Global Shiitake Mushroom Market Outlook to 2027 - Impact Analysis of COVID-19

Bloomberg
Canada’s $373 Billion Fund Chooses Safety After CEO Resigns
(Bloomberg) -- Mark Machin’s big mistake got him drummed out of Canada’s national pension manager in a matter of hours. It’s a turn of events that puts the fund in the hands of a former industrial scientist who has made few waves in the world of finance.John Graham was promoted to chief executive officer of the Canada Pension Plan Investment Board on Friday, putting him in charge of a $373 billion global portfolio that includes everything from Britain’s Southampton port to Germany’s Axel Springer media empire to the Petco retail chain.The fund needed a new CEO quickly after Machin was found to have flown to the United Arab Emirates, where he received a Covid-19 vaccine. He had committed a double political sin -- taking a trip in defiance of Prime Minister Justin Trudeau’s warnings to avoid international travel, and getting a shot most other Canadians can’t get because of the country’s limited vaccine supplies.After the Wall Street Journal revealed Machin’s travel on Thursday evening, he resigned.The board surprised some CPPIB managers by turning to Graham, who was not seen as the natural successor to Machin, according to people familiar with the situation. The organization was thrown into a situation it might not have been prepared for: Machin had been CEO for less than five years and wasn’t expected to leave soon.But Graham is described by associates as a safe pick -- smart and sophisticated, with the cautious mindset of a Canadian public servant. He will likely follow the existing strategy of expanding international offices and investing more in private assets, these people said.”When you look at his CV, you see credit, private markets -- that is a significant part of the future as to where that retirement-savings investment process needs to go, in order to be successful and generate net real rates of return that are high enough,” said Keith Ambachtsheer, a pension adviser who has provided strategic advice on governance, finance and investment issues to Canadian pension funds, including CPPIB.Graham, 49, spent almost a decade as a research scientist at Xerox Holdings Corp. after completing a doctorate in physical chemistry. He started at CPPIB in 2008 in the portfolio design group before switching to private investments and credit.In 2018, Machin promoted Graham to senior managing director in charge of a credit investments team spread across Toronto, New York, London and Hong Kong. The group’s recent focus has been growing in Asia and emerging markets, particularly in China, India and Brazil.“These are markets that are going to grow, they are going to be increasingly relevant in the global economy and it makes sense to spend time to build out capability and the infrastructure to invest,” Graham said in a 2019 interview with Bloomberg.Private CreditGraham was also in charge of making a deeper push into private credit, where borrowers bypass traditional capital markets, to fill a need for yield made scarce by low interest rates.In an interview in December, Machin said exuberance in public markets was a signal to him to extend his fund’s already-huge bet on private assets. He had continued to build the Canadian fund’s private holdings since becoming its first foreign-born leader in June 2016.About 25% of CPPIB’s portfolio is in private equity and another 17% in real estate and infrastructure, most of which is private, as of Dec. 31, according to fund disclosures.The strategy is seen as a success, and the fund has returned 9.7% annualized over the past five calendar years after expenses. Almost all of that was on Machin’s watch as CEO.But it wasn’t enough to save his job in a country where a number of public figures have blown up their careers by leaving for vacations or other discretionary reasons during the pandemic.Ontario Finance Minister Rod Phillips was forced to resign on Dec. 31 after it was revealed he took a Caribbean vacation at a time when many businesses in the province had been ordered to shut their doors. A cabinet minister in Alberta, Tracy Allard, quit her post after she went to Hawaii.‘Fragile Public’Nearly a year into the pandemic, “there’s a tremendously fragile public that is out there that is not going to have a lot of tolerance for CEOs who are seen to be flouting the rules,” James Moore, an adviser for law firm Dentons and former Canadian cabinet minister, said in an interview on BNN Bloomberg Television.That may explain why Finance Minister Chrystia Freeland’s office rebuked Machin for his Dubai trip, despite a government practice of saying as little as possible about CPPIB’s operations. The fund’s top executive reports to a government-appointed board, but the directors are businesspeople including Royal Bank of Canada Chairwoman Kathleen Taylor, not political figures.CPPIB’s board missed its chance to send the message that it is truly independent by accepting his resignation over one lapse of judgment instead of defending him, according to a senior executive of another large pension fund who asked not to be identified because he isn’t authorized to speak about the situation publicly.Claude Lamoureux, the former head of the Ontario Teachers’ Pension Plan, said Machin should not have had to leave.“I think if he worked for another board and not CPPIB, I’m sure the decision would’ve been different,” Lamoureux said on BNN Bloomberg. “Yes, it’s mistake but it’s not a mistake to receive the penalty it received.”(Updates with former OTPP head commentary at end of story)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
FX Empire
GBP/USD Daily Forecast – U.S. Dollar Pulls Back
GBP/USD gained upside momentum and is trying to get above the resistance at 1.3980.
