Weekly Recap of Cannabis Stocks With The Chart Guys
In our Friday, September 13, 2024, episode of the Trade To Black Podcast, hosts Shadd Dales, Anthony Varrell, and Guap cap an exciting week with the late headlines breaking in cannabis news. We’ll examine the latest from Green Thumb Industries, the hemp bans happening in three states, and the latest update in the David Boies lawsuit. We’ll also discuss why AOC believes Donald Trump might be faking his support for cannabis, what investors can expect heading into the Federal election, and bring Dan from The Chart Guys to talk about this week’s price action involving the top cannabis stocks following the debate and other news.
Last week, California Governor Gavin Newsom proposed a ban on hemp products containing intoxicating cannabinoids. The governor said that they were taking emergency action to close loopholes and increase enforcement that would prevent children from being able to access those products. New Jersey and Missouri have joined the list of states trying to ban hemp products that contain THC and other psychoactive components. Is this a good idea, how will it impact the Farm Bill, and what does it mean for the industry?
On our previous podcast, we discussed Green Thumb’s (OTC: GTIBF) new retail location opened in Jacksonville, Florida. The RISE dispensary was Green Thumb’s 20th in the state and 98th nationwide. Now, Green Thumb Industry, which owns the RISE Dispensaries, announced Thursday that it has closed on a $150 million, 5-year syndicated credit facility. Ben Kovler, GTI’s founder, chairman and CEO says that the financing deal represents “a first-of-its-kind credit facility for the U.S. cannabis industry.”
Last year, David Boies took the cannabis industry on as a client to appeal prohibition. The lawsuit’s basis was the contradiction between the federal Controlled Substances Act and the Interstate Commerce Clause of the Constitution. A US District Court in Massachusetts dismissed the case based on a 2005 Supreme Court Decision which upheld federal authority over intrastate regulation of cannabis. This week, on September 10, the plaintiffs formally appealed that ruling in the First Circuit court.
Cannabis seems to becoming an increasingly bipartisan topic, with even Donald Trump pivoting to expressing support for Florida’s Amendment 3 on his social media network. Alexandria Ocasio-Cortez (D-NY), who has been an advocate for ending federal prohibition. however, says “I don’t think he’s serious.”
We’ll touch on why, and examine the latest market movement with the Chart Guys on this episode of Trade To Black.
