All posts tagged: Stocks

Trump Backs State-Level Marijuana Regulation, Lifting Pot Stocks

Trump Backs State-Level Marijuana Regulation, Lifting Pot Stocks

Updated on
  • Colorado’s Gardner says he received assurances from president
  • White House spokeswoman says Gardner statement ‘accurate’

President Donald Trump endorsed letting states decide how to regulate marijuana, in a major boost for the legal pot industry.

Colorado Republican Senator Cory Gardner said that as a result of Trump’s assurances, he’ll end a blockade of Justice Department nominees. Gardner held up the nominees after Attorney General Jeff Sessions rescinded an earlier Justice Department memo that shielded marijuana operations in states like Colorado from enforcement of the federal ban on the drug.

"Since the campaign, President Trump has consistently supported states’ rights to decide for themselves how best to approach marijuana," Gardner said in a statement Friday. “President Trump has assured me that he will support a federalism-based legislative solution to fix this states’ rights issue once and for all.”

White House Press Secretary Sarah Huckabee Sanders said Gardner’s statement is “accurate.” She didn’t elaborate.

“The president did speak with Senator Gardner yesterday and again today,” Sanders told reporters Friday at the White House, adding, "the president is a firm believer" in states’ rights.

Marijuana is legal for medicinal use in 29 states and for recreational use in eight.

Marijuana stocks surged on the news, which removed the threat posed by Sessions’s decision in January to rescind an Obama-era policy that helped states legalize recreational pot.

Canada’s Canopy Growth Corp., the largest cannabis producer by market value, jumped as much as 11 percent in its biggest intraday advance since March 5. Medical-marijuana supplier Aphria Inc. climbed as much as 21 percent in Toronto trading.

Gardner said he’s lifting his hold and working with colleagues on legislation that would protect marijuana operations in states that have legalized the drug. The White House didn’t immediately respond to a request for comment.

Trump offered qualified support for legalization while on the presidential campaign trail, saying that medical marijuana “should happen” and that laws regarding recreational usage should be left in the hands of the states.

Sessions, on the other hand, has been an outspoken opponent of state marijuana laws.

The Justice Department under President Barack Obama created guardrails for federal prosecution of the sale and possession of cannabis, which remains illegal under federal law, and allowed legalized marijuana to flourish in states across the country. Under Sessions’s approach, U.S. attorneys in states where pot is legal were given approval to prosecute cases where they see fit.

Read more: http://www.bloomberg.com/

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Top Senate Democrat Endorses Decriminalizing Marijuana at the Federal Level

The push to decriminalize marijuana has picked up another high-profile backer — Senate Democratic leader Chuck Schumer — just a week after President Donald Trump endorsed letting states decide how to regulate the drug.

"I’ll be introducing legislation to decriminalize marijuana at the federal level from one end of the country to the other," Schumer, of New York, told Vice News in an interview airing Thursday evening. "I’ve seen too many people’s lives ruined because they had small amounts of marijuana and served time in jail much too long."

Schumer’s backing of decriminalization adds to what has become a bipartisan effort in the Senate, led by Republican Senator Cory Gardner of Colorado, which was the first state to legalize recreational marijuana. Marijuana currently is legal for medicinal use in 29 states and for recreational use in eight.

Trump’s promise to let states handle the issue caused pot-related stocks to spike. It also eased the threat that the Department of Justice under Attorney General Jeff Sessions — a staunch foe of legalization — would step up enforcement of federal prohibitions on sales and use of marijuana in states like Colorado.

Gardner separately said in an interview Wednesday he is 80 percent finished with legislation he is writing to ensure states don’t run afoul of the federal prohibition on marijuana and to allow marijuana businesses access to the financial system.

It’s not clear, however, when or if such a bill might move. In the meantime Schumer’s backing could help Democrats, given that polls have increasingly shown a strong majority backing legalization.

Previous efforts to expand an existing appropriations rider protecting state-licensed medical-marijuana operations failed.

Read more: http://www.bloomberg.com/

Mary JaneTop Senate Democrat Endorses Decriminalizing Marijuana at the Federal Level
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Top Senate Democrat Endorses Decriminalizing Marijuana at the Federal Level

The push to decriminalize marijuana has picked up another high-profile backer — Senate Democratic leader Chuck Schumer — just a week after President Donald Trump endorsed letting states decide how to regulate the drug.

"I’ll be introducing legislation to decriminalize marijuana at the federal level from one end of the country to the other," Schumer, of New York, told Vice News in an interview airing Thursday evening. "I’ve seen too many people’s lives ruined because they had small amounts of marijuana and served time in jail much too long."