1d ago
MoneyWise
Monthly stimulus checks may be on the way for families later this year
A bill in Congress would give families up to $300 a month per child starting this summer.
1h ago
MoneyWise
How to make sure your next stimulus check is the full $1,400
The payments in President Biden's COVID relief plan will rely on an IRS formula.
1d ago
MoneyWise
Here are 9 get-rich tips from Warren Buffett's annual shareholder letters
Among investors, Buffett’s annual advice is eagerly awaited and closely followed.
4m ago
MoneyWise
Suze Orman's 5 rules to avoid going broke in retirement
The personal-finance superstar doesn’t want you running out of coin in your golden years.
3h ago
MoneyWise
The 7 worst things people do with their stimulus checks
Americans could get $1,400 more from Uncle Sam — and many won't know what to do with it.
1d ago
TipRanks
Analysts Say These 3 Dividend Stocks Are Top Picks for 2021
The market pendulum has been swinging from one extreme to the other recently, making a difficult environment for investors to track. The ups and downs of the fast-changing situation are the exact opposite of what investors want to see. What investors would most like to see, of course, are returns. And whether the markets are up or down, following the analysts’ ‘top picks’ makes a viable investment strategy. The Wall Street pros can do the footwork, and their published reports can inform our market decisions, acting as a set of guideposts for investors. We’ve opened up the TipRanks database to take a closer look at three of these ‘top picks.’ These are all names providing dividends, a sure-fire way to ensure a steady income no matter what direction the market is heading in. If that’s not enough, all three received enough support from Wall Street analysts to earn a “Strong Buy” consensus rating. Ellington Financial (EFC) We’ll start in the financial sector, where Ellington Financial inhabits the real estate investment trust niche. Ellington puts its energies into a wide range of real estate activities, including commercial and residential mortgage loans, equity investments, and mortgage-backed securities. The company uses a series of risk management tools to mitigate the natural risks of mortgage-backed securities, and ensure profits for investors. Ellington’s recent quarterly report, for 4Q20, showed the third consecutive increase in EPS, which was up 38% from Q3 to reach $1.44. For the full-year 2020, EPS came in at 39 cents per common share, down 15% yoy, on net income of $17.2 million. Like most REITs, Ellington pays out a regular dividend – and Ellington has been able to maintain regular dividend payments throughout the corona crisis year, despite a cut at the height of the panic. The most recent declaration, made in early February for a March 25 payout, was for 10 cents per common share, the same as the last three payments. The company pays out the dividend monthly, and has been increasing it gradually after last year’s cut. The current payment gives a yield of 7.5%. In his coverage of Ellington, Maxim analyst Michael Diana writes, “EFC's equity is allocated 85% to credit assets, and almost all have done well. Of particular note are non-QM loans and reverse mortgage loans. Not only has demand for these credit classes been high, but EFC also has material equity stakes in the companies that originate these loans; thus, EFC profits twice. With smaller mortgage companies going out of business during the pandemic, competition has decreased, leading to favorable pricing.” At the bottom line, Diana says simply, “EFC remains our top pick under our mortgage REIT (mREIT) coverage.” To this end, Diana rates EFC a Buy and his $19 price target suggests a one-year upside of ~20%. (To watch Diana’s track record, click here) There is general agreement on Wall Street that EFC is a quality investment, and the analyst consensus rating shows that: it is a unanimous Strong Buy, based on 4 recent reviews. The shares are priced at $15.77, and their average target is $17.25, implying a 9% upside potential from current levels. (See EFC stock analysis on TipRanks) OneMain Holdings (OMF) Sticking with the financial sector, but in services rather that REITs, we’ll take a look at OneMain Holdings. This company’s subsidiaries offer a range of financial services, including consumer finance and insurance, to a customer base that normally gets neglected by the mainstream finance industry: retail customers who lack access – for whatever reason – to the regular