Proactiveinvestors USA & Canada Proactiveinvestors Proactiveinvestors USA & Canada Proactiveinvestors RSS feed en Sat, 23 Mar 2019 01:41:42 -0400 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[Media files - Salt prices remain healthy despite record levels of trading ]]> Fri, 22 Mar 2019 13:17:00 -0400 <![CDATA[News - Lyft gets first Wall Street Buy recommendation ahead of listing next week ]]> Ride-share company Lyft Inc, which is Uber’s closest rival, won't list on the tech-laden Nasdaq until next week, but one Montana-based investment firm is already rating it a "buy."

The San Francisco company has only been on the road marketing its IPO for two days, but investors have already been informed that the listing is oversubscribed at the current price range. Reuters reported that it is likely that the ride-hailing startup will “fetch or even exceed” the $23 billion valuation it is seeking.

READ: Lyft takes IPO fast lane, zipping ahead of rival Uber

Meanwhile, DA Davidson isn’t holding its horses. According to CNBC, the Montana-based investment firm isn't waiting until the shares, which will trade under the symbol "LYFT," are ticking away, to recommend getting in. 

DA Davidson senior research analyst Tom White initiated coverage with a "buy" rating and a $75 price target on Lyft. The tech unicorn is expected to be priced at between $62 and $68 per share.

White is excited about the total addressable market for personal transportation, which he writes US consumers are spending $1.2 trillion on annually.

"On-demand services have already disrupted traditional ownership models in sectors like entertainment/computing," White wrote in a note to clients Tuesday. "The continued population migration to cities and the rising costs of personal car ownership will further drive adoption of Transportation as a Service (TaaS) models over the coming years."

Lyft started its IPO road show on Monday and has spent the last two days meeting with investors in New York. Books close next week as it is set to price the IPO on March 28.

Company's financials

The San Francisco-based ride-hailing company’s filing lifted the hood on its financials. Lyft's revenues doubled in 2018 to reach $2.2 billion, according to the contents of its S-1 registration with the SEC. That is up from $343.3 million in 2016 and $1.1 billion in 2017.

But like Uber, Lyft is hemorrhaging money. Its net loss climbed to $911.3 million in 2018 from two years of steady losses of $682.8 million in 2016 and $688.3 million in 2017.

Lyft claims its ridesharing market share grew to 39% in 2018, up from 22% in 2016. In the fourth quarter of 2018, it had 18.6 million active riders and 1.1 million drivers.

Contact Uttara Choudhury at

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Wed, 20 Mar 2019 10:13:00 -0400
<![CDATA[Media files - Heavy Metals takes a look at an emerging gold market: Japan ]]> Tue, 19 Mar 2019 16:27:00 -0400 <![CDATA[News - Dermira stock rises after positive trial for its lebrikizumab dermatitis treatment ]]> Dermira Inc (NASDAQ:DERM) extended its gain Tuesday a day after the biotech reported encouraging results in a mid-stage trial of lebrikizumab, its treatment for moderate to severe atopic dermatitis, a condition that makes a person’s skin red and itchy.

A Phase 2b trial of lebrikizumab met its primary endpoint of demonstrating greater improvements in the Eczema Area and Severity Index (EASI) score. Dermira said all three doses evaluated in the dose-ranging study — 125 milligrams every four weeks, 250mg every four weeks and 250mg every two weeks — met the primary endpoint of showing greater improvement in the EASI index at week 16 compared with a placebo.

Investors sent shares in the Menlo Park, California-based company up 1.8% to $12.84 in Tuesday's premarket trading after soaring almost 85% Monday.

READ: PhaseBio Pharmaceuticals jumps on rosy Phase 1 trial for ticagrelor reversal agent

The safety profile was consistent with prior studies.

"I have many patients for whom current therapies do not adequately address their needs," Dr. Emma Guttman-Yassky, a leading study investigator, said in a statement. "These data show that lebrikizumab may offer a targeted, effective and well-tolerated therapeutic approach." 

Lebrikizumab is a potent inhibitor of interleukin-13, or IL-13, a substance secreted by certain cells that causes type 2 inflammation, leading to itching, skin thickening and infection.

In September 2017, Dermira acquired the exclusive, worldwide rights to develop and commercialize lebrikizumab for atopic dermatitis and other potential indications pursuant to a licensing agreement with Roche.

–This story has been updated to give the latest stock price–

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Mon, 18 Mar 2019 15:12:00 -0400
<![CDATA[News - Semtech stock climbs after 4Q earnings beat Street expectations ]]> Semtech Corporation (NASDAQ:SMTC) stock climbed Friday after the company, which develops and markets analog and mixed-signal semiconductor products, reported fourth-quarter earnings that beat Wall Street estimates on strong revenue.

Investors sent shares in the Camarillo, California company up 6.14% to $55.17.

Semtech posted fourth-quarter January 2019 earnings of $0.55 per share on revenue of $160 million. The consensus earnings estimate was $0.54 per share on revenue of $159.8 million. Revenue grew 13.8% on a year-over-year basis.

READ: Global Gaming's X2 Games to share a booth with Amazon at the Game Developers Conference

The semiconductor chip supplier said it expects first-quarter earnings of $0.30 to $0.36 per share on revenue of $125.0 million to $135.0 million.

“We are proud to deliver fourth quarter results that were in-line with our guidance despite the challenging environment,” said Semtech Corporation CEO Mohan Maheswaran in a statement. “We are also pleased to deliver a record financial performance for FY2019 with net sales growth of 7% year-on-year and earnings growth of nearly 2x net sales.”

Maheswaran said that while the near-term visibility is impacted by “China demand softness,” as well as weakness from both the smartphone and data center end markets, it believes the long-term sustainability of its growth drivers in the “IoT, data center and mobile markets should drive a second-half rebound.”

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Fri, 15 Mar 2019 11:20:00 -0400
<![CDATA[News - Akari Therapeutics' stock flies after 'positive' FDA meeting for pediatric thrombotic microangiopathy ]]> Akari Therapeutics PLC (NASDAQ:AKTX) shares rocket Thursday after the company said it plans to start trials in European and US pediatric patients this year for its treatment of pediatric thrombotic microangiopathy (TMA), defined by low blood platelets, and organ damage due to the formation of microscopic blood clots in capillaries and arteries.

Investors sent shares of the company up 25.76% to $7.42 in midday trading.

New York-based Akari Therapeutics is a clinical-stage biopharmaceutical company, focusing on the development and commercialization of treatments for a range of rare and orphan autoimmune and inflammatory diseases.

READ: Neovasc announces public offering, aims to raise almost US$4.25M

Its lead drug candidate is Coversin, a second-generation inhibitor that is in Phase II clinical trial for the treatment of autoimmune and inflammatory diseases.

Akari said it had a “successful,” pre-investigational new drug (IND) meeting with the Food and Drug Administration (FDA) regarding its pivotal clinical trial program for pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy (HSCT-TMA).

HSCT-TMA is an orphan condition with an estimated fatality rate of more than 80% in children

A framework for the trial design was agreed with the FDA. 

“Akari plans to commence a trial in European and US pediatric HSCT-TMA patients in the fourth quarter of 2019,” said Akari CEO Clive Richardson in a statement. “We see HSCT-TMA as a gateway indication into a range of other poorly treated orphan TMAs, and are enthusiastic about the potential of Coversin to offer an improved standard of care for patients with these rare and usually fatal conditions.”