Schumer’s backing of decriminalization adds to what has become a bipartisan effort in the Senate, led by Republican Senator Cory Gardner of Colorado, which was the first state to legalize recreational marijuana. Marijuana currently is legal for medicinal use in 29 states and for recreational use in eight.

Trump’s promise to let states handle the issue caused pot-related stocks to spike. It also eased the threat that the Department of Justice under Attorney General Jeff Sessions — a staunch foe of legalization — would step up enforcement of federal prohibitions on sales and use of marijuana in states like Colorado.

Gardner separately said in an interview Wednesday he is 80 percent finished with legislation he is writing to ensure states don’t run afoul of the federal prohibition on marijuana and to allow marijuana businesses access to the financial system.

It’s not clear, however, when or if such a bill might move. In the meantime Schumer’s backing could help Democrats, given that polls have increasingly shown a strong majority backing legalization.

Previous efforts to expand an existing appropriations rider protecting state-licensed medical-marijuana operations failed.

Read more: http://www.bloomberg.com/

Mary JaneTop Senate Democrat Endorses Decriminalizing Marijuana at the Federal Level
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Trump Backs State-Level Marijuana Regulation, Lifting Pot Stocks

Trump Backs State-Level Marijuana Regulation, Lifting Pot Stocks

Updated on
  • Colorado’s Gardner says he received assurances from president
  • White House spokeswoman says Gardner statement ‘accurate’

President Donald Trump endorsed letting states decide how to regulate marijuana, in a major boost for the legal pot industry.

Colorado Republican Senator Cory Gardner said that as a result of Trump’s assurances, he’ll end a blockade of Justice Department nominees. Gardner held up the nominees after Attorney General Jeff Sessions rescinded an earlier Justice Department memo that shielded marijuana operations in states like Colorado from enforcement of the federal ban on the drug.

"Since the campaign, President Trump has consistently supported states’ rights to decide for themselves how best to approach marijuana," Gardner said in a statement Friday. “President Trump has assured me that he will support a federalism-based legislative solution to fix this states’ rights issue once and for all.”

White House Press Secretary Sarah Huckabee Sanders said Gardner’s statement is “accurate.” She didn’t elaborate.

“The president did speak with Senator Gardner yesterday and again today,” Sanders told reporters Friday at the White House, adding, "the president is a firm believer" in states’ rights.

Marijuana is legal for medicinal use in 29 states and for recreational use in eight.

Marijuana stocks surged on the news, which removed the threat posed by Sessions’s decision in January to rescind an Obama-era policy that helped states legalize recreational pot.

Canada’s Canopy Growth Corp., the largest cannabis producer by market value, jumped as much as 11 percent in its biggest intraday advance since March 5. Medical-marijuana supplier Aphria Inc. climbed as much as 21 percent in Toronto trading.

Gardner said he’s lifting his hold and working with colleagues on legislation that would protect marijuana operations in states that have legalized the drug. The White House didn’t immediately respond to a request for comment.

Trump offered qualified support for legalization while on the presidential campaign trail, saying that medical marijuana “should happen” and that laws regarding recreational usage should be left in the hands of the states.

Sessions, on the other hand, has been an outspoken opponent of state marijuana laws.

The Justice Department under President Barack Obama created guardrails for federal prosecution of the sale and possession of cannabis, which remains illegal under federal law, and allowed legalized marijuana to flourish in states across the country. Under Sessions’s approach, U.S. attorneys in states where pot is legal were given approval to prosecute cases where they see fit.

Read more: http://www.bloomberg.com/

Mary JaneTrump Backs State-Level Marijuana Regulation, Lifting Pot Stocks
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This Little Canadian Town Has Become the Nations Pot Capital

All it took was a little marijuana to lift this Canadian town’s spirits.

Smiths Falls, Ontario — population 8,885 — is seeing a revival of fortunes since medical marijuana producer Tweed Inc. set up shop four years ago in an abandoned Hershey Co. chocolate factory. The company, since renamed Canopy Growth Corp., has become the world’s largest publicly traded cannabis producer and is the town’s largest private-sector employer.

“We’re recognized as the pot capital of Canada — and we’re proud of that,” Mayor Shawn Pankow said in an interview from the town hall, a two-story brick building erected in 1859 on the main street. “The local economy is certainly far better today than it was before Tweed came to town.”

Smiths Falls is on the rebound, with more younger people relocating to this town 75 kilometers (47 miles) southwest of the capital in Ottawa. There’s renewed interest in commercial property, new businesses are arriving and there’s even the odd bidding war on homes.

“We’re seeing positive impacts really across the economy,” said Pankow, 52, who also runs a financial advisory firm. “People are recognizing that Smiths Falls is a community that’s on the upswing.”

