Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
Assets under management at Swiss private bank Julius Baer rose 12% in the first four months of 2019 to a record 427 billion Swiss francs ($425.34 billion).Earningsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
Asia Pacific markets were mostly in negative territory on Friday morning as investors remained worried over trade tensions between the United States and China.Asia Marketsread more
Canopy Growth has been granted a license by New York state to process and produce hemp with the help of efforts by Gov. Andrew Cuomo and U.S. Sen. Charles Schumer.
Canopy Growth hopes to establish large-scale production capabilities focused on hemp extraction and product manufacturing within the United States. Depending on board approval of a specific site, Canopy plans to invest between $100 million and $150 million in its New York operations, "capable of producing tons of hemp" on an annual basis.
The company is currently evaluating a number of sites in the Southern Tier of New York, which will become one of its first extraction and processing facilities outside Canada. Management hopes to announce the specific location within 100 days.
Canopy shares jumped 11 percent after the announcement and finished Monday's session at $42.49.
The company said in a press release that Cuomo's office helped create the Hemp Research Pilot Program, while Schumer's was "instrumental" in the passage of the recent U.S. farm bill, that allows growers to produce hemp as an agricultural commodity.
Canopy Growth's investment in the Southern Tier "is a true win-win for Canopy Growth, who will be positioned at the forefront of Upstate New York's industrial hemp revolution, and for the Southern Tier's economy and farmers, which will receive a major shot in the arm in new good-paying jobs," Schumer said in the release.
The company will source hemp exclusively from American farmers for its U.S. operations once functional. The move will also bring Canopy closer to Constellation Brands, the brewing giant that owns Corona beer and which recently made a $4 billion strategic investment in the cannabis company.
Consumers are increasingly interested in CBD, a nonpsychoactive compound found in hemp plants thought to help with a range of conditions, such as anxiety, sleep disorders and inflammation.
Recreational use of cannabis in Canada became legal Oct. 17, though each of the country's 10 provinces will be able to regulate the market within their jurisdiction independent of Ottawa. Marijuana use is still illegal in the United States at the federal level, though many states have passed laws legalizing the use of cannabis for medical or recreational purposes.