News Stocks 

A Canadian investment bank is quietly pursuing a critical regulatory approval that would solve one of the biggest pain points for the US marijuana industry

“One of the biggest pain points preventing multibillion-dollar institutions from investing in the US cannabis industry may soon be solved” writes Jeremy Berke for businessinsider.com. For comparison, the cigarette industry in the US is worth roughly $80 billion, according to the investment bank Cowen.Canaccord Genuity, a mid-size Canadian investment bank, is seeking approval from the Financial Industry Regulatory Authority (FINRA) to act as a custodian for US investors, according to a source familiar with the matter.Because cannabis is federally illegal in the US, the government could, in theory, prosecute banks…

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Crypto News 

Late QuadrigaCX CEO Used Personal Money to Fund the Exchange

“The exchange recently transferred a significant amount of its crypto holdings to Ernst and Young, the court-appointed monitor of the crypto exchange, obeying the court orders” writes Arnab Shome for financemagnates.com. The deceased CEO of QuadrigaCX, Gerry Cotten, had used his personal funds to keep the exchange afloat while it was in a litigation process with a Canadian bank, revealed his wife.However, in the court, the troubled crypto exchange argued that there are no competing claims made for the frozen funds and it was mistakenly frozen by the banks.Later, a Canadian…

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Crypto News 

Canadian Police Asks for Public Assistance to Identify Bitcoin Fraudsters

“The Calgary Police Service (CPS) Cybercrime Team has asked the public to assist in the identification of four individuals allegedly involved in multiple fraudulent transactions made within the country and targeting one Canadian Bitcoin firm” writes Ana Alexandre for cointelegraph.com. In 2018, at least $725 million was lost to scams such as ponzi schemes, exit schemes and fraudulent initial coin offerings.The press release states that in September of last year, the suspects allegedly made 112 fraudulent transactions at BTMs in seven Canadian cities, including Calgary, Toronto, Montreal, Ottawa, Hamilton, Winnipeg,…

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News Stocks 

Marijuana chain Harvest is acquiring a competitor in an $850 million stock deal, creating one of the largest US cannabis companies

“IAnthus, a New York-based marijuana company, acquired MPX Bioceutical in a $640 million deal in October of last year” writes Jeremy Berke for businessinsider.com. Verano is also profitable which is rare in the cannabis industry, White said.Once complete, the deal will create one of the largest US marijuana chains, known in industry parlance as multi-state operators.Harvest Health & Recreation, a US marijuana cultivator, on Monday announced that it will acquire Chicago-based Verano Holdings in an $850 million all-stock transaction.The merger will give Harvest licenses to operate up to 200 marijuana…

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Markets News Oil 

Enbridge pipeline delay spooks traders in long-term Canada crude market

“One Calgary-based trader said the Alberta government had ruined trust in the Canadian heavy crude market” writes Midwest Communications Inc for 95kqds.com. Longer-dated trading volumes in the Canadian heavy benchmark Western Canada Select (WCS) vary each month, making year-on-year comparisons of trading volumes difficult, traders said.Severe pipeline bottlenecks depressed Canadian heavy oil prices to the weakest on record last year, prompting the Alberta government to order mandatory production cuts effective Jan. 1, a move that sent prices sky-rocketing and traders scrambling to cover positions.Now, Enbridge’s delay has heightened concerns the…

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News 

Funding Circle Reveals Plans For Canada Launch

“Alternative small business lending firm Funding Circle has announced plans to launch in Canada” reports pymnts.com. While its exact Canada launch date is unknown, the company said it will commence operations in the country in the second half of this year through the opening of an office in Toronto.The company also pointed out that despite Canada’s ongoing recovery since the 2008 financial crisis, lending to small businesses has not recovered as quickly.Funding Circle’s U.K. commercial strategy lead, Tom Eilon, will head the company’s Canada unit as managing director, the firm…

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Crypto News 

Canadian Tax Agency is Reportedly Auditing Crypto Investors

“The Canada Revenue Agency (CRA) is auditing cryptocurrency investors in the country” writes Arnab Shome for financemagnates.com. The Canadian tax agency is taxing crypto-related income since 2013.According to a March 6th Forbes report, the tax-collecting agency is sending questionnaires to the Canadian taxpayers asking their involvement in the digital asset investment in recent years.Meanwhile, in the United States, crypto businesses are integrating technologies to ease the process of declaring crypto incomes while filing tax returns.The CRA has published educational material on its website regarding the tax treatment of dealing in…

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Markets News Regulators 

Euro awaits ECB, Canadian, Aussie dollars linger near 2-month lows

“The country’s fourth-quarter economic growth had come in below expectations on Wednesday, reinforcing evidence of slowing domestic momentum and backing market expectations for a rate cut this year” writes unknown author for cnbc.com. “The market has already been pricing in that the economic growth in the euro zone isn’t good,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo. Investors were also looking to Friday’s U.S. non-farm payrolls release for February for fresh indications of wage growth and labour market strength.Major currencies kept to tight ranges on Thursday…

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Markets News 

Nielsen is diving into marijuana as the world’s biggest consumer companies look for an edge in the booming industry

“Molson Coors also entered a joint venture with Hexo, a smaller Canadian marijuana producer, to produce marijuana-infused beverages for the Canadian market. (Canada federally legalized marijuana in October)” writes Jeremy Berke for businessinsider.com. It’s a sign the biggest consumer companies are ‘looming’ over the industry.Nielsen is getting into the cannabis industry.And not to be outdone, Altria, the tobacco giant behind the popular Marlboro brand, paid $1.8 billion for a 45% stake of Canadian marijuana cultivator Cronos Group in December.”We strongly believe that Headset is the right partner to complement our…

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News 

Trade, politics and changing rates views send Canadian dollar sliding

“The Canadian currency fell 0.35 percent to C$1.3349, extending Monday’s losses on expectations that the central bank was approaching a policy turning-point” writes unknown author for cnbc.com. Focus has turned to meetings at the European Central Bank and the Bank of Canada, with both institutions facing the need to address stuttering economic growth and a slowdown in world trade.The Canadian dollar slumped to nearly six-week lows on Tuesday, hit by a combination of trade troubles, resignations from Prime Minister Justin Trudeau’s cabinet and expectations the central bank could be on…

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