The Highlights
Global equities were fairly flat this week, with the MSCI World Index +0.40% and the S&P -0.48%. The NASDAQ was down 0.39%, while the small-cap Russell 2000 dropped 0.17%. Rising oil prices boosted value stocks, while Apple’s uninspiring new product introductions weighed on the tech sector. Cannabis stocks surged for the fourth straight week on largely positive state developments and continued optimism around political progress. The US cannabis MSOS ETF gained 9.28%, while the global YOLO ETF increased 9.75%. Roundhill’s WEED ETF led the pack (+13.58%) over the last five trading sessions. Columbia Care (NEO: CCHW, OTCQX: CCHWF) +17.39%, Trulieve (CSE: TRUL, OTCQX: TCNNF) +15.50%, and Curaleaf (CSE: CURA, OTCQX: CURLF) +12.34% were the MSO standouts. Columbia Care is now +221.40% since August 29. Glass House Brands (NEO: GLAS, OTCQX: GLASF) -8.55%, TerrAscend (TSX: TSND, OTCQX: TSDNF) -2.29%, and Cresco (CSE: CL, OTCQX: CRLBF) -1.77% were the laggards last week. YTD, Glass House and TerrAscend are up 140.80% and 88.50%, respectively, while MSOS is +29.76%. Broadly, the stocks that were up big coming into the rescheduling news have bounced the least. SAFE Markup Scheduled for September 27 The biggest headline of the week was on Friday when we learned that the Senate Banking Committee will hold a markup on SAFE Banking on Wednesday, September 27. Last week, we reported that our sources were pointing to a vote the week of the 20th, but as often happens in politics, things got delayed. The markup of the bill and the vote typically happens on the same day. If SAFE successfully exits the Banking Committee, the next step is a Senate floor vote. If the Senate approves it, it will head to the House. The House has passed SAFE Banking seven times, however, that was under Democrat leadership and the House flipped Republican this year. On Wednesday, September 20 at 1:00 pm ET, we’re hosting a fireside chat to discuss the recent positive developments in the cannabis space. It’s open to all investors and will be recorded. Please register here (registration link in our full report) or on WTR's website.
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