The Highlights
Global equities again inched higher this week with the S&P 500 +0.65% and the MSCI World Index +0.60%. The S&P 500 is now within 6% of an all-time high as investors become increasingly confident that inflation has cooled while corporate earnings remain strong. The Russell 2000 climbed 1.53% last week but remains 18% below its 2021 peak. Historically, small caps lead off bear market bottoms, but this time the strength has been in big tech. This week, NASDAQ took a breather and finished the last five sessions -0.57%. Cannabis stocks took a beating as the chances for SAFE Banking to be voted out of committee prior to the Senate recess diminish. The US cannabis MSOS ETF ended -11.00% this week and all the larger operators finished in the red. AYR Wellness (CSE: AYR, OTCQX: AYWRF) was hit hardest, -18.55%. Cresco (CSE: CL, OTQX CRLBF), TerrAscend (TSX: TER, OTCQX TSNDF), and Trulieve (CSE: TRUL, OTCQX: TCNNF) all finished the week down double digits. Columbia Care (NEO: CCHW, OTCQX: CCHWF) and MariMed held up best, both down around 2%. SAFE Banking on Hold Until (At Least) September Cannabis traded down all week and losses accelerated on Thursday when we learned that the Banking Committee markup vote will not take place prior to the Senate going on recess July 28th. The hangup continues to be Section 10, which pertains to the ability of a regulator to discourage a depository institution from entering or maintaining a banking relationship with a specific customer or group of customers. Thursday afternoon Don Murphy, MLC Director of Government Relations, tweeted, “Time to make early vacation plans Twitter Friends… Chairman Brown on the prospect of a #SAFEBanking vote, “Not next week.” ??” While it is possible SAFE gets voted out of the Banking Committee and sees a Senate floor vote this fall, sentiment around the issue is souring. SAFE has passed the House seven times, but still has not passed the Senate.
Water Tower Research is built on the foundation of democratizing information flow. We bridge the growing information gap between companies and investors through our investor engagement strategies and open-access research platform.
Our research analysts are Wall Street veterans with the experience and knowledge to work with companies and investors in tandem. We provide access to the information and content that anchors the due diligence process for both professional money managers and individual investors. We leverage traditional research distribution channels and the best of modern digital strategies and tactics to amplify this information flow globally to engage all categories of investors and stakeholders.
Information flow is the foundation for creating investor awareness, knowledge, and engagement. Our mission is to help companies and investors have the tools they need and achieve their goals.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.