Fiat Chrysler share price soars as Ferrari IPO spin-off plans revealed

Fancy owning a chunk of one of the best known luxury sports car brands out there?  Ferrari is being spun off by its parent company Fiat Chrysler Automobiles (FCA) as it looks to ensure the group’s “long-term success”, it was revealed today.  The spin off will include an IPO, with around 10 per cent of the car company’s equity released to the market, with the rest going to current shareholders.  Ferrari shares will be listed in the US “and possibly a European exchange”, the company said. It is expected the move will take place next year.  FCA chief executive Sergio Marchionne said the move would “substantially strengthen […] FCA’s capital base”.  He added: “Following our acquisition of the minority interest in Chrysler earlier this year, the transformation of Fiat and Chrysler into FCA was completed earlier this month with our debut on the New York Stock Exchange.  “As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari,”  Chairman John Elkann added: “Coupled with the recent listing of FCA shares on the NYSE, the separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow FCA shareholders to continue to benefit from the substantial value inherent in this business. “ Investors seem to like the move – FCA’s share price was up more than 16 per cent at pixel time.  Tags: IPOs Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comYahoo! SearchResearch Car Donation For CharitiesYahoo! SearchThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity Mirror More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Catherine Neilan Show Comments ▼ Fiat Chrysler share price soars as Ferrari IPO spin-off plans revealed whatsapp Thursday 30 October 2014 3:22 am read more

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Premium / Analysis: Cosco’s acquisition of OOCL – the most expensive in liner history?

first_img New Premium subscriber REGISTER Please Login Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium The China Cosco/OOCL saga is officially over – or is it?ReactionOn the stock market, the price of OOIL today hovers around HK$72 (US$9.2), after peaking at a multi-year high of HK$75 when the news hit the wires.Its current level is 8.4% below the value of the joint offer put forward by Cosco and Shanghai International Port Group (SIPG), which means investors do not think a counter bid – let alone a bidding war – is at all likely.But it also might … Premium subscriber LOGIN Please either REGISTER or login below to continue Email* Reset Your Password << Go backcenter_img Password* By Alessandro Pasetti 11/07/2017 Forgotten your password? Please click here LOGIN Email* © Pindiyath100 Resetlast_img read more

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Which drug makers do a good job getting poor patients access to their medicines?