—(This story was updated to reflect share price)— 

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Thu, 14 Mar 2019 14:20:00 -0400
<![CDATA[News - Brexit process remains unclear as Parliament votes against a no-deal exit ]]> How Britain will exit the European remained unclear Wednesday as Parliament voted to reject a no-deal Brexit.

Members of Parliament voted 321 in favour to 278 against on a government motion that they do not want to leave without a deal - a move that has been dubbed a "cliff-edge" departure.

Before that, they voted 312 to 308 on an amendment to reject leaving the bloc without an agreement under any circumstances.

It was one of a series of votes on Brexit and means lawmakers can now get a vote (planned for Thursday) on extending the process, meaning the March 29 date touted for the past two years is no more.

In addition, MPs voted 374 in favor to 164 against to reject a plan to delay the exit until May 22, so there could be a "managed no deal"

Wed, 13 Mar 2019 15:58:00 -0400
<![CDATA[News - Airbnb to buy last-minute hotel booking site HotelTonight ahead of potential IPO ]]> Airbnb is to buy hotel booking site HotelTonight as it seeks to further expand the business beyond short-term home rentals ahead of a potential initial public offering.

HotelTonight partners with hotels to provide last-minute deals on accommodation.

The acquisition of the business will bring Airbnb, which is an online platform for people to rent out their homes or rooms to holidaymakers, into the traditional hotel industry.

The terms of the deal were not disclosed. HotelTonight was valued at US$463mln in its last fundraising round in 2017.

The two sites will continue to operate separately but Aibnb said some HotelTonight listings will become part its platform in future.  Airbnb users will be directed to HotelTonight if no accommodation is available in areas they are looking to stay.

Airbnb, which was valued at US$31bn in a 2017 fundraising, is considering an IPO in the next two years.

Revenue Source

The deal will give Airbnb another source of revenue and customer growth, making it potentially more attractive to investors. It will also help the group tackle competition from other travel sites like Expedia and Priceline.

“Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests with the authentic, local experience they have come to expect on every trip,” said Airbnb co-founder and chief executive, Brian Chesky.

Airbnb has in recent years added premium and luxury home rentals to its platform and allowed boutique hotels to list their rooms on its site.  The group has more than 6mln listings for accommodation but most are privately owned homes or rooms.

Airbnb said it more than doubled the number of listings on its site for boutique hotel rooms, bed and breakfasts, hostels and resorts in 2018. 

The company expects to reach 500mln guest arrivals since it was founded in 2008 by the end of the first quarter.  It is aiming for 1bn guests a year by 2028.
HotelTonight’s co-founder and chief executive, Sam Shank, will run Airbnb’s boutique hotel division following the completion of the deal.

Fri, 08 Mar 2019 08:27:00 -0500
<![CDATA[Media files - Proactive Investors Heavy Metals shines bright with a look at Copper ]]> Mon, 04 Mar 2019 11:38:00 -0500 <![CDATA[News - Lyft takes IPO fast lane, zipping ahead of rival Uber ]]> Ride-share company Lyft, which is Uber’s closest rival, filed paperwork Friday to raise $100 million in an initial public offering. The sum is a placeholder and likely to change quickly depending on investor appetite.

The move has been widely expected after Lyft disclosed in December that it confidentially filed a draft registration statement with the Securities and Exchange Commission related to its initial public offering. On Friday, the ride-hailing company made public the contents of its S-1 registration with the SEC.

It will list on the Nasdaq under the stock ticker "LYFT."

READ: Lyft races towards IPO with confidential SEC filing

The year started ominously for IPOs after the government shutdown in Washington, DC proved disruptive. However, 2019 is now shaping up to bring a stampede of so-called unicorns to Wall Street. Uber, Airbnb, Slack, Pinterest and Postmates are all expected to go public this year providing a veritable bonanza for early investors.

Lyft, which is part of the sharing economy, makes money by taking a commission on rides booked through its app.

The San Francisco-based ride-hailing company’s filing lifted the hood on its financials. Lyft's revenues doubled in 2018 to reach $2.2 billion, according to the filing. That's up from $343.3 million in 2016 and $1.1 billion in 2017.

But like Uber, Lyft is hemorrhaging money. Lyft's net loss climbed to $911.3 million in 2018 from two years of steady losses of $682.8 million in 2016 and $688.3 million in 2017.

Lyft claims its ridesharing market share grew to 39% in 2018, up from 22% in 2016. In the fourth quarter of 2018, it had 18.6 million active riders and 1.1 million drivers.

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Fri, 01 Mar 2019 13:30:00 -0500
<![CDATA[News - Karyopharm Therapeutics stock falls after FDA committee votes to wait for more data on cancer drug selinexor ]]> Karyopharm Therapeutics Inc (NASDAQ:KPTI) stock fell Wednesday after a US Food and Drug Administration (FDA) advisory committee voted to wait for more data on cancer drug selinexor.

The Oncologic Drugs Advisory Committee (ODAC) reviewing Karyopharm’s selinexor for the treatment of patients with multiple myeloma voted 8 to 5 recommending the FDA wait for results from Karyopharm’s Phase 3 BOSTON study, before making a final decision regarding approval. 

Karyopharm Therapeutics stock tumbled 14.8% to $4.16.

READ: Baird ‘more cautious’ on Karyopharm Therapeutics getting quick FDA approval for cancer drug selinexor

The BOSTON study is evaluating selinexor in combination with Velcade (bortezomib) and low-dose dexamethasone compared to bortezomib and low-dose dexamethasone in patients with multiple myeloma who have had one to three prior lines of therapy.

In the selinexor arm of the study, both selinexor and bortezomib are administered once per week, while in the control arm bortezomib is administered at its currently indicated, twice per week schedule.

Karyopharm said patient enrollment in the BOSTON study is now complete and topline data is expected by the end of 2019, or into 2020 and is linked to “progression-free survival events,” a primary endpoint in the trial.

“While we are disappointed with ODAC’s recommendation to delay the potential approval of selinexor, we plan to work with the FDA to evaluate the best path forward as they continue to review our NDA,” said Karyopharm Therapeutics CEO Sharon Shacham. “We are committed to working with the FDA, patients, and the myeloma community with the goal to provide selinexor as an option for those patients with no other options of known clinical benefit.”

Karyopharm’s new drug application (NDA) was earlier made based on Part 2 of the Phase 2b trial dubbed STORM. The FDA accepted the application on October 5, according it Priority Review status, cutting the review period to six months.

Although there are dampened expectations linked to speedy approval, analysts at Baird maintain an Outperform rating on Karyopharm Therapeutics shares.

Contact Uttara Choudhury at

Follow her on Twitter: @UttaraProactive 

Wed, 27 Feb 2019 08:38:00 -0500
<![CDATA[News - Baird ‘more cautious’ on Karyopharm Therapeutics getting quick FDA approval for cancer drug selinexor ]]> Baird analysts saw slimmer chances of Karyopharm Therapeutics Inc (NASDAQ:KPTI) getting accelerated approval for its new cancer drug selinexor aimed at treating multiple myeloma.

On Friday, the Food and Drug Administration released disappointing selinexor briefing documents highlighting “limited efficacy and significant toxicity.”

Shares in the Newton, Massachusetts, pharma company nosedived Friday after the FDA briefing documents were released but recovered some ground Monday, rising 5.5% to $5.30 in morning trade.  

READ: Humanigen study of monoclonal antibody in CAR-T therapy presented at Houston conference

“As such, we are more cautious on accelerated approval in triple class-refractory multiple myeloma and await clarity from the Oncologic Drugs Advisory Committee (ODAC) panel (February 26),” wrote Baird analysts Michael E Ulz and Colleen M Hanley to clients in a note over the weekend.   

