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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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Markets News Stocks 

Marijuana sector trades higher after Aurora Cannabis hires Nelson Peltz

“Aurora stock trades under the ticker ACB on both the New York Stock Exchange and the Toronto Stock Exchange” reports etfdailynews.com. Aurora Cannabis announced Wednesday that it has appointed longtime activist investor Nelson Peltz as a strategic advisor.But Peltz will also prove a valuable addition to Aurora for his deep knowledge of the consumer goods industry, where he’s tended to focus his investments.The company added that it has granted Peltz options to purchase 19.96 million common Aurora shares at a price of 10.34 Canadian dollars ($7.74). Source: etfdailynews.com

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New Jersey leaders in deal to legalize recreational marijuana

“Last year, Vermont became the first state in the United States to legalize weed for recreational use through state-level legislation” writes Midwest Communications Inc for 95kqds.com. New Jersey is among more than 30 states that allow marijuana for medical use. Legislators in New Mexico are considering a bill to legalize adult use of pot and create the nation’s first state-operated stores for selling weed.(Reuters) – New Jersey Governor Phil Murphy on Tuesday reached an agreement in principle with Democratic lawmakers for the state to potentially become the second in the…

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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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Forget Elon Musk’s marijuana-smoking security-clearance troubles — just investing in cannabis stocks can cause you problems

“As of 2015, some 4.3 million people in the U.S. had security clearance, according to a Congressional Research Service Report” writes Personal Finance Reporter for marketwatch.com. Federal employees and contractors who simply own stocks in cannabis-related companies could have problems maintaining the security clearance required to do their jobs, experts told MarketWatch.Kuhn doesn’t think owning index fund shares would represent much of a threat to someone’s security clearance.Audricia M. Harris. “Any changes will be addressed through normal policy update procedures.” She added that security clearance investigators use what’s called the…

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Expunge small-time pot convictions if it’s legalized

“In fact, this tax break also applies to second homes, which again there is no reason to incentivize” writes Letters To The for suntimes.com. From their very inception, income taxes in this country were based on the ability to pay, or progressive taxing rate.As Warren Buffett said, it’s wrong when his secretary pays more in income taxes than he does. Rather than lining the pockets of the rich, this tax break should be limited to first-time home buyers and those who have lost their home to foreclosure.This tax break was…

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A lawyer warns of a legal nightmare you can face on a ship

“Cruise ship passengers often sign contracts that allow cruise ship personnel to search their rooms for any reason, Walker said, and cruise ship itineraries can put passengers under the jurisdictions of legal systems that may be unfamiliar to American citizens” writes Mark Matousek for businessinsider.com. In 2014, The Tribune reported that four American cruise ship passengers found with marijuana received a choice between paying $300-$500 fines or spending between one and two months in jail. Source: businessinsider.com

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Elon Musk’s security clearance is reportedly under review by the Pentagon after he smoked marijuana on Joe Rogan’s podcast in September

“A SpaceX official told Bloomberg the review of Musk’s security clearance has not affected the company, which has received multiple contracts from the federal government since Musk’s interview with Rogan” writes Mark Matousek for businessinsider.com. While recreational marijuana use is legal in some states, it is illegal under federal law, and federal employees or contractors with security clearances cannot use the drug.Musk has reportedly refiled a security form that requires the disclosure of any illegal drug use from the prior seven years.Before his interview with Rogan, Musk told The New…

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Brokers News Stocks 

BaFin Warns Investors to Steer Clear of Marijuana Brokers

“BaFin, the federal financial watchdog in Germany, also indicated that Cannabis Trader displays address details on its website which are non-existence, and that its domain is registered anonymously” writes Aziz Abdel-qader for financemagnates.com. Germany’s watchdog BaFin has published a statement warning of the activities of “Cannabis Trader”, a company that appears to be offering marijuana derivatives products without complying with its financial legislation.The marijuana companies themselves have been busy expanding their capacity, diversifying their product lines, and making acquisitions, all in an effort to improve differentiation from their peers and…

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