Dutchie Countersues ScanSource Over $17.1M Unpaid Goods Claim
E-commerce cannabis company Dutchie filed a countersuit against tech distributor ScanSource amid an ongoing $24.7 million legal dispute. Dutchie’s parry move accuses ScanSource of not only breaching its contract but also of delaying the placement of orders for 35,000 tech products.
Maryland Cannabis Regulators Outline Social Equity Requirements
Maryland regulators have unveiled guidelines to determine eligibility for social equity applicants in the upcoming cannabis licensing application period. The state’s Office of Social Equity is tasked with outlining who qualifies as a social equity applicant, while the newly established Maryland Cannabis Administration will oversee the verification and license application processes.
Anti-Marijuana Group Files Second Lawsuit Against New York
An anti-marijuana group has filed its second lawsuit against the state of New York, this time alleging that the $200 million state fund established to help justice-involved retail licensees obtain real estate for their shops is tantamount to “money laundering.”
Third Minnesota Tribe to Enter Recreational Marijuana Market
The recreational marijuana business in the Land of 10,000 Lakes is picking up, with a third Minnesota-based Native American tribe announcing plans to enter the trade. Recreational possession and use became legal in the state on Aug. 1, but the state has yet to create a framework for businesses to operate under.
Springbig to Delist From Nasdaq, Trade on OTC Markets
Cannabis marketing company SpringBig Holdings Inc. (OTC: SBIG) announced late last week that it will be removed from the Nasdaq, but it will continue trading on over-the-counter markets.
Keego Harbor, Michigan
A Michigan appellate panel has ruled the city of Keego Harbor wrongly excluded a proposed charter amendment from the November ballot that would establish regulations for two adult-use marijuana retail facilities, saying petitions pushing charter amendments are not subject to approval by the city clerk before being circulated for signatures.
Cannabis sales increased 0.8% sequentially in July after increasing 0.3% in June, according to cannabis data analytics firm BDSA. Looking at a per-day basis, sales decreased 2.4% sequentially.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) has expanded its hemp-derived CBD portfolio into Brazil. In partnership with Herbarium, the leading Brazilian company in herbal medicine, Aurora will launch the company’s full-spectrum, single-source 3% CBD oil, under the Herbarium brand.
CANNA PORTFOLIO -
SEPTEMBER 6, 2023
CANNABIS STOCKS TOP GAINERS AND LOSERS - SEPTEMBER 6, 2023
Markets continued weak. No surprise here. That said, there is always a bull market somewhere and individual stocks are individual stocks as money looks to play the action!
Crude Oil is a tax on the economy and strength in Crude is bearish for the stock market. This run to the upside in Crude ties in nicely with my bearish view of the equity markets at this time. Saudi Arabia said they would continue their production cuts through the end of 2023. I overall expect further strength in Crude Oi. All the 'experts' were looking for a pullback, while I was long!
Gold shares have been under performing (probably due to increased costs) but Gold has been trying to hang in there. However, I do NOT like the fact that Silver bounced and Gold lagged. I'm afraid we may see another shakeout in this sector before it goes higher.
Disney needs to fire all the woke and other mentally ill employees who promote ideas just the opposite of what Walt Disney himself would have rejected. If he was brought back from the deep freeze, would fire their 'asses' in a moment. I get nauseous when I see Disney films today. If I say anymore, my website would be banned as racist.
The UAW contract expires on September 14, and the two sides seem a long way apart. More strikes may be ahead
The media talks its head off regarding the FED, the FED, the FED and interest rates. What about the Ukraine war which is being supported by the Democrats and a few Rhinos who for their own insane reasons want war with Russia and they'll get it!
Economic slowdowns are everywhere from the Far East to Germany. There are Taiwan elections in January, but China said they are going to conquer Taiwan. Why don't we believe them.
North Korea conducted a simulated "tactical nuclear attack" drill early on Saturday that included two long-range cruise missiles carrying mock nuclear warheads, in response to allied exercises by the U.S. and South Korea.
Astrologers remind us that Mercury is 'retrograde' into September 15. The New Moon is on September 14 and the Autumnal Equinox is just ahead on September 22-23.
And, the biggest and least discussed story of them all is the 'alien' cover up and the truth behind the UAPS (which are our own craft) and the UFOs which are extraterrestrial! I have been a student of this subject for 50 years! A friend produced the Roswell film in the 1980s. I know the true story, as others. My concern now is that our 'secret government' could work against us (some say that just occurred in the Maui fire). The UAPs could attack us in a false (staged) alien invasion. I suppose if forcing us to take vaccines again doesn't work, this could be the next tactic to suppress us!
The major averages climbed off their worst levels in afternoon trading but remained firmly negative. The Nasdaq tumbled 148.48 points or 1.1 percent to 13,872.47, the S&P 500 slid 31.35 points or 0.7 percent to 4,465.48 and the Dow fell 198.78 points or 0.6 percent to 34,443.19.