“However, based on the draft questions, the FDA seems to suggest waiting for data from the randomized, Phase 3 BOSTON study (2L+: SVd vs. Vd) YE19 as a potential option, which could address many concerns, in our view,” they added.

The analysts at Baird maintained an Outperform rating on Karyopharm Therapeutics shares.

“Though we expect near-term volatility, given potential for approval, we maintain our Outperform rating,” wrote the analysts. “Overall, at current levels, limited value is being assigned to selinexor (cash: approximately $3/share) even in the more meaningful 2L+ population and any signs of positive developments could drive upside.”

Status of New Drug Application

Karyopharm Therapeutics submitted a new drug application for a combination of selinexor and dexamethasone that is being evaluated for penta-refractory multiple myeloma. Selinexor functions by binding with and inhibiting the nuclear export protein XPO1, resulting in the accumulation of tumor suppressor proteins in the cell nucleus.

The new drug application (NDA) was made based on Part 2 of the Phase 2b trial dubbed STORM. The FDA accepted the application on October 5, according it Priority Review status, cutting the review period to six months.

However, the FDA’s concerns highlighted on Friday have dampened expectations linked to speedy approval.

“The FDA highlighted selinexor’s toxicity profile, indicating 60.2% of Part 2 STORM patients experienced a serious adverse event, 88.6% required dose modification due to a treatment emergent adverse events (TEAE) and 28.5% discontinued due to a TEAE,” wrote the analysts.

Additionally, 23 deaths occurred within 30 days of study treatment, and the FDA indicated 10 were due to treatment emergent adverse events, although only two of these were assessed as related to selinexor by the investigator, said the analysts.

“The FDA also used data from a prior study in acute myeloid leukemia (development discontinued) to highlight toxicity, where selinexor resulted in a worsening trend on overall survival compared to physician's choice (HR=1.18). Overall, given selinexor’s safety profile, we are not surprised by the FDA’s focus on toxicity,” wrote the analysts.

The FDA's Oncologic Drugs Advisory Committee is set to discuss the NDA at a meeting on Tuesday, February 26.

Contact Uttara Choudhury at

Follow her on Twitter: @UttaraProactive 

Mon, 25 Feb 2019 10:53:00 -0500
<![CDATA[Media files - Proactive's Heavy Metals takes a deep dive on zeolite ]]> Mon, 25 Feb 2019 07:00:00 -0500 <![CDATA[Media files - Buds & Duds: Cannabis stocks tumble, but GW Pharmaceuticals up after Guggenheim rates it Buy ]]> Fri, 22 Feb 2019 16:13:00 -0500 <![CDATA[Media files - Buds & Duds: Cannabis stocks stay green as Emerald Health Therapeutics and MYM Nutraceuticals shine ]]> Thu, 21 Feb 2019 16:31:00 -0500 <![CDATA[Media files - Cobalt has had a stormy year, does the blue metal have blue skies ahead? ]]> Thu, 21 Feb 2019 11:47:00 -0500 <![CDATA[Media files - Buds & Duds: Tilray gains ground after buying world's largest hemp food manufacturer ]]> Wed, 20 Feb 2019 15:35:00 -0500 <![CDATA[Media files - Buds & Duds: Namaste shares jump on settlement with former CEO Sean Dollinger ]]> Tue, 19 Feb 2019 14:51:00 -0500 <![CDATA[Media files - Buds & Duds: Cannabis stocks climb after Canopy Growth reports 3Q revenue surge ]]> Fri, 15 Feb 2019 15:58:00 -0500 <![CDATA[Media files - Proactive Investors Buds & Duds ]]> Wed, 13 Feb 2019 20:15:00 -0500 <![CDATA[Media files - BIO looks to increase diversity in biotech companies ]]> Tue, 12 Feb 2019 16:36:00 -0500 <![CDATA[Media files - BIO President & CEO discusses the Trump administration's policies on drug pricing ]]> Tue, 12 Feb 2019 12:01:00 -0500 <![CDATA[Media files - Proactive Investors looks at the Buds and Duds of the Cannabis world ]]> Tue, 12 Feb 2019 10:32:00 -0500 <![CDATA[News - Ellie Mae to be acquired by Thoma Bravo in deal valued at $3.7 billion ]]> Ellie Mae Inc (NYSE:ELLI), a cloud-computing software company that processes more than a third of US mortgage applications, has entered into a definitive agreement to be acquired by Thoma Bravo, a private equity firm. The all-cash agreement values Ellie Mae at about $3.7 billion.

The news sent Ellie Mae shares surging 21% morning trading Tuesday, to $99.44.

Shareholders will receive $99 per share, a 21% premium over Monday's closing price and a 47% premium over the stock's 30-day average. Over the past year, shares of the Pheaston, California, company have fallen 5.3%.

The deal includes a 35-day “go-shop” period during which Ellie Mae can seek superior bids from other companies.

Ellie Mae’s board of directors unanimously approved the agreement. The tie-up is expected to be finalized during the second or third quarter of 2019.

The company recently lost a third of its value following a disappointing third-quarter earnings report in October, but shares rebounded by 20% in January after Federal Reserve Chairman Jerome Powell said that the Fed will be patient in raising interest rates.

Continued low-interest rates could bring potential homebuyers into the market, meaning more mortgages for Ellie Mae.

--Written by Andrew Kessel

Tue, 12 Feb 2019 09:47:00 -0500
<![CDATA[Media files - Alliance for Aging Research CEO says older patients should be involved in clinical trials ]]> Mon, 11 Feb 2019 17:56:00 -0500 <![CDATA[Media files - T1D Exchange building 'largest, most integrated' type 1 diabetes data platform in the US ]]> Mon, 11 Feb 2019 15:13:00 -0500 <![CDATA[Media files - Proactive's Heavy Metals takes a closer look at graphite ]]> Mon, 11 Feb 2019 13:37:00 -0500 <![CDATA[Media files - Proactive Investors takes a look at the Buds and Duds of the Cannabis World ]]> Fri, 08 Feb 2019 13:32:00 -0500 <![CDATA[Media files - Is the price of Gold on the rise? Proactive's Heavy Metals takes a deep dive ]]> Mon, 04 Feb 2019 16:01:00 -0500 <![CDATA[News - PotBotics’ unit Ryah Medtech partners with Green Revolution to bring dose-measuring vaporizer to Washington state ]]> PotBotics Inc’s wholly owned subsidiary Ryah Medtech said Friday that it has entered into a partnership with Green Revolution to launch a portable medicinal dose-measuring vaporizer in the Washington state market.

Washington state legalized medical and recreational marijuana in 2012. The legal age to consume marijuana in Washington is 21.

Ryah Medtech creates smart devices to personalize medication specific to an individual’s needs and operates an artificial intelligence platform that gathers insightful data on cannabis from seed to consumption.

READ: Namaste says it’s scouting for Namaste Café locations in Toronto and Montreal

Green Revolution is a leading producer and processor in Washington State with a track record of creating innovative cannabis-based products.

“This will come as exciting news for a lot of people who have been following Ryah and who were waiting for it to launch in the Pacific Northwest, particularly patients within Washington that are eager to adopt the Ryah dose-measuring vaporizer in order to properly create a cannabis dosing regimen,” said PotBotics CEO David Goldstein.

