By Eric Kulisch of FreightWaves
Concern is growing that the spread of COVID cases and city lockdowns in China will have massive downstream effects for global supply chains that could dwarf previous disruptions since the start of the pandemic.
Last May, the huge Yantian container terminal at the Port of Shenzhen throttled down to 30% of normal productivity for a month to stamp out a handful of positive cases there. Hundreds of thousands of shipments that couldn’t enter the port accumulated in factories and warehouses, and many vessels skipped the port to avoid waiting seven days or more at anchor. It took weeks after the port reopened to clear the cargo backlog. The effects cascaded to the U.S. and Europe, resulting in port traffic jams, transit times triple the norm and missed retail deliveries for the holidays.
The difference this time is that an entire metropolis — and highly interconnected global trade center — is essentially shut down. Not since the initial 2020 COVID-19 outbreak in Wuhan have lockdowns been this extensive in China.
“It’s probably worse than Wuhan,” said Jon Monroe, an ocean shipping and supply chain expert who runs a consulting firm. “You’re going to have a lot of pent-up orders. It’s going to be an overwhelming movement of goods” that will drown shipping lines and ports once the lockdowns are lifted.
Freight is piling up
Twenty-five million people in Shanghai have been sequestered for 18 days. Chinese authorities this week slightly eased the restrictions, dividing the city into three categories based on previous screenings and risk levels. People can wander outside their apartment buildings but are encouraged to stay home in neighborhoods with no positive COVID-19 cases in the past two weeks. Those in high-risk areas must still shelter at home.
Spanish financial services firm BBVA predicts Chinese authorities will stick to the “zero-COVID” strategy and lockdowns until at least June. Other China observers say it could take even longer to meet China’s infection standard.
Shanghai is one of the largest manufacturing centers in China, with heavy concentrations of automotive and electronics suppliers. It is home to the largest container port in the world and a major airport that serves inbound and outbound air cargo. Exports produced in Shanghai account for 7.2% of China’s total volume and about 20% of China’s export container throughput moves through the port there, according to the BBVA report.
Most warehouses and plants are closed, nine out of 10 trucks are sidelined, the port and airport have limited function, shipping units are stranded in the wrong places, and freight is piling up.
More and more, the logistics impacts are rippling beyond the contagion epicenter.
Impacts spread beyond Shanghai
Export containers that were already at the Port of Shanghai when the lockdown started are making it onto vessels, but most goods booked on outbound vessels are stranded at warehouses because shuttle trucks can’t make pickups or deliveries.
Truckers require special permits, which are only good for 24 hours, as well as negative COVID tests to get in and out of the city or enter certain zones, according to logistics providers. Checking COVID certificates has led to huge traffic jams at the port.
The French logistics provider Geodis reports that truck drivers in the Shanghai area are being forced to wait up to 40 hours at certain highway entrances. Trucking rates have soared because of the limited supply, and shippers are waiting three to five days for cargo to get picked up, according to San Francisco-based Flexport.
Reduced manufacturing output, along with limited truck access to the port and airport, are causing a significant drop in air and ocean export volumes. Less demand is translating to lower freight rates.
In response to the lack of labor and cargo, air carriers have announced widespread cancellations, and some ocean carriers are skipping Shanghai port calls.
Several shipping lines have also begun offloading refrigerated containers at other ports along their voyage because the storage area with electric plugs is too crowded in Shanghai. Customers face extra port fees and delays routing the cargo to its intended destination. Maersk, the second-largest container vessel operator, said Thursday it has stopped accepting bookings to Shanghai for refrigerated cargo, some types of gas and flammable liquids.
More omissions are expected and liner companies may temporarily idle vessels or cancel some outbound Asia sailings altogether, according to Crane Worldwide Logistics and other service providers.
Asia-U.S. East Coast rates have fallen 7% since the outbreaks in March, said freight booking site Freightos, which also publishes an ocean rate index.
“But even if the lockdown persists and demand drops significantly, ocean carriers will likely reduce capacity which could keep rates from plummeting, just as they were able to do in the first few months of the pandemic when ocean volumes fell significantly but transpacific rates declined by less than 15% and were about level year on year,” it said.
The supply chain is backing up like water behind a dam. When water is released, the landscape gets flooded.
At Shanghai Pudong airport, ground handling companies are operating with skeleton staff.
