Aphria CEO Discusses Tilray Merger On 420, Says Combined Company ‘Will Be Ready’ For US Legalization

Motley Fool

Better Cannabis Stock: Aphria or Curaleaf?

Meanwhile, Curaleaf Holdings (OTC: CURLF) has delivered a nearly disappointing performance compared to last year. Curaleaf stock is up 16% year to date versus a 90% gain in 2020. Which of these cannabis stocks is the better pick going forward?

Motley Fool

Is the Aphria-Tilray Merger in Trouble?

In December, Aphria (NASDAQ: APHA) and Tilray (NASDAQ: TLRY) announced plans to merge. The combination of the two Canadian cannabis operators would create the biggest cannabis company in the world based on pro forma revenue. Tilray shareholders were originally scheduled to vote on the proposed merger in a special meeting on Friday, April 16.

Motley Fool

4 Marijuana Stocks to Buy on 420 Day That Could Soar 20% or More This Year

April 20 — is celebrated by many cannabis proponents. New York, New Mexico, and Virginia recently passed legislation to legalize recreational marijuana, bringing the total number of states where pot is or will soon be legal to 17. In keeping with the 420 theme, here are four marijuana stocks to buy on 420 day that could realistically soar 20% or more this year.

TechCrunch

Cannabis banking act passes US House with bipartisan support

The U.S. House of Representatives passed a landmark bill aimed at easing restrictions placed on the cannabis industry. The SAFE ACT (Secure and Fair Enforcement) banking act provides safe harbor for financial institutions to work with cannabis operators. If passed by the Senate and approved by President Biden, this bill would allow the cannabis industry to access traditional banking services, which has so far been forced to do much of their business with cash.

Reuters

UFC-owner Endeavor aims for over $10 billion valuation in second IPO attempt

Endeavor Group Holdings Inc, owner of the Ultimate Fighting Championship (UFC), is aiming for a valuation of more than $10 billion in its U.S. initial public offering (IPO), in what will be its second shot at going public after a failed attempt in 2019. Endeavor has also bought sports tech firm FlightScope Services Business for $60 million, the company said in a regulatory filing on Tuesday.

Reuters

Coinbase options launch draws robust volume

NEW YORK (Reuters) -Investors got a new way to bet on the fortunes of Coinbase Global as options on the U.S. cryptocurrency exchange’s stock started trading with healthy volume on Tuesday. Less than a week after the exchange’s stock market debut on Nasdaq, Cboe Global Markets, Nasdaq, the Intercontinental Exchange and other exchanges launched trade in Coinbase equity options. About 22,000 Coinbase contracts traded by late afternoon, with puts outnumbering calls slightly, and volume should hit 31,000 by the end of the day, data from Trade Alert showed.

Reuters

Exclusive: Fed will limit any overshoot of inflation target, Powell says

The U.S. economy is going to temporarily see “a little higher” inflation this year as the recovery strengthens and supply constraints push up prices in some sectors, but the Federal Reserve is committed to limiting any overshoot, Fed Chair Jerome Powell said in an April 8 letter to Senator Rick Scott. “We do not seek inflation that substantially exceeds 2 percent, nor do we seek inflation above 2 percent for a prolonged period,” Powell said in a five-page response to a March 24 letter in which the Florida Republican raised concerns about rising inflation and the U.S. central bank’s bond-buying program. Those modifiers – “substantially” exceeding 2% inflation or above that level for a “prolonged” period – help to more sharply define the upper bounds of the Fed’s comfort zone as prices rise.

Reuters

Singapore prosecution files more charges over nickel trading scandal

Singapore prosecutors on Tuesday filed five additional charges against businessman Ng Yu Zhi in relation to a scheme that allegedly raised at least S$1 billion ($746 million) from investors to fund bogus nickel trades. The alleged fraud, which would be one of the city-state’s biggest, follows a string of scandals involving Singapore trading firms that have shaken investor and banker confidence in the sector over the last year when some commodities, including nickel, have rallied strongly. The new charges of cheating against Ng were read out in Singapore’s State Court.

Reuters

Investors turn to growth stocks’ results after strong earnings start

On the heels of blockbuster earnings from major U.S. banks, investors are focused on whether an upcoming batch of earnings from major technology-related companies can sustain the season’s early momentum. Estimated year-over-year first-quarter earnings growth for S&P 500 companies rose to 31% from 25% in the past week, based on Refinitiv data, driven by last week’s stronger-than-expected results from Wells Fargo & Co, Goldman Sachs Group Inc and other banks. Tuesday brings results from stay-at-home winner Netflix Inc, which is part of the FAANG group of high-profile tech-related names.

