Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Tuesday, April 2nd. I'm Julie Morgan.

Mexico is reportedly cutting oil exports.

Canoe is raising doubt, and cannabis will again appear on the ballot in Florida.

Mexican state-run oil company Pemex has canceled contracts to supply refiners in the United States, Europe and Asia with its flagship Maya Crude. Bloomberg News reported on Mondays citing people familiar with the matter

that the company instead will divert the supplies to domestic refiners.

Mexico on average exports about 600,000 barrels a day of Maya crude.

The country's suspension of exports comes as Brent crude prices reach a six month high amid plans by OPEC and its allies to curb output.

Analysts at Goldman Sachs said European demand for oil has been stronger than expected this year, which may help to drive up prices.

J.P. Morgan last week said Brent could reach $100 a barrel this year as Russia cut supplies.

Right now Brent is trading at more than $88 a barrel.

Crude oil futures are nearing $85 a barrel. Electric vehicle startup canoe warned on

Monday about its ability to continue as a going concern.

The company highlighted dwindling cash reserves amid a slump in the EV market.

The EV maker said that it would be required to terminate or curtail its operations

if it was unable to obtain sufficient additional funding.

Canoe recorded a net loss of $29 million for the fourth quarter.

Its cash and cash equivalents were $6.4 million as of December 31st, compared with $36. million dollars in the same period last year.

It sees 2024 revenue in the range of 50 to 100 million dollars versus analyst's estimates

of $152.5 million.

Shares of the Torrance, California-based company are down 24% pre-market.

18 days away from 420, we have cannabis news. Florida's Supreme Court has ruled to allow a referendum on adult use cannabis to proceed to the ballot this November.

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