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EMMAC’s Costanzo agrees that recreational marijuana is unlikely to become widely legal in Europe anytime soon.
“Today, we’re not even looking at this,” he said. “But once it’s legal, we would be crazy not to look at it.”
Navigating Europe
Though laws continent-wide are gradually changing, there are plenty of local companies that say that they will ultimately have the home advantage.
Antonio Costanzo is one European who wants to fend off the North American threat. He’s the CEO of London-based medical cannabis company EMMAC Life Sciences, which was valued at around $96 million at its last fundraising round. For comparison, publicly-traded Canopy has a market cap of over $13 billion, while Aurora is valued at over $7 billion and Tilray at over $4 billion.
Like the Canadian companies, EMMAC has been on a spending spree this year, buying the French and Swiss wellness companies GreenLeaf and Blossom, taking over medical cannabis labs in the U.K. and in Spain, and setting up a joint venture in Italy. Costanzo, who previously served as Uber’s head of public policy after spending a decade in the online gambling industry, says experience with heavily regulated fields in the European context will be key to expanding there.
“We started looking at the European medical cannabis space and thought the biggest challenge was being able to navigate different legislations and…create a single market,” Costanzo said. “The advantage we have, being European, is we know how Europe works… It’s a very local play—you need to speak to regulators in each country.”
There is also some wariness of foreign companies pressuring European regulators to change their rules. The EMCDDA’s Hughes said he had heard of lobbying taking place at both the national and EU levels.
“As the Canadian industry is federally legal, a few of the big companies are now valued in multiple billions of U.S. dollars,” Hughes said. “We should be aware of the huge financial interests in opening the European market, particularly for recreational use, and the possibility of negotiating relatively loose regulations in order to maximize sales, following the direction of the alcohol and tobacco industries.”
So far, though, Europe doesn’t seem to be the same sort of pressure that’s been seen in the U.S., where legalization has come as the result of voter initiatives—Illinois last month became the first state to take a legislative path to legalization, rather than responding to ballot pressure. In the U.S, the push to legalize is also tightly bound up with protesting high levels of incarceration, particularly of African-Americans, on drug charges for possessing cannabis.
“The intensity and advocacy in the U.S. is higher because you have this social justice and equity component of it. Parts of the population were discriminated against for many decades,” said Chris Burggraeve, a Belgian-American former Coca-Cola marketing executive who heads up an American cannabis and CBD brand called Toast. “Every single candidate for election at any level will need to have a point of view on marijuana because it’s a voters’ issue, whereas in Europe I’m not sure it’s hot enough to be a full voters’ issue.”
I like this bit!!
Complete remission of the primary tumors was accompanied by shrinking and disappearance of a number of untreated contralateral tumors when INT230-6 was combined with checkpoint inhibitors, demonstrating not only a local but also systemic immunological effect.
Intensity immune response confirmed
: O
Still liking Thursdays? Couple of nice updates on twitter.
Chilston,
You keep referencing web so to clear things up web rose on no news because some deceitful people claimed a full licence for sports betting in California had been granted. The licence was in fact a renewal of an existing licence to take pari-mutual (tote) bets on horse racing and the AIM herd fell for it hook, line and sinker.
If you take a look at the current web sp it is at its lowest since PASPA was revoked and likely to stay there for 12 months until the run up to sports betting ballot which if approved will be a game changer.
Chilston....every trade this morning is a buy not a sell......this is the problem. People get fooled easily ;)
hi rich. ive read through your info. all very valid. investor sentiment to me means people buying into ffwd. as we can now see, buying has once again dried up and we now just have a trickle of sellers. of course i realise that stocks do not go up in straight lines, and even if i look at stocks on my watchlist at present, none of them are doing that well, apart from one... upgs, we i have been tracking and is under the radar from the mob.
so what is puzzling me now is how this sp rises, and starts to gather momentum. that bit i cannot figure out at all. but the i saw web a few months back that jumped 200% on no news?! very strange indeed, and now its back down lower than ever before.
im not name dropping shares btw, just using them as comparisons.
chilston - best leave him to it. He's not going to stop with his nonsense. I'm glad you can tell anything I've said to you is meant to be constructive even if some of it is unashamedly blunt/direct ;)
I value Rich's opinions. Got no problem with it. All constructive
Really and you don’t post anything personal then hahaha, we all know where your head is stuck don’t we, I will tell you it’s up your own backside , let’s hope it stays there so we don’t get your constant postings of you moaning all day and everyday
barwick - what a load of sh*te. All you do is post personal nonsense because you're far too thick to make any sensible point relating to the share. Although it's hard to tell with your borderline illiterate postings. I suppose perhaps that's because it's hard for you to see the keyboard when your head is so far up certain posters backsides.
"GLA"
Sorry thought it never sent 1st time
Since you’ve come back on this board rich I’d say you would be the number 1 poster, sounds good that but all you do is moan at other posters it’s pathetic really, every bit of info posted on here helps someone one way or another, good or bad use the info to your advantage whether to buy sell or hold, its people like yourself dragging this board down , last two days on my travels I’ve read the stuff posted on this board and a certain few need to change the record, anyway GLA
Since you’ve come back on this board rich I’d say you would be the number 1 poster, sounds good that but all you do is moan at other posters it’s pathetic really, every bit of info posted on here helps someone one way or another, good or bad use the info to your advantage whether to buy sell or hold, its people like yourself dragging this board down , last two days on my travels I’ve ready the stuff posted on this board and a certain few need to change the record, anyway GLA
I genuinely think that’s one of the most off putting things about this stock. The messages posted about it by a lot of “investors”.
