The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
The Swiss Federal Data Protection and Information Commissioner said on Tuesday it had not yet been contacted by Facebook about overseeing privacy protections for the Libra...Technologyread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
The speech comes as market participants are strongly anticipating a rate cut at the July 30-31 Federal Open Market Committee policy meeting.The Fedread more
The Dow slipped from a record high set earlier in the day after President Trump cast doubt on the trade progress between China and the U.S.US Marketsread more
Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the...Energy Commoditiesread more
Spotify stock plunged over 1% on a report that Apple is spending money to create its own original podcasts.Technologyread more
There's a new opportunity emerging due to the divergence between "value" stocks and "defensive" stocks, a top J.P. Morgan strategists saysInvestingread more
Dimon is making his own bet on a digital coin that could transform the global payments landscape: JPM Coin.Financeread more
Facebook's David Marcus said at a Senate hearing Tuesday that U.S. sanctions could be at risk without financial services innovation.Technologyread more
Canada is on the forefront of a nine-figure cannabis industry that only has more room to grow, Brinks CEO Douglas Pertz said Monday.
"On a global basis I think cannabis is going to be a booming industry. It's probably $160 billion on a global basis," he said in a one-on-one interview with "Mad Money" host Jim Cramer. "I think the key piece there: There's probably only about 10% of that that's legal, but that means there's a huge opportunity and demand out there."
Brinks, the American private security and protection company, is in on the recreational marijuana business in Canada where the company — renowned for its bullet-resistance armored trucks — began in November providing cash and logistics services to Canopy Growth, the biggest player in the fledgling marijuana sector. Pot shops in that country began selling legal weed in October.
The American federal government still considers marijuana a Schedule I controlled substance, alongside heroin and other drugs, but it is legal for recreational use in 10 states and Washington, D.C., and for medical use in 33 states. The industry is a cash-only business because federally-regulated banks aren't allowed to take deposits from dispensaries.
Brinks does not participate in the marijuana business in the United States, even where the drug has been legalized in different forms, Pertz told Cramer. He said it's important that the industry is served "for safety and regulatory and other reasons," while giving a stamp of approval to the SAFE Banking Act that's making its way through Congress.
The bill, if signed into law, would give the cannabis industry that needed access to banks. Another related bill called the STATES Act intends to protect marijuana activities in legal states at the federal level.
"What they'll do is not change the federal law but make those states that have made it legal" free from federal penalty, Pertz said. "And then that will open it up for federally charted banks as well as us to be able to help serve."
As more and more states, most recently Illinois, are on the brink of legalizing weed, Brinks could have a head start through its partnership with Canopy. The Canadian marijuana company has a $3.4 billion agreement to buy Acreage, the largest dispensary operator in the United States, pending federal legalization.