Streetbeat News

Credit

ACB

CGC

TLRY

Bipartisan lawmakers have reportedly found a 'sweet spot' in negotiations over a marijuana banking bill, agreeing to leave a section favored by Republicans intact. The Secure and Fair Enforcement (SAFE) Banking Act is set for a committee vote next week. The bill could have significant implications for the cannabis industry, potentially easing banking regulations and allowing for stock uplisting. The American Trade Association for Cannabis and Hemp (ATACH) and the American Bankers Association (ABA) have both called for the passage of the legislation.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 3:29 pm

BYDDF

MBGAF

NIO

TSLA

Chinese EV maker NIO Inc. is raising $1 billion in new convertible debt to refinance existing debt and shore up operating capital. The announcement led to a drop in NIO's stock price. The debt issuance is part of NIO's strategy to increase net income and profit margins by an additional 50% before year-end. The company plans to bolster sales to up to 20,000 EVs per month and increase its capacity to sell up to 30,000 EVs per month.

Portfolio Pulse from Daniel Harrison

September 19, 2023 | 2:07 pm

AMZN

GOOG

MSFT

TSM

Several major companies have made headlines. Amazon has hired Microsoft's Chief Product Officer, Panos Panay. Google is under scrutiny for allegedly manipulating ad auctions. Taiwan Semiconductor Manufacturing is planning to boost packaging capacity in Arizona. Microsoft has addressed a security incident involving sensitive information exposure on GitHub. Novo Nordisk has partnered with Aspen Pharmacare to produce insulin in South Africa. BeiGene has regained rights to its cancer drug from Novartis. Rocket Lab's 41st mission faced technical issues. The European Commission has approved ViiV Healthcare's HIV prevention drug. AutoZone's Q4 earnings exceeded estimates. BP has appointed Kate Thomson as interim CFO. MGM Resorts may lose out on casino licenses in NYC due to a scandal. Google and the Department of Defense are developing an AI-powered microscope. Apple faces threats from Huawei in China. Google's Bard AI chatbot is being integrated with Gmail, Google Docs, and YouTube. Starbucks is facing a lawsuit over its 'fruit' drinks.

Portfolio Pulse from Vandana Singh

September 19, 2023 | 2:01 pm

ENPH

Enphase Energy Inc's (NASDAQ:ENPH) shares are trading higher by 1.8% after hitting a new 52-week low during Monday's session. The stock fell after Citigroup analyst Vikram Bagri maintained a Buy rating but lowered the price target from $209 to $170. The company's shares have been falling due to a rise in Treasury yields, which increases the cost of borrowing and can negatively impact profitability and stock price.

Portfolio Pulse from Henry Khederian

September 19, 2023 | 1:34 pm

CSE:XSF

XSHLF

XS Financial Inc. has secured a $15 million line of credit to fund expansion projects in the cannabis sector. The company plans to use the loan proceeds and cash on hand to fund additional CAPEX and equipment leases with new and existing customers. The news comes as the number of banks and credit unions working with cannabis companies is at a record high, and ahead of the Senate Banking Committee's vote on cannabis banking reform.

Portfolio Pulse from Jelena Martinovic

September 19, 2023 | 1:26 pm

SHFS

Safe Harbor Financial (NASDAQ:SHFS) is launching a new portfolio of line of credit products for cannabis businesses. The credit facilities will range from $25,000 to $1 million at market-leading rates. This follows Safe Harbor's launch of interest-bearing commercial accounts in July. The company's shares were trading 5.27% higher at $0.82 per share during Monday’s pre-market session.

Portfolio Pulse from Nina Zdinjak

September 19, 2023 | 1:18 pm

ACB

Aurora Cannabis Inc. (NASDAQ:ACB) has received approval to transfer its common shares listing from the Nasdaq Global Select Market to the Nasdaq Capital Market. This move is expected to allow the company an additional 180 days to regain compliance with the Nasdaq Listing Rule 5450(a)(1). Aurora also announced that it has agreed to repurchase an aggregate of roughly CA$13 million ($9.6 million) principal amount of its convertible senior notes. This is part of the company's strategy to reduce its debt and boost financial stability.

Portfolio Pulse from Jelena Martinovic

September 19, 2023 | 1:16 pm

FXI

SPY

U.S. Treasury Secretary Yellen stated that tight monetary policy is reducing inflation in many developing countries. She also mentioned that China is facing short and long term economic issues, which could have minor spillover effects on the United States.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 12:48 pm

MERC

Mercer International Inc. has announced plans to issue $200 million of senior notes in a private offering.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 12:11 pm

SHFS

Safe Harbor Financial (NASDAQ:SHFS), a leader in providing financial services to the regulated cannabis industry, has announced the launch of its new portfolio of line of credit products for cannabis businesses nationwide.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 12:07 pm