New York-based Potbotics has three cannabis-related products. It has created a software and technology platform called PotBot that is able to talk to patients and educate them about what strains are actually best for their ailments. It is used in dispensaries and medical facilities where marijuana patients can ask questions and get information. 

The medical marijuana recommendation engine uses neural-net algorithms to recommend cannabinoid levels and custom strains.

Seizing marijuana opportunities

The company also has BrainBot, a wireless electroencephalography helmet that allows general practitioners to capture brain waves and analyze a patient’s neural response to cannabinoid stimulants to recommend the right strain and cannabinoid level. The brain-scanning technology enables physicians to pick a marijuana strain that is most suited for their patients' needs. It also provides NanoPot, an advanced DNA reader that scans cannabis seeds to optimize growers’ yields.

“With consumers increasingly demanding high-quality products that put them in control of their cannabis experience, the timing could not be better for bringing Ryah to the Washington market,” said Leo Shlovksy, managing partner at Green Revolution.

“We intend to come into the market with an initial array of four different cartridges, targeted towards both the medical and wellness market,” said Goldstein, adding that the launch marked “the shift from the development stage to production stage” of its vaporizer. “We are now in full-launch mode in one of the biggest cannabis markets in the US,” he said.

The company said the launch in Washington “is only the first domino to fall” as Ryah is finalizing launches in several other states.

By providing users with unprecedented temperature and dose control, the RYAH medicinal vaporizer delivers consistency.

Contact Uttara Choudhury at

Follow her on Twitter: @UttaraProactive 

Fri, 01 Feb 2019 13:14:00 -0500
<![CDATA[News - Proactive Investors conference in New York focuses on small-cap cannabis industry ]]> Executives of small-cap cannabis companies will brief investors at Proactive Investors’ "Invest In Cannabis" conference in New York City on Wednesday.

Delivering presentations will be:

Cameron Chell, chairman of ICOX Innovations Inc (CVE: ICOX) (OTCMKTS:ICOX) Jim Fickenscher, CFO of Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) Paul Mann, CEO of Alchemist Inc (NSE:ALCHEM) (CNSX:AMS) Colte Koen, CEO, and Jeffrey McPhee, COO, of Pharmalogyx (privately held) Richard Schumacher, president and CEO of Pressure BioSciences Inc (OTCMKTS:PBIO)

The executives will explain how their companies work and why investors should consider them.

The event will begin at 4:30 pm ET at 767 Third Avenue in New York City with opportunities for networking, an open bar and hors d’oeuvres.

Contact Dennis Fitzgerald at

Wed, 30 Jan 2019 10:52:00 -0500
<![CDATA[News - IPO Roundup: PagerDuty files confidentially for IPO, while New Fortress dials down IPO terms ]]> The long US government shutdown has undoubtedly spooked companies looking to raise money in the equity markets. Reopening the government is a heavy lift, and companies like PagerDuty and New Fortress Energy are finessing their paperwork to join the IPO queue as the Securities and Exchange Commission sifts through applications.

PagerDuty Inc, which is a cloud computing company that produces a software-as-a-serve (SaaS) incident response platform for IT departments, has filed confidentially for an initial public offering.

The San Francisco-based company selected Morgan Stanley to lead the offering, reported Bloomberg, while citing two people who were familiar with the matter who asked not to be identified.

READ: IPO Roundup: New Fortress Energy, Pivotal Acquisition to tap capital markets despite US government shutdown

Founded in 2009, PagerDuty helps alert coders to crashes and other technical problems when they arise.

Meanwhile, New Fortress LLC late Friday set new terms for its initial public offering, saying it would offer 20 million shares at $15 a share.

The company last week indicated it would sell 22.2 million shares in a range of $17 and $19 a piece. 

New Fortress Energy was founded by Wesley Edens, the co-owner of the NBA's Milwaukee Bucks. Edens is also the co-CEO of private equity firm Fortress Investment Group, which famously dove back into subprime lending in 2010, just a few years after the financial crisis.

According to the SEC filing, New Fortress Energy posted a loss of $43.4 million in the first nine months of 2018, which was a bigger loss than the first three quarters of 2017.

Revenue was up just 12.3% from a year ago as well. The company is also saddled with $122 million in debt.

Investors may look beyond the shaky financials as New Fortress Energy does have the backing of the Fortress Investment Group, which is the company's majority owner.

New Fortress has applied to list on the Nasdaq under the symbol NFE. Underwriters include Morgan Stanley, Barclays, Citigroup, and Credit Suisse.

Contact Uttara Choudhury at

Follow her on Twitter: @UttaraProactive 

Mon, 28 Jan 2019 15:22:00 -0500
<![CDATA[News - IPO Roundup: New Fortress Energy, Pivotal Acquisition to tap capital markets despite US government shutdown ]]> Despite the US government shutdown putting a staff strain on the Securities and Exchange Commission, New Fortress Energy, a liquified natural gas company, is tentatively on tap to debut on the Nasdaq.

New Fortress Energy was founded by Wesley Edens, the co-owner of the NBA's Milwaukee Bucks. Edens is also the co-CEO of private equity firm Fortress Investment Group, which famously dove back into subprime lending in 2010, just a few years after the financial crisis.

The company has filed to sell 22.2 million shares in a range of $17 and $19. The final price will be set just before the initial public offering.

IPO Roundup: Israel's Anchiano Therapeutics and San Francisco’s Alector create IPO momentum for biotech sector

New Fortress Energy's paperwork with the SEC is in and up to date, but it may not actually debut this week because of the shutdown, according to media reports.

According to the SEC filing, New Fortress Energy posted a loss of $43.4 million in the first nine months of 2018, which was a bigger loss than the first three quarters of 2017.

Revenue was up just 12.3% from a year ago as well. The company is also saddled with $122 million in debt.

Investors may look beyond the shaky financials as New Fortress Energy does have the backing of the Fortress Investment Group, which is the company's majority owner.

Jonathan Ledecky's Pivotal Acquisition

Meanwhile, Pivotal Acquisition Corp which designs information technology solutions plans to tap the IPO market. The company run by Jonathan Ledecky, a co-owner of the New York Islanders hockey team, plans to raise nearly $200 million through a special purpose acquisition company.

Ledecky, whose niece is multiple Olympic gold medalist swimmer Katie Ledecky, plans to use the money from the IPO to invest in e-commerce and other tech initiatives.

Contact Uttara Choudhury at

Follow her on Twitter: @UttaraProactive 

Tue, 22 Jan 2019 10:36:00 -0500
<![CDATA[News - Attis Industries stock soars after deal to collaborate with Novozymes ]]> Attis Industries Inc (NASDAQ:ATIS) shares soared Friday after the diversified innovation and technology company said it will collaborate with Novozymes (NASDAQ OXM), a provider of advanced biological solutions.

Under the newly announced partnership, Novozymes has committed to supplying the enzymes required by Milton, Georgia-based Attis Industries to convert its pulp into sugar at its planned biorefineries.

Attis stock shot up 14.6% to $0.27 in morning trade.

READ: Arev Brands strikes C$1.2M deal to clinch Canna Gold's assets

Novozymes has a broad portfolio of biotechnology to support commercial cellulosic biofuels production, and the ability to ramp up production as needed in an effort to support Attis' ambitious growth plans.

Attis has successfully converted the pulp extracted from its patented biomass processing into high yields of sugar using Novozymes’ proprietary enzyme cocktails.  

These “positive results” have validated the planned business model at Attis' biorefineries, said the company.

