Categories
Politics

Wanting the Mandate They Crave, Army Leaders Race to Vaccinate Troops

COLORADO SPRINGS – Three soldiers in camouflage huddled around a table at a popular burrito restaurant near Fort Carson on Friday, chewing over the announcement that the military could soon vaccinate all troops against coronavirus. Two of the soldiers had already received the shot. One didn’t have it.

The military had ordered her to be given a quiver of other vaccines, including the annual flu shot. The big difference to this one was that she finally had a choice.

“Honestly, if the Army wants something from you, they’ll force you. It was still voluntary, so I just postponed it, ”said the unvaccinated soldier, adding that a busy schedule and fear of side effects made her delay easier.

The soldier declined to give her name because she was not allowed to speak to the news media, but said that although most of the soldiers in the post’s 25,000 active soldiers are vaccinated, she has other concerns and takes advantage of a rare digression not often granted the base.

That may change soon. Late on Thursday evening, the Pentagon announced that all military and civilian employees would be asked to prove that they were vaccinated or undergoing masking, physical distancing, and regular tests and travel restrictions, just as President Biden would do with the rest of the citizens. The new requirements bring the armed forces one step closer to a mandate.

Forced syringes are a standard practice for the military, requiring from training camps that troops be vaccinated against at least a dozen diseases. For now, however, the military is trying to navigate how more troops can be fired without simply issuing an order.

Of the 1,336,000 active military personnel, about 64 percent are fully vaccinated, and more than 60 percent of Americans over 18 are fully vaccinated. But for the military, that quota is unacceptably low because it is difficult to send unvaccinated troops to countries with strict local restrictions, and because an increase in the virus among troops can cripple readiness.

Military leaders cannot request the shots because the coronavirus vaccines are not fully approved by the Food and Drug Administration and are only approved in an emergency. Mr Biden could order mandatory vaccination for troops but was reluctant to exercise that power, and Secretary of Defense Lloyd J. Austin III previously said he would not be comfortable with a mandate until vaccines are fully approved.

Although coronavirus vaccines have become a political focus among civilians, several military leaders said they did not expect much resistance if an order was issued because troops are used to getting mandatory shots. But while following orders is central to military culture, they added, the soldier’s axiom is “never voluntary for anything” as well.

At the same time, the U.S. military knows how deadly infectious diseases can be because it has fought them for centuries.

In the winter of 1777, the Continental Army’s smallpox was so raging that the ability to continue the fight was in doubt. General George Washington proposed the very first mass vaccination by infecting healthy troops with the pus of their suffering comrades. The practice, which often led to illness but drastically reduced deaths, profoundly polarized. Many colonists viewed it as a conspiracy of the devil, or worse, the crown. Some colonies banned the practice, and in Virginia rioters attacked doctors who offered the treatment.

However, Washington felt it had no other choice, telling one of its medical officers that “the need appears not only to approve but to require the measure.”

Mass vaccination ended the epidemic and may have been crucial to winning the war, said Carol R. Byerly, military medicine historian.

“It was the beginning of the realization that public health is a strategic weapon – and the military has led the way ever since,” said Ms. Byerly.

As new conflicts pushed US forces into new corners of the world, disease often killed far more people than the enemy. Military doctors tried to find ways to fight diseases like typhoid and yellow fever. The troops, some of which served as guinea pigs, were generally not given a say.

“There has always been protest,” Ms. Byerly said, referring to the year 1911, when many soldiers and their families launched a letter campaign against a newly developed smallpox vaccine, which became the first universal, compulsory vaccination in the army. “But the military knows that vaccines are the best weapon. Even if there is controversy, the leaders thought it was worthwhile. “

The ordering of a mandatory vaccination, however, carries its own risks for the military readiness. By the 1990s, the military grew tired of vaccinating the entire force against the anthrax virus. Troop units refused to comply. Hundreds were fined – some with dishonorable layoffs. Others quit in protest. In one Air National Guard squadron, a quarter of pilots dropped out instead of taking the vaccine, affecting the unit’s operational capability.

Anthrax vaccination efforts have been hampered by legal proceedings and supply problems and ultimately reduced to just a small fraction of the high-risk troops.

Without an order, the service branches attempt to encourage members who are hesitant to take the coronavirus vaccine in a way that they believe addresses their specific concerns.

Naval leaders have found that talking about the vaccine as both a weapon and a means of preparedness is most effective. “Our sailors understand that they must wear protective equipment when walking into a hostile or dangerous environment,” said Rear Adm. Bruce L. Gillingham, the Navy surgeon general. “It’s biological body protection.”

In Fort Bragg, NC, a weekly podcast featured troops speaking to Army medical leaders about their concerns about the vaccine.

