Tokyo Smoke is a pre-legalization cannabis culture brand, founded in 2015. They made the transition to the legal market when Canada federally legalized. The brand was founded by father and son duo, Alan & Lorne Gertner. Since its inception, it was a welcome standout in the Queen West community.
This morning (March 12th, 2020 for people from the future) Tokyo Smoke opened a new dispensary, their third location in Toronto. We were fortunate enough to be invited to the sneak peek. Check it out, below.
Their promise to customers is “to [bring] you the very highest quality products. We have meticulously sourced carefully grown, beautiful flower that our customers can trust. We have curated accessories and tools that seamlessly blend function and aesthetic, providing products you will feel good about using.” We took that from their site.
Recent (ish) Acquisition
Tokyo Smoke was acquired by Canopy Growth in 2018 for $250 million (all stock), as reported by Mark Rendell of the Financial Post. They plan to expand their retail footprint aggressively, adding another 10-12 stores in Ontario, and up to 40 across the Great White North (Canada for our foreign homies).
Anyway, the store was nice with the clean, modern aesthetic people have come to expect from the brand. The displays were cool and the flow seems well organized with a decent selection of products… Obviously, many house brands and Canopy portfolio products are present. More importantly, the staff was super welcoming, knowledgeable and seemed genuinely excited to return to their roots on Queen West. Josh Lyon had this to say, “We (Tokyo Smoke and local Queen St. West residents) built the brand together. So now this is a chance to invite them back into what they helped create.”
Thank you to Tokyo Smoke for the invite. We’ll drop by the next time we’re in the neighbourhood, buy some weed and review it on Higher Reviews. Cheers!
The post Tokyo Smoke Opens New Dispensary – Queen West, Toronto appeared first on Higher Mentality.
Andreessen Horowitz Gets FTC OK for Unspecified Coinbase Transaction
Andreessen Horowitz’s (a16z) late-stage venture fund has received a green light from the U.S. Federal Trade Commission (FTC) for a transaction involving Coinbase. It is unclear at press time whether the approval is for the fund’s previously disclosed purchase of shares in the cryptocurrency exchange or for a new purchase.
Stocks, Gold Suffer As Dollar Strengthens While Bitcoin Remains Firmly Above $10,000
The stock market is having a very rough time, which shows us that likely much of the astonishing, almost unbelievable gains of the last few months were assisted in large part by a weaker buck.
Gold is getting hammered. The support that it’s worked so hard to build at $1,900 is toast, as we see a rather well-defined downside breakout.
Several technical analysts have pointed to near-term support just below $1,810, but if the greenback continues this climb, there’s no reason it shouldn’t reach as far as the 200 DMA, currently at $1,721, or even further, depending on the dollar.
The big tech stocks are also very clearly losing their gusto. Tesla is down 8% so far today, on track for its fourth consecutive daily loss and nearly an entire month from clocking fresh, all-time highs. The momentum play is clearly in question, if not completely gone.
Bucking the trend
If there’s one stock that caught our attention today, it’s Twitter. Not only because my team and I spend a ridiculous amount of time on the platform, but because their share price is soaring over the last few days.
One of the main reasons being cited for the surge is an analysis firm called Pivotal Research, who has upgraded their position on the stock from hold to buy.
This stock has largely been left out of the general tech rally, mainly because they haven’t taken quite the same route to direct monetization of their massive user base as some of the other social networks have. To be completely fair though, the active user base is also a mere fraction of some of the other platforms.
On the other hand, this also means that there’s a lot more room to grow. With 2.3 billion active users on Facebook it’s gonna be very difficult to add more. So in order to continue growing, they’ll need to expand into other services, like Apple is trying to do now.
We’re also seeing a bit of speculation on Twitter of a different kind. As top crypto analyst Willy Woo has recently alluded to on Twitter, CEO Jack Dorsey is a huge bitcoin fan.
Twitter and Square, which are both under his authority, may well be of the first corporations to follow in the footsteps of Michael Saylor and buy bitcoin as a reserve with the combined $10 billion worth of unused cash on their balance sheets.
It’s all just speculation of course, but we did see what happened to Microstrategy’s stock once word got out.
There’s a link
Taking the rest of the markets into account, bitcoin is actually holding up quite well against the recent dollar strength. We’re now getting a really good test of $10,000 as a support level, even though this level is rather high in the long-term range for the asset.
The rest of the crypto market, on the other hand, has not been holding up particularly well, with only a few exceptions.
There’s no doubt that a lot of the momentum in the tech stocks is having some level of influence over the more experimental crypto projects, especially within the DeFi space.
That influence, however, doesn’t seem to be all-encompassing though, as the DeFi Pulse graph looks about ready to bust a new all-time high.
Did Corporate Insiders Perfectly Predict the Market Top?
In August, the volume of personally owned stock sold by corporate executives reached its highest level since 2015, followed by a 10% decline in the S&P500 in September.
August saw the largest volume of insider selling since 2015, with more than 1000 corporate officers offloading $6.7B in stock. Subsequently, the market has seen a 10% decline since the S&P500 all time high of Sept. 2. What’s more, according to new statistics, insider selling is happening at the fastest pace since 2012.
The question is: What do these executives know that the rest of the market doesn’t?
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