US Auto Sales Continue to Decline in Second Quarter
The coronavirus pandemic has been detrimental to various industries across the country, especially US automakers. As second quarter financial data comes pouring in, it appears that vehicle sales in the US fell by over 30%, as many consumers opted out of buying new cars, while factories and dealerships had to shut their doors in order […]
Market Movers: Greenlane Renewables
Greenlane Renewables Inc. (TSXV: GRN) sat atop the TSX Venture in terms of volume traded after the July 2nd session, the 19.8 million total volume consisting largely of a 12.7 million share cross trade executed at the close. The cross appears to be part of a framework agreement facilitating the winding down of a stock […]
Nearly 6.7 Million American Households at Risk of Eviction Once Unemployment Benefits, Eviction Moratoriums Expire
Despite the continued increase in coronavirus cases across the US and many Americans still unemployed, the federal government’s employment insurance aid is set to expire by the end of July, and various eviction bans are beginning to be lifted. However, according to a recent analysis by UrbanFootprint, there could soon be up to 6.7 American […]
UK High Court Denies Maduro’s Claim to Venezuela’s Gold
A bizarre legal battle has ensued between the UK government and the Venezuelan government, over $1 billion worth of gold bullion. As Venezuela continues to face domestic fuel shortages, food scarcity, and increasing poverty brought on by crippling US sanctions, it is also batting the coronavirus pandemic. As a means of obtaining life-saving medicine and […]
Cronos Group: Raymond James Sees US$4.10/Share Valuation Just For Ginkgos Partnership
Raymond James recently upgraded Cronos Group (TSX: CRON) (NASDAQ: CRON) to an Outperform 2 rating as well as almost doubling their price target to C$13.52 / U$10. The justification behind this was that they believe Cronos’ partnership with Ginkgo Bioworks currently adds $1.54 billion or US$4.10 a share in value. After all, Raymond James has […]
US Airlines Reach Agreements with Treasury for Federal Loans
Back in March when the CARES Act was put in place, the federal government earmarked approximately $25 billion of taxpayer-funded loans for the airline industry. Now however, five major airlines in the US have finally reached deals with the Treasury Department, and will soon have their pockets overflowing with cash once again. According to a […]
US Unemployment Rate Fell by 2.2% in June, Payrolls Increased by Record 4.8 Million
Despite the continued chaos in the US regarding soaring coronavirus infection rates and hospitalizations, it appears the economy may be beginning to show signs of improvement. The US Bureau of Labour Statistics (BLS) released their Employment Situation report for the month of June, which shows nonfarm payrolls increased by 4.8 million. Although the numbers pave […]
Organigram Reduces Workforce 25%, Guides To Decreasing Revenues, Impairments In Delayed Q3 Filings
Organigram Holdings (TSX: OGI) (NASDAQ: OGI) announced this morning that it will be reducing its workforce by 220 employees, or approximately 25%, as a result of the ongoing pandemic and the “continuing evolution of the Canadian cannabis industry.” The layoffs are said to impact employees both currently on temporary layoffs, as well as a number […]
Australis Responds To Green Therapeutics, Meridian Lawsuit
Australis Capital (CSE: AUSA) has publicly responded to the previously announced lawsuits from Green Therapeutics and Meridian Companies for breach of contract. Unsurprisingly, Australis has indicated that it intends to defend the lawsuits vigorously. The response is to a lawsuit served on June 29 by the two firms, whom allege that Australis has breached its […]
Medmen Modifies Debt Facilities, Lease Terms To Improve Near Term Liquidity
MedMen Enterprises (CSE: MMEN) this morning announced that it has amended several of its outstanding credit facilities as a means of improving its financial situation. Primarily, the amendments consist of reduced up front payments on both its leases as well as reduced interest payments on several outstanding debt facilities. The modifications relate to several outstanding […]