Many people will look at it and avoid because of the flaky nature and lack of conviction from many every time it’s not rising.
That’s aside from the overpromotion they’ve seen from some which is off putting for a different reason (and hence my gripes at doggo et al previously).
What matters is the investments and what they’re worth (and going to be worth). If it’s good value for their current worth plus potential then it’s a good buy. If not it’s not.
"and every time it pulls back" = "and every time it pulls back switch from optimism to despair"
Chilston:
1) They were forced into selling because the company were entering the recreational cannabis market - the resulting trading would reflect what people thought it was worth before and after that transaction (ie perhaps Nuuvera looking good was pricing potential into the SP and cashing in resulted in the potential of that dropping to zero).
2) You say we were "always" above NAV now we're not. This just highlights the incorrect assumption of this always trading at a premium or discount to the NAV. It was wrong when saying it'll always be above it just as it's wrong to say it'll always be below it now in your pessimism. Related to point 1 - the share price was probably trading well above the NAV because of Nuuvera and their progress - but the sale brought it back down to earth (with the cash + other investments at the time not being considered as appealing).
3) You say nobody thought for a minute it would go under 10p (that's simply wrong and you were just listening to the wrong people if you think that)
4) There's not really any point to make except you seem to be under the assumption that all shares trade in a steady straight line and every time it pulls back
5) Yes we did rise over 60%. Under 6.5 to 10.50p is over 60%. It then fell back. Get a better calculator ;) (and we've only pulled back a certain percentage from the highs and not straight back down)
"Now... that all seems doom and gloom from me, probably about to be called a deramper again, but, im just seeing things for what they are, investors in the wider community are not looking at ffwd yet, we are still getting sellers and we were crippled recently be some big sellers seriously off loading. one even came on here and told us"
It does indeed seem doom and gloom but mostly because I think you're focussing on headline numbers in RNSs and believing what people say on messageboards. The way some of you react emotionally to even the smallest amount of buys or sells just makes you perfect to manipulate.
What I find strange is the assumption of needing news to get buyers. I'd love to be able to buy every stock cheap after big news. Sadly I can't or I'd be a trillionaire by now. So if people want to buy in before big news they have to pick their moment. I can't predict when that will be for Factom, Leap, Emmac, Yooya/Regent, etc. Just as you can't. I do know it could realistically come at any moment from any of them. The recent 60%+ rise came on the back of zero news. You talk about big sellers offloading. It could very well be the opposite - bigger buyers accumulating and then stopping and letting you small fry push it back down with your sells before they do it again. Point is you simply don't know. Much like with "investor sentiment" - how are you assessing that? By reading a few posts on this insane asylum or twitter!?
I'll tell you to get a grip now just to make ODONNELL feel better again ;)
Pssst Chils,
We never sold Aphria because we never owned it.
We sold Nuuvera.
*Swishes his cape and exits via the balcony
Don't we need to wait until Friday's now for the weekly dog report.
My messages are meant to be constructive btw. I would welcome a different perspective
Over to you, Dogman.
just my opinion. its my largest holding because of diversification and i like leap/emmac/factom.
and juv. forgot to add that one. what i want to see is uplift in the nav and the sale of leap and then further scalability in the portfolio to jump from present nav to something alot bigger.
im just preparing for what i think will be another slide. thats all.
but if it jumps, and im wrong..... boy... i willl be delighted to be proved wrong.
but saying ffwd 'always trades 30% above nav' - thats not looking very clever right now is it!
i dont see what other news you are expecting (short term) that will lift this....
1) juv / emmac - ipo next year - all good for us... but its next year - nav will rise
2) vogogo - no where near anything exciting for us just yet
3) FACTOM - i believe will not need 2nd round funding - all good for us, but we are not gonnna sell it yet, and if we do get series b... then again... based on previous rns's.. intensity as a prime example.... sp remained the same
4) vemo/dbc - dead ducks not worth mentoning
5) ptgef - liquid asset. ok so list on nasdaq - next year maybe - good for nav
6) leap - the only one that i can see that will double sp over night
any further aquisitions, as with emmac - will not lift the sp. so what news you are expecting i am all ears becuase i seriously do not know what will lift the sp atm, based on news to come and as i keep saying... investor sentiment.
but long term... a year from now, as i have repeatedly said with the ipo's coming, and a proper angle on factom, then nav will increase, we will just have to wait for the market to catchup.
just my opinion. its my largest holding because of diversification and i like leap/emmac/factom.
thats it atm.
Chils is quite right in my opinion, in the balance of probability, because the algorithms that market makers use will deliberately err on the side of caution to protect them; after all, MMs are disinterested parties, not much concerned with the intrinsic worth or otherwise of a company, merely interested in eeking out a short-term profit from its movement. But that doesn't negate your argument either, Rich, because there are plenty of exceptions to this behaviour, and with news on multiple fronts due (we hope), I am looking for just such an exception to Chils' gloomy scenario in the next few weeks. .