banking and credit financing industry. The importance of this market segment should not be ignored, and OneMain showed that in fiscal year 2020 by bringing in $4.4 billion in total revenue. Closing out the 2020 calendar year, OneMain reported $1.23 billion in top line revenue for Q4 and $2.67 in earnings per share. While revenues were flat sequentially, EPS was up 43% from the previous quarter – and up 39% year-over-year. Like EFC, OneMain pays out a dividend – but unlike the REIT, OneMain uses a unique supplemental dividend policy. Each second and fourth quarter, the company pays out its minimum dividend per common share – but in the first and third quarters, it adds a one-time supplement to the payment. The minimum payment is currently set at 45 cents per common share; the last common share dividend paid, on February 25, was for $3.95. Analyst Michael Kaye, of Wells Fargo, is impressed with OneMain, and doesn’t hold back in his comments on the company: “We believe OMF is one of the best stories in consumer finance and that it is surprisingly still under the radar of many financial investors. OMF is a unique excess capital return story, in our view, and we expect $8.30 of dividends to be paid in 2021 which would equate to a 14.5% dividend yield. We also view the new credit card initiative positively as it should drive incremental growth, add value to their franchise, leverage their underwriting, distribution and servicing capabilities. OMF remains our top pick in our coverage.” Kaye rates OMF shares an Overweight (i.e. Buy) and his $65 price target implies an upside of 34% over the course of the next year. (To watch Kaye’s track record, click here) It’s not often that the analysts all agree on a stock, so when it does happen, take note. OMF’s Strong Buy consensus rating is based on a unanimous 10 Buys. The stock’s $63.60 average price target suggests a 31% upside from the current share price of $94. (See OMF stock analysis on TipRanks) Devon Energy (DVN) For the last ‘top pick’ stock we’re looking at here, we’ll switch over to the energy industry. Devon Energy, with a market cap of $15 billion, owns mineral rights – that is, the right to explore and drill – on 1.8 million acres in Texas and in adjacent areas of Oklahoma and New Mexico. This is one of North America’s most productive oil regions, and in recent years, the output here helped make the US a net exporter of fossil fuels. Devon also controls production areas in the mountain state of Wyoming. All told, Devon has over 10,000 wells in active use and an estimated 752 million ‘barrels of oil equivalent’ worth of proven reserves. In the fourth quarter of 2020, Devon showed a series of strong performance metrics. Production averaged 333,000 barrels of oil equivalent daily, boosted by a 7% quarter-over-quarter increase in crude oil output. Operations yielded a cash flow of $773 million for the quarter, of which $263 million was free cash flow. In conjunction with the earnings report, Devon announced a regular dividend payment of 11 cents per share, along with an additional variable dividend of 19 cents per share. Both are payable on March 31. Scotiabank’s Paul Cheng reiterates his decision to make Devon a top pick, writing, “We still see significant fundamental upside despite the YTD outperformance and the stock now trading at >4x its 2020 trough… We see little reason to expect that relevance, size, liquidity, etc concerns will prevent the stock from re-rating higher. As the company continues to deliver attractive fundamental results and execute on its shareholder-friendly strategy in the coming months and years, we expect DVN to outperform as the market gains further appreciation for the story and begins to more fully reflect these fundamentals in the share price.” Cheng’s Outperform (i.e. Buy) rating is supported by a $30 price target implying a 12-month upside potential of 31%. (To watch Cheng’s track record, click here) Overall, there are 19 recent stock reviews of Devon Energy, and they break down 17 to 2 in favor of Buys versus Holds, making the analyst consensus rating a clear Strong Buy. DVN is selling for $22.83 per share, and the average price target of $24.89 suggests ~9% upside from that level. (See DVN stock analysis at TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
3h ago
CoinDesk
Bitcoin Options Traders Are Taking Bullish Bets on $75K and Higher By Summer
Institutions are loading up on bull call spreads in anticipation of a continued bitcoin price rally.
