The Highlights
After a strong 1H23, global equities were down this week. The MSCI World Index fell 1.42%, while the S&P 500 dropped 1.06%. The decline was driven by stronger-than-expected labor market data and concerns that this may make the Fed less accommodating. The Russell 2000 finished the week down 1.32%, while the NASDAQ declined 0.92%. Cannabis stocks surged and the US cannabis MSOS ETF ended the week +12.61%. The bulk of the return came on Friday as speculators piled in ahead of the Senate returning from recess on Monday. SAFE Banking is sitting in the Banking Committee, and we are hoping it gets voted out of the committee before the Senate goes on break again on July 29. The next step after the Banking Committee is a Senate floor vote. SAFE has passed the House seven times but has never been passed by the Senate. Investors are closely watching what additional items may be added to the bill and are concerned that additional amendments will make it more difficult to pass. Curaleaf (CSE: CURA, OTCQX: CURLF) was the top-performing MSO, up 29.37% this week. A portion of the move was driven by speculation it may acquire Canadian operator Cronos (TSE: CRNO, NASDAQ: CRON). This news emerged on Thursday, and on Friday, Curaleaf stated in a press release, “The Company’s policy is to refrain from commenting on market rumors. The Company does not intend to make further comment unless required by law.” After a tough 1H23 where the stock was down 48.21%, Trulieve (CSE: TRUL, OTCQX: TCNNF) rebounded strongly and finished the week +24.23%. TerrAscend (TSE: TSND, OTCQX: TSNDF) was the weakest performer this week, down 5.49% after joining the TSX on July 4. However, YTD TerrAscend is outperforming the MSOS ETF by 64.56%. More on this later.
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