In a recent interview, Sgt. Colt Joiner and Lt. Col. Owen Price discussed a misconception often raised by young soldiers: that they are at greater risk of dying from the side effects of a gunshot than from Covid-19. This belief is increasingly worrying military commanders as data on the delta variant show high rates of serious illness in young unvaccinated people.

“I’m a 24 year old guy,” said Sergeant Joiner, “I think this isn’t such a big risk for me right now. At the moment I just don’t see it as a priority. “

The notion that the coronavirus is a threat only to older Americans is “eroding,” Colonel Price told him. “The percentage of people your age who see these effects is increasing.”

In Fort Carson this week, an officer in a brigade preparing for the mission proudly said their vaccination rate was 71 percent, well above the Army average. Success, he said, means taking leadership – getting senior soldiers and officers, explaining their choices to the young soldiers, and encouraging them to volunteer.

But was that volunteering actually “volunteering” – the army’s cherished tradition of telling the troops that they are absolutely expected to do something that is technically voluntary?

When asked, the officer laughed. “Yes,” he said. “Probably a little of that.”

Dave Philipps reported from Colorado Springs and Jennifer Steinhauer from Washington.

Categories
Politics

U.S. delegation cuts Haiti journey brief after gunshots reported at president’s funeral

A man attends the funeral of slain Haitian President Jovenel Moise, at Moise’s family home in Cap-Haitien, Haiti, Friday, July 23, 2021.

Matias Delacroix | AP

A U.S. delegation that attended the funeral of late Haitian president Jovenel Moise on Friday is safe and returning to the U.S. following reports of gunshots and crowd control gas as protests took place outside the ceremony, White House press secretary Jen Psaki said on Friday.

The delegation, led by U.S. Ambassador to the U.N. Linda Thomas-Greenfield, was forced to end the trip early due to the unrest, a senior administration official told NBC News. However, Thomas-Greenfield was able to meet with Haitian leaders at the funeral, including newly sworn in Prime Minister Ariel Henry and his predecessor Claude Joseph before leaving.

There were no immediate reports of injuries among protesters, authorities or guests at the funeral. 

The U.S. delegation included House Foreign Affairs Committee Chair Gregory Meeks, D-N.Y.; Rep. Jeff Fortenberry, R-Neb.; and NSC Senior Director for the Western Hemisphere Juan Gonzales. It also included Daniel Foote, who was newly appointed as the U.S. special envoy to Haiti by the Biden administration, and U.S. Ambassador to Haiti Michele Sison.

Greenfield, in remarks delivered upon the delegation’s arrival in Haiti, expressed solidarity with the Haitian people and condolences to First Lady Martine Moise.

“Our delegation is here to bring a message to the Haitian people: You deserve democracy, stability, security, and prosperity, and we stand with you in this time of crisis,” Greenfield said

The funeral service was opened by a brass band and church choir, but was disrupted by angry shouts of protesters accusing authorities of being responsible for Moise’s death, according to Reuters.

Haitian officials arriving at the event were met with verbal anger from protesters, with one man calling Haitian police chief Leon Charles a criminal, Reuters reported.

Protests erupted in the northern city of Cap-Haitien leading up to the funeral for Moise, with supporters of the slain president angry over unanswered questions about his assassination, according to Reuters.

“We are deeply concerned about unrest in Haiti,” Psaki said at a Friday briefing. “In this critical moment, Haiti’s leaders must come together to chart a united path that reflects the will of the Haitian people. We remain committed to supporting the people of Haiti in this challenging time.”

This comes over two weeks after Moise was shot dead at his private Port-au-Prince residence, a shocking assassination that plunged the Caribbean nation into political upheaval.

U.S. National Security Advisor Jake Sullivan said in a statement Friday the U.S. will continue to provide requested assistance, including equipment and training, to the Haitian National Police and government of Haiti. The Department of Justice and Homeland Security will also continue to aid Haitian authorities in their investigation into the killing at the request of the Haitian government.

Sullivan added that the departments will continue working closely with international partners to support the Haitian government’s efforts to hold the perpetrators of the assassination accountable.

The Haitian government has also requested that the U.S. deploy American troops to protect critical infrastructure in Haiti.

Biden announced last week that the U.S. will only send American marines to secure the U.S. Embassy in Haiti and has no plans to send military assistance. 

“The idea of sending American forces into Haiti is not on the agenda at this moment,” Biden said at a joint press conference with German Chancellor Angela Merkel last week. 

Earlier this month, the U.S. sent a delegation of U.S. officials to Haiti to assess the political and security situation in the nation, assist with the investigation of Moise’s murder, and encourage free and fair elections. 

— Reuters contributed to this report.

Categories
Health

Biden is on observe to fall in need of vaccinating 70% of American adults by the Fourth of July

President Joe Biden speaks in the Eisenhower Executive Office Building in Washington, D.C., U.S., on Wednesday, June 2, 2021.