6h ago
BBC
Aston Martin: The billionaire building 'a British Ferrari'
Lawrence Stroll, executive chairman of Aston Martin, tells the BBC he wants to build a firm with a "luxury profile".
8h ago
South China Morning Post
China overtakes US to host most dollar billionaires as 2020 stock market rally defied Covid-19 and minted wealth at a record pace
One in every two newly minted dollar-denominated billionaires last year were in China, the first country to exit from a nationwide pandemic lockdown and the only major economy to have expanded last year, according to a list by Hurun Report. China surpassed the United States last year to become the first country with more than 1,000 dollar-denominated tycoons, with 1,058 billionaires last year compared with 696 in the US, according to the latest Hurun Global Rich List 2021. Of the 610 newly minted tycoons globally, 318 were in China, compared with 95 in the US based on January 15 valuations, Hurun said. "The world has never seen this much wealth created in just one year, much more than expected for a year so badly disrupted by Covid-19," said Rupert Hoogewerf, chief research and chairman of Hurun Report. "A stock markets boom, driven partly by quantitative easing, and flurry of new listings have minted eight new dollar billionaires a week for the past year." Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. The richest individuals on the planet became collectively richer in 2020 while the world was mired in unprecedented economic slumps caused by the worst public health crisis in decades, with the collective wealth of the 0.01 per cent swelling by 32 per cent to US$14.7 trillion. Their ranks also grew to encompass 3,228 known billionaires across 2,402 companies in 68 countries, according to the report. Elon Musk is the world's wealthiest centibillionaire. Photo: Reuters alt=Elon Musk is the world's wealthiest centibillionaire. Photo: Reuters China had six of the world's top 10 cities with the highest concentration of billionaires, with Beijing at the top of the ranking for the sixth consecutive year as home to 145 of the ultra rich. Shanghai was in second place with 113 billionaires, edging out New York with 112. Hong Kong was in fifth place with 82 billionaires, behind Shenzhen's 105. Elon Musk was the world's wealthiest centibillionaire, as the 622 per cent surge in Tesla's stock price in 2020 bolstered his fortunes to an estimated US$197 billion, more than Amazon.com's founder Jeff Bezos at US$189 billion. Colin Huang Zheng, founder and CEO of the online group discounter Pinduoduo. Photo: CNS via Reuters alt=Colin Huang Zheng, founder and CEO of the online group discounter Pinduoduo. Photo: CNS via Reuters Zhong Shanshan, founder and chairman of the water bottler Nongfu Spring, was one of the newest members of the multibillionaires' club, with US$85 billion in estimated wealth in seventh place. His bottled water company's initial public offering (IPO) was one of the Hong Kong's hottest stock sales, locking up a record HK$677 billion (US$87 billion) in capital, about a third of the city's cash in circulation, in subscriptions by enthusiastic retail investors. Zhong, based in the Zhejiang provincial capital of Hangzhou, was Asia's new richest person, booting Mukesh Ambani of Reliance Industries off his spot with US$83 billion, Hurun said. "Asia has, for the first time in perhaps hundreds of years, more billionaires than the rest of the world