levels of $7.52 and $7.58 to avoid a weekly bear flag. He also emphasized Trulieve’s (CSE: TRUL, OTCQX: TCNNF) need to surpass $10.80 to confirm a bullish trend and Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) sideways pattern. Additionally, McDermitt noted Curaleaf’s (CA: CURA, OTCQX: CURLF) relative weakness and Canopy Growth’s (TSX: WEED, Nasdaq: CGC) brief short squeeze, advising investors to maintain a balanced approach by selling during market highs and buying during lows to take advantage the market’s volatility. Read all about it on the TDR Website!

Preparing for Earnings Season – Monitoring The Trend of Increased Leverage

In the past year, US Multi-State Operator (MSO) cannabis companies have shown positive financial trends, including increased Free Cash Flow and EBITDA margins. Despite these improvements, there has been a notable trend of rising debt levels among these companies, leading to higher financial leverage. An exclusive TDR report examines how leverage is measured and the importance of the Total Liabilities to Total Assets Ratio. It also identifies which MSOs are most and least leveraged, highlighting that companies with lower ratios are generally considered lower risk. As the cannabis sector matures, it is anticipated that leverage ratios will decrease as companies use excess cash flow to reduce debt. Read all about it on the TDR Website!

SNDL Acquires Delta 9 Cannabis Debt 

SNDL Inc. (NASDAQ: SNDL) has acquired the debt of Delta 9 Cannabis, elevating its position to senior secured creditor status. This strategic move aims to enhance SNDL’s financial leverage and influence within the cannabis industry.

SNDL Enters Purchase Agreement for Indiva Limited 

SNDL (NASDAQ: SNDL) has also entered into a stalking horse purchase agreement for the business and assets of Indiva Limited. This agreement sets a minimum bid for Indiva’s assets, potentially facilitating SNDL’s expansion in the cannabis market.

IM Cannabis Announces Consolidation Plans 

IM Cannabis Corp. (CSE: IMCC, NASDAQ: IMCC) has revealed its intention to complete a consolidation of its shares. This decision is aimed at improving the company’s market position and streamlining its capital structure​​.

Minnesota Hemp Sales Reach Nearly $10 Million 

In its first year of legal hemp sales, Minnesota has generated nearly $10 million in revenue. The state’s hemp industry is believed to be even larger, as these figures only represent part of the market’s total economic impact​.

Majority of Florida Voters Support Amendment 3 for Legalizing Recreational Cannabis, Poll Finds

A poll conducted from June 26-29 by Florida Politics found that most Florida voters support Amendment 3, which would legalize recreational cannabis for those 21 and older. With more than 64% in favor, the poll suggests the amendment could easily reach the required 60% +1 threshold for passage.

Thailand to Relabel Cannabis as a Narcotic 

Thailand is taking steps to reclassify cannabis as a narcotic. This change follows the recent legalization efforts and reflects ongoing adjustments in the regulatory landscape surrounding cannabis in the country​​.

Read more cannabis news on the TDR Website!

Want to be updated on Cannabis, AI, Small Cap, and Crypto? Subscribe to our Daily Baked in Newsletter!


You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More