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The intelligence community did not have any direct information that Russian President Vladimir Putin wanted to help elect Donald Trump during the 2016 presidential election, but, at the ‘unusual’ direction of then-President Barack Obama, published ‘potentially biased’ or ‘implausible’ intelligence suggesting otherwise, the House Intelligence Committee found.

Director of National Intelligence Tulsi Gabbard declassified a report prepared by the House Permanent Select Committee on Intelligence back in 2020.

The report, which was based on an investigation launched by former House Intelligence Community Chairman Devin Nunes, R-Calif., was dated Sept. 18, 2020. At the time of the publication of the report, Rep. Adam Schiff, D-Calif., was the chairman of the committee.

The report has never before been released to the public, and instead, has remained highly classified within the intelligence community.

Fox News Digital obtained the unredacted and fully-sourced limited-access investigation report that was drafted and stored in a limited-access vault at CIA Headquarters.

The committee focused on the creation of the Intelligence Community Assessment of 2017, in which then-CIA Director John Brennan pushed for the inclusion of the now-discredited anti-Trump dossier, despite knowing it was based largely on ‘internet rumor,’ as Fox News Digital previously reported.

According to the report, the ICA was a ‘high-profile product ordered by the President, directed by senior IC agency heads, and created by just five CIA analysts, using one principal drafter.’

‘Production of the ICA was subject to unusual directives from the President and senior political appointees, and particularly DCIA,’ the report states. ‘The draft was not properly coordinated within CIA or the IC, ensuring it would be published without significant challenges to its conclusions.’

The committee found that the five CIA analysts and drafter ‘rushed’ the ICA’s production ‘in order to publish two weeks before President-elect Trump was sworn-in.’

‘Hurried coordination and limited access to the draft reduced opportunities for the IC to discover misquoting of sources and other tradecraft concerns,’ the report states.

The report states that Brennan ‘ordered the post-election publication of 15 reports containing previously collected but unpublished intelligence, three of which were substandard—containing information that was unclear, of uncertain origin, potentially biased, or implausible—and those became foundational sources for the ICA judgements that Putin preferred Trump over Clinton.’

‘The ICA misrepresented these reports as reliable, without mentioning their significant underlying flaws,’ the committee found.

‘One scant, unclear, and unverifiable fragment of a sentence from one of the substandard reports constitutes the only classified information cited to suggest Putin ‘aspired’ to help Trump win,’ the report states, adding that the ICA ‘ignored or selectively quoted reliable intelligence reports that challenged-and in some cases undermined—judgments that Putin sought to elect Trump.’

The report also states that the ICA ‘failed to consider plausible alternative explanations of Putin’s intentions indicated by reliable intelligence and observed Russian actions.’

The committee also found that two senior CIA officers warned Brennan that ‘we don’t have direct information that Putin wanted to get Trump elected.’

Despite those warnings, the Obama administration moved to publish the ICA.

The ICA ‘did not cite any report where Putin directly indicated helping Trump win was the objective.’

The ICA, according to the report, excluded ‘significant intelligence’ and ‘ignored or selectively quoted’ reliable intelligence in an effort to push the Russia narrative.

The report also includes intelligence from a longtime Putin confidant who explained to investigators that ‘Putin told him he did not care who won the election,’ and that Putin ‘had often outlined the weaknesses of both major candidates.’

The report also states that the ICA committed context showing that the claim that Putin preferred Trump was ‘implausible—if not ridiculous.’

The committee also found that the ICA suppressed intelligence that showed that Russia was actually planning for a Hillary Clinton victory because ‘they knew where [she] stood’ and believed Russia ‘could work with her.’

The committee also noted that the ICA ‘did not address why Putin chose not to leak more discrediting material on Clinton,’ even as polls tightened in the final weeks of the election.’

The committee also found that the ICA suppressed intelligence showing that Putin was ‘not only demonstrating a clear lack of concern for Trump’s election fate,’ but also indicated ‘that he preferred to see Secretary Clinton elected, knowing she would be a more vulnerable President.’

The declassification of the report comes just days after Gabbard declassified and released documents that included ‘overwhelming evidence’ that demonstrated how, after President Donald Trump won the 2016 election against Hillary Clinton, then-President Barack Obama and his national security team laid the groundwork for what would be the yearslong Trump–Russia collusion probe.