Symbiotic partnership

"Attis is very excited about forming a partnership with Novozymes for the efficient production of ethanol at future biorefineries," said Attis Industries CEO Jeff Cosman. "Novozymes is the industry leader in biotechnology for the renewable fuel industry and brings with it unquestioned credibility to our renewable fuel goals."

The partnership will focus on improving value, yields, and process efficiencies. 

"Attis is very excited about forming a partnership with Novozymes for the efficient production of ethanol at future biorefineries," said Attis Industries CEO Jeff Cosman. "Novozymes is the industry leader in biotechnology for the renewable fuel industry and brings with it unquestioned credibility to our renewable fuel goals."

Attis Industries is a holding company focused on developing and building businesses that play important roles in the new economy, which include renewable fuels, bio-based plastics and healthcare.

Contact Uttara Choudhury at

Follow her on Twitter: @UttaraProactive 

Fri, 18 Jan 2019 11:33:00 -0500
<![CDATA[News - Amid the current global uncertainty, how bearish should we be on copper? ]]> What should we make of the current price of the bellwether metal, copper?

It’s been on a significant downtrend lately, as a succession of poor economic numbers out of China have spooked markets and led to speculation that demand could slow.

In part, this is because of the economic warfare between China and the USA. As a headline grabber, Apple Inc’s (NASDAQ:AAPL) recent warning on Chinese revenues was second to none, but underlying the woes of the world’s ex-biggest tech company are the deeper woes of China.

Exports are slowing, consumer demand is slowing, there are fears about bursting credit bubbles, and on top of all that, in spite of all the progress in recent years, it’s still an opaque country that’s hard for market participants really to read.

Will President Xi crack under this tariffs pressure and sign up to a trade deal that’s advantageous to the US and which will allow Mr Trump to claim victory? Or will he double down, reckoning that the country that’s endured the Great Leap Forward and the Cultural Revolution is more than capable of weathering the effects of a mere tariff war?

At this stage, the uncertainty is almost more problematic than the eventual outcome, as markets don’t know which way to look.

There seems a very real possibility that as a result of the tariff war, and ongoing economic weakness in Germany and Japan, that global growth will slow markedly this year. It’s been enough to make the Federal Reserve put the brakes on its monetary tightening, even thought the US itself is still booming, and its been enough to spook stock markets world wide.

Commodities too, with the honourable exception of gold, have taken a hit.

The copper price has fallen by more than US$1,000 per tonne since the optimism peaked in the spring of 2018, and current sentiment would have it fall further. On the other hand, looking back slightly further, the price is still above the 2016 troughs. So, mixed signals then.

Broker Liberum talks of “difficult dynamics” for the next six months, while conceding that copper remains the favoured commodity for most major miners. That being so, and with the balance sheets of the majors all in good shape at the moment, there may be an opportunity for buying the likes of Antofagasta (LON:ANTO) or Glencore (LON:GLEN) on further dips.

However, Liberum reckons greater value is to be found amongst the more significant of the companies with large projects moving through the development stages.

On this thinking Liberum highlights Asiamet (LON:ARS) and Solgold (LON:SOLG) as offering the best value, while it recommends steering clear of KAZ Minerals (LON:KAZ), on the basis of Russian risk.

Another company worth considering is Kincora Copper (CVE:KCC), which is at an earlier stage, but which may well be sitting on most of the useful ground in the next major district play to emerge in copper mining: Mongolia.

Liberum reckons most of the speculative positions that were taken up in copper in 2018 have now washed out through the system. However, in terms of pricing, negotiations between the US and China will continue to be crucial.

“We believe the issues around industrial output can and probably will be solved, however the controls on intellectual property transfers will be far greater hurdles and we do not expect to see a solution in the next six months,” the broker said.



Wed, 16 Jan 2019 10:36:00 -0500
<![CDATA[Media files - Opsepio Therapeutics looks to raise $30mln for its Phase 1 ready cancer treatment ]]> Tue, 15 Jan 2019 09:10:00 -0500 <![CDATA[Media files - Maculus Therpeutix developing spray to treat painful post-nasal surgery polyps ]]> Fri, 11 Jan 2019 16:13:00 -0500 <![CDATA[News - Intevac is the name to watch over the next 5 years as it benefits from diverse product offering ]]> Diversity, consistency, and growth opportunities are the keys to success for small companies. Many small companies offer only a portion of the trifecta, so when one comes along touting all three, it’s worth close examination.

Intevac (NASDAQ:IVAC) has not one, but two core, diverse businesses: Thin-film equipment and Photonics.

Thin-film equipment

The company’s thin-film equipment business represents the current growth side for Intevac, a change from years past. Initially, Intevac focused on storage.

As the HDD storage market began running over capacity, Intevac pivoted to the ever-evolving cloud computing segment of storage needs. The increased complexity in HDD structures to meet the additional processing needs for cloud computing has enabled it to achieve continued strong results from its HDD equipment.

Unfortunately, with the industry reaching overcapacity and many of the largest HDD vendors issuing earnings warnings, the growth expectations should be tempered.

Fortunately, Intevac has positioned itself in a $500 million Internet of Things (IoT) opportunity over the next five years. The company recently introduced its Vertex Optical Diamond-Like Carbon (oDLC) for Display cover panels. oDLC is an optically-transparent, protective thin-film coating.

It is a thin-film technology that is applied to protect decorative back cover glass options on smartphones. The use of backside cover glass on smartphones is a rapidly-growing portion on the high-end.

The Intevac Vertex system permits a new approach for cell phone providers. It has shown to increase durability and scratch resistance while being cost sensitive. When combined with glass, oLDC is shown to be 20x more scratch resistance, have 10x the haze reduction, and increase breakage resistance by 20% when compared to glass alone or glass plus anti-smudge coating, and at a lower cost.

Intevac has already landed a top three cellphone maker as a client. Furthermore, another Tier-1 producer is currently evaluating oDLC as well.

IoT is much more than just smartphones. Tablets, wearables, point-of-sales stations, and auto-infotainment offer potential for oDLC. While the total addressable for the next five years may be as much as $500 million, the next decade should offer upside of two-to-three times that amount.

Additionally, the company has landed two tier-1 customers in the solar market with expectations that a low-cost market alternative will come fully online by the second half of 2019 to boost Intevac’s sales in this sector.

While not a significant financial driver yet, Intevac does have a dozen backorders for its low-cost ENERGi solar-ion implant system.

Altogether, the Thin-film equipment business consisting of IoT, Solar Power, Cloud Computing, and Storage has a 5-year total addressable market of $1 billion. With current sales approaching $100 million, there is significant upside from this business segment alone; however, when you consider the total addressable market for the Photonics portion of Intevac is another $1.4 billion, things get interesting.

Military contracts

What’s more consistent than government and military contracts?

Very little, which is why the digital vision systems (photonics) business Intevac holds appeal. The company produces night vision &amp; target ID camera systems, night visions &amp; head mounted displays for soldiers, and integrated night vision systems for heads up displays. Its largest client is the US military.

On December 20, 2018, IVAC announced not one, but two US Army contract wins. The company received a $6.9 million contract for the production of night vision cameras for the Apache Helicopter’s Pilot Night Vision Sensor program for the US Army.

After the initial purchase of 144 cameras, the US Army can procure additional units through May 2020 at a pre-negotiated price. Additionally, Intevac received a $28.6 million contract for the development and production of digital night vision cameras for the US Army’s Integrated Visual Augmentation System program.