Samuel Corum | Bloomberg | Getty Images

With less than three weeks to go until Independence Day, President Joe Biden’s latest vaccination goals are in jeopardy.

The country is not on pace to hit his two main targets outlined in early May: fully vaccinating 160 million adult Americans and administering at least one shot to 70% of adults across the U.S. by July 4, according to a CNBC analysis of Centers for Disease Control and Prevention data.

About 65% of adults are at least partially vaccinated as of Wednesday, CDC data shows. Roughly 13.6 million would have to receive their first shot over the next 18 days to get that figure to 70%, an average of about 756,000 new vaccinations each day. The U.S., however, is averaging 336,000 newly vaccinated adults per day over the past week.

If the U.S. maintains that latest seven-day average, 67% of adults will be at least partially vaccinated by that day.

When asked about the consequences of missing the 70% target at a news briefing last week, the White House’s chief medical advisor, Dr. Anthony Fauci, said the Fourth of July would not be the end of the country’s vaccination efforts as the risk of infection and illness remains for those who haven’t gotten a shot.

“If you don’t meet the precise goal and you fall short by a few percent, that doesn’t mean you stop in your effort to get people vaccinated,” Fauci said. “We want to reach 70% of the adult population by the Fourth of July. I believe we can, I hope we will, and if we don’t we’re going to continue to keep pushing.”

Fauci emphasized that people who don’t get vaccinated, are still at risk. “If you get vaccinated, you dramatically, dramatically diminish the risk of getting infected and almost eliminate the risk of serious disease,” he said.

Fauci, the nation’s top infectious disease expert, also stressed the importance of vaccination in preventing the delta variant, which was first identified in India and is rapidly emerging as the dominant strain in the U.K, from taking hold in the United States.

White House Covid czar Jeff Zients told reporters Thursday that the U.S. would cross the 70% mark and “continue across the summer months to push beyond 70%,” but did not specify whether he expects the country to reach that mark by the goal deadline.

Biden’s goal of 160 million fully vaccinated adults is also on track to fall short if the pace of shots does not pick up in the next few weeks. Nearly 142 million adults have completed a vaccination program, on pace to land at around 152 million on the Fourth of July assuming the current pace of daily reported vaccinations holds steady.

When Biden first announced the two goals on May 4, the country was on pace to hit both. But the vaccination rate has fallen in the weeks since, from a seven-day average of 2.2 million shots per day across all age groups on the day of the announcement to 1.2 million per day as of June 16, according to the CDC.

The White House has doubled down on recent efforts to boost the vaccination rate. Biden announced June as a “national month of action” in which his administration would mobilize national organizations, community- and faith-based partners, celebrities, athletes, and other influential groups to be part of the vaccination campaign. The White House also asked pharmacies to extend hours for the month of June and partnered with Uber and Lyft to offer free rides to vaccination sites.

States are also offering incentives ranging from free beer to $1 million lotteries to try to convince Americans to get jabbed. 

Though the nationwide rate is still about 5 percentage points away, 14 states and the District of Columbia have already crossed the 70% milestone. New York is the latest to get there, and Gov. Andrew Cuomo announced Tuesday that the state would lift most of its Covid restrictions as a result. 

Other states lag, with 22 of them below the 60% mark. That includes Mississippi, Alabama, Louisiana and Wyoming, which have each reached less than 50% of adult residents with one or more shots.

The U.S. has undoubtedly made progress in fighting Covid, and nationwide case counts are down to levels not seen since the start of the pandemic, which U.S. officials attribute to the country’s vaccination campaign. American life is closer to its pre-pandemic normal than at any point since last March now that the CDC’s lifted most of its mask recommendations and started to ease travel restrictions.

Even so, pockets of the U.S. with low vaccination rates are a risk for the country’s ability to control the pandemic, said Dr. Wafaa El-Sadr, a professor of epidemiology and medicine at Columbia University. 

“Once you have an unvaccinated population, that’s a vulnerable population likely to see surges in cases,” she said. Ongoing spread means the potential for new variants to emerge, with the possibility that one will be able to evade the protection offered by vaccines.

“It is valuable to have aspirations and very ambitious targets ahead of us and I think we should do our best to reach those targets,” El-Sadr said of Biden’s July 4 goals. “If we don’t reach them, it doesn’t mean that we accept it as a failure and stop doing what we’re doing. It means we redouble our efforts.”

Categories
Business

AMC brief sellers dealt huge $1.2 billion blow after inventory rally

Street performers in Minnie Mouse costumes walk past an AMC movie theater in New York’s Times Square at night on October 15, 2020.

Amir Hamja | Bloomberg | Getty Images

Investors short of meme stock AMC Entertainment have lost an estimated $ 1.23 billion in the past week, as stocks are up more than 116% since Monday, according to S3 Partners.