Shanghai Eastern Airlines Logistics, a cargo terminal operator, ceased bulk loading of containers after a positive COVID case, which will further slow cargo processing, said Dimerco, a Taiwan-based freight forwarder. Airlines report that Pactl, which operates three other cargo terminals, has suspended acceptance of dangerous goods and temperature-controlled cargo because the warehouse is full.
Flexport said in a market update that 80% of commercial freighter services have been canceled and airlines are considering shifting operations to nearby airports. Qatar Airways announced that freighter flights will remain canceled until next Thursday, saying “the latest COVID-19 restrictions announced by local authorities limit our ability to operate flights in and out of Shanghai with sufficient cargo loads.”
Freight forwarders have been rerouting cargo to alternative airports such as Zhengzhou, Xiamen, Shenzhen and Beijing, as well as the Port of Ningbo, but those facilities are beginning to feel congestion effects themselves. Rates to ship from those locations are increasing.
Flights at Zhengzhou Xinzheng International Airport are reduced by 50%, according to Geodis. Most inbound cargo there is transit cargo to other cities, such as Shanghai — which is compounding backlogs because the cargo isn’t allowed to move to the final destination. That means logistics companies can only clear shipments that customers can pick up in Zhengzhou.
Dimerco advises that Zhengzhou airport is not accepting loose cargo – only palletized shipments – because of labor challenges. And it has just implemented a 14-day closed-loop program in which workers live on-site to minimize the potential for virus transmission, forcing the logistics provider to pivot again and reroute shipments to other airports, including back to Shanghai’s second airport – Hongqiao International.
Everstream Analytics, which helps companies manage supply chain risk, predicts U.S. and Canadian automotive assembly plants will quickly face delays and disruptions because the lockdowns will affect shipping of parts such as seats, tires, engines, bodies and brakes.
Ships delayed at port of Hong Kong and Yantian
Shipping schedules in South China are being impacted by irregular feeder vessels and large barge services, creating delays for transoceanic vessels at the ports of Hong Kong and Yantian, according to a situational update from supply chain data platform project44. Both ports have been coping with disruptive COVID restrictions for months.
Nearby manufacturing hubs in Vietnam and Cambodia are already suffering from a shortage of Chinese components for their manufacturing industries, project44 reported. And pharmaceutical companies in India, which source 70% of their active ingredients from China, are facing limited supplies.
Ocean shipping delays from the top three Chinese ports to Hamburg, Germany, and Amsterdam had already doubled to more than 12 days during the first quarter, before the Shanghai lockdown fully materialized, according to project44 data.
Ocean freight expert Lars Jensen, CEO of Vespucci Maritime, summed up the situation on his LinkedIn page this way: “Until this situation is resolved — which appears next to impossible when matching the omicron variant with zero-tolerance — we should expect drops in export demand, port omissions and more blank sailings in the near term future as well as Shanghai-bound cargo increasingly being discharged elsewhere.”
COVID lockdowns spread
Meanwhile, COVID infections are spreading beyond Shanghai, according to news reports and logistics companies. The southern manufacturing hub of Guangzhou, for example, has started mass COVID testing, introduced travel restrictions and shifted schools to online learning — steps that often portend a wider lockdown.
The city of Kunshan — an important production center for electronics near Shanghai — is closed down until April 19. Part of Taicang, another manufacturing area in Jiangsu province, is also locked down. A surge of new COVID cases is hitting the coastal cities of Dalian and Tianjin in the north, Ningbo in the east, and Xiamen and Dongguan in the south.
Ningbo officials ordered residents in two downtown districts to sequester at home, but so far the seaport is not affected. Nantong is on a partial lockdown until April 15. Port operations have been severely impacted, with logistics companies diverting shipments to Nanjing. Zhangiagang is also under partial lockdown until April 19, resulting in slower port operations and some factory closures.
Many shippers are exercising contingency plans and using alternative import/export gateways when possible, but road transport is increasingly difficult.
The outbreaks have led to a virtual ban by authorities on truck drivers from high- and medium-risk areas transporting cargo to low-risk areas. That includes transporting cargo from Shanghai and Kunshan to the Port of Ningbo. No cargo will be accepted if drivers have been to medium- or high-risk areas within the last 14 days or the factory is located in medium- or high-risk areas, said UPS Supply Chain Solutions in a customer update.
As of Friday, Dalian, Tianjin, parts of Beijing, Shanghai, and Dongguan are all in high- and medium-risk areas.
