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Are Sovereign Wealth Funds Open to Cannabis Investing?

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Many sovereign funds have investment restrictions on what types of stocks they can or cannot hold. In 2017, the New Zealand Superannuation Fund clarified its policy statement on marijuana stocks, adding to more SWFs avoiding the smoke. Recreational marijuana is illegal in many countries that have sovereign wealth funds. With Canada leading the charge, more of these pot stocks are becoming a mainstay of North American equity markets. Not all public asset owners are shying away from cannabis stocks. PSP Investments and Swiss National Bank are large shareholders of Canopy Growth Corporation, a medical marijuana company based in Smiths Falls, Ontario. PSP Investments oversees the pension plans for the Canadian Armed Forces, the Royal Canadian Mounted Police, and the Reserve Force. Speculation is buzzing that cannabis companies could be the next crypto currency companies, which endured drastic plunges this year. The carnage came after Bitcoin, Ethereum, Ripple, and Litecoin suffered steep losses on the heels of an SEC delay in its decision about whether to allow a Bitcoin ETF to roll out. One of the high flyers in the cannabis space has been Tilray, Inc. Tilray’s initial public offering was priced at US$ 17 a share in July 2018, but reached a high of over US$ 214 per share in September. Tilray has outpaced crypto currency companies, demonstrating an ability to rally 1,000 percent in two months. Also in September, Tilray Chief Executive Officer Brendan Kennedy suggested that the company be worth US$ 100 million, spiking the equity price by 50 %. The U.S. Drug Enforcement Administration (DEA) provided another boost to shares by approving the import of Tilray’s cannabis into the United States for medical research. Tilray generated US$ 9.7 million in the second quarter of 2018.

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Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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