Canopy has since become one of the darlings of the Canada’s benchmark stock exchange. It’s the S&P/TSX Composite Index’s best performer in 2017 with returns of more than 250 percent as of Friday at noon in Toronto, and is up 40 percent in the past week alone with pot stocks surging ahead of legalization both in Canada and in California.

Town Welcome

Tweed took over a former Hershey factory with ambitious plans to grow medical marijuana. Today, the firm has 360 employees — a well-educated workforce that runs the administration, research, growing operations, packaging and shipping from the facility that still has signage and other remnants of its chocolate past. Construction crews hammer away on the next expansion. The parking lot is packed.

“Smiths Falls welcomed us and we appreciated that,” said Chief Executive Officer Bruce Linton, who says he’s tapping local labor, suppliers and businesses as much as possible as the business gears up for the legalization of marijuana in Canada next summer. “The effect is the town becomes more desirable, and as it becomes more desirable my ability to recruit people who are senior or worldly increases.”

It’s a stark contrast from a decade ago, when Smiths Falls faced an industry exodus with the shutdown of a Stanley Tools Manufacturing facility and a shuttering of the Hershey plant. That followed months later by the closure of the Rideau Regional Centre for the developmentally disabled. The closures affected more than 1,500 people — one-fifth the population.

Smiths Falls has faced ebbs and flows of industry throughout its history, stemming back about 190 years when crews came to build the Rideau Canal connecting Ottawa with Kingston. Decades later, the Canadian Pacific Railway arrived to provide a rail connection to the outside world, helping support commerce.

Reinvents Itself

“It’s a town that constantly reinvents itself,” said Leisa Purdonbell, 33, who oversees the historical collections in the basement of an 1860s-era house that doubles as a museum. “Businesses have come and gone.”

Frost & Wood Co., which began making farming equipment in 1846, evolved into a munitions factory during the Second World War that once employed 1,200 people before it closed in 1955. Coca-Cola Co. bottler Rideau Beverages was around until the 1970s.

RCA Victor, which came to town in 1954, helped introduce The Beatles to North America: the band’s vinyl single “Love Me Do” was pressed at the plant in 1963. RCA Victor, which employed 350 people at its height, left in 1978.

Hershey came in 1963 and within 25 years had 750 workers and a bustling plant that drew thousands of visitors. At one point, the town’s water tower boasted an image of a Hershey bar and the slogan “Chocolate Capital of Ontario.”

Low Point

“When we received notification of Hershey’s leaving and pulling out, and then Rideau Regional quickly after that, we kind of hit that low point,” Purdonbell said. “Thankfully, at the moment, it seems that everybody’s changed their way of thinking into something more positive, and I think businesses see that as they’re coming into the community.”

Four Degrees Brewing Co. recently opened. European canal boat operator Le Boat has occupied an 1840s-era Lockmaster’s House on the waterway that bisects town. It’s ramping up plans to bring 16 rental boats next summer for tourists to cruise the Rideau Canal, a UNESCO world heritage site.

Linton, whose company has soared to a market value of more than C$4 billion ($3.1 billion), sees room to further improve Smiths Falls. He wants to expand a retail area at his plant to draw visitors — akin to days when busloads of tourists toured Hershey’s and bought broken chocolate bars on the cheap. Beyond that, he’d like to see more restaurants, meeting places and a hotel to make it a destination spot.

Hotel Needed

“What the town lacks is a really great place for people to actually stay,” Linton said.

Aside from the hubbub over weed, Smiths Falls has another claim to fame: It’s the hometown of Brooke Henderson, the 20-year-old golfer who ranks sixth in earnings this year on the Ladies Professional Golf Association circuit. 

“We’ve been to Ireland and people there are not familiar with Canopy Growth Corp. or Tweed, but they know who Brooke Henderson is,” Pankow said. “Brooke has been really the face of the community over the last few years, and I would say she still probably carries a bigger presence.”

    Read more: http://www.bloomberg.com/

    Mary JaneThis Little Canadian Town Has Become the Nations Pot Capital
    read more

    This Little Canadian Town Has Become the Nations Pot Capital

    All it took was a little marijuana to lift this Canadian town’s spirits.

    Smiths Falls, Ontario — population 8,885 — is seeing a revival of fortunes since medical marijuana producer Tweed Inc. set up shop four years ago in an abandoned Hershey Co. chocolate factory. The company, since renamed Canopy Growth Corp., has become the world’s largest publicly traded cannabis producer and is the town’s largest private-sector employer.

