I’ve never really understood the stock market excitement about marijuana. Sure, there will be some good money to be made in branding and retailing, but at its core the business is about farming. Now it’s even more about farming:
However, new regulations the federal government is expected to unveil this week will open the door to commercial outdoor cultivation. While it is too late in the production cycle in most of the country to start outdoor cultivation this year, the new rules will be in place for next year’s production season.
“Our decision to allow outdoor grow under strict rules is the result of extensive consultations and will contribute to creating a diverse and competitive legal cannabis industry with the ultimate goal of displacing the illegal market,” said Thierry Bélair, a spokesman for Health Minister Ginette Petitpas Taylor.
Nothing wrong with farming and a lot of people earn their daily bread by farming … but it’s not a business that gushes money. Now, if we can only convince the politicians that it cannot be infinitely taxed, we might even be able to squeeze organized crime out of the picture.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0979 % | 2,981.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0979 % | 5,470.6 |
| Floater | 3.37 % | 3.58 % | 75,337 | 18.33 | 4 | 0.0979 % | 3,152.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1755 % | 3,173.1 |
| SplitShare | 4.63 % | 4.61 % | 66,035 | 4.97 | 5 | 0.1755 % | 3,789.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1755 % | 2,956.6 |
| Perpetual-Premium | 5.62 % | -8.11 % | 61,856 | 0.09 | 9 | 0.0785 % | 2,891.1 |
| Perpetual-Discount | 5.37 % | 5.54 % | 61,933 | 14.59 | 26 | -0.0328 % | 2,971.0 |
| FixedReset | 4.32 % | 4.64 % | 144,725 | 5.69 | 106 | -0.0470 % | 2,533.4 |
| Deemed-Retractible | 5.17 % | 5.84 % | 74,046 | 5.53 | 27 | -0.0486 % | 2,956.3 |
| FloatingReset | 3.05 % | 3.72 % | 33,201 | 3.42 | 9 | 0.0250 % | 2,797.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.X | FixedReset | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.92 % |
| IFC.PR.E | Deemed-Retractible | -1.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.17 Bid-YTW : 5.84 % |
| TRP.PR.C | FixedReset | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 4.80 % |
| CU.PR.F | Perpetual-Discount | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.37 % |
| MFC.PR.O | FixedReset | 1.27 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 26.23 Bid-YTW : 3.90 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.Q | FixedReset | 80,511 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 3.72 % |
| BMO.PR.W | FixedReset | 78,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 22.54 Evaluated at bid price : 22.96 Bid-YTW : 4.53 % |
| BNS.PR.Z | FixedReset | 76,089 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 4.57 % |
| RY.PR.W | Perpetual-Discount | 75,330 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 24.44 Evaluated at bid price : 24.68 Bid-YTW : 5.01 % |
| BMO.PR.R | FloatingReset | 74,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-08-25 Maturity Price : 25.00 Evaluated at bid price : 24.93 Bid-YTW : 1.71 % |
| BAM.PF.J | FixedReset | 65,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.61 Bid-YTW : 4.16 % |
| There were 31 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PF.B | FixedReset | Quote: 23.11 – 23.63 Spot Rate : 0.5200 Average : 0.3456 YTW SCENARIO |
| BAM.PR.X | FixedReset | Quote: 18.00 – 18.79 Spot Rate : 0.7900 Average : 0.6316 YTW SCENARIO |
| HSE.PR.G | FixedReset | Quote: 24.96 – 25.39 Spot Rate : 0.4300 Average : 0.2865 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 24.30 – 24.70 Spot Rate : 0.4000 Average : 0.2816 YTW SCENARIO |
| MFC.PR.M | FixedReset | Quote: 23.21 – 23.51 Spot Rate : 0.3000 Average : 0.2126 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 22.83 – 23.14 Spot Rate : 0.3100 Average : 0.2304 YTW SCENARIO |