combined," said Hoogewerf. "Wealth creation is moving to Asia." Ma Huateng, also known as Pony, was the world's 14th-wealthiest billionaire, with his rank rising by eight spots as the net worth of the founder and chief executive of Tencent Holdings rose 70 per cent to US$74 billion. The family of Jack Ma, whose Alibaba Group Holding owns this newspaper, fell four notches to 25th spot with their wealth growing 22 per cent to US$55 billion. (Left to right): Henderson Land Development's Martin Lee Ka-shing, Co-Chairmen; Lee Shau-kee, Former Chairman; and Peter Lee Ka-kit, Co-Chairmen. Photo: Sam Tsang alt=(Left to right): Henderson Land Development's Martin Lee Ka-shing, Co-Chairmen; Lee Shau-kee, Former Chairman; and Peter Lee Ka-kit, Co-Chairmen. Photo: Sam Tsang Wealth creation was helped by the boom in global equity markets, led by Nasdaq's 44 per cent increase and a 35 per cent gain in the Shenzhen stock market. India and Japan rose by over 20 per cent, the report said. The US dollar depreciated 7 per cent against the yuan and weakened by 9 per cent against the euro, it added. Only three Hong Kong billionaires made it to the top 50 in China, as Old Money fortunes by the tycoons Lee Shau-kee of Henderson Land Development, Li Ka-shing of the Cheung Kong Group and Henry Chen of New World Development were dwarfed by their mainland counterparts. Electric vehicles (EVs), e-commerce, blockchain and biotechnology were the fastest growing industries in the past year, the report revealed. The list saw billionaires whose wealth were amassed from EVs more than tripling their fortunes, with the fastest wealth creator being Li Bin of EV maker NIO, up 10-fold to US$10 billion. E-commerce platform Pinduoduo's founder Colin Huang Zheng was propelled into the top 20, with his estimated wealth surging 286 per cent to US$69 billion, Hurun said. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.
9h ago
Reuters
Hertz set to ride out of bankruptcy with $4.2 billion from investment firms
Under the proposed investment, Knighthead Capital Management LLC and Certares Opportunities LLC will buy up to 100% of Hertz's shares, with the funds expected to finance its U.S. vehicle fleet and slash corporate debt. Hertz filed for bankruptcy protection in May after its business was decimated by the COVID-19 pandemic and talks with creditors failed to result in much-needed relief. The company said on Tuesday it filed a proposed plan of reorganization with the U.S. bankruptcy court for the district of Delaware, which is expected to approve the terms of the proposed investment at a hearing on April 16.
7h ago
Yahoo Finance
Target stock dives as retailer reveals new $4 billion spending spree
Target is cranking up the investments, and it will come at a price.
2h ago
Quartz
What will canceling $10,000 in student debt really do?
With an economy in slow recovery, and the burden of education loans higher than ever, US president Joe Biden is facing increasing pressure from Democrats to wipe out $50,000 in student debt per borrower, and to do so via executive action. On the campaign trail, Biden pledged to clear $10,000 of federal student loan debt per borrower—a small dent in the more than $1.5 trillion of student loans issued or guaranteed by the US government. Forgiving $10,000 in debt would completely wipe out the student loan burden for one-third of America’s 43 million federal borrowers, data from the US Department of Education suggests.