Meanwhile, Fox News Digital, in 2020, exclusively obtained the declassified transcripts from Obama-era national security officials’ closed-door testimonies before the House Intelligence Committee, in which those officials testified that they had no ’empirical evidence’ of a conspiracy between the Trump campaign and Russia in the 2016 election, but continued to publicly push the ‘narrative’ of collusion.

The House Intelligence Committee, in 2017, conducted depositions of top Obama intelligence officials, including Director of National Intelligence James Clapper, National Security Advisor Susan Rice and Attorney General Loretta Lynch, among others.

The officials’ responses in the transcripts of those interviews align with the results of former Special Counsel Robert Mueller’s investigation – which found no evidence of criminal coordination between the Trump campaign and Russia in 2016, while not reaching a determination on obstruction of justice.

The transcripts, from 2017 and 2018, revealed top Obama officials were questioned by House Intelligence Committee lawmakers and investigators about whether they had or had seen evidence of such collusion, coordination or conspiracy – the issue that drove the FBI’s initial case and later the special counsel probe.

‘I never saw any direct empirical evidence that the Trump campaign or someone in it was plotting/conspiring with the Russians to meddle with the election,’ Clapper testified in 2017. ‘That’s not to say that there weren’t concerns about the evidence we were seeing, anecdotal evidence…. But I do not recall any instance where I had direct evidence.’

Lynch also said she did ‘not recall that being briefed up to me.’

‘I can’t say that it existed or not,’ Lynch said, referring to evidence of collusion, conspiracy or coordination.

But Clapper and Lynch, and Vice President Joe Biden, were present in the Oval Office on July 28, 2016, when Brennan briefed Obama and Comey on intelligence he’d received from one of Hillary Clinton’s campaign foreign policy advisors ‘to vilify Donald Trump by stirring up a scandal claiming interference by the Russian security service.’ 

‘We’re getting additional insight into Russian activities from (REDACTED),’ Brennan’s handwritten notes, exclusively obtained by Fox News Digital in October 2020, read. ‘CITE (summarizing) alleged approved by Hillary Clinton a proposal from one of her foreign policy advisers to vilify Donald Trump by stirring up a scandal claiming interference by the Russian security service.’

Meanwhile, former U.S. Ambassador to the United Nations Samantha Power, according to the transcript of her interview to the House Intelligence Committee, was asked whether she had or saw any evidence of collusion or conspiracy.

Power replied: ‘I am not in possession of anything – I am not in possession and didn’t read or absorb information that came from out of the intelligence community.’

When asked again, she said: ‘I am not.’

Rice was asked the same question.

‘To the best of my recollection, there wasn’t anything smoking, but there were some things that gave me pause,’ she said, according to her transcribed interview, in response to whether she had any evidence of conspiracy. ‘I don’t recall intelligence that I would consider evidence to that effect that I saw… conspiracy prior to my departure.’

When asked whether she had any evidence of ‘coordination,’ Rice replied: ‘I don’t recall any intelligence or evidence to that effect.’

When asked about collusion, Rice replied: ‘Same answer.’

Former Deputy National Security Advisor Ben Rhodes was asked the same question during his House Intelligence interview.

‘I wouldn’t have received any information on any criminal or counterintelligence investigations into what the Trump campaign was doing, so I would not have seen that information,’ Rhodes said.

When pressed again, he said: ‘I saw indications of potential coordination, but I did not see, you know, the specific evidence of the actions of the Trump campaign.’

Meanwhile, former FBI Deputy Director Andrew McCabe was not asked that specific question but rather questions about the accuracy and legitimacy of the unverified anti-Trump dossier compiled by ex-British intelligence officer Christopher Steele.

McCabe was asked during his interview in 2017 what was the most ‘damning or important piece of evidence in the dossier that’ he ‘now knows is true.’

McCabe replied: ‘We have not been able to prove the accuracy of all the information.’

‘You don’t know if it’s true or not?’ a House investigator asked, to which McCabe replied: ‘That’s correct.’

After Trump’s 2016 victory and during the presidential transition period, Comey briefed Trump on the now-infamous anti-Trump dossier, containing salacious allegations of purported coordination between Trump and the Russian government. Brennan was present for that briefing, which took place at Trump Tower in New York City in January 2017.

The dossier was authored by Steele. It was funded by Clinton’s presidential campaign and the Democratic National Committee through the law firm Perkins Coie.