Dimerco said in a notice that traffic control for road transportation is getting more strict and it is difficult to secure trucks to bring freight to Shanghai or alternative ports.
Lockdowns ease U.S. supply chain strains before flood of cargo
The slowdown in China exports should provide temporary relief to congestion-plagued U.S. ports on both coasts, as well as in Europe, but logistics experts say the breather is likely to be followed by a tsunami of deferred cargo once the lockdowns are lifted. The cargo volume will far exceed the handling capability of the ports, with containers jamming up terminals faster than they can be transferred to inland transport and pushing vessels into long queues at sea.
Delta Air LInes President Glen Hauenstein said on an earnings call Wednesday that once the Shanghai restrictions are lifted, the airline expects a boom in cargo bookings that more than offsets the current export lag.
A mass quarantine that lasts until June could mean the drawdown of backlogged air and ocean freight pushes into the peak shipping season, as more volume enters the system.
“Even with air and ocean ports open, the length of the shutdown could make this iteration the most significant logistics disruption since the start of the pandemic,” Freightos said in its update.
Rent Control Is A Disaster – Don’t Let It Spread Across The Nation
Rent Control Is A Disaster – Don’t Let It Spread Across The Nation
Authored by Betsy McCaughey via The Epoch Times,
America’s renters -…
America’s renters - more than one-third of the nation’s households - are in for trouble.
Left-wing politicians are demanding rent regulation from coast to coast. Wherever it is adopted, the result will be a disastrous reduction in the rental housing supply, leaving renters desperate for places to live.
New York is the poster child for the failures of rent regulation. The U.S. Supreme Court is currently mulling a challenge to the constitutionality of the city’s rent regime.
Whatever the justices decide, the public needs to consider less destructive, more targeted ways to help low-income people pay for housing. The court of public opinion needs to consider these facts.
Fact No. 1: Rent regulation isn’t targeted to the poor.
In New York, there’s no means test. What you need is luck or connections. The mean income of a rent-stabilized apartment dweller is $47,000, but census data show that tens of thousands of them earn more than $150,000 per year. Some occupants use what they’re saving on rent to pay for a weekend place in the Hamptons or New England.
The pols don’t object—a sure sign they’re calling for rent regulation to help themselves politically, not the poor.
In New York, 44 percent of rental apartments are regulated by the Rent Guidelines Board (RGB), established in 1969, which sets the maximum amount by which landlords are allowed to raise the rent. Those limits apply to all buildings of six or more units built before 1974.
In 2022, the RGB set the maximum rent hike at 3.25 percent on one-year leases and this year at 3 percent. Never mind that last year, fuel costs to heat the buildings soared by 19 percent and overall inflation hit 8.3 percent.
The decisions are political, not economic. Many Democratic politicians vilify building owners as “greedy landlords” and depict themselves as the champions of the downtrodden. It’s a scam.
Fact No. 2: Winners and losers.
The winners are the lucky few with rent-regulated apartments and the pols who count on an army of tenant activists to turn out at the polls. The losers are the 56 percent of renters who don’t score a regulated apartment and have to scour neighborhoods for an unregulated place that they can afford. They’re paying more.
Why? Because regulation causes some landlords to walk away, reducing the overall supply of apartments. The laws of supply and demand mean rents go up. New Yorkers in unregulated apartments are paying the highest rents in the United States for a one-bedroom apartment. They're the real victims, and they should be furious.
Yet the left-wing press pretends that rent control offers only benefits. The New Republic warns that the Supreme Court challenge threatens “laws that have benefitted the city’s tenants for generations.” Sorry, untrue—only some tenants, and not always the neediest.
It’s economic madness. The saner way to help those who need assistance paying rent is with a voucher. We offer the needy SNAP debit cards to help them pay for groceries. No one slaps price controls on grocery stores or designates certain stores as “regulated,” forcing them to sell at below cost.
Yet New York forces certain landlords to pay what should be a public cost shared by all, an argument made to the court.
Fact No. 3: The Marxist fantasy that rent regulation will help the poor is spreading across the United States and Europe as well.
Maine and Minnesota have enacted laws allowing municipalities to impose rent regulations. In November 2024, California voters will be asked to approve a proposition allowing local governments to add additional restrictions to the state’s existing rent caps.
The laws of supply and demand are international. Berlin froze rents in 2019, and the rental supply plummeted, according to the Ifo Institute, a think tank.