first_imgPharmalotWhich drug makers do a good job getting poor patients access to their medicines? Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. The pharmaceutical industry is regularly chastised for failing to do enough to ensure that people in low and middle-income countries have access to its medicines. Yet the real picture is actually more nuanced, according to a newly released report that finds some — but not all — drug makers are making headway.Some companies, for instance, are partnering to develop needed medicines. Others are pledging to waive or abandon patent rights and granting licenses so that generic versions of their drugs become available.At the same time, the report finds that much more can be done.advertisement The foundation analyzed policies and practices meant to ease access to medicines for 50 different diseases in 107 countries. To assess performance, the foundation examined pricing; patents and licensing; R&D, quality manufacturing and safety monitoring; product donations and philanthropic activities; and public policy, which included anti-competitive marketing, lobbying, and corruption.The foundation then took its findings and compiled an index that ranked the top 20 pharmaceutical companies on their efforts to improve access to medicine in low- and middle-income countries. Funding, by the way, came from the Bill & Melinda Gates Foundation, the UK government and the Dutch Ministry of Foreign Affairs.So what did the foundation conclude? Here are some key findings:GlaxoSmithKline led the index for the fifth time and was followed by Johnson & Johnson and Novartis, while Astellas had the poorest showing.Roche dropped on the list, from number 12 to number 19, since the last index was compiled in 2014. Novo Nordisk fell even more steeply, from 2 to 10.Conversely, AstraZeneca climbed to 7 from 15, and Takeda Pharmaceutical went to 15 from 20.In a statement, Glaxo chief executive Andrew Witty said the “fundamental changes we have made to our business model enable us to make our products as available and affordable as possible while generating the returns we need to sustain our business and invest in research.”Significantly, the report found progress is “static” in some areas. There were no signs of improvement in a key measure of affordability — the proportion of drugs covered by pricing plans that consider the ability of people to pay for medicines. Only 5 percent of 850 drugs had pricing strategies that met key criteria set by the index, notably achieving affordability for different population groups within countries.Over the past four years, the number of companies using equitable pricing strategies increased from 16 in 2012, to 18 in 2014, to 19 in 2016. Ischemic heart disease replaced HIV/AIDS as the disease with the most products with equitable pricing. Gilead Sciences had the highest proportion of products — 50 percent — with equitable pricing strategies that target priority countriesThe foundation also identified what it called 84 product gaps —where there is an “urgent need, but low commercial incentive to engage in R&D” — concerning the 50 diseases covered in the index. Drug makers developed 151 medicines for 31 of these gaps, but only six companies account for the bulk of this activity, the report found. Leading the pack was Glaxo, followed by AbbVie.The foundation also examined product registration, which refers to filing an application to market a drug in a particular country. Such registrations ensure that medicines reach the people who need them. However, the analysis found that registration is “limited, particularly where the need for better access is greatest.”As for drugs being developed, the report counted 420 R&D projects that address specific needs of people in low and middle-income countries, up from 93 in 2014. The pipeline focuses heavily on five diseases —lower respiratory infections, diabetes, malaria, viral hepatitis and HIV/AIDS — that cause relatively large burdens and either have large commercial markets or are high priorities.The report also sought to identify the extent to which drug makers are transparent about their policy positions; political contributions; marketing activities and memberships in associations and the associated financial support provided and board seats held. But the foundation concluded that “transparency remains low in all areas.”Iyer noted that Gilead was not very transparent when it came to ensuring clinical trials are conducted ethically and sharing trial data, as well as sharing sales information and pricing strategies for certain drugs in specific countries.This is a lengthy report and there is much to read, so please look here. [email protected] “There is a social contract between pharmaceutical companies and the people who need their products. Our research suggests that many people in the industry are committed to fulfilling this contract. But progress is slower than many of us would like,” wrote Jayasree Iyer, executive director of the Access to Medicine Foundation, a nonprofit based in the Netherlands.On the bright side, Iyer told us that, “overall, there’s no area where the industry, as a whole, is doing less. And there are several areas where they are doing more.” For instance, most drug makers have a detailed access-to-medicine strategy. But, she added “there are some areas where we need to move the conversation forward — affordability for more products and stopping the occurrence of misconduct.”advertisement @Pharmalot center_img Ed Silverman By Ed Silverman Nov. 13, 2016 Reprints APStock About the Author Reprints Tags Gilead SciencesGlaxoSmithKlineJohnson & JohnsonNovartislast_img read more

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NatureVest to advance investment in conservation

first_img Share this article and your comments with peers on social media “NatureVest will capitalize on the growing impact investment sector to create a platform to advance investment in conservation,” the organizations said. “As part of that effort, NatureVest will convene investors; develop and execute innovative financial transactions; and continue to build an investment pipeline across multiple sectors, including agriculture, fisheries and environmental markets.” EKO Asset Management Partners helped to design NatureVest and will serve as an ongoing adviser to the Nature Conservancy. JPMorgan Chase is the founding sponsor of NatureVest and has committed to provide multi-year support for its launch and development. “NatureVest is a natural extension of The Nature Conservancy’s work – it will open up entirely new avenues for investments that protect nature,” said Mark Tercek, president and CEO of The Nature Conservancy. “By bringing together leaders in natural resource management and investment, we will unlock new sources of capital to deliver important conservation results.” This year, NatureVest will publish the first piece of research to comprehensively size and characterize segments within the natural capital marketplace in order to help investors and others better understand current opportunities and identify potential future prospects. “There is an urgent need to step up the scale and creativity of financial resources dedicated to the protection of natural ecosystems,” said Doug Petno, CEO of Commercial Banking at JPMorgan Chase. “We are delighted to collaborate with The Nature Conservancy to build NatureVest and demonstrate that profitability and sustainability can work hand in hand.” In a bid to better protect the environment by increasing private investment in that effort, a new initiative known as NatureVest was launched Tuesday by the Arlington, Va.-based Nature Conservancy, with support from New York City-based JPMorgan Chase & Co. The new program aims to close to the funding gap between what is needed to support global conservation efforts, and what is currently available. The Nature Conservancy reports that, according to the Global Canopy Programme, the current financial need to support global conservation efforts is approximately US$290 billion per year. But, it says that only about US$51 billion is currently devoted to these activities, primarily from public and philanthropic sources. The organizations hope to reduce the shortfall by creating new opportunities for the private sector to invest capital in conservation projects. James Langton Facebook LinkedIn Twitterlast_img read more