10h ago
Bloomberg
Cathie Wood’s Main ETF Roars Back With Near-Record Inflow
(Bloomberg) -- Even the worst performance in almost a year is doing little to diminish demand for Cathie Wood’s brand.The ARK Innovation ETF (ticker ARKK), the main fund at Wood’s Ark Investment Management, notched its second-biggest inflow ever on Friday, according to data compiled by Bloomberg.The $464 million injection came on the heels of a four-day rout that had sent the exchange-traded fund down more than 15%, showing the willingness of investors to buy the dip.Spooked by rising bond yields, traders punished the pricier parts of the equity market last week, including many of ARKK’s top holdings, like electric carmaker Tesla Inc. But the pain has proved fleeting and ARKK posted its best day in nearly two months on Monday as stocks rallied across the board.The “rebound in equities and especially technology stocks were a delightful surprise to Ark Innovation ETF,” Saxo Bank’s Chief Investment Officer Steen Jakobsen wrote in a note. Jakobsen cautions though that the “Tesla-Bitcoin-Ark risk cluster could still induce volatility in equities.”Wood’s rough week at one point trimmed assets in ARKK, which returned 149% in 2020, by some $5 billion. While considerable, that remains a fraction of the firm’s ETF assets under management, which last month climbed to more than $60 billion.The ARK Genomic Revolution ETF (ARKG) also had an inflow on Friday, adding $64 million. The ARK Next Generation Internet ETF (ARKW) saw a small outflow.In spite of Monday’s rebound, bearish bets continue to mount against ARKK. The percentage of shares sold short in the fund has reached a record of almost 5%, according to IHS Markit data.The ETF was down as 0.6% as of 11:19 a.m. in New York on Tuesday. It’s up 9.8% this year.(Updates ETF price in last paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
2h ago
CoinDesk
Fidelity’s Head of Global Macro Says Bitcoin May Have Place in Some Portfolios
"Is it any wonder that bitcoin seems to be having its day?" Fidelity's global macro chief said.
1d ago
Bloomberg
Treasury Curve Dysfunction Ignites Talk of Federal Reserve Twist
(Bloomberg) -- Turmoil in Treasuries that has sent longer-dated yields soaring is stoking talk that the Federal Reserve might look to revive Operation Twist in order to reassert stronger control over interest rates at both ends of the yield curve.Rising expectations about inflation and an unraveling of market positions helped send bond yields surging last week, with the benchmark 10-year rate spiking above 1.6% for the first time in around 12 months. The surge has brought with it sloppy auctions, worsening liquidity and a wider difference between bid and offer prices. At the same time, there is also concern about rates at the front end potentially going too low, with funding markets hovering around zero amid an abundance of dollars that’s being fueled by monetary policy, fiscal measures and changing bill-supply dynamics.The phenomena at both ends of the curve represent possible threats to the Fed’s control of policy, and that has observers casting about for potential next steps by central bank officials. Chairman Jerome Powell and his colleagues have an array of tools at their disposal -- for example, a tweak to the interest on excess reserves rate to help control the front end. But a number of analysts have been recommending the revival of a so-called twist maneuver, which would see it simultaneously increasing its holdings of longer-term debt and reducing its ownership of Treasury bills.“The Fed is simultaneously losing control of both the U.S. front end and back end rates curves for different reasons,” Bank of America strategists Mark Cabana, Meghan Swiber and Olivia Lima wrote in a note to clients. The implementation of a twist “kills 3 birds with one stone.”Their argument is that it would help lift rates at the short-end and stabilize yields at the long end, but do so in a reserve neutral fashion that lessens the pressure on banks to hold more capital under the supplementary leverage ratio. To address market functioning issues, the Fed could initially sell $80 billion a month of bills and concentrating monthly purchases in Treasuries maturing in 4 1/2 years or more, they wrote.Credit Suisse Group AG strategist Zoltan Pozsar has also recommended the Fed embark on a twist to stabilize yields in addition to offering greater clarity on the supplementary leverage ratio, with uncertainty around that also adding fuel to recent gyrations.The last time the Fed utilized a twist was in 2011, when the central bank decided to sell shorter-dated Treasuries in favor of longer-dated holdings to help spur the recovery by lowering long-term borrowing costs.Richmond Fed President Thomas Barkin said in an interview on Bloomberg TV Monday that while the central bank has control of the short end, the long end of the yield curve is a natural reaction to the outlook.Jefferies economists Aneta Markowska and Thomas Simons said for twist to be a “viable option,” the Fed would have to first focus on stabilizing the front end of the curve, emphasizing the “long road to unemployment and sustained 2% inflation.” They don’t expect the Fed to push back against the back of the curve.And while Bank of America is busy talking about the need for a twist, they say it might be some time before the Fed also comes to that conclusion, noting that policy makers likely need to see signs of a further deterioration in liquidity and market conditions.“There will likely be more market pain before the Fed is forced to act,” they wrote.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
22h ago
Reuters
Texas power cooperative files for bankruptcy, citing $1.8 billion grid debt
The largest and oldest electric power cooperative in Texas filed for bankruptcy protection in Houston on Monday, citing a disputed $1.8 billion debt to the state's grid operator. Brazos Electric Power Cooperative Inc, which supplies electricity to more than 660,000 consumers across the state, is one of dozens of providers facing enormous charges stemming from a severe cold snap last month. The fallout threatens utilities and power marketers, which collectively face billions of dollars in blackout-related charges, executives said.