The rally cooled off late Friday after AMC stock surged up to 38% during early morning trading. The stock closed at $ 26.12 per share on Friday, down from $ 13.68 on Monday. At its peak, the stock hit $ 36.72 per share.

AMC was by far the most active stock on the New York Stock Exchange on Friday as more than 650 million shares changed hands. According to FactSet, the average trading volume after 30 days is just over 100 million shares.

With 450 million shares outstanding, the entire company changed hands nearly 1.5 times during Friday’s trading.

So-called short coverage could add to AMC’s massive rally this week. The company has shorted about 20% of its outstanding shares, compared to an average of 5% short on a typical US stock, S3 Partners said.

When a sharply shortened stock bounces up quickly, short sellers are forced to buy back borrowed stocks to close their short position and reduce losses. The forced buy tends to drive the rally even further.

AMC’s new retail investors, who are 3.2 million strong, owned approximately 80% of the company’s 450 million shares outstanding as of March 11, AMC reported earlier this month. Their efforts, which soared in January, raised the stock from $ 5 to $ 20 per share and allowed AMC to reduce its debt burden by around $ 600 million.

The retail investor agenda was to keep AMC alive and hold onto the hedge funds, an analyst told CNBC.

AMC’s stock has risen more than 1,100% since January has defied the predictions of Wall Street analysts. AMC’s business was extremely strained. The company has roughly $ 5 billion in debt and has had to postpone repayments on lease agreements of $ 450 million as its revenues largely dried up during the ongoing coronavirus pandemic. The cinemas were closed for several months to stop the virus from spreading. When the company reopened its doors, few consumers were comfortable attending film screenings and film studios withheld new releases.

As the cinema business recovers, AMC is still facing tough headwinds. Although the company ended the first quarter with $ 1 billion in liquidity, the highest in its 100-year history, that money will only keep it afloat until 2022 unless audiences come back in droves for months without offsetting revenue.

While early box office revenues are promising, fundamental elements of the cinema business have changed over the past year, including theater capacity, joint release dates with streaming services, and the number of days that movies are shown in theaters.

“Anything that’s really important here in the long term will never make money to this company again,” said Rich Greenfield, co-founder of LightShed Partners, on CNBC’s “Squawk Box” Friday morning. “You will never generate cash with your current capital structure. It was trading at seven times EBITDA before the pandemic. It is currently trading at 25 times EBITDA and is now in a worse position with the changed industry. This is simply contrary to all logic . “

On the last day of 2019, AMC had a market value of $ 751.87 million. On Friday, that figure was around $ 11.9 billion, according to FactSet.

– CNBC’s Yun Li contributed to this report.

Categories
Business

Buyers who’re quick GameStop, AMC are out of their thoughts

CNBC’s Jim Cramer said Wednesday he’s not sure why any investors are still betting against GameStop and AMC Entertainment, two of the so-called meme stocks popular on Reddit’s WallStreetBets forum.

The “Mad Money” host made his comments following a session in which GameStop shares rose almost 16% Wednesday and AMC advanced 19%. The stocks are up 37% and more than 60%, respectively, this week alone as the speculative trading that took first Wall Street by storm in January resumed.

“Anyone shorting AMC or GameStop is out of their mind. … WallStreetBets is too powerful and trying to bet against them right now is just giving them more ammo,” Cramer said.

Despite some optimism around a potential turnaround spearheaded by Chewy co-founder Ryan Cohen, Cramer contended the video-game retailer GameStop remains way overvalued. AMC — which still faces headwinds from the rise of digital streaming — is also expensive at current levels, Cramer said.

But Cramer the companies are not trading based on fundamentals, which makes shorting their stocks dangerous as long as they remain beloved by Reddit traders.

Shorting a stock is essentially a bet that it will fall in price. An investor such as a hedge fund borrows shares and then immediately sells them into the market, with the goal of buying them back later at a lower level. Then, the investor returns the borrowed shares, profiting off the price differential.

When the opposite happens and the stock rises in value, a short-seller may seek to minimize losses by purchasing shares at their higher price.

Both GameStop and AMC have over 20% of their float shares sold short, according to data from S3 Partners. That’s compared with an average of 5% short interest in a typical U.S. stock.

“I’ve never seen anything like this: a group of buyers with no sensitivity to price,” Cramer said. “These people don’t have unlimited firepower, but they’ve got enough firepower to engineer a short-squeeze any time a bunch of professionals decide to bet against this thing.”

— CNBC’s Yun Li contributed to this report.

Categories
Health

Sure, Pot Is Authorized. However It’s Additionally in Brief Provide in NY and NJ

New York and New Jersey are all about growing legal weeds.

In Orange County, NY, plans to build a large cannabis cultivation and processing facility on the site of a defunct state prison.

About 25 miles south, across the border in New Jersey, an industrial complex that once belonged to pharmaceutical giant Merck is being converted into an even larger marijuana cultivation center.