Yet London Mayor Sadiq Khan is calling for freezing rents for two years. London provides housing vouchers to the poor—a smarter approach—but when the city froze the voucher amounts during the COVID-19 pandemic, fewer apartments were available in the price range. The answer is to raise the voucher amount. Freezing rents will only make the shortage worse.
Ignore the demagogues. The evidence is in: Rent regulation is a political scam. There are better ways to help Americans afford a place to live.
China’s Birth Rate Plummets 10% To Lowest On Record
China’s Birth Rate Plummets 10% To Lowest On Record
China’s birthrate fell 10% last year to its lowest level on record, a significant drop…
China's birthrate fell 10% last year to its lowest level on record, a significant drop in spite of extensive efforts by the CCP to encourage people to get busy.
The country had just 9.56 million births in 2022, the lowest figure since they began keeping records in 1949, according to a report by the National Health Commission.
The high costs of child care and education, growing unemployment and job insecurity as well as gender discrimination have all helped to deter many young couples from having more than one child or even having children at all. -NBC News
China's population also fell for the first time in six decades, dropping to 1.41 billion people - a demographic shift that's caused officials to worry that the country will 'get old before it gets rich' - with a slowing economy and declining tax receipts amid increases in government debt due to soaring health and welfare costs.
According to the report, the demographic downturn is largely thanks to China's one-child policy imposed between 1980 and 2015. Nearly 40% of Chinese babies last year were the second child of a married couple, while 15% were from families with three or more children.
The sharp decline in births comes despite Beijing's efforts to increase child care and provide other financial incentives. In May, President Xi Jinping presided over a panel to study the topic.
Not just China
As we noted in June, Japan's birth rate has also plummeted to a record low for the seventh straight year, with the number of babies born falling below 800,000 this year, health ministry data showed on June 2.
The number of newborns in Japan fell to 770,747 this year, down 40,875 from the previous year and the lowest since the country began record-keeping in 1899, Kyodo News reported, citing health ministry data.
Japan’s fertility rate—the average number of children born to a woman in her lifetime—fell from 1.30 in 2021 to 1.26 last year, equivalent to the previous low recorded in 2005. The number is far below the 2.07 rate necessary to sustain a stable population.
The decline in Japan’s birth rate is attributed to people delaying parenthood due to the economic impact brought on by the COVID-19 pandemic, as well as the prevailing trend among couples to delay marriage, according to the report.
The US birthrate has also been in decline, falling slightly in 2022 compared to 2021, with roughly 3.7 million babies born nationwide. It still hasn't recovered to pre-pandemic levels according to the CDC.
And as Mike Shedlock noted two years ago.
More via Mish Talk, worth a review:
The Pandemic Caused a Baby Bust, Not a Boom
Scientific American reports The Pandemic Caused a Baby Bust, Not a Boom
When the COVID pandemic led to widespread economic shutdowns and stay-at-home orders in the spring of 2020, many media outlets and pundits speculated this might lead to a baby boom. But it appears the opposite has happened: birth rates declined in many high-income countries amid the crisis, a new study shows.
Arnstein Aassve, a professor of social and political sciences at Bocconi University in Italy, and his colleagues looked at birth rates in 22 high-income countries, including the U.S., from 2016 through the beginning of 2021. They found that seven of these countries had statistically significant declines in birth rates in the final months of 2020 and first months of 2021, compared with the same period in previous years. Hungary, Italy, Spain and Portugal had some of the largest drops: reductions of 8.5, 9.1, 8.4 and 6.6 percent, respectively. The U.S. saw a decline of 3.8 percent, but this was not statistically significant—perhaps because the pandemic’s effects were more spread out in the country and because the study only had U.S. data through December 2020, Aassve says. The findings were published on Monday in the Proceedings of the National Academy of Sciences USA.
Birth rates fluctuate seasonally within a year, and many of the countries in the study had experienced falling rates for years before the pandemic. But the declines that began nine months after the World Health Organization declared a public health emergency on January 30, 2020, were even more stark. “We are very confident that the effect for those countries is real,” Aassve says. “Even though they might have had a bit of a mild downward trend [before], we’re pretty sure about the fact that there was an impact of the pandemic.”
Covid Accelerated the Existing Trend
Covid accelerated the already declining birth rates.
Given the 16-year lag between births and the civilian noninstitutional population coupled with the aging of the workforce there will be fewer and fewer workers supporting retired workers on Social Security.
