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TOP STORY

Cannabis Stocks Jump As Germany Legalizes Marijuana Possession

Briefly: News of Germany’s move to legalize limited cannabis possession and consumption for adults sent ripples through the cannabis industry, particularly in the U.S.

What Happened: Under the law approved by the Bundestag, Germany’s parliament, starting April 1 adults will be allowed to grow and possess limited quantities of cannabis for personal consumption.

So Basically: While the legislation prohibits commercial sales for now, executives see it as a positive step towards broader European legalization, potentially boosting their businesses.

So Then: Shares of Curaleaf Holdings, the largest U.S. cannabis company by market cap, rose 3.1% on Friday. CEO Boris Jordan praised the development, highlighting its potential domino effect on other European markets.

Who Else: Trulieve Cannabis, Green Thumb Industries and Cresco Labs shares were also among those that experienced a boost following the groundbreaking news from Germany.

What Next: "It’s also extremely impactful and beneficial for medical cannabis patients, as reclassification paves the way for more people in need to access medical cannabis as they would any Rx prescription and at more affordable price points."

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FIVE ZINGERS

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Tilray Medical applauds German Bundestag and landmark passage of medical cannabis act in Germany

Ye, Ty Dolla $ign, Nicki Minaj and Post Malone spark up with weed brand STIIIZY for Rolling Loud Hip-Hop Festival

Exclusive: Cannabis CEO accuses legal marijuana companies of funneling millions of pounds of weed into illicit market

Mississippi revokes license of lab that covered 70% of the state's supply

ONE FOR THE ROAD

One Of America's Biggest Banks Is Entering The Cannabis Industry: Will Others Follow?

Briefly: First Citizens Bank, one of the 20 largest banks in the U.S. with over $200 billion in assets, announced it is getting into the cannabis market.

What Happened: The announcement was made in a commentary posted on the bank's website where First Citizens Bank highlighted its intention to extend its substantial hemp/CBD platform into the broader cannabis space.

So Basically: This move marks a significant milestone as it becomes the largest bank known to serve the cannabis industry.

So Then: First Citizens Bank's entry into the cannabis market is not only a testament to the industry's financial viability but also serves as a beacon for other financial institutions.

What Next: This development is a clear indicator of the cannabis industry's maturing landscape and the increasing acceptance of cannabis-related businesses in the financial sector. As more banks follow First Citizens' lead, the industry can expect to see improved access to financial services, which is essential for its growth and development.

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