1d ago
Reuters
'Roaring Kitty' no longer has financial broker license: filing
The Massachusetts financial professional who gained notoriety as GameStop bull "Roaring Kitty" is no longer a broker registered with the Financial Industry Regulatory Authority, according to the organization's online records. Keith Gill, known as Roaring Kitty on YouTube and DeepF***ingValue on Reddit, is no longer a registered financial broker as of Feb. 26, the FINRA records show. Gill became a central figure in a January trading frenzy in which shares of the ailing videogame retailer surged more than 1,000% in two weeks, driven by interest among retail investors in online forums.
21h ago
Benzinga
Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week
Welcome to the Cannabis Countdown, the Legal Marijuana Industry’s Number One Curated Weekly News Recap. In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelic Stock News Stories for the Week of February 22nd – 28th, 2021. Without further ado, let’s get started. * Yahoo Finance readers, please click here to view the full article. 10. Red White & Bloom to Enter Third Largest U.S. Cannabis Market With Acquisition of Acreage Holdings’ Florida Operations Florida’s Cannabis Market is the Third-Largest in the U.S., With 2020 Medical Marijuana Sales Exceeding $1.2 Billion Red White & Bloom (OTCQX: RWBYF) announced that the company has struck a deal with Acreage Holdings (OTCQX: ACRGF) to acquire its Florida operations. Upon closing of the deal, RWB will have operations or brands in 6 of the top 10 U.S. states, which generated combined revenue of over $8.8 billion last year. READ FULL RWB ARTICLE 9. Investing $1,000 in These 2 Psychedelic Stocks is an Absurdly Smart Move The Buzz Surrounding Psychedelic Therapies is Only Going to Grow Over Time If you feel that missed out on the cannabis stock bonanza of the last few years, don’t fret. There’s another upcoming opportunity that’s shaping up to be even bigger: psychedelics. Even though psychedelic therapies are still in their infancy, I think there are already a few promising Psychedelic Stocks, such as Compass Pathways (NASDAQ: CMPS) and MindMed (OTCQB: MMEDF) that are worth a $1,000 investment. READ FULL PSYCHEDELIC STOCKS ARTICLE 8. Cannabis Earnings Roundup: Financials From the Big 4 Canadian LPs, Do the Recent Quarterly Results Justify the Lofty Share Prices? Following the Cannabis Sector’s Meteoric Rise to Start the New Year, the Big 4 Canadian LPs Have Each Reported Quarterly Earnings As a result, Cannabis investors have had the opportunity to access the up to date fundamentals of each company and determine if top Canadian Pot Stocks Aphria (NYSE: APHA), Canopy Growth (NYSE: CGC), Aurora Cannabis (NYSE: ACB) and Cronos Group (NASDAQ: CRON) are deserving of their current lofty share prices. READ FULL CANNABIS EARNINGS ARTICLE 7. Field Trip Health Announces Upsize to Previously Announced Bought Deal Public Offering Field Trip Intends to Use the Net Proceeds From the Offering for the Development of the Company’s FT-104 Novel Psychedelic Development Program, the Opening of New Field Trip Health Centers, and for Working Capital and General Corporate Purposes Field Trip Health (OTC: FTRPF) announced that, due to strong demand, it has agreed with a syndicate of underwriters led by Bloom Burton Securities, to increase the size of its previously announced $50,000,015 bought deal offering. Pursuant to the upsized deal terms, the underwriters have agreed to purchase, on a bought deal basis, 12,750,000 common shares of Field Trip, at a price of $6.50, for aggregate