The Crypto Flash Crash & NYC ‘Smokeout’ Explained

It’s a brand-new year, and welcome back to the Trade To Black Podcast powered by the Benzinga network, your go-to source for the latest insights across Cannabis, psychedelics, and crypto. Host Shadd Dales, millennial entrepreneur Anthony Varrell, and financial writer Benjamin A. Smith kick off our first live-streamed podcast of 2024. On the table today: the ‘Smokeout’ happening in New York, and the sudden Crypto Flash Crash. Want to join the conversations? Be sure to head on over to YouTube and like and subscribe to never miss out on a livestream as it happens.

Our Into The Wire Top Headlines:

First up, New York is working to expand their powers in the regulated cannabis market with a new bill that empowers municipal governments to shut down unlicensed retail shops. The NYC ‘SMOKEOUT’ Legislation was proposed by Assembly member Jenifer Rajkumar with the hopes that it would be able to help address a proliferation of illegal business operators. Being able to “order the immediate closure of any (illegal) business” is a step that would Rajkumar believes will help with customer and community safety, since illegal smoke shops are targets for robbery, and prevent unfair competition for the licensed dispensaries.

A proposed regulatory update in Ontario to 468/18 under the Cannabis License Act, 2018, would allow licensed retail operators to expand from 75 to 150 stores. This shift spells significant growth potential, particularly for companies like High Tide, positioning them on the cusp of substantial revenue milestones.

On the cryptocurrency side of things, a crypto flash crash may be underway as Matrixport’s analyst Markus Thielen warned that SEC would likely reject all bitcoin spot ETF proposals in January. Chair Gensler’s cautious approach toward crypto compliance dims the possibility of legitimizing Bitcoin as an alternative store of value despite its potential impact. There may yet be hope though for Q2 2024.

We also have a NY Cannabis Control Board split in the news. A recent deadlock within the NY Cannabis Control Board halted the full transition of two licensed medical marijuana companies into the adult-use market. The impending January meeting holds the key to their next steps.

Be sure to tune in to the podcast to get all the details, right here on The Dales Report!

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