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Agriculture Ministry Seeking to Identify Alternative Feed for Livestock Industry

first_imgAgriculture Ministry Seeking to Identify Alternative Feed for Livestock Industry UncategorizedNovember 4, 2007 RelatedAgriculture Ministry Seeking to Identify Alternative Feed for Livestock Industry FacebookTwitterWhatsAppEmail Minister of Agriculture, Dr. Christopher Tufton, has said that he is in discussion with the Bodles Agricultural Research Station among other entities, to identify alternative feed for the livestock industry. “We are looking at a feedstock for livestock that could replace and could complement the traditional methods of feeding as an alternative to dealing with the cost issues, which have been raised,” he stated. Dr. Tufton was addressing concerns raised at the annual general meeting of the Jamaica Pig Farmers Association (JPFA) held recently in Ocho Rios, about the escalating cost of feed and the need to find alternative feedstock.On the suggestion that idle crown land could be planted to provide a source of animal feed, Minister Tufton told the JPFA members that he will be meeting with the bauxite companies to discuss, among other things, the possibility of utilizing mined-out lands to supply feed for livestock. “I think we have to now challenge them, encourage them and work with them to restore these lands to a level which can now improve the critical foundation and basis for us to create food security,” he stated. Scores of pig farmers from across the island attended the fifth annual meeting, which was held under the theme: ‘Improving Technology at the Farm Level for Regional and International Competitiveness’.The meeting gave farmers the opportunity to raise concerns with the Agriculture Minister and become actively involved in discussion that will improve the industry.President of the St. Thomas Pig Grower’s Association, Howard McPherson, told JIS News that he benefited tremendously from the forum.“It was a wonderful session and we have absorbed a lot of information and we will be going back to St. Thomas to put it out to those of our members, who were not able to attend,” he said.The JPFA was launched in July 2002 with a mission to develop and improve the pig/pork industry and to ensure that the industry is sustained as a major contributor to the development of the economy. Membership is open to any person or company/organization involved in pig rearing. RelatedAgriculture Ministry Seeking to Identify Alternative Feed for Livestock Industrycenter_img RelatedAgriculture Ministry Seeking to Identify Alternative Feed for Livestock Industry Advertisementslast_img read more

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Restorative/Community Justice Week Starts Sunday

first_imgFacebookTwitterWhatsAppEmail “Restorative and Community Justice: Making Jamaica the place of choice to live, work, raise families and do business,” is the theme for the celebration of Restorative and Community Justice Week, which starts Sunday, January 31 and ends Friday, February 6.Coordinator of Justice Reform at the Ministry of Justice, Beverley Little, disclosed that, during the week, two pilot Restorative and Community Justice (RCJ) projects will be launched, and there will be a public discussion and a concert, among other things.The celebrations will be launched on January 31, with a National Thanksgiving service at the St. Mark’s Anglican Church(Mandeville Parish Church), Market Street, Mandeville.Minister of Justice, the Hon Dorothy Lightbourne, will be launching two of the pilot projects that week. The first one will be on Tuesday at 2:30 pm in Granville, St. James, at the Sam Sharpe Teachers College. The other is the Tower Hill project, which will be launched on Thursday, February 4 at 4:30 pm at the Seaward Primary School in Kingston.“We have identified a number of schools and tertiary institutions in the pilot communities, that our practitioners will be visiting and educating the students and staff about RCJ. We also plan to have a public panel discussion at the offices of the MOJ, and we plan to close the week of observation with a concert at Emancipation Park,” Miss Little told a Think Tank session Wednesday (January 27) at the Jamaica Information Service (JIS) in Kingston.“We have about 15 schools lined up, and we are asking persons who have been trained in RCJ [to make presentations]. We have prepared a script, more or less, so that there is uniformity in what they say, but that does not preclude people making the presentations contextual. It is just to ensure that the word get out”, she explained.“We believe that it is important to begin in the schools, because one of the things we really want to change is people’s mindsets, in terms of how they respond, for example, to offensive language,” she added.The panel discussion will take place at 12:30 pm at the Undercroft of the MOJ on Friday, February 5, and will look at restorative and community justice models.RCJ week culminates with a free concert at the Emancipation Park in Kingston, 6 pm to 9 pm. The concert will feature a number of performers including the Northern Caribbean University Choir, Kimelia Issacs and the Sistren Theatre Company. Restorative/Community Justice Week Starts Sunday JusticeJanuary 27, 2010 RelatedRestorative/Community Justice Week Starts Sunday RelatedRestorative/Community Justice Week Starts Sundaycenter_img RelatedRestorative/Community Justice Week Starts Sunday Advertisementslast_img read more