In Winslow, New Jersey, about 30 miles outside of Philadelphia, a new indoor growing complex was just celebrating its first harvest.

The advent of legalized adult marijuana in New York and New Jersey is an entrepreneur’s dream. Some estimate that the potential market in the densely populated region will grow to over $ 6 billion in five years.

However, the rush to get plants in the ground at factory-style manufacturing facilities underscores another fundamental reality in the New York metropolitan area: there is already a shortage of legal marijuana.

In New Jersey’s decade-old medical marijuana market, the supply of dried cannabis flower, the strongest part of a female plant, has rarely met demand, according to industry lobbyists and state officials. At the beginning of the pandemic, when demand exploded, it became even scarcer, patients and business owners said.

The supply gap has narrowed as the nationwide supply of flowers and products made from a plant’s extracted oils more than doubled between last March and this spring. Still, patients and owners say pharmacies often sell popular varieties.

“There are very few stocks,” said Shaya Brodchandel, executive director of the Harmony Foundation in Secaucus, New Jersey and president of the New Jersey Cannabis Trade Association. “Almost no wholesale business. As we harvest, we bring it straight to retail. “

Harmony bought the former Merck property in Lafayette, New Jersey late last year and is awaiting approval to start construction, Brodchandel said.

Because marijuana is illegal under federal law and cannot be shipped across state lines, marijuana products sold in each state must also be grown and manufactured there.

The Bundesbankengesetz makes it nearly impossible for cannabis companies to get conventional funding, creating a high hurdle for small startups and a built-in advantage for multi-state and international companies with deep pockets.

Oregon, which issued thousands of grow licenses after legalizing marijuana six years ago, has an abundance of cannabis. But many of the other 16 states where non-medical marijuana is now legal have faced similar supply shortages as New York and New Jersey as production slowly increased to meet demand.

“Flowers are always short in a new market,” said Greg Rochlin, general manager of the Northeast Division of TerrAscend, a cannabis company operating in Canada and the United States that opened its 17th medical marijuana dispensary in New Jersey this month.

In New York, where the medical marijuana program is smaller and more restrictive than New Jersey’s, the product menu includes oils, tinctures, and finely ground flowers suitable for vaping. The sale of loose marijuana buds for smoking is banned, however, and only 150,000 of the state’s 13.5 million adults who are 21 years of age or older are registered as patients.

When demand was modest, there was little incentive to increase supply. Until now.

Adult marijuana sales could begin in New Jersey within a year and New York by early 2023, industry experts predict.

“I’d be a fool if I didn’t make the product,” said Ben Kovler, founder and general manager of Green Thumb Industries, a cannabis company with offices in both states.

“There isn’t much inventory,” he said at a moment when a “tidal wave” of demand was looming on the horizon. “It is unlikely that there will be enough supplies,” said Kovler.

His company, he said, is awaiting final New York State approval to begin construction on the site of the former Warwick, NY men’s Mid-Orange Correctional Facility, which closed in 2011.

The competitor Citiva is also building a new production center there. A cannabis test laboratory and a CBD extraction facility, urbanXtracts, are already in place.

“We call it a cannabis cluster,” said Michael Sweeton, Warwick’s city overseer.

“It’s the definition of irony,” he added of the reinvented role of a correctional facility that boomed during the war on drugs, imprisoning 750 men at the same time and providing 450 jobs.

New York officials said the state’s hemp farmers will play an important role in efforts to produce enough cannabis to satisfy what is set to quickly become one of the largest marijuana markets in the country.

With lower overheads and a lower carbon footprint, hemp farmers who grow cannabis for specific purposes could potentially undercut indoor plant prices for at least part of the year, authorities said. Hemp, which contains much less of the intoxicating chemical THC found in cannabis, is used to make CBD oil.

New York law also allows individuals to grow up to six marijuana plants for personal use. New Jersey law does not allow so-called home growth.

In the coming months, both states are expected to enact regulations to regulate the new industry. Everyone has classified legalization as a social justice imperative, spending a large portion of the expected tax revenue on color communities disproportionately harmed by inequalities in criminal justice.

Trying to balance the goal of building markets geared towards social and racial justice against the inherent dominance of multistate corporations with early stakes in the region will be vital, officials in New York and New Jersey said.

“They should have the ability to boost the market,” said Norman Birenbaum, New York’s director of cannabis programs, of the 10 medical marijuana companies that have already been licensed to operate in the state. But it shouldn’t come “at the expense of new entrants,” he said.

Jeff Brown, who heads New Jersey’s cannabis programs, said the market has room – and a critical need – for newcomers.

The current operators of the state, he said, “will not be able to supply the market for personal use.”

The granting of two dozen new drug licenses has been delayed by more than a year due to a legal challenge, and some of the 12 current operators, Brown said, have been slow to fully utilize their expandability.