Stocks saw further downside following the release of a report from the Institute for Supply Management showing an unexpected acceleration in the pace of U.S. service sector growth in the month of August.
The ISM said its services PMI rose to 54.5 in August from 52.7 in July, with a reading above 50 indicating growth in the sector. The increase surprised economists, who had expected the index to edge down to 52.5.
The data added to recent concerns about the outlook for interest rates, as the report also showed an acceleration in the pace of price growth. The prices index rose to 58.9 in August from 56.8 in July
"The ISM Services Sector report underscores the resilience of the largest portion of the economy as the headline print came in higher than expectations, underpinned by a stronger new orders metric," said Quincy Krosby, Chief Global Strategist for LPL Financial. "Unfortunately, the prices paid component moved in the wrong direction -- similar to the higher prices paid in the manufacturing report--edging markedly higher."
"This is certainly not good news for a data dependent Fed, as the immediate reaction in the Treasury market saw the ten-year Treasury yield jump higher while equities remain under pressure," she added. "With oil and food prices also higher, this report points to a Fed whose job to quell inflation is certainly not yet quite finished."
In other U.S. economic news, the Commerce Department released a report showing the U.S. trade deficit widened in the month of July.
The report said the trade deficit increased to $65.0 billion in July from a revised $63.7 billion in June. Economists had expected the trade deficit to rise to $65.8 billion from the $65.5 billion originally reported for the previous month.
The wider trade deficit came as the value of imports climbed by 1.7 percent to $316.7 billion, while the value of exports rose by 1.6 percent to $251.7 billion.
Telecom stocks turned in some of the market's worst performances on the day, resulting in a 1.9 percent slump by the NYSE Arca North American Telecom Index.
Significant weakness was also visible among airline stocks, as reflected by the 1.4 percent drop by the NYSE Arca Airline Index.
Banking stocks also showed a considerable move to the downside, dragging the KBW Bank Index down by 1.4 percent.
Natural gas, tobacco and steel stocks also saw notable weakness, while some strength emerged among housing stocks.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index climbed by 0.6 percent, while South Korea's Kospi slid by 0.7 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the French CAC 40 Index slumped by 0.8 percent, the U.K.'s FTSE 100 Index and the German DAX Index both edged down by 0.2 percent.
In the bond market, treasuries moved lower over the course of the session after seeing initial strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.2 basis points to 4.290 percent.
Trading on Thursday may be impacted by reaction to the Labor Department's report on initial jobless claims in the week ended September 2nd.
There’s A Lot You Don’t Know About The US Space Force: Big Take Podcast
HOLD ON TO YOUR SEATS, FOLKS FROM URI GELLER
FROM 2007 - REP RON PAUL:
IT IS TIME TO REPEAL THE 16TH AMENDMENT - THE ONE THAT CREATES INCOME TAX
THE CASE FOR ABOLISHING THE FEDERAL RESERVE
G EDWARD GRIFFIN
The President's Working Group on Financial Markets
known colloquially as the Plunge Protection Team, or "(PPT)" was created by Executive Order 12631, signed on March 18, 1988, by United States President Ronald Reagan.
As established by the executive order, the Working Group has three purposes and functions:
"(a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence, the Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes."
Plunge Protection Team
"Plunge Protection Team" was originally the headline for an article in The Washington Post on February 23, 1997, and has since been used by some as an informal term to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the stock markets during downturns.[5 Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul, writers Kevin Phillips (who claims "no personal firsthand knowledge" and John Crudele, have charged the Working Group with going beyond their legal mandate.[failed verification] Charles Biderman, head of TrimTabs Investment Research, which tracks money flow in the equities market, suspected that following the 2008 financial crisis the Federal Reserve or U.S. government was supporting the stock market. He stated that "If the money to boost stock prices did not come from the traditional players, it had to have come from somewhere else" and "Why not support the stock market as well? Moreover, several officials have suggested the government should support stock prices."
In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market. However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.
Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that "Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole." Author Kevin Phillips wrote in his 2008 book Bad Money that while he had no interest "in becoming a conspiracy investigator", he nevertheless drew the conclusion that "some kind of high-level decision seems to have been reached in Washington to loosely institutionalize a rescue mechanism for the stock market akin to that pursued...to safeguard major U.S. banks from exposure to domestic and foreign loan and currency crises." Phillips infers that the simplest way for the Working Group to intervene in market plunges would be through buying stock market index futures contracts, either in cooperation with major banks or through trading desks at the U.S. Treasury or Federal Reserve.
Gold market manipulation: Why, how, and how long? (2021 edition)
OPPORTUNITY TO ACCESS MARK LEIBOVIT'S PROPRIETARY VOLUME REVERSAL INDICATOR - THIS IS THE ONLY PLACE TO DO IT!
COME ON, DAD. IT'S TIME TO EAT
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