The Highlights
Global equities fell last week, as investors digested the latest CPI data and debt ceiling news. The MSCI World Index dropped 0.51%, while the S&P 500 fell 0.25%. The small-cap Russell 2000 slid 1.00%, while the NASDAQ bucked the trend and gained 0.40%. After two strong weeks, cannabis stocks got crushed. The MSOS ETF ended -17.71% and blue-chip operator Trulieve was down 29.02% last week. On the bright side, MariMed (CSE: MRMD, OTCQX: MRMD) increased 4.08%, while AYR (CSE: AYR, OTCQX: AYRWF) rallied 15.77% after reaching an agreement on its New Jersey earn-out payments. For most pot stocks, the bulk of the drop took place during this week's SAFE Banking hearing. Senate Banking Committee Hosts SAFE Banking Hearing; Stocks Sell Off On Thursday, the Senate Banking Committee held a hearing on SAFE Banking. The hearing was attended by several senators, co-authors, and witnesses, and provided an opportunity for lawmakers and industry representatives to discuss the proposed legislation and its potential impact on the banking and cannabis industries. The co-authors of the SAFE Banking Act, Senator Merkley and Senator Daines, emphasized the importance of passing the bill. The senators stated that it would help provide a safe and secure banking environment for cannabis-related businesses. Senator Warren said that she's pushing to de-schedule cannabis and believes that the best solution is decriminalization. Senator Fetterman said he also supports decriminalization or legalization. Ademola Oyefeso from the United Food and Commercial Workers Union was pro-SAFE. He believes the bill would provide safety for cannabis businesses and workers. Irrational cannabis nemesis Kevin Sabet, President and CEO of Smart Approaches to Marijuana, expressed his opposition to the SAFE Banking Act. Cat Packer, the Director of Drug Markets and Legal Regulation, was pro-SAFE but stressed that it should include additional equity provisions.
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