This has put a limit on the amount of cannabis that can be sold to patients in a single visit. Lines to enter stores tightened by Covid-19 regulations are common.

“You can’t always find the strain that is best for your condition,” said Ken Wolski, a retired nurse who now leads the Medical Marijuana Coalition, a nonprofit advocacy group. “And that’s a very frustrating thing for patients.”

Supply chain challenges have taken on a new urgency in New Jersey, where the state’s medical marijuana dispensaries are expected to be the first places adults can legally purchase cannabis without a doctor’s approval.

First, however, pharmacies must demonstrate that they have adequate patient care and facilities that can adequately accommodate both types of customers.

The New Jersey market has grown since 2019 when Governor Philip D. Murphy, a Democrat, approved a major expansion of a medical marijuana program that failed under his predecessor, Chris Christie, a Republican.

The number of pharmacies has tripled. 500,000 plants are currently being grown across the state, up from 50,000 in 2018, Brown said.

In March, 20,000 pounds of cannabis products were available in New Jersey, up from 8,000 pounds in March, he said.

Still, the price of flowers in New Jersey fluctuates between $ 350 and $ 450 an ounce before discounts. In California, the average price of an ounce of premium marijuana was $ 260, according to priceofweed.com, a frequently quoted price list.

“Popular products are running out and prices are still higher than we’d like to see,” said Brown. “The key to all of this is more competition.”

Last month, Curaleaf, which operates a pharmacy and two grow facilities in New Jersey, lifted the half-ounce limit on flower sales after a strong yield at its new indoor grow facility in Winslow, said Patrik Jonsson, the company’s executive regional president for seven northeastern states.

Workers at a similarly sized cultivation facility in Boonton, New Jersey, operated by TerrAscend, placed hundreds of plants in coconut-coconut bundles in early 2021 to begin a four-month growing and drying process. Tiered platforms are now filled with rows of light green and purple colored plants.

TerrAscend’s new pharmacy in Maplewood, New Jersey, attracted a number of customers within hours of opening earlier this month.

Stuart Zakim, one of the first in line, spoke to a cashier – the “Budtender” – about alternatives to the product he had originally requested but was told it was out of stock.

“You no longer wait in the dark for your dealer,” said Mr. Zakim, a longtime medical marijuana patient. “You are going to a beautiful facility.”

“The supply problem,” he added, “is really the biggest problem.”

Categories
World News

Michael Burry of ‘The Huge Brief’ reveals a $530 million guess towards Tesla

Michael Burry attends the New York premiere of “The Big Short” on November 23, 2015 at the Ziegfeld Theater in New York City.

Jim Spellman | WireImage | Getty Images

Famed investor Michael Burry announced a short position on Tesla worth more than half a billion in a filing for approval on Monday.

Burry, one of the first investors to benefit from the subprime mortgage crisis, has long puts on 800,100 Tesla shares, or $ 534 million, by the end of the first quarter, according to filing with the US Securities and Exchange Commission.

Investors benefit from puts when the underlying security falls in price. As of March 31, Burry had 8,001 put contracts of unknown value, exercise price, or expiry as per filing.

Tesla’s shares fell more than 4% on Monday, increasing losses to more than 20% since the start of the month.

Burry, whose company is Scion Asset Management, made fame for betting against mortgage securities prior to the 2008 crisis. Burry was featured in Michael Lewis’ book “The Big Short” and the subsequent Oscar winner of the same name.

Tesla had a tumultuous year in 2021, when sales in China fell in April and parts became scarce, hampering production in both the US and China.

Burry previously mentioned in a tweet he later deleted that Tesla’s reliance on regulatory credit to generate profits is a red flag.

As automakers grow their own battery electric vehicles, allegedly fewer have to purchase environmental credits from Tesla than they did to comply with environmental regulations.

Alongside his “Big Short”, Burry recently killed from a long GameStop position when the Reddit favorite made Wall Street history with its massive short squeeze.

In the first quarter of 2021, Tesla reported $ 518 million in revenue from regulatory loans, which the company generally receives from Elon Musk from government programs to support renewable energy. These were sold to other automakers, particularly FCA (now Stellantis), when they needed credit to offset their own carbon footprint.

In the fourth quarter of 2020, Tesla’s net income of $ 270 million was made possible by the sale of regulatory loans of $ 401 million to other automakers.

Tesla has historically raised around $ 1.6 billion in regulatory energy loans, mostly zero-emission vehicle loans. This has helped Tesla report more than four consecutive quarters of profitability and qualify Elon Musk’s automaker for inclusion in the S&P 500 index.

Tesla is currently delaying the production and shipping of its updated versions of its high-end sedan and SUV, the Model S and X. It is also delaying commercial production of its custom “4680” battery cells for use in future vehicles, including the Cybertruck and Tesla Semi.