Over the next two years, IVAC will develop and deliver 2,300 camera modules. The Integrated Visual Augmentation System is designed to incorporate head, body, and weapon technologies on individual Soldiers. It is a single platform that Soldier/Marines can use to fight, rehearse, and train through augmented reality.

Intevac’s digital vision systems offer several advantages including high-definition night imagery, fused infrared and low light imagery, low-halo operation, and complete augmented reality capability.

Can IVAC build on third-quarter momentum?

The company is set to report its fourth quarter 2018 at the end of January and investors will be looking to see if the company can build on the momentum of the third quarter.

IVAC reported a loss of $0.05 per share, which was far better than the ($0.13) estimate Wall Street had on the company. Revenue of $19.5 million also exceeded expectations of $18.63 million. Fiscal year 2019 should see Intevac turned profitable on the bottom line which could be a positive for shares.

It’s worth watching though as any misstep could set its share price back to the early 2018 levels.

The Company ended the quarter with $45.7 million of total cash, restricted cash and investments and $78.3 million in tangible book value. Management has put some of its cash and free-cash-flow to work via stock buybacks.

After repurchasing 4.8 million shares for a total of $28.5 million, Intevac had utilized the majority of its previously approved $30 million
stock repurchase plan, so the Board of Directors recently authorized an additional $10 million to the $30 million plan bringing the total to $40 million.

The company’s strong cash flow should continue, given the recent US Army contracts, combined with the uptake of oDLC in the smartphone markets enabling Intevac to complete its intended buyback while offering investors appealing cash flow.

After the spring of 2018, Intevac appears to have righted the ship. The company is poised to benefit from a diverse product offering along with deep-pocketed clients with high growth potential. This is a name to watch for the next five years.

Contact the author at

Follow Tim on twitter @retrowallst and @darknovelisttim



Fri, 11 Jan 2019 12:43:00 -0500
<![CDATA[News - IPO Roundup: Israel's Anchiano Therapeutics and San Francisco’s Alector to tap US capital markets ]]> Jerusalem-based Anchiano Therapeutics, a clinical-stage biopharmaceutical company focused on the development of therapies to treat cancer-related diseases, plans to tap the US capital markets.

The biotech’s filing Monday via book-runner Ladenburg Thalmann and Oppenheimer comes with a placeholder size of $35 million.

READ: Uber files for IPO as it kicks off race to float with rival Lyft

The company is looking to list its American Depositary Shares on the tech-laden Nasdaq and trade under the ticker symbol ANCN.

It is primarily developing Inodiftagene vixteplasmid for the treatment of non-muscle invasive bladder cancer.

The biotech has offices in Cambridge, Massachusetts and Jerusalem, Israel.

San Francisco-based Alector Inc, a clinical stage biopharmaceutical company, is seeking to raise $150 million, according to a filing submitted to the Securities and Exchange Commission.

Alector is focused on developing therapies to treat neurodegenerative diseases such as dementia.

Alector announced the initiation of a first-in-human Phase 1 trial called the INVOKE study, investigating the company’s second product candidate, AL002, for the treatment of patients with Alzheimer’s disease.

In 2017, Alector entered a global strategic partnership with AbbVie Inc (NYSE:ABBV) that includes the AL002 program.

The biotech reported a net loss of $34.9 million on revenue of $18.5 million as of September 2018.

Alector plans to trade under the ticker symbol ALEC when it lists on the Nasdaq.

Morgan Stanley, Bank of America Merrill Lynch, Cowen and Barclays are acting as underwriters.


Contact Uttara Choudhury at

Follow her on Twitter: @UttaraProactive


Tue, 08 Jan 2019 10:55:00 -0500
<![CDATA[Media files - Bob Byrne: current market volatility is not that far out of line ]]> Fri, 04 Jan 2019 15:42:00 -0500 <![CDATA[News - Canada's job market grew by just 0.9% last year, while unemployment remains at record low ]]> Canada's monthly jobs report out today showed the economy was fairly robust with employment holding steady last month (December) and the jobless rate unchanged.

Those in jobs in Canada totalled 18.8 million in December, up 9,300 jobs on the previous month, while the unemployment rate was 5.6% - unchanged on the month and the lowest on record.

That was better than expected as some economists had expected the unemployment rate in Canada would tick up to 5.7% from 5.6%.

The job creation number was slightly lower than the figure of 10,000 that economists had expected.

Wage growth, however, was disappointing, with growth for December at 1.49% which is well below inflation.

Jobless rate fell 0.2 percentage points in 2018 to 5.6%, the lowest level since comparable data became available in 1976. Canada added 163,300 net new jobs last year and saw an increase in full-time employment, though the pace of growth was slower than previous years.

— CBC News Alerts (@CBCAlerts) 4 January 2019

In the 12 months to December, employment increased by 163,000  jobs, or an increase of 0.9%, driven by gains in full-time work. Meanwhile, over the same period, total hours worked rose 0.9%.

However, the pace of employment growth was slower compared with previous years. In 2017, it saw 2.3% of growth and in 2016, it was 1.2%.

Breaking the figures down by industries, last month, 24,000 more people were employed in manufacturing, with the bulk of the increase in Ontario and Alberta.

Employment in transportation and warehousing rose by 15,000 jobs, continuing an upward trend that began in early 2016. The bulk of the increase in December was in Ontario.

There were also job gains in health care and social assistance, with 11,000 more people working in the industry last month. Again, most of the gains were in Ontario - the country’s most populous province accounting for 28% of the overall population.

Conversely, 26,000 fewer people were working in wholesale and retail trade, most notably in Ontario.

Employment in public administration was down 17,000 in December, with declines in Ontario, Alberta and Nova Scotia.

Analysts at banking giant ING noted that Canadian wage growth failed to pick up in December, which coupled with other global risk factors, meant the Bank of Canada is likely to side with caution and push back the next rate hike until March.

"A rate hike later in the first quarter (in March) still could be on the cards, unless the risk environment worsens further," it said."This would allow policymakers a bit more time to evaluate the impact of lower energy prices on growth, as well as whether business investment and wage growth have begun to perform more strongly."

Contact Giles at

Follow him on Twitter at @Gile74

Fri, 04 Jan 2019 08:59:00 -0500
<![CDATA[News - US mining industry added 3,700 jobs in December while oil and gas extraction gained 300 positions ]]> The US mining industry increased employment by 3,700 jobs to 710,700 positions in December, the Labor Department reported Friday.

The Bureau of Labor Statistics said that the oil and gas extraction sector increased employment by 300 jobs to 154,700 positions.

READ: US mining jobs still buoyant as non-farm payroll figure comes in below expectations

The mining industry excluding oil and gas exploration increased its employment by 900 to 192,100.

The BLS said that coal mining jobs rose by 600 to 53,900 and that nonmetallic mineral mining and quarrying grew by 400 positions to 99,800. Metal ore mining, meanwhile, saw a decrease of 100 jobs to 38,400.

Support activities for mining saw an increase of 2,500 to 363,900.

"It is highly competitive to find and keep experienced employees," Gold Resource Corp (NYSEAMERICAN:GORO) CEO Jason Reid said in an e-mailed response to questions. "A large percentage of the industry is approaching retirement age, with fewer people entering the industry to replace them."

The Dow Jones Industrial Average rose 600 points as total non-farm payroll employment increased by 312,000 in December, well above consensus estimates of 177,000 jobs created.

The unemployment rate, however, increased to 3.9%, up from 3.7% in November.