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Wockhardt Hospital celebrates kite flying festival with patients

first_imgWockhardt Hospital celebrates kite flying festival with patients More than 50 patients from cardiac, orthopedic and physiotherapy ailments participated in The Kite Flying Festival to give a positive message to the community The missing informal workers in India’s vaccine story Menopause to become the next game-changer in global femtech solutions industry by 2025 Comments (0) Dr Pankaj Dhamijakite flying festivalWockhardt Hospital Add Comment News Heartfulness group of organisations launches ‘Healthcare by Heartfulness’ COVID care app MaxiVision Eye Hospitals launches “Mucormycosis Early Detection Centre” By EH News Bureau on January 15, 2020 Read Article Phoenix Business Consulting invests in telehealth platform Healpha Share WHO tri-regional policy dialogue seeks solutions to challenges facing international mobility of health professionals Related Posts Indraprastha Apollo Hospitals releases first “Comprehensive Textbook of COVID-19” Wockhardt Hospital, Mira Road, Mumbai, in a bid to celebrate Makar Sankranti, organised a kite flying festival at Joggers Park. More than 50 patients, including adults and kids, who have undergone successful treatment for cardiac, orthopedic and physiotherapy ailments, participated to send a healthy message to the community that any obstacle in life can be defeated.Makar Sankranti is celebrated across India and the day is synonymous to kite flying as well. This year, Wockhardt Hospital, Mira Road, came forward for the betterment of its patients and arranged Kite Flying Festival in the hospital to give patients a message that no matter what disease they suffer from, they should never get bogged down or give up. They patients should get freedom from diseases, fly high with good health, and the string should be controlled by them on their own by adopting a healthy lifestyle modification such as staying physically active and following healthy eating habits.Dr Pankaj Dhamija, Centre Head, Wockhardt Hospital, Mira Road, said, “We pledge on the auspicious occasion of Makar Sankranti, to get our patients and customers out of the darkness of diseases and suffering towards the bright light of health and happiness.”last_img read more

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Simpson Miller to Be Sworn In As Prime Minister

first_imgRelatedPrime Minister Golding Announces Cabinet Changes Simpson Miller to Be Sworn In As Prime Minister Office of the Prime MinisterJanuary 3, 2012 RelatedSimpson Miller to Be Sworn In As Prime Minister By Chris Patterson, JIS Reporter Advertisements RelatedSimpson Miller to Be Sworn In As Prime Minister FacebookTwitterWhatsAppEmail Governor-General, His Excellency the Most Hon. Sir Patrick Allen, today (January 3), received the official results of last week’s general election from the Director of  Elections, Orrette Fisher. This clears the way for  Prime Minister designate, the Most Hon. Portia Simpson Miller, to be formally sworn in as Prime Minister. “Following the completion of the official count of ballots cast in the December 29 poll, the Director of Elections, Orrette Fisher, sent an advisory to Governor-General, Sir Patrick Allen, officially notifying him of the political party that secured the majority seats in Parliament. This will now clear the way for the swearing in of the new Prime Minister,” a release from the Electoral Commission of Jamaica (ECJ) reads. Mrs. Simpson Miller is scheduled to be sworn in at King’s House on Thursday (January 5), in a ceremony to begin at 4:00 p.m. This event will be streamed live on our Website. Link: www.jis.gov.jm/livestream. The Electoral Office of Jamaica’s (EOJ) official count has confirmed that the People’s National Party (PNP) won 42 of the 63 seats, with the Jamaica Labour Party (JLP), securing the remaining 21. The release notes that all candidates who contested the December 29 poll have four days, following the completion of the official count in each constituency, within which to file for magisterial recounts. It also states that Returning Officers are now required to submit results and returns of writs, along with a report, seven days after the completion of the final count in their respective constituencies. Copies of the writs will be issued to the Clerk of the Houses to facilitate the swearing in of Members of Parliament. “The Electoral Office will now be focusing its energies on paying the over 30,000 election day workers who served in various capacities on Election Day. It is anticipated that these payments will be completed by the end of January,” the release says.last_img read more