Reuters

Crypto inflows hit $4.9 billion as of mid-April: Coinshares data

Inflows into cryptocurrency funds and products hit $4.9 billion as of April 16, with the pace of increase slowing a bit in the first two weeks of the month after hitting record levels in the first quarter, data from digital currency manager Coinshares showed on Tuesday. Inflows in the first two weeks of April hit about $400 million to $4.9 billion, or about 9% higher than an all-time high of $4.5 billion in the first three months of the year. The pace of inflows had already moderated in the first quarter, after a 240% surge in the fourth.

Reuters

Daily Mail owner sues Google for monopoly over ad business

The Daily Mail, owner of the MailOnline newspaper, sued Google on Tuesday, alleging that the search and advertising giant’s power over selling online ad space means newspapers see little of the revenue their content produces. The federal lawsuit against Google and its parent, Alphabet Inc, alleges that Google controls the tools used to sell ad inventory as well as the space on publishers’ pages where ads can be placed and the exchange that decides where ads will be placed. “The lack of competition for publishers’ inventory depresses prices and reduces the amount and quality of news available to readers, but Google ends up ahead because it controls a growing share of the ad space that remains,” the lawsuit said.

Bloomberg

Plumber Buying Doge Shows Retail Investors’ Power in Crypto

(Bloomberg) — A rocky weekend for the legions that poured into all things crypto after Coinbase Global Inc.’s direct listing did little to undermine its grip on retail traders.Dogecoin rallied another 20% or so Monday, even after most of the biggest tokens, including Bitcoin slumped further. To Mike McGlone, a Bloomberg Intelligence commodity strategist, the recent run-up in the joke token is exemplary of retail’s involvement in crypto markets. His plumber told him recently that he’d bought in.To McGlone, it’s a result of the “perfect storm” of pandemic lock-ups, lots of cash in the system, and investors’ ability to speculate around the clock. “Markets will never change — this one is just 24/7 and the easiest to access in history,” he said. It’s “a prime example of just plain gambling for fun — unless participants lose too much money, notably because they took too much risk at the casino.”While Coinbase’s market debut was undeniably a watershed moment for crypto’s move into the mainstream, the weekend rout delivered a harsh refresher on one of the market’s basic tenets: violent price swings are common.A false report from an anonymous Twitter account that the U.S. Treasury was cracking down on crypto money laundering was enough to help send Bitcoin plunging by as much as 15% on Sunday, days after clocking in at a record of $64,870. While low weekend liquidity likely exacerbated the nose dive, the world’s largest cryptocurrency dropped another 3.5% on Monday.That an erroneous tweet can torpedo prices is a reminder that even for all the talk of Wall Street’s growing embrace of crypto, individual investors have a lot of heft to throw around. That dynamic is especially prevalent on weekends, when traditional trading desks go dark while Bitcoin and other cryptocurrencies continue to change hands. Even as Coinbase’s direct listing marks an important milestone for crypto, for institutions and traders venturing into crypto, learning to live with that volatility is a key first step.“It’s more an introduction to all the people who had gotten into Bitcoin or crypto over the last week because of Coinbase that crypto markets can be very volatile,” Philip Gradwell, chief economist at crypto data tracker Chainalysis, said by phone. “This is in some sense, nothing new if you’ve been in the industry for a few years.”Even by crypto standards, sentiment was looking stretched at the end of last week. Bitcoin soared in the lead up to Coinbase’s much-anticipated listing, bringing year-to-date gains to over 118% at one point. That enthusiasm spilled into so-called altcoins such as Dogecoin, which has soared more than 13,000% over the past year.The moves can be jarring. Roughly $9.3 billion in so-called long Bitcoin future positions were liquidated on Saturday, followed by another $700 million on Sunday, according to data from Bybt.com.Such a pullback in Bitcoin was “inevitable” given the degree of froth, Galaxy Digital founder Michael Novogratz tweeted over the weekend, adding that “we will be fine in the medium term” as institutions enter the space.Shifting the power dynamic in favor of the institutions will be the “Holy Grail” for Coinbase, BI analyst Julie Chariell said last week, given that corporations are less likely to dump their holdings as quickly as retail traders. Though individual investors made up just 36% of the exchange’s volume during the quarter ending Dec. 31, more than 90% of Coinbase’s revenue came from retail trades.Whether the cryptocurrency exchange is successful remains to be seen. But even should Bitcoin carve out a place in portfolios and on corporate balance sheets beyond the likes of MicroStrategy Inc. and Tesla Inc., the weekend will likely still belong to the individual investor.“The retail investor still dominates the crypto market,” Steven McClurg, CIO at Valkyrie Investments, said in a phone interview. “When you see action like that over the weekend, that’s just when all the institutional traders are asleep or not working.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.