Notice the relatively steep decline in the birth rate starting in 2008 and continuing through today.
That impact will start showing up in 2024 and last a minimum of 12 years.
How long depends on whether the birth rate picks up after Covid. I highly doubt the birth rate will pick up.
Deflationary and Inflationary Impacts
- Inflationary: Shortage of workers increases wage pressures
- Deflationary: Fewer workers support an increasing number of retirees
- Deflationary: Older workers need more assistance, buy fewer things, travel less.
- Deflationary: More government debt and deficits. Government spending has a negative impact on real GDP.
* * *
Time for another sexual revolution?
TDR’s Top 7 Cannabis Developments For The Week Of October 9
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of October 9. Aside from presenting a synopsis of news events, interviews and…
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of October 9. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies.
Trulieve Cannabis announced the filing of amended federal tax returns with refund claims for several of the company’s business entities for the years 2019, 2020, and 2021. In total, the company is claiming a refund of $143 million from taxes paid which the company believes it does not owe, although there is no guarantee of receipt.
Trulieve believes its determination is supported by legal interpretations that challenge the company’s tax liability under Section 280E of the Internal Revenue Code.
The Cannabist Company Holdings has delivered a notice of partial redemption to the holders of the company’s outstanding 13% senior secured notes due May 14, 2024. The Notice provides that the company will, on October 23, 2023, redeem US$25 million of the total US$38.2 million principal amount of the Notes currently outstanding.
On the Redemption Date, Holders of Notes will have a portion of their 13% Notes, in denominations of $1,000, redeemed effective as of the Redemption Date on a pro rata basis in accordance with the terms of the trust indenture between the company and Odyssey Trust Company dated May 14, 2020, as amended and supplemented.
Cannabis consumers who caught COVID-19 had significantly lower rates of intubation, respiratory failure and death than people who do not use marijuana, according a new study based on hospital data that was presented this week at the annual conference of The American College of Chest Physicians (CHEST) in Honolulu.
Authors analyzed records from 322,214 patients from the National Inpatient Sample, a government database that tracks hospital utilization and outcomes. Of those patients, 2,603—less than 1 percent—said they consumed cannabis.
Chart Of The Week—Select MSOs Net Cash Flows After Interest Expense, CAPEX, Taxes And Debt Maturities
Interview Of The Week: Jason Wild Speaks On The Eve Of TerrAscend’s Investor Day
Georgia To Become First State Selling Medical Marijuana In Pharmacies
Widely Held MSOs & LP Weekly Performance
|Company||Symbol||Previous Week Close||End Of Week Close||% Change On Week|
|AdvisorShares Pure Cannabis ETF||MSOS||7.08||7.04||-0.56|
|Green Thumb Industries||GTBIF||10.12||9.75||-3.65|
|High Tide Inc.||HITI||1.65||1.54||-6.66|
The U.S. Census Bureau has released its first report on state-level marijuana tax revenue data following what the agency calls “a complete canvass of all state agencies” going back to July 2021. In the 18-month period between then and the end of 2022, the data show, states collected more than $5.7 billion from licensed cannabis sales.
The launch of the report, which the agency plans to update on a quarterly basis going forward, signals that at least some parts of the federal government are now beginning to treat the cannabis industry as a legitimate sector of the economy. The Census Bureau first announced in January 2021 that it would begin collecting marijuana tax figures for its quarterly summary of state and local government tax revenue. It also said it wants states to submit cannabis revenue data as part of annual reports as well.
In the news…
4Front Ventures has agreed to issue 1,283,425 subordinate voting share purchase warrants pursuant to an amendment to a previously entered promissory note purchase agreement. Pursuant to the Agreement, the lender has agreed to extend the maturity date of its loan, which has a principal amount of US$2,000,000, with a payment of an extension fee of C$65,000, which is payable in Warrants.
Aleafia Health announced that Red White & Bloom Brands Inc. has been selected as the successful bidder pursuant to the court-approved sale and investment solicitation process in connection with the previously announced proceedings of Aleafia and certain of its subsidiaries under the companies’ Creditors Arrangement Act.
BioHarvest Sciences announced that VINIA, its flagship nutraceutical product derived from red grape cells, has received its Canadian product license from Health Canada’s Natural and Non-Prescription Health Products Directorate.
