Cannabis stocks are rallying as investors await the final results from Georgia’s Senate runoff races. Yahoo Finance’s Zack Guzman and Akiko Fujita discuss.
AKIKO FUJITA: The cannabis space getting a big bump today on the expectation of some kind of federal regulation shaping out here, largely because, if Jon Ossoff does pull off that win, you’ve got the Vice President-elect as the tiebreaker, and she has been very supportive of some of that legislation.
ZACK GUZMAN: Yeah. It’s really interesting. Because Akiko, we’ve been talking about the trends in the cannabis space. And I got two here to spotlight. You can look at MSOS, which is the ETF that tracks the US multistate operators, and the MJ ETF, which largely tracks the Canadian giants there.
And you can see, when you compare them, I mean, we’re talking about the opportunity here, and right now you see MJ would be the biggest gainer on the day, more so than those US multistate operators. And I think that could be because obviously a lot of these Canadian players are locked out. You think about Canopy’s deal to acquire Acreage, a US multistate operator. That only goes through if you see federal laws around marijuana changed. And really, that’s what’s kind of expected here. The US companies would have had more time to grow, extend state by state. But if all of a sudden you flip the switch and say, look, we’re going to legalize at a federal level, that suddenly opens the door for some of these Canadian players to start making their inroads. It accelerates that conversation quite a bit.
But overall, I mean, even before this happened– and you and I were talking about the idea that Democrats were perhaps getting undercounted in the probability that they could take the Senate. I mean, you go back a couple weeks and talk about cannabis companies here, Curaleaf, some of the other multistate operators, Trulieve, Cresco Labs, that had been trading at record highs. And you would say, well, why do you want to buy these stocks at record highs?
And the idea is just because the runway is so much larger, even as you have states legalizing, some of the tax implications that could come through through the Safe Banking Act, the MORE Act that we saw the House pass, I mean, that’s going to reduce the tax bills that are pretty insane for some of these cannabis companies. Because they’re dealing with a business that has to be based on cash. They can’t access banks. So some of these laws that could come through, even if it’s not the more progressive changes that people want to see when we’re talking about expunging criminal records for prior cannabis offenses, that’s included in the MORE Act, but even if you just get the Safe Banking Act, which is a more moderate proposal to maybe change the financial rules around these companies, that could be some big changes when you think about tax implications and some of the other question marks around the sector.
And so I think even though we’re seeing this one day pop, there’s still a lot of question marks around what could get passed and what couldn’t get passed that still leaves quite a bit of upside for investors who have been locked out or maybe not thought about cannabis opportunities. But very interesting to see this all play out, which, again, centers around the potential surprise around Democratic control in the Senate.
AKIKO FUJITA: Yeah, although if you see the type of games that we’ve seen in cannabis stocks today, it does feel like in some ways investors may be jumping the gun a bit. Because, to your point, you’ve still got a very, very narrow majority, if we’re talking about a sweep in Georgia and Democrats do regain control, because we’re still talking about a 50/50 split. And let’s remember, the Democrats actually lost some of the seats in the House too. So it’ll be interesting to see how those negotiations play out.
We’ve also heard from a lot of guests that’s been talking about banks and energy certainly going to see some gains here on the back of expectations of additional stimulus. And then, of course, infrastructure. If you look at some of the stocks that are moving, the Dow’s top movers, we’re seeing Caterpillar pop in a big way, up 7%. Goldman Sachs, as well as JPMorgan, Chase, and Amex among those big movers.
Norway warns of vaccination side-effects, deaths in some patients over 80 – Global News
Norwegian officials have adjusted their advice on who gets the COVID-19 vaccine in light of a small number of deaths in older people, leaving it up to each doctor to consider who should be vaccinated.
The Norwegian Medicines Agency on Thursday reported a total of 29 people had suffered side effects, 13 of them fatal. All the deaths occurred among patients in nursing homes and all were over the age of 80.
The agency listed fever and nausea as side effects which “may have led to the deaths of some frail patients,” Sigurd Hortemo of the Norwegian Medicines Agency said in the body’s first report of the side effects.
More than 30,000 people have received the first shot of the Pfizer or Moderna coronavirus vaccine in the Scandinavian country since the end of December, according to official figures.
“We are not alarmed by this. It is quite clear that these vaccines have very little risk, with a small exception for the frailest patients,” Steinar Madsen, medical director with the agency, told Norwegian broadcaster NRK.
“Doctors must now carefully consider who should be vaccinated. Those who are very frail and at the very end of life can be vaccinated after an individual assessment,” he added.
Coronavirus: Ontario to complete long-term care home vaccinations in high-risk zones in upcoming weeks
Earlier this week, the Norwegian Institute of Public Health said that “any side effects of the vaccine will be outweighed by a reduced risk of becoming seriously ill with COVID-19 for elderly, frail people.”
It added that “for very frail patients and terminally ill patients, a careful balance of benefit versus disadvantage of vaccination is recommended.”
In its report, the Norwegian Medicines Agency said that 21 women and eight men had side effects. Beside those who died, the agency said nine had serious side effects without a fatal consequence and seven had less serious side effects. The nine patients had allergic reactions, strong discomfort and severe fever while the less serious side effects included severe pain at the injection site.
