The Highlights
Despite the turmoil in the Middle East, the MSCI World Index gained 0.36%, while the S&P 500 rose 0.94%. The Russell 2000 underperformed again, losing 1.58%, while the NASDAQ climbed 2.35%. YTD, the Russell 2000 is -2.35%, the S&P 500 is +12.83, and NASDAQ is +28.10%. This is surprising, as small caps typically lead off a bear market bottom. However, during this cycle, large tech is leading the way. Cannabis stocks had a quiet week, with the US-focused MSOS ETF dropping 0.56% and the global YOLO ETF declining 3.50%. There was less dispersion among the top names, with Verano (CSE: VRNO, OTCQX: VRNOF) leading the way at +5.64% and AYR (CSE: AYR, OTCQX: AYRWF) lagging at -6.59%. TerrAscend (TSX: TSND, OTCQX: TSNDF) ended the week up 3.26% and raised FY23 guidance. The company expects 2023 net revenue and adjusted EBITDA from continuing operations of at least $317 million and $63 million, respectively, versus previous guidance of at least $305 million and $58 million, respectively. TerrAscend guided to gross margins of at least 50% in 2H23 and expects free cash flow from continuing operations in the second half of the year. The stock is up 68.14% YTD versus +0.72% for MSOS. Payment infrastructure provider POSaBIT (CSE: PBIT, OTCQX: POSAF) fell 55.43% over the last five sessions. On Wednesday, the company provided an update on PIN debit processing and cited an industry-wide decrease in debit card acceptance rates. As certain payment rails have been removed, acceptance has dropped to 30-40% versus more than 90% at the peak. SAFER Banking may allow dispensaries to take credit cards, just like any other legal business. Curaleaf (CSE: CURA, OTCQX: CURLF) announced on Tuesday that it has filed an application to list the company’s subordinate voting shares on the Toronto Stock Exchange (TSX). TerrAscend listed its shares on the TSX in July and has seen increased volume, greater access due to fewer custody restrictions, and more interest from institutional investors. Boris Jordan, Executive Chairman of Curaleaf, joined us on our Higher Exchanges podcast to discuss the TSX application and political progress in Washington. You can listen to the conversation on Twitter Spaces, Apple Podcasts, Google Podcasts, and Spotify.
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