–This story has been updated to add mining sector data and executive comment–

Contact Dennis Fitzgerald at

Fri, 04 Jan 2019 08:47:00 -0500
<![CDATA[News - CryptoCann™ Report: Marijuana cigar sold for $11,000; Bitcoin in the red at end of 2018 ]]> All but one of the top 20 cryptocurrencies by market cap are in the red on the cusp of the New Year, as data from Coin360 shows, a report by Cointelegraph said.

Losses among the larger cryptocurriences are tempered, with most losing 2% to 3%, and losses capped at 6%

Bitcoin (BTC) has seen a mild loss of about 2%, per the report, and is trading near $3,816. The closing week of 2018 has been volatile for the currency, with Bitcoin surging past $4,200 on December 24, and then sliding close to the $3,600 mark December 28. The coin has mostly traded sideways in the $3,800 to $4,000 range, the report added.

READ: Bitcoin price hits two-week high past $4,000 ahead of the holidays

A survey by Chinese blockchain news site PANews showed that 63% of 4,200 people think cryptocurrencies like Bitcoin are unnecessary as a payment system. However, 40% would consider investing in cryptos, a report by CCN said.

About 14% of the people surveyed had invested in cryptocurrencies already. The majority of the people who were interested or invested were born after 1990, the report said.

The majority of people who are invested in cryptocurrency in China’s investment community were born in the 1990s. Of the 372 people who indicated that they understood blockchain well, the majority were born after 1995, while the second-place group was born after 1990, the report said.

The Cann Report

A Las Vegas marijuana dispensary reportedly sold the country's most expensive pot product to date Friday night, an $11,000 marijuana-packed cigar, a report by Newsweek said.

The 24-gram, weed-stuffed cannagar was sold to several Los Angeles residents including 36-year-old Brandon Hawkins, who paid with six stacks of rubber banded $20 bills, per the report.

Hawkins told the Las Vegas Sun newspaper he was inspired to smoke the record five-figure pot product on New Year's Eve after a similar product was sold in Seattle last June for $10,000.

The cannagar includes a hemp and 24-karat gold leaf-coated exterior made by the Washington state-based company Leira.

READ: 1933 Industries ends 2018 on high note as revenue climbs

The year 2018 was a 12-month champagne toast for the legal marijuana industry as the global market exploded and cannabis pushed its way further into the financial and cultural mainstream, a report by the Journal Star said.

California became the largest legal US marketplace, Utah and Oklahoma embraced medical marijuana, and the US East Coast got its first commercial pot shops. Canada ushered in broad legalization and Mexico’s Supreme Court set the stage for that country to follow.

US regulators approved the first marijuana-based pharmaceutical to treat kids with a form of epilepsy, and billions of investment dollars poured into cannabis companies. Even main street brands like The Coca-Cola Company (NYSE:KO) said it was considering joining the party.


Contact Rene Pastor at

Mon, 31 Dec 2018 11:05:00 -0500
<![CDATA[News - Safe-T Group shares pop on order from Israeli beverage company ]]> Safe-T Group Ltd (NASDAQ:SFET) soared Monday after receiving an order from the largest beverage company in Israel.

Israel-based Safe-T said it would integrate the beverage company's solutions for secure sharing of information through several methods, including granting internal and external users' permissions to applications through its SDA solution platform.

Safe-T shares jumped almost 45% to $3.98 in US premarket trading.

The company's SDA solution is designed to provide organizations with end-to-end data protection by controlling both access and usage.

The solution enables the company to determine which applications each user can access, as well as restricting access to certain applications and services without any action required on the remote user's machine.

Safe-T Group provides security solutions in Israel, North America, the Asia-Pacific, Africa and Europe.


Contact Rene Pastor at

Mon, 31 Dec 2018 08:18:00 -0500
<![CDATA[News - Bitcoin price hits two-week high past $4,000 ahead of the holidays ]]> Bitcoin, the digital asset synonymous with cryptocurrency, has broken out past the $4,000 mark for the first time in two weeks.

The price of Bitcoin rose about 5% to $4,061.66 at the time of publication, hitting a market cap of $70.8 billion, as per CoinMarketCap.

READ: CryptoCann™ Report: Atari to offer blockchain-based games; former Miami Dolphin Ricky Williams launches CBD products line

The cryptoverse is wagering a few guesses as to what’s behind the Bitcoin rally.

One theory is that the Federal Reserve’s decision Wednesday to raise rates may be pushing investors toward assets with little connection to the traditional markets.

The Fed raised rates.

Long Bitcoin, Short the Bankers!

— Pomp ???? (@APompliano) December 19, 2018

Mati Greenspan, senior market analyst at social trading platform eToro, told CNBC in an email that the rally may be a result of traders closing their short positions ahead of the holidays.

"This is an extremely significant movement that may end up creating a floor for the battered down cryptocurrency," said Greenspan.

Regardless of the reason for the surge, a rising tide lifts all boats, boosting shares of Bitcoin Cash, Ethereum, Stellar, Litecoin and several others in CoinMarketCap’s top 25 list.

Notorious for its volatility, the price of Bitcoin has plummeted nearly 80% from its all-time high of $20,000 last December.


Contact Lenore Fedow at

Follow her on Twitter: @LenoreMariee

Thu, 20 Dec 2018 08:54:00 -0500
<![CDATA[Media files - Proactive Investors and Friends bring joy to the world with a special reading ]]> Wed, 19 Dec 2018 12:33:00 -0500 <![CDATA[News - CryptoCann™ Report: Bitcoin sinks to 15-month low; Maine gas station offers pot ]]> Bitcoin (BTC) sank to 15-month lows on Friday, dashing hopes of a rally signaled by current extreme oversold conditions, a report by Coindesk said.

The world’s largest cryptocurrency by market capitalization fell to $3,200 on Bitstamp -  the lowest level since September 2017.

Bitcoin was pinned in a five-day narrowing price range and seemed to show signs it might break upwards with a strong move toward the crucial resistance at $3,633.

These bullish expectations were based largely on a premise that the sellers are facing exhaustion.

READ: Crypto tax-reporting software maker NODE40 buys assets back from HashChain

Bitcoin and the wider cryptocurrency market are experiencing a terrible end to a trying year, with the price tumbling almost 50% since early November and sparking a wave of obituaries for the ailing bitcoin and crypto sector, a report by Forbes said.

The current bitcoin bear market, already labeled crypto winter for its debilitating effect on the broader market and industry, has seen more than $700 billion wiped from the total value of all cryptocurrencies so far this year, some 80% of its value since its all-time high.

Bitcoin has seen similar price percentage declines before, however, and has managed to recover from them. Now, researchers from the University of Cambridge Judge Business School have found the bitcoin industry will "likely" bounce back again.

"The speculation of the death of the market and ecosystem has been greatly exaggerated, and so it seems likely that the future expansion plans of industry participants will, at most, be delayed."


The Cann Report

Medical cannabis patients, caregivers, and advocates are gratified at the Fresno City Council’s 5-2 vote to legalize medical dispensaries, a report by High Times said.

Like others across the state, the California city had passed resolutions opting out of the state’s medical and adult-use cannabis industries.

On Thursday, members of City Council, led by Councilman Clint Olivier, approved a set of regulations allowing medical cannabis retail and establishing zoning guidelines for cultivators, distributors, and manufacturers.

The decision is a step toward recovering some of the revenue Fresno is losing due to its slow embrace of the cannabis industry.

READ: Tilray subsidiary to expand its presence in Québec via investment in cannabis producer ROSE LifeScience

A gas station and medical marijuana convenience store opened in Portland, Maine, on Thursday to provide one-stop shopping for patients looking to fuel up and later light up, a report by said.