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Education Ministry’s Numeracy Strategy Ready for Schools

first_img By Aldeen Campbell, JIS Reporter FacebookTwitterWhatsAppEmail Schools across the island will shortly receive copies of the Education Ministry’s National Numeracy Strategy. The Policy provides clear guidelines concerning the expectations for mathematics education, outlining the principles which must underpin the teaching and learning of mathematics at early childhood, primary and secondary levels. Acting Permanent Secretary in the Ministry of Education, Grace McLean told Journalists on Wednesday, February 29, that the Policy is ready and is in the process of being printed so that copies can be distributed to the various schools across the island. “Our numeracy specialists will be working through the quality education circles to ensure that all our teachers are properly, effectively and sufficiently trained to use this strategy,” Mrs. McLean said, following a tour of the Balaclava High School in St. Elizabeth. Additionally, she said the Ministry has disaggregated the statistics from the last numeracy results and will be focusing on specific areas in which students seemed to have the most challenges. “We are not only stopping there but we are looking at other issues which are affecting our students; the social issues, high absenteeism, challenges related to nutrition and other social issues that seem to be affecting them,” she said, noting that the Ministry is working with the parents and other stakeholders to see how best those students could be assisted. She further stated that the Ministry was also carrying out a review on the assessment to ensure that it remained reliable and valid. “We are confident with all the strategies that we are putting in place now that we are definitely going to be seeing an improvement in the area of numeracy,” she said. Shifting the focus to the upcoming Grade Six Achievement Tests (GSAT), Mrs. McLean said that she was pleased with the progress in terms of the Ministry’s preparation. “It is customary for the Minister to have a press conference to officially announce our readiness for G-SAT and this will be done within another week or so but I would want to say that we are pleased with the progress and we are looking forward to an excellent year based on the preparations that we have made so far,” Mrs. McLean said. RelatedEducation Ministry’s Numeracy Strategy Ready for Schools Advertisements Education Ministry’s Numeracy Strategy Ready for Schools EducationMarch 2, 2012 RelatedEducation Ministry’s Numeracy Strategy Ready for Schools RelatedEducation Ministry’s Numeracy Strategy Ready for Schoolslast_img read more

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California regulators target web ads for illegal pot shops