Meanwhile, Elon Musk’s electric vehicle company is under regulatory scrutiny in China and the United States as high-profile vehicle accidents result in negative publicity and investigations by vehicle safety authorities in both countries.

Many believe CEO Elon Musk’s tweets about Bitcoin and Dogecoin also contributed to the volatility of Tesla stock. Musk has tens of millions of followers on Twitter.

A proponent of cryptocurrency in general, Musk announced last week that Tesla would indefinitely suspend accepting Bitcoin as a payment for cars, and said he was concerned about the “rapidly increasing use of fossil fuels in Bitcoin mining and mining.” for transactions “. Tesla announced earlier this year that it had purchased $ 1.5 billion worth of Bitcoin.

Tesla shares are down nearly 20% in 2021, after rising a whopping 740% in 2020.

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Correction: Michael Burry is long against 800,100 Tesla shares according to a report with the SEC. In an earlier version, the number of put contracts Burry bought was incorrectly stated.

Categories
Business

QuantumScape CEO mulls authorized response to scathing brief vendor report

QuantumScape could take legal action after it was attacked in a scathing report by activist short seller Scorpion Capital.

“We are definitely going to take a look,” said Jagdeep Singh, managing director of QuantumScape, when CNBC’s Jim Cramer asked if the company would consider filing a lawsuit against the company.

“Some of the points there are simple, just absurd. Absurd to the point where there are … things that we want to take legal action on.”

Singh appeared on “Mad Money” Friday, the day after Scorpion published the short report. In the 188-page report, Scorpion accused QuantumScape, released in November through a blank check association, of acting as a “pump and dump SPAC”. It even compared the company to Theranos, the disgraced healthcare technology startup.

QuantumScape shares fell more than 12% after the information was released. The stock fell again on Friday, contributing to a 28% decline in less than two weeks.

“We don’t want to be too distracted either, but you know we feel pretty good where we are,” said Singh.

The battery company said it stood by the data it presented to investors and will continue to build a battery for its customers like Volkswagen, who recently invested an additional $ 100 million in the company.

QuantumScape argued that Scorpion was motivated to release the report because it could benefit financially from the subsequent price decline. Investors who want to make a profit on a sharp drop in prices are known as short sellers.

“We have always been fairly transparent about what we have and what work still needs to be done,” said Singh. “That’s one of the things we are honestly proud of. We believe we have been the most transparent of all solid-state battery companies.”

Categories
Politics

White Home Warns Russia on Bounties, however Stops Wanting Sanctions

WASHINGTON – The Biden administration warned the Kremlin Thursday of the CIA’s conclusion that Russia had covertly offered militants payments to encourage more killings of American and coalition forces in Afghanistan, and issued the diplomatic admonition than Moscow over sanctions Hacking and electoral influence.

However, the government has stopped sanctioning Russian officials for the alleged bounties, clarifying that the available evidence of what happened – especially what Afghan detainees told the interrogators – still does not definitively prove that Russia paid for the reward of attacks paid.

The intelligence community, a senior government official told reporters, “rates with low to moderate confidence that Russian intelligence officers have attempted to encourage Taliban attacks against US and coalition personnel in Afghanistan in 2019 and possibly earlier, including through financial incentives and compensation. “

The New York Times first reported the existence of the CIA’s assessment last summer and that the National Security Council had been running an inter-agent process to develop a range of response options – but those months had passed and the Trump White House had not approved a response. not even a diplomatic protest.

The Times also reported that the available evidence for this assessment centered on what detainees believed to be part of a Taliban-affiliated criminal-militant network reported to the interrogators, along with suspicious travel patterns and financial transfers that the CIA medium placed confidence in his conclusion.

However, it was also reported that the National Security Agency, which focuses on electronic surveillance, placed less confidence in the assessment, citing the lack of electronic listening devices for smoke guns. Analysts from two other consulted agencies, the National Counterterrorism Center and the Defense Intelligence Agency, are also believed to have split, the former supporting the CIA and the latter supporting the National Security Agency.

Former intelligence officials, including in testimony on the subject before Congress, have stated that in the murky world of intelligence, it is rare to have evidence in the courtroom without a reasonable doubt about what an adversary is doing in secret.

President Biden’s administration re-examining the available evidence had uncovered nothing new and significant that could bring more clarity to this murky intelligence portrait, leaving disagreement over the level of confidence, an official familiar with internal reasoning said.

The Biden official’s statement to reporters was consistent with this report.

Intelligence agencies, said the official, “have little to moderate confidence in this verdict, also because of the reporting of detainees and the challenging operating environment in Afghanistan.”

“Our conclusion,” the official continued, “is based on information and evidence of links between criminal agents in Afghanistan and elements of the Russian government.”

The officer did not explain. One problem with the evidence available, however, The Times reported last year, was that the leader of the suspected criminal-militant network believed to have interacted directly with Russian intelligence officials, Rahmatullah Azizi, fled to Russia – possibly connected to a Russian spy agency using a passport.

