This Newsletter is brought to you by…
Coho Collective Kitchens (TSXV: COHO) is empowering food entrepreneurs everywhere by providing them with the necessary tools, real estate, and networks to run a successful restaurant business.
Here are a few of Coho’s most recent highlights:
🍝 Earlier this month, Coho expanded its service offering with the opening of its seventh location in Western Canada. “Coho White Rock” creates a brand new vertical for the Company, named “Coho Eatery”, providing mixed-use capabilities within a high-traffic retail area.
📈 Added an additional 153 companies to their waitlist in Q1 2023.
💰 Coho’s Cash on hand as of Q1 2023 was $2.23 million, up 1899.75% from the previous quarter.
🌱 CEO Andrew Barnes had this to say, “Successfully closing our initial public offering allows Coho to continue to grow, open facilities in line with our expansion strategy, and capture new opportunities to become a dominant player in the emerging Ghost Kitchen industry in North America.”
We interviewed CEO Andrew Barnes earlier this week! Check out our chat by clicking the video link above 👆👆👆
A Quick Market Recap
The Fed fighting inflation like…
It was rate hike week, and as many of us expected, the Federal Reserve increased the Fed Funds rate by another 75 basis points.
This now marks its third 75-point hike in a row, pushing its base borrowing rate to 3.25%, as the Fed attempts to curb rampant inflation.
And it isn’t over.
With the most recent CPI report coming in at 8.3%, Fed Chairman Jerome Powell emphasized that rate cuts are unlikely to happen in 2023.
Based on signals by the Fed, they intend to reach a terminal rate of 4.6%, meaning that at least another 1.25% in hikes before they consider shifting course.
This is the highest the Federal Funds rate has been since early 2008.
Here is how major indexes performed this week:
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Source: Perez Hilton
Beyond Meat (BYND) COO arrested for biting a man’s nose
Oh, the irony… *insert meat-lover meme*
It’s been a wild year for the once-beloved plant-based foods company that once dominated the alternative meat market.
But with a poor economic environment and its COO in the hot seat, investors are hoping they will turn things around fast!
🍖 COO Doug Ramsey was arrested this weekend after allegedly biting a man’s nose in an Arkansas parking garage after a college football game.
🥩 After a Subaru made contact with his car, Ramsey allegedly punched through the back windshield, and began punching and “[biting] the flesh on the tip of the nose,” when the Subaru owner came out to confront him.
🥓 The COO is being charged with terroristic threatening and third-degree battery.
🍗 Since the arrest, Beyond Meat suspended Ramsey with the Company’s senior vice president of manufacturing operations Jonathan Nelson stepping in to fill the role.
🍔 Beyond Meat (BYND) is down 76.43% YTD, trading at a market cap of $969.66 million; just three years ago it was valued at over $13 billion.
🚨 Want to learn how to be successful with small-cap investing? Check out our article, “What is a Small-Cap Stock” for more information.
Costco (COST) holds strong with solid earnings beat
There are few things that stay constant in this world and Costco’s $1.50 hot dog combo happens to be one of them.
Although retailers continue to be slammed by rising costs, the big bulk chain’s membership-first model remains resilient during these hard economic times.
⭐️ After beating quarterly expectations, the major retail chain is holding off on its membership fees; Historically, the company raises its fees around every five years with the last one being in 2017.
👌 Costco CFO Richard Galanti noted that the company has yet to reach its typical milestone for a hike, implying that the next one may happen in 2023 instead.
📊 In the US, Costco memberships cost $60 dollars a year, or $120 a year for its executive memberships; As of last quarter, executive members make up a record 44% of total memberships.
🤑 In total, Costco recorded $72.09 billion in sales for the quarter, while EPS rose to $4.20.
📉 The Company is down 16.53% YTD, trading at a P/E of 37.26, and a market cap of 209.59 billion.
Terra Luna Founder Do Kwon on the run
Remember that crypto developer who allegedly defrauded investors out of more than $40 billion during the abrupt Terra-Luna crash in May?
Well, it turns out he is now on the run as South Korean authorities issued an arrest warrant for founder Do Kwon and five other associates tied to the development of the two cryptocurrencies and Terraform Labs.
🚔 South Korean prosecutors have asked Interpol to issue a red notice for Do Kwon, saying he was refusing to cooperate with their probe into its $40 billion collapse
🏃♂️💨 The Seoul Southern District Prosecutors’ Office told AFP Tuesday that they had asked authorities to cancel Kwon’s South Korean passport, saying that he was clearly “on the run” from the law.
📍 Kwon is believed to have been in Singapore since last spring, but Singapore authorities claimed he is no longer in the country; a “red notice” would allow member countries to provisionally arrest Kwon.
🐥 Without revealing his location, Kwon took to Twitter this past Sunday claiming, “We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months.”
DID YOU KNOW?!
87% of people have not heard the term “Internet of Things” (IoT)
It is hard to believe that just twenty years ago, Wi-Fi was simply a concept and an idea for the future.
Now, almost everything in the modern world operates on the IoT, with new opportunities being created every day.
Here are five facts about the internet that will blow your mind:
🤖 The majority of internet use is not done by humans, but by malware and internet bots, which account for two-thirds of internet activity.
💸 ATMs, which date all the way back to 1974, are considered the first major Internet of Things objects.
🔎 Google averages nearly 3 billion searches per day.
🐴 If the internet were measured in horsepower, it takes 50 million horsepower to run the internet today.
▶️ YouTube’s copyright-checking software scans over 100 years of video every day.
🚨 Want to learn more about the evolution of the internet and one of the hottest True Web 3.0 stocks today? Check out our recent newsletter!
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