first_imgHomeNewsCalifornia regulators target web ads for illegal pot shops Mar. 30, 2018 at 5:00 amNewsCalifornia regulators target web ads for illegal pot shopsAssociated Press3 years agoapassociated pressdaily pressMarijuanaNewssanta monica daily press(Courtesy Google Images) Weedmaps is a go-to website for people looking to find a marijuana shop. With a few clicks on a cellphone, customers can find virtually any type of cannabis product, along with the fastest route to the place selling it and ratings from other consumers to help them decide what to buy.But legal and illegal operators advertise next to each other, and licensed operators in California say that’s put them at a disadvantage in a cutthroat marketplace.To them, Weedmaps is helping illegal sellers flourish without having any of the obligations licensed operators endure — collecting and paying taxes, insuring their businesses and employees, and abiding by safety rules for their products.In other words, illegal shops can sell pot at cheaper prices, sometimes 30 percent to 50 percent less.“That’s Weedmaps’ business model, to confuse the difference between legal and illegal,” said Jerred Kiloh, a licensed dispensary owner in Los Angeles who heads the United Cannabis Business Association, an industry group. “It’s an unfair playing field. They are pitting us against each other.”Weedmaps operates in over two dozen states, but the issue is coming to a head in California, which in January became the nation’s largest legal marketplace. State regulators last month warned Weedmaps to stop advertising shops operating outside the law.In a response, Weedmaps executives said they are eager to work with the state but asserted that the online directory doesn’t fall under state authority and is shielded by provisions in federal law.The company sees the core of the problem as a scarcity of legal outlets and hefty taxes that scare off consumers from licensed shops, not its online ads. In Los Angeles, where the pace of city licensing has been sluggish, only about 130 retail shops have authority to operate, while city officials acknowledge hundreds more are making illegal sales.Weedmaps says its experience dropping unlicensed businesses from its listings in Washington, Oregon, Nevada and Massachusetts had no impact on the size of those unlicensed markets.“Scrubbing the internet of the reality of unlicensed operators … does nothing to fix the underlying issues,” Weedmaps CEO Doug Francis and President Chris Beals wrote to the state Bureau of Cannabis Control earlier this month.The company some call a Craigslist for cannabis defines itself as an “interactive computer service” that falls under the federal Communications Decency Act. A key section of that law is designed to protect internet publishers, generally providing immunity to them for content posted by users.But Kiloh is among those who argue Weedmaps is far more than an advertising platform, noting consumers can use the site to submit orders and summon deliveries from shops legal and otherwise.“They are acting like Amazon, saying, ‘Here is a shopping cart,’” Kiloh said. “They are creating a marketplace, not a platform for advertising, and it’s driven by dollars.”The dispute over the online ads goes to basic economics for an emerging market sprung from what was mostly an illegal one: Lawful operators will struggle if they’re competing with a robust black market that can undersell them.Complaints have surfaced elsewhere, including over fees that in some cases can be tens of thousands of dollars a month for prime ad space. The company says some advertisers pay nothing.“I strongly believe their response to advertise for unlicensed cannabis companies is a black eye to the industry,” said Peter Marcus, a spokesman for Boulder-based Terrapin Care Station.Terrapin has five licensed dispensaries in Colorado and has advertised with Weedmaps for years, Marcus said. He said Terrapin worries Weedmaps’ high-profile spat with California regulators will bring unwanted attention from the U.S Justice Department, which continues to prosecute marijuana offenses under federal law that still sees cannabis as an illegal drug.The appeal of black-market shops — and the lure of their ads — was illustrated this month after a raid at an illegal dispensary near Los Angeles.Even after Los Angeles County sheriff’s deputies shuttered the Compton 20 Cap Collective, hauling out employees and customers in handcuffs and seizing bags of illicit pot, the shop’s page on Weedmaps advertised deals and displayed the dispensary’s products, which included dozens of varieties of cannabis buds, extracts and edibles.Despite the bust, prospective customers were asking about making purchases.“Are they back open again?” one comment read.In its warning to Weedmaps, one of hundreds of letters sent to businesses that California regulators believe are operating improperly, the state said the company should take down ads from illicit operators and warned the company it could face criminal penalties.But it wasn’t immediately clear how far that threat would go, since Weedmaps appears to be operating largely as usual. In their letter, the company executives said they would eliminate an internal “identifier” that appeared in business listings that state regulators said could be confused with a valid license number.The company said in a statement it wants the licensed market to reach a “functional state where the unlicensed market is minimized.”California regulators are discussing appropriate next steps, state cannabis agency spokesman Alex Traverso said in an email.In the Legislature, Democratic Assemblyman Jim Cooper of Elk Grove drafted a bill that would penalize unlicensed operators that advertise on the internet, $10,000 for every violation.“The black market is having a substantial impact on those businesses that are following the rules,” said Mike Ziegler, a Cooper aide. “They are being undercut by those who choose to operate illegally.”(backslash)___Associated Press writers Paul Elias in San Francisco and Michael Balsamo in Los Angeles contributed to this report.Tags :apassociated pressdaily pressMarijuanaNewssanta monica daily pressshare on Facebookshare on Twitteradd a commentUtility faces lawsuit over fire that led to deadly mudslidesJudge declares ‘serial stowaway’ unfit for trialYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall10 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press21 hours agoNewsCouncil picks new City ManagerBrennon Dixson21 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter21 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor21 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press21 hours agolast_img read more

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