California Governor vetoes cannabis cafe and marijuana labeling bills…
Canopy Growth has received EU GMP certification from RP Tuebingen, Regional Health Inspectorate of Baden-Wuerttemberg for the company’s cannabis cultivation facility in Kincardine, Ontario.
Cardiol Therapeutics announced positive study results from one of its international collaborating research centers demonstrating that subcutaneously administered cannabidiol, the active pharmaceutical ingredient in Cardiol’s novel CRD-38 subcutaneous formulation prevented increases in key cardiac inflammatory and remodelling markers in a model of heart failure.
Charlotte’s Web Holdings announced the appointment of Angela McElwee to its Board of Directors.
CLS Holdings USA announced its financial results for the fiscal quarter ended August 31, 2023.
Colorado cannabis sales surpassed the $15 billion mark in August – a milestone since legal adult-use sales launched in the state in 2014.
Connecticut cannabis sales hit $25.2M in September 2023…
Cresco Labs announced the launch of its Good News brand in the Commonwealth of Pennsylvania.
Curaleaf Holdings will report its financial and operating results for the third quarter ended September 30, 2023 after market close on November 9, 2023.
Curaleaf Holdings has filed its application to list the Company’s subordinate voting shares on the Toronto Stock Exchange.
Eurofins CDMO Alphora Inc. announced that it has received its Health Canada Cannabis Drug License issued within the Cannabis Act and Cannabis Regulations for its Oakville, Ontario operations in September 2023.
Goodness Growth Holdings and Grown Rogue International, Inc. have completed the issuance of warrants to purchase listed shares as previously announced on May 25, 2023.
Heritage Cannabis Holdings announced the procurement of an EU GMP certified extraction machine to be added to the existing fleet of extractors which will double the company’s hydrocarbon processing capacity.
iAnthus Capital Holdings announces that Robert Galvin will transition out of his role as Interim Chief Operating Officer of the Company, effective immediately.
IM Cannabis, a medical cannabis company with operations in Israel and Germany, releases message from the CEO about the Israel-Hamas War and announces the company, through its wholly-owned subsidiaries, IMC Holdings Ltd. and Rosen High Way Ltd., has secured C$1,390,000 in short-term debt.
IM Cannabis announced that Uri Birenberg will join the company’s leadership team as Chief Financial Officer effective October 10, 2023.
Lead GOP Senate cosponsor of a bipartisan marijuana banking bill says a planned floor vote is on pause until he can ensure the legislation will later pass the Republican-controlled House, according to a cannabis financing executive who spoke with the senator this week.
Legislative Review of the Cannabis Act: What We Heard Report
Letter to Attorney General Garland and DEA Administrator Milgram urging halt to rescheduling process.
MariMed, Inc announced “Small Batch Exclusives,” a unique, limited-time program that gives customers the opportunity to purchase legendary flower strains.
MariMed Inc. retail footprint has once again expanded, as the company officially unveiled an adult-use Thrive dispensary in Casey, Illinois. This marks the fifth dispensary in operation within the state of Illinois and the 12th dispensary in MariMed’s expanding portfolio across five states.
Organigram Holdings has obtained a receipt for a final short form base shelf prospectus filed with the securities commissions in each of the provinces and territories of Canada. A corresponding shelf registration statement on Form F-10 has been filed with the United States Securities and Exchange Commission (SEC File No. 333-274686) but is not yet effective.
RISE Dispensaries owned by Green Thumb Industries Inc. announced that RISE Dispensary Brandon, the Company’s 9th retail location in Florida, will open on October 14th.
SAFE Banking now with 84 co-sponsors…
SunStream Bancorp announced a receivership court order granting the sale of certain assets of Greenpeak Industries Inc. and certain affiliated entities d.b.a. Skymint to Skymint Acquisition Co., a newly formed designee entity of Tropics LP. Tropics is a limited partnership fully owned by an affiliate of Sunstream, a joint venture sponsored by SNDL Inc.
Texas activists say they have secured enough signatures to put a local marijuana decriminalization initiative on the ballot in the city of Lubbock if lawmakers there do not enact the reform legislatively.
The Cannabist Company Holdings will report its financial results for the third quarter ended September 30, 2023 before U.S. financial markets open on Tuesday, November 14, 2023.
The Cannabist Company to report third quarter 2023 results on November 14, 2023 before U.S. financial markets open.
Trulieve Cannabis announced the relocation of a medical cannabis dispensary in Melbourne, Florida.