    “We’re recognized as the pot capital of Canada — and we’re proud of that,” Mayor Shawn Pankow said in an interview from the town hall, a two-story brick building erected in 1859 on the main street. “The local economy is certainly far better today than it was before Tweed came to town.”

    Smiths Falls is on the rebound, with more younger people relocating to this town 75 kilometers (47 miles) southwest of the capital in Ottawa. There’s renewed interest in commercial property, new businesses are arriving and there’s even the odd bidding war on homes.

    “We’re seeing positive impacts really across the economy,” said Pankow, 52, who also runs a financial advisory firm. “People are recognizing that Smiths Falls is a community that’s on the upswing.”

    Canopy has since become one of the darlings of the Canada’s benchmark stock exchange. It’s the S&P/TSX Composite Index’s best performer in 2017 with returns of more than 250 percent as of Friday at noon in Toronto, and is up 40 percent in the past week alone with pot stocks surging ahead of legalization both in Canada and in California.

    Town Welcome

    Tweed took over a former Hershey factory with ambitious plans to grow medical marijuana. Today, the firm has 360 employees — a well-educated workforce that runs the administration, research, growing operations, packaging and shipping from the facility that still has signage and other remnants of its chocolate past. Construction crews hammer away on the next expansion. The parking lot is packed.

    “Smiths Falls welcomed us and we appreciated that,” said Chief Executive Officer Bruce Linton, who says he’s tapping local labor, suppliers and businesses as much as possible as the business gears up for the legalization of marijuana in Canada next summer. “The effect is the town becomes more desirable, and as it becomes more desirable my ability to recruit people who are senior or worldly increases.”

    It’s a stark contrast from a decade ago, when Smiths Falls faced an industry exodus with the shutdown of a Stanley Tools Manufacturing facility and a shuttering of the Hershey plant. That followed months later by the closure of the Rideau Regional Centre for the developmentally disabled. The closures affected more than 1,500 people — one-fifth the population.

    Smiths Falls has faced ebbs and flows of industry throughout its history, stemming back about 190 years when crews came to build the Rideau Canal connecting Ottawa with Kingston. Decades later, the Canadian Pacific Railway arrived to provide a rail connection to the outside world, helping support commerce.

    Reinvents Itself

    “It’s a town that constantly reinvents itself,” said Leisa Purdonbell, 33, who oversees the historical collections in the basement of an 1860s-era house that doubles as a museum. “Businesses have come and gone.”

    Frost & Wood Co., which began making farming equipment in 1846, evolved into a munitions factory during the Second World War that once employed 1,200 people before it closed in 1955. Coca-Cola Co. bottler Rideau Beverages was around until the 1970s.

    RCA Victor, which came to town in 1954, helped introduce The Beatles to North America: the band’s vinyl single “Love Me Do” was pressed at the plant in 1963. RCA Victor, which employed 350 people at its height, left in 1978.

    Hershey came in 1963 and within 25 years had 750 workers and a bustling plant that drew thousands of visitors. At one point, the town’s water tower boasted an image of a Hershey bar and the slogan “Chocolate Capital of Ontario.”

    Low Point

    “When we received notification of Hershey’s leaving and pulling out, and then Rideau Regional quickly after that, we kind of hit that low point,” Purdonbell said. “Thankfully, at the moment, it seems that everybody’s changed their way of thinking into something more positive, and I think businesses see that as they’re coming into the community.”

    Four Degrees Brewing Co. recently opened. European canal boat operator Le Boat has occupied an 1840s-era Lockmaster’s House on the waterway that bisects town. It’s ramping up plans to bring 16 rental boats next summer for tourists to cruise the Rideau Canal, a UNESCO world heritage site.

    Linton, whose company has soared to a market value of more than C$4 billion ($3.1 billion), sees room to further improve Smiths Falls. He wants to expand a retail area at his plant to draw visitors — akin to days when busloads of tourists toured Hershey’s and bought broken chocolate bars on the cheap. Beyond that, he’d like to see more restaurants, meeting places and a hotel to make it a destination spot.

    Hotel Needed

    “What the town lacks is a really great place for people to actually stay,” Linton said.

    Aside from the hubbub over weed, Smiths Falls has another claim to fame: It’s the hometown of Brooke Henderson, the 20-year-old golfer who ranks sixth in earnings this year on the Ladies Professional Golf Association circuit. 

    “We’ve been to Ireland and people there are not familiar with Canopy Growth Corp. or Tweed, but they know who Brooke Henderson is,” Pankow said. “Brooke has been really the face of the community over the last few years, and I would say she still probably carries a bigger presence.”

      Read more: http://www.bloomberg.com/

      Mary JaneThis Little Canadian Town Has Become the Nations Pot Capital
      read more