But Brennan and Comey knew of intelligence suggesting Clinton, during the campaign, was stirring up a plan to tie Trump to Russia, documents claim. It is unclear whether the intelligence community, at the time, knew that the dossier was paid for by Clinton and the DNC.

Brennan and Comey are now under FBI criminal investigation related to their activities connected to the Russia probe, after a criminal referral was sent by CIA Director John Ratcliffe to FBI Director Kash Patel.

Gabbard also sent the DOJ criminal referrals for those involved in the effort to create ‘manufactured’ and ‘politicized’ intelligence that led to the spreading of the Trump-Russia collusion narrative.

The Obama-era officials have been mum on the new revelations, but a spokesman for Obama on Tuesday made a rare public statement.

‘Out of respect for the office of the presidency, our office does not normally dignify the constant nonsense and misinformation flowing out of this White House with a response,’ Obama spokesman Patrick Rodenbush said in a statement. ‘But these claims are outrageous enough to merit one.’ 

‘These bizarre allegations are ridiculous and a weak attempt at distraction,’ Obama’s spokesman continued. ‘Nothing in the document issued last week undercuts the widely accepted conclusion that Russia worked to influence the 2016 presidential election but did not successfully manipulate any votes.’

He added: ‘These findings were affirmed in a 2020 report by the bipartisan Senate Intelligence Committee, led by then-Chairman Marco Rubio.’ 


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The Senate narrowly voted to move forward with considering the nomination of former Trump lawyer Emil Bove to a federal court of appeals on Tuesday.

The 50-48 vote saw one Republican break ranks and vote against his nomination, while Democrats have done everything in their power to slow down the nomination. Bove, who currently works at the Justice Department, is nominated to serve on the 3rd U.S. Circuit Court of Appeals.

Democrats have argued that Bove, a former defense attorney for President Donald Trump, is unfit for the role, pointing to allegations that he proposed behind closed doors that the Trump administration could simply ignore judicial orders. Bove denies those allegations.

Sen. Susan Collins, R-Maine, voted with Republicans to move forward but said in a statement that she will oppose Bove’s confirmation on a final vote. Alaska Sen. Lisa Murkowski was the lone Republican to vote against moving forward with Bove’s nomination.

‘We have to have judges who will adhere to the rule of law and the Constitution and do so regardless of what their personal views may be,’ Collins said in a statement. ‘Mr. Bove’s political profile and some of the actions he has taken in his leadership roles at the Department of Justice cause me to conclude he would not serve as an impartial jurist.’

Democrats on the Senate Judiciary Committee stormed out of the meeting where the committee approved Bove last week.

Sen. Cory Booker, D-N.J., attempted to push for more debate time, but Chairman Chuck Grassley, R-Iowa, pushed forward with the vote.

‘What are you afraid of?’ Booker erupted, after Grassley tried to speak over him and hold the vote. ‘Debating this [nomination], putting things on the record — Dear God,’ he said, ‘that’s what we are here for.’

 ‘What are they saying to you,’ he said, referring to the Trump administration, ‘that is making you do something to violate the decorum, the decency and the respect of this committee to at least hear each other out?’

Booker ended the sharp exchange with Grassley by saying simply, ‘This is wrong, sir, and I join with my colleagues in leaving,’ before streaming out of the committee room.

It comes as Trump administration officials have taken aim at ‘activist’ judges they argue are blocking the president’s agenda and preventing him from enacting his sweeping policy goals, including the administration’s crackdown on border security and immigration.

Fox News’ Breanne Deppisch and The Associated Press contributed to this report.


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In a damning new report, researchers reveal how China came to control over 80% of the critical raw battery materials needed for defense technology — posing an urgent national security threat.

Through lax permitting processes, weak environmental standards, and aggressive state-led interventions, China has come to dominate global supplies of graphite, cobalt, manganese, and the battery anode and cathode materials that power advanced defense systems.

‘Batteries will be one of the bullets of future wars,’ the report’s authors warn, citing their essential role in drones, handheld radios, autonomous submersibles, and emerging capabilities like lasers and directed energy weapons.

According to the Foundation for Defense of Democracies (FDD), the Chinese Communist Party (CCP) has weaponized global battery infrastructure through a combination of state subsidies, forced intellectual property transfers, and predatory pricing practices.