Trulieve Cannabis has added $500,000 to a ballot initiative aimed at legalizing the recreational use of marijuana, bringing its total contributions to $39.55 million, according to a newly filed finance report.
Verano Holdings announced the opening of Zen Leaf Newington, the company’s second social equity joint venture location in Connecticut and fourth cannabis dispensary statewide, on October 13, following a ceremonial ribbon cutting at 9 a.m. local time.
Vext Science has completed the previously announced non-brokered private placement of $11.5 million through the issuance of 67,647,058 common shares at a price of $0.17 per Common Share, including the full exercise of a $1.5 million over-allotment option.
Tier-1 cannabis multistate operator TerrAscend Corp. has made a notable splash in advance of Investor Day presentations at the Toronto Stock Exchange. The company has elevated forward-looking forecasts for net revenue and Adjusted EBITDA from ongoing operations for the entirety of 2023, signaling that business operations are exceeding previously-stated expectations.
For its full fiscal 2023, TerrAscend now expects net revenue and Adjusted EBITDA to register a minimum of $317 million and $63 million, respectively, versus previous a previous forecast of $305 million and $58 million. This represents year-over-year growth of 28% in net revenue and 62% in Adjusted EBITDA from continuing operations—both well above Tier-1 industry averages.
Furthermore, TerrAscend anticipates that its gross margin will surpass the 50% mark, and generate positive free cash flow from ongoing operations during the latter half of the year.
The House GOP’s pick for speaker, Steve Scalise, announced Thursday he will no longer seek the gavel as he confronted a likely insurmountable vote shortage. While Scalise had won a majority of votes in an internal GOP ballot a day earlier, he faced an ever-growing list of Republicans who vowed to support only his opponent, Rep. Jim Jordan, on the floor. The Ohio Republican is now expected to make another run for the position.
Scalise announced his decision on Thursday evening, following a conference meeting in which it became clear that he had no path to winning the 217 votes needed to ascend to the speakership.
House Republicans voted Friday to nominate conservative firebrand Jim Jordan for speaker of the House — the latest twist in a chaotic battle for speakership. Jordan, the chairman of the Judiciary Committee, received 124 votes — still more than 90 votes shy of the 217 he will need to grab the gavel in a vote on the House floor, according to members and aides who were the room. That floor vote has not yet been scheduled.
Jordan had an opponent in the conference vote for speaker: Rep. Austin Scott, who filed to run for the top spot shortly before the vote went down. Scott received 81 votes in the candidate forum.
Jordan had earlier backed out of the speaker race, saying he would cast a vote for Rep. Steve Scalise after the majority leader earned the nomination is a similar closed-door session Wednesday. Scalise backed out Thursday night after he failed to secure the votes needed to become speaker.
The post TDR’s Top 7 Cannabis Developments For The Week Of October 9 appeared first on The Dales Report.tsx senate governor mortality covid-19 canada germany eu ontario
TDR’s Top 7 Cannabis Developments For The Week Of October 9
Poseida promotes cell therapy president to CEO; After IPO, Neumora appoints R&D chief
Young people are cutting back on these habits, says survey
Macro: Sep CPI stuck at 3.7% YOY
Ikea Plans Worldwide Price Cuts After Warning: “Time To Buckle Up”
Comfort in the Stock Charts (Video Interview)
Arnold Schwarzenegger Says Democrats Want To “Ruin” US Cities
Elon Musk’s Tesla just got into a weird new business: selling beer
Hydroxychloroquine Reduces COVID-19 Mortality, Study Finds
Landmark publication calls for increased attention to workplace mental health
Uncategorized24 hours ago
Will Bitcoin Go the Way of a Commodity or an Equity?
International23 hours ago
Stock Market Weekly Update: 3 Valuable Points You Need To Know About the Selloff
Government22 hours ago
Is Newsom’s Senate Appointment An ‘Insulting’ Pledge Fulfilled?
Uncategorized20 hours ago
Animal Contraceptive And Antibiotics Detected In Top 10 Popular Fast Foods: Report
Government24 hours ago
China Scrambles Jets To ‘Closely Monitor’ US Navy Spy Plane Passing Through Taiwan Strait
International24 hours ago
The Net Zero Ship Starting To Sink
Government24 hours ago
Israel Delays All-Out Assault On Gaza Amid Growing International Pressure, As Civilians Flee To South
Spread & Containment18 hours ago
China’s Birth Rate Plummets 10% To Lowest On Record