Overall, Norway has seen 57,279 cases and reported 511 deaths.
Across the world, officials expect deaths and other severe side effects to be reported after any mass vaccination campaign given the huge numbers of people involved. But determining whether or not the vaccine caused deaths can be very challenging and requires that all other potential causes be ruled out first.
The United Kingdom and the United States have also reported a number of cases of side effects that had fatal consequences.
The European Medicines Agency said Friday that it will receive and consider monthly safety reports from companies authorized to sell vaccines, starting in January with the Pfizer jab.
© 2021 The Canadian Press
Canadian home sales see a record December — and a record 2020 – CBC.ca
National home sales set an all-time record in December, the Canadian Real Estate Association reported Friday.
Sales were up 47.2 per cent compared to December 2019, the largest year-over-year increase in monthly sales in 11 years.
The spike in sales from November to December, 7.2 per cent, was driven by gains of more than 20 per cent in the Greater Toronto Area (GTA) and Greater Vancouver.
It was a new record for the month of December by a margin of more than 12,000 transactions.
For the sixth straight month, sales activity was up in almost all Canadian housing markets compared to the same month in 2019.
It was also a record for the entire year.
Average home price up 17%
Almost 552,000 homes traded hands over Canadian MLS systems — a new annual record. It was an increase of 12.6 per cent from 2019 and 2.3 per cent more than the previous record year, 2016.
The actual national average home price was a record $607,280 in December, up 17.1 per cent from the final month of 2019.
The CREA said that excluding Greater Vancouver and the Greater Toronto Area, two of the most active and expensive markets, lowers the national average price by almost $130,000.
Many of the areas with the biggest price gains last month were in Ontario, including Belleville, Simcoe, Ingersoll, Woodstock and the Lakelands region, where prices were up more than 30 per cent from December 2019.
Areas with more modest price growth included Calgary and Edmonton, where prices rose 1.5 per cent and 2.7 per cent, respectively.
TD expects sales and prices to cool
“What a fitting end to a surprisingly strong year,” TD Bank economist Rishi Sondhi said in a note to clients. “Relative strength in high-wage employment, record low mortgage rates, rising supply of homes available for purchase and solid demand for larger units all supported exceptional sales and price growth last year.
“Looking ahead, we’re expecting sales and prices to cool somewhat from their robust pace in the first quarter. However, December’s surprisingly strong performance makes hitting our forecast a tougher proposition.”
Shaun Cathcart, CREA’s senior economist, said in a statement that Canada faces a “major supply problem” in 2021.
“On New Year’s Day there were fewer than 100,000 residential listings on all Canadian MLS systems, the lowest ever based on records going back three decades,” he said.
“Compare that to five years ago, when there was a quarter of a million listings available for sale. So we have record-high demand and record-low supply to start the year. How that plays out in the sales and price data will depend on how many homes become available to buy in the months ahead.”
Quebec confirms it will delay second vaccine dose for CHSLD residents and staff – Montreal Gazette
Article content continued
On Feb. 15, Quebec will begin vaccinating seniors ages 80 and over who live at home.
Health officials told the Montreal Gazette this week that they aren’t ready to release details about the next phase of vaccination plan.
Public health authorities say they’re closely monitoring seniors in CHSLDs who have received the first dose to make sure it’s still effective weeks later, said Richard Massé, a public health epidemiologist.
Massé defended Quebec’s decision to ignore a recommendation by the National Advisory Committee on Vaccination, which said if provinces delay administering the second dose due to logistical or epidemiological reasons, it should be given with 42 days of the first dose.
On Thursday, Canada’s Council of Chief Medical Officers of Health, which includes the Chief Medical Officer of Health from each province and territory, also weighed in on Quebec’s plan, saying if the second dose is extended beyond 42 days, “the impact on people vaccinated must be closely monitored.”
Nets’ Kyrie Irving fined $50K for violating health and safety protocols – Sportsnet.ca
2021 MacBook Pro Rumored to Feature More Ports: Here's a Look at What Previous Models Offered – MacRumors
Thames Art Gallery wants community art for Black History Month display – Sarnia Observer
Silver investment demand jumped 12% in 2019
Iran anticipates renewed protests amid social media shutdown
Galaxy M31 July 2020 security update brings Glance, a content-driven lockscreen wallpaper service
News18 hours ago
TD Bank to buy Wells Fargo’s Canadian Direct Equipment Finance business
News18 hours ago
Trudeau urges unified front against China detentions, says all nations vulnerable
News18 hours ago
North Korea shows off new submarine-launched missiles after rare party congress
Health22 hours ago
Wife of Nunavut man who died from COVID-19 pleads with people to get vaccinated – Kamloops This Week
Politics19 hours ago
MLB halts political donations following pro-Trump mob's siege of U.S. Capitol – CBS Sports
Sports20 hours ago
Ranking how teams fared in Harden trade: Pacers emerge a big winner – Sportsnet.ca
Economy24 hours ago
Joe Biden set to unveil stimulus plan to jump-start U.S. economy – Global News
Sports17 hours ago
Auston Matthews’ agent questions ‘abuse of star players’ – Sportsnet.ca