We’re starting off this update with some interesting gold news that actually came last week.
A filing showed last Friday (August 14) that Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B) has bought about 21 million shares of Barrick Gold (TSX:ABX,NYSE:GOLD), paying around $560 million for the stake.
This development was surprising for many market watchers because Buffett has made his feelings for gold very clear in the past — and they aren’t positive.
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“If you own one ounce of gold for an eternity, you still own one ounce of gold at its end” — Warren Buffett, Berkshire Hathaway
Speaking about the news, Ian Ball of Abitibi Royalties (TSXV:RZZ) pointed out that it’s not clear if Buffett or someone else at Berkshire Hathaway actually pulled the trigger on the Barrick purchase. But overall he believes it’s positive for gold — in fact, Ian described the unexpected move as “a very large endorsement for gold going forward and for the miners.”
“Here you have one of the most respected investors of all time making their first foray into the gold-mining sector. I thought it was quite encouraging that Berkshire didn’t buy gold, or a gold exchange-traded fund or an index of gold-mining companies. But they’re making a specific bet on one of the world’s top two largest gold miners” — Ian Ball, Abitibi Royalties
Investors seem to share that optimism — shares of Barrick rose about 10 percent on the TSX from last Friday’s close to the end of the day this past Monday (August 17).
Gold itself had its ups and downs this week, but overall a lot of optimism remains about the yellow metal. With that in mind, we asked our Twitter followers if they think gold is an investment that should always be held, or if there are times they would consider selling.
That’s a question that I got some color on during a conversation this week with Will Rhind of GraniteShares — in his opinion, the yellow metal should not be traded and should not be used as a quick way to make money. As it turns out, most of our Twitter poll respondents agree with Will — nearly 65 percent said they buy gold and keep holding it.
“If you’re a seller of gold right now, what are you buying? What is the alternative that is potentially more interesting or more relevant than gold? I think that’s why there’s so much interest in gold and people looking to hold onto gold through these times” — Will Rhind, GraniteShares
Finally, in the cannabis space this week, INN’s Bryan Mc Govern looked at the latest quarterly results in the sector. Matt Hawkins of Entourage Effect Capital told Bryan that from his perspective the industry is in good shape despite the impact of COVID-19.
“We’ve been investing in the industry since 2014, we’ve made 66 investments I believe. There’s never been a better time to invest in the industry” — Matt Hawkins, Entourage Effect Capital
Moving forward, he believes legalization momentum will pick up in the US at both the state and federal level no matter who wins the presidential election in November — Matt said that even conservative-leaning politicians are beginning to realize the revenue opportunities associated with legalization.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Meanwhile, two longstanding cannabis partners ended their relationship.
Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development
Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.
The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.
Revive Therapeutics Provides Update on FDA Phase 3 Clinical Trial for Bucillamine in COVID-19 with Planned Completion and Emergency Use Authorization Request
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.
With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.
HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.
DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.