gross proceeds of $82,875,000. READ FULL FIELD TRIP ARTICLE 6. Wrigley Chewing Gum Heir to Take Cannabis MSO Parallel Public Via $1.9 Billion Deal Chewing Gum Heir William “Beau” Wrigley Jr., the CEO of Atlanta-Based Parallel, Struck a Mammoth Deal With an Entertainment Mogul to Take the Cannabis Multi-State Operator Public Through a Transaction That Values the Company at $1.9 Billion Ceres Acquisition Corp. – a special purpose acquisition company (SPAC) co-founded by Scott “Scooter” Braun – will buy Parallel, allowing the new company to go public by taking on Ceres’ listing on Canada’s NEO Exchange. READ FULL WRIGLEY MSO ARTICLE 5. MindMed Closes Acquisition of HealthMode, a Leading Machine Learning Digital Medicine Company The Acquisition Will Help MindMed Build a Full Stack Digital Mental Health Platform for Psychedelic Medicines MindMed (OTCQB: MMEDF) reported that it has closed the previously announced acquisition of HealthMode, a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. MindMed also announced that ex-Pfizer (NYSE: PFE) Digital Medicine Executive Dr. Daniel R. Karlin and former Google AI/ML industry veteran Bradford Cross were added to the company’s executive team. READ FULL MINDMED ARTICLE 4. Investors Have Been Flocking to This U.S. Cannabis ETF It Only Took Six Months for the Newest Cannabis ETF to Reach $1 Billion in Assets On Tuesday, AdvisorShares announced its AdvisorShares Pure U.S. Cannabis ETF (NYSE: MSOS) crossed the threshold, making it just the second Cannabis ETF to reach the mark. ETFMG Alternative Harvest ETF (NYSE: MJ) is the other. READ FULL CANNABIS ETF ARTICLE 3. Liberty Health Sciences Shareholders Overwhelmingly Approve Acquisition By Ayr Wellness Shareholders Representing 57% of Issued and Outstanding Shares Voted and 95% Voted in Favour of the Transaction Ayr Strategies (OTCQX: AYRSF), a leading vertically integrated cannabis multi-state operator, and Liberty Health (OTCQX: LHSIF) announce at a special meeting, Liberty security holders voted overwhelmingly in favour of the proposed acquisition of Liberty shares by Ayr in a transaction originally announced on December 22, 2020. READ FULL AYR ARTICLE 2. MindMed Looks Bullish on Growing Acceptance of Psychedelics MindMed’s Stock is Up 937% Since March 2020 But it’s Just Getting Started MindMed (OTCQB: MMEDF)is one of the best Psychedelic Stocks out there. The excitement around the medicinal potential of Psilocybin and other Psychedelics like kratom has helped put MindMed into the spotlight and fuel strong capital appreciation. READ FULL MMED STOCK ARTICLE 1. Creso Pharma Inks Deal to Enter U.S. Cannabis Market With Established Partner The American Cannabis Market is a Major Growth Opportunity for Creso Pharma and its Planned Deal With CERES Natural Remedies Will Help the Company Establish a U.S. Presence Ahead of Likely Federal Legalization Creso Pharma (OTC: COPHF) announced that it has executed a non-binding letter of intent (LOI) with leading CBD and plant-based remedies provider CERES Natural Remedies to distribute and sell Creso’s range of CBD and hemp animal health products in the USA. CERES’ operating business, High Fidelity is Vermont’s largest independent cannabis company and through its established footprint, has generated over USD $35 million in revenue since 2013. READ FULL CRESO PHARMA ARTICLE Photo by Esteban Lopez on Unsplash See more from BenzingaClick here for options trades from BenzingaCannabis Countdown: Top 10 Marijuana And Psychedelics Industry News Stories Of The WeekCannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week