Medical card carrying customers in Maine can now find marijuana flower, cannabis-infused products, and gas at Atlantic Farms Gas N’ Grass on Warren Avenue in Portland, the biggest city in the state and probably the first business of its kind in Maine.

The grand opening follows changes made earlier this year to the state’s medical marijuana law.

Changes to the nearly 20-year-old regulations  include allowing caregivers to buy products from other caregivers, to hire additional employees, and to open medical marijuana stores.

Contact Rene Pastor by

Fri, 14 Dec 2018 10:45:00 -0500
<![CDATA[News - CryptoCann™ Report: Michigan business comes up with marijuana as a gift; What is Bitcoin tops Google searches ]]> Revolut, a digital banking alternative that features an in-app bitcoin and cryptocurrency exchange, has received a European banking license as it seeks to expand its offerings and position itself as the “Amazon of banking,” a report by CCN said.

The London-based unicorn, which remains one of the hottest fintech startups in the UK, announced Thursday it had received permission to begin offering European customers traditional banking services alongside its current suite of products.

At first, Revolut customers in eligible jurisdictions will have the ability to sign up for direct deposit and receive deposit insurance on up to €100,000 through the European Deposit Insurance Scheme.

Later on, the company will roll out overdraft protection, as well as traditional personal and business loans.

READ: Cryptocurrency job postings are on the rise, says job site Indeed

The search term “What is Bitcoin” tops the charts in the “What is…?” category in both the UK and the US, a report by Bitcoinist said citing the latest data from Google Trends.

The phrase is attracting a lot of interest despite the fall in the bitcoin price to its lowest level in more than a year.

Cryptocurrencies have been battered as the market has entered a prolonged bear market.

The year saw around $700 billion erased off the market’s cap, with Bitcoin losing around 80% of its value.


The Cann Report

Chicago mayor Rahm Emmanuel believes legalizing recreational cannabis to address the city’s growing problems keeping up with pensions, a report by High Times said.

Citing local news sources, the report said Emanuel wants the state of Illinois to legalize recreational marijuana.

This would allow the state to establish a framework for regulating and taxing cannabis retail, which Emanuel said would bring state and local governments much-needed revenue.

Speaking at a meeting with the Chicago City Council, Emanuel said that he plans to urge state lawmakers to consider legalization.

Emanuel said that if weed became legal in Illinois, he would be able to earmark a portion of the new tax revenues to fund city pensions.

READ: Tilray adds Howard Dean and others to newly formed international advisory board

Budding entrepreneurs came up with a way around Michigan’s new recreational marijuana law, the Detroit Free Press said.

On High Road, a Boston-based online business founded and owned by Brandon Anthony, a 33-year-old Virginia native, plans to start a marijuana “gifting” service in Detroit this month.

Anthony will sell someone 21 or older a “munchie bag” filled with cookies or a muffin, candy or a T-shirt, between $55 to $120.

Along with the purchase of the bag comes a gift of marijuana, no more than the 2.5 ounces allowed under Michigan law. 

Under that law, the only way to get marijuana right now is to grow it, be a medical marijuana cardholder or have someone give it to you - not sell it.

Contact Rene Pastor by

Thu, 13 Dec 2018 10:59:00 -0500
<![CDATA[News - Tailored Brands stock falls after it cuts 4Q outlook on tepid Men’s Wearhouse sales ]]> Tailored Brands Inc (NYSE:TLRD) wasn’t looking so smart in premarket trading Thursday after it beat third-quarter earnings but lowered its outlook after sales at its Men’s Wearhouse business softened last month.

The Houston, Texas-based retailer, which also owns men’s apparel seller Jos A Bank, expects comparable sales at Men’s Wearhouse, its largest brand, to be down by low single digits in the fourth quarter, partly due to declining suit sales.

The company said it expects a fourth-quarter loss of $0.29 to $0.24 per share. The current consensus estimate is a loss of $0.01 per share for the quarter ending January 31, 2019.

For the year, the company lowered its earnings forecast to $2.30 to $2.35 a share, from $2.35 to $2.50 previously.

For the quarter ended October 2018, the retailer posted earnings of $1.01 per share on revenue of $812.7 million. The consensus earnings estimate was $0.94 per share on revenue of $829.1 million. Revenue grew 0.2% on a year-over-year basis.

“As the third quarter progressed, we saw a softening of comparable sales due to lower transactions at Men’s Wearhouse and that trend continued into November,” Tailored Brands executive chairman Dinesh Lathi said in a statement.

READ: Cannabis companies heartened as New York weighs legalization and US farm bill nears passage

“As a result, we have taken a more cautious outlook on fourth-quarter comparable sales for Men’s Wearhouse,” he added.

Shares of the retailer were down 25.07% to $15 before the opening bell.

Lathi said that during the quarter, the retailer reduced inventories 10% versus last year. It also successfully repriced its term loan, reducing the interest rate spread by 25 basis points, which lowered its annual cash interest expense by more than $2 million.

“Our total debt is down approximately $300 million versus a year ago,’ said Lathi.

Contact Uttara Choudhury at

Follow her on Twitter: @UttaraProactive 



Thu, 13 Dec 2018 07:39:00 -0500
<![CDATA[News - CryptoCann™ Report: Scientists look for steady cannabis high; Cryptocurrency exchanges in UK at low risk ]]> Cryptocurrency exchanges in the UK are at "low risk" for money laundering and terrorist financing activities, a report by Coindesk said in pointing to a report published by the Financial Action Task Force (FATF), a global anti-money laundering policymaker.

The report said that while such activities are an “emerging risk,” there is not enough evidence to suggest that they are occurring through crypto exchanges.

The regulator though has asked UK authorities to work on a plan to extend anti-money laundering and counter financing of terrorism rules in the crypto sector to tackle any potential risks.

READ: NetCents releases its first SaaS-based cryptocurrency payments processing platform

Cryptocurrency merchant bank Galaxy Digital and Block.One have led a $30 million Series A investment round in US neo-banking platform Good Money, a report by Cointelegraph said.

The investment came mostly via Galaxy and Block.One’s joint Galaxy EOS VC fund, one of several funds under the Block.One umbrella.

Good Money provides banking services and a handful of associated financial instruments to US account holders.

The Cann Report

Several companies are pouring money into research for a predictable cannabis plant that can produce a consistent high, a report by NBC News said.

These companies are hiring scientists, setting up labs and building research greenhouses that were previously used by Big Agriculture. They are hoping a product people can rely on will translate to millions of dollars in sales, the report said.

The latest forecast from Arcview Market Research in partnership with BDS Analytics concludes that US “retail flower sales are forecast to grow at a compound annual growth rate of 14.8% to reach $8.5 billion in 2022.”

The forecast added though that a growing portion of pot store customers are opting for processed cannabis concentrates that would give them a more consistent impact.

READ: Golden Leaf Holdings shares take a hit amid board shake-up

California’s cannabis business regulators have approved statewide marijuana deliveries, even in areas that ban cannabis, a report by the Marijuana Business Daily said.

The rules will not be completely finalized until approved by the Office of Administrative Law (OAL), which may not be until sometime in January.

Many believe statewide delivery - one of the most debated issues involving California’s marijuana industry - will boost sales by allowing licensed retailers and delivery businesses to reach consumers in municipalities that prohibit commercial cannabis sales.

READ: AmeriCann building million square foot sustainable cannabis facility

Contact Rene Pastor by

Tue, 11 Dec 2018 10:55:00 -0500