The Highlights
Global equities rallied this week on softer CPI and PPI reports. One year ago, CPI was 9.1%, compared to last week’s 3.0%, showing the Fed’s action has slowed inflation. This puts less pressure on the Fed to continue raising rates. The S&P 500 jumped 2.45% and the MSCI World finished the week +3.07%. Tech followed suit with the NASDAQ +3.32% and smalls caps led the way with the Russell 2000 +3.69% over the last five sessions. Cannabis stocks are trading off the SAFE Banking news cycle. Last week, traders increased exposure ahead of the Senate returning to work on Monday and this week most stocks sold off after concerns emerged on Section 10 and gaining republican co-sponsors. The US cannabis MSOS ETF ended the week down 4.0%, led by declines in blue chip names like Curaleaf (CSE: CURA, OTCQX CURLF) and Green Thumb Industries (CSE: GTII, OTCQX GTBIF). AYR (CSE: AYR, OTCQX AYRWF) bucked the trend, ending the week +24.07% and is now up 95.65% since April 11th. Cresco (CSE: CL, OTCQX: CRLBF) and Columbia Care (NEO: CCHW, OTCQX: CCHWF) also ended the week up, as investors patiently wait for more news on their proposed merger. The merger was supposed to be completed on June 30th. Last we heard, the companies were working amicably on next steps and will provide an update in the “near future.” There was notable news and sell offs on the Canadian side. Canopy Growth (NASDAQ: CGC) fell 40.92% on Friday after receiving notice from the Nasdaq listing qualification department that it is not in compliance with the exchange’s listing rules. The firm also announced financial restructuring that will lead to more dilution. Organigram (NASDAQ: OGI) also had a tough Friday, dropping 19.58% after weaker than expected earnings. The Senate is off on Monday, July 17th, and then in session until the end of July. While politics dominate the headlines, there have been several positive state-led headlines, including strong sales in important MSO markets.
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