The new Washington

Updated

April 15, 2021, 6:10 p.m. ET

As a result, the detainees who told the interrogators what they had been told about the alleged agreement were not in the room for talks with Russian intelligence officials themselves. Even without electronic interception, there was a sample of evidence that corresponded to the assessment of the CIA, but no explicit eyewitness account of the interactions.

The Russian government has denied having covertly offered or paid bounties to fuel attacks on American and coalition forces in Afghanistan.

The public disclosure of the CIA’s assessment – and months of inactivity by the White House in response – sparked bipartisan turmoil in Congress. President Donald J. Trump defended the inaction, calling the coverage a “joke”. His White House denied it had been reported and tried to dismiss the intelligence service rating as too weak to be taken seriously.

In fact, it was included in his written briefing at the end of February 2020 and was more widely disseminated to the intelligence community in early May.

However, it was also true that analysts from the CIA’s National Security Agency disagreed on how much confidence should be placed in the agency’s conclusion, based on the incomplete set of evidence available. The Trump administration has played this split.

Michael J. Morell, a former acting CIA director, denied a White House testimony before Congress, suggesting that such an assessment must be unanimously supported by intelligence agencies in order to be taken seriously.

In previous administrations, he said last July, officials would have immediately told both the president and the congressmen of this ruling and any disagreement if the intelligence services had evaluated such information at any level of confidence. If the confidence level were low, an administration would seek more information before acting, while a medium or high confidence rating would most likely result in a response.

“You never have certainty in intelligence,” added Mr. Morell.

Mr Trump never addressed the issue of bounty education in his talks with Russian President Vladimir V. Putin. But after the CIA’s assessment was made public, senior military and diplomatic officials, including then Secretary of State Mike Pompeo, warned their colleagues.

“If the Russians offer money to kill Americans or other Westerners, there will be an enormous price. I shared that with Foreign Minister Lavrov, ”said Pompeo during a trip to the Czech Republic in August. “I know our military has also spoken to their senior leaders. We won’t bear that. We will not tolerate that. “

In testimony to Congress and in other statements, senior Pentagon officials said being trapped between a desire not to tighten the White House and a desire not to be indifferent to the safety of the troops, would be indignant when the CIA assessment would be correct, but also hadn’t seen definitive evidence.

“It is not closed because we never complete investigations that involve threats or potential threats to US forces,” said General Kenneth F. McKenzie Jr., head of Pentagon Central Command late last year when he asked about the status of the Investigation was asked. “We’re looking at it very carefully.”

Meanwhile, as a presidential candidate, Mr Biden attacked Mr Trump for failing to counter the CIA assessment, portraying it as part of a strange pattern of respect that Mr Trump had shown towards Russia. Mr Biden mentioned the matter in his speech accepting the Democratic nomination and brought it up in his first call as President to Mr Putin.

While the sanctions imposed on Thursday were based on suspected Russian misdeeds other than suspected bounties, the senior administration official said that diplomatic action on the information available “is a burden on the Russian government to explain its actions and take action to address this disruption address patterns of behavior. “

The official added: “We cannot and will not accept our staff’s orientation in this way.”

Julian E. Barnes and Eric Schmitt contributed to the coverage.

Categories
Entertainment

Benita Raphan, Maker of Lyrical Quick Movies, Is Useless at 58

She grew up on the Upper West Side and graduated from City-as-School, an alternative public high school where students design their own curricula based on experiential learning, mostly through internships. (Jean-Michel Basquiat was an alumnus, as was Adam Horovitz of the Beastie Boys.) Ms. Raphan was an intern with Albert Watson, the fashion photographer.

Her mother often described Ms. Raphan as an “irregular verb”.

“She saw things through a different lens,” she said. “Benita could take something ordinary and find beauty in it. She was the real deal. No artifice about them. The heart was right out there. “

Ms. Raphan earned a bachelor’s degree in media arts from the School of Visual Arts in Manhattan – where she has also taught for the past 15 years – and an MFA from the Royal College of Art, London. She spent 10 years in Paris working as a graphic designer for fashion companies such as Marithé & François Girbaud before returning to New York in the mid-1990s.

Her mother and sister Melissa Raphan survive.

“While the rest of us stole from our instructors and other design greats,” said Gail Anderson, a creative director and former classmate of Ms. Raphan’s, “Benita was on her own journey, working with delicate typography and haunting imagery, and creating collages and photo illustrations that were unique to Benita. “

Ms. Raphan was, in her own opinion, more of a collage artist than a filmmaker. “Your films are really collages of ideas,” said Kane Platt, a film editor who worked on many of her projects. “You had a lot of freedom working with her, and when you had ideas that were weird and crazy, she’d say, ‘Go, go, go!'”