China didn’t just rely on low-cost tactics — it also used its financial muscle abroad. Over the past two decades, at least 26 state-backed banks have pumped roughly $57 billion into mining and processing projects in Africa, Latin America, and beyond. These investments, often structured through joint ventures and special-purpose vehicles, gave Chinese firms controlling stakes in mineral mining, the report said. 

Through its Belt and Road Initiative, China has leveraged influence in resource-rich developing nations, securing control over massive critical mineral deposits. Today, it processes approximately 65% of the world’s lithium, 85% of graphite, 70% of cathodes, 85% of anodes, and a staggering 97% of anode active materials.

Beyond powering drones, handheld radios, and electric vehicles, lithium is critical in strategic military systems: lithium-ion batteries are used in grid support for bases and emerging directed-energy weapons.

Moreover, Beijing has begun weaponizing export controls: since 2023, it has tightened restrictions on processed graphite, gallium, and germanium — later adding antimony, tungsten, and rare earths to the roster. These measures curb exports via a licensing regime and broad bans on exports to the U.S., signaling a clear geopolitical leverage too, according to the report. 

Both lithium and graphite are essential for modern nuclear weapons. Cobalt alloys are used in jet engines, naval turbines, electronics connectors, and sensors capable of withstanding extreme temperatures, vibration, and radiation-making. 

While American and allied reserves of lithium — both brine and hard rock — are being tapped, with new projects in North and South Carolina targeting domestic spodumene processing, the report claims U.S. mineral mining and refining are not advancing quickly enough to meet national security demands.

Permitting obstacles account for roughly 40% of all delays in mining projects, the report notes, with processing operations facing similarly cumbersome constraints.

Chinese subsidies ‘dwarf’ those available to U.S. firms, and include tax exemptions, direct manufacturing grants, and ultra-low-interest loans, the report said. 

U.S. firms are now accelerating investment in domestic alternatives to China’s lithium. With new Trump administration initiatives aimed at incentivizing critical mineral development—and forecasts projecting the U.S. lithium market to grow by roughly 500% over the next five years — American companies are beginning to build out processing capacity on home soil. 

Piedmont Lithium is developing a lithium hydroxide facility in North Carolina to process spodumene concentrate from its U.S. deposits, while Albemarle recently announced plans for a new lithium processing plant in Chester County, South Carolina. Both projects are designed to feed a fast-growing domestic battery ecosystem and reduce dependence on Chinese supply chains.

But to become globally competitive, the report argues, the U.S. must take a far more proactive approach, including incentivizing private-sector investment, streamlining federal permitting, establishing a national critical minerals stockpile, building technical talent pipelines, creating special economic zones, and developing robust domestic processing infrastructure.

The authors also stress the importance of ally-shoring, recommending diplomatic coordination with trusted partners — similar to prior U.S. efforts involving Ukraine, Greenland, and the DRC in rare-earth sourcing — to construct resilient supply chains beyond China’s reach.

‘Despite China’s control of the battery supply chain, this is a time of great vulnerability for Beijing, while the United States and its core allies remain strong,’ the report concludes. 

‘It is time for new guardrails, muscular statecraft, and a unified international response to non-market manipulation. Building critical supply chains that are independent of China’s coercive economic practices can help unleash a wave of cooperation among free-market nations that will lift up both established allies and emerging market partners and turn the tide against China’s parasitic economic model.’


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George Clooney is keeping quiet after Hunter Biden unleashed a string of vulgar attacks on the Hollywood actor.

Hunter, 55, accused Clooney, 64, of turning on his father, former President Joe Biden, and helping lead the charge to push him out of the 2024 race. 

‘I love George Clooney’s movies, but I don’t really give a s— what he thinks about who should be the nominee for the Democratic Party,’ Hunter said on the ‘At Our Table’ podcast. 

‘I was about to say I really like George Clooney as an actor, but the truth of the matter is, the truth is, I’ll be honest, I really don’t like George Clooney as an actor or as a person.’

Hunter recalled tensions between Clooney and his father behind the scenes at an event prior to the election.

‘George Clooney, before that event … literally threatened to pull out of the event — how many times? Five, six times? Over and over again, saying that he was so upset because my dad refused to recognize the arrest warrant for Netanyahu,’ Hunter said as he referred to the prime minister of Israel, Benjamin Netanyahu.

Hunter claimed Clooney’s behavior at the event was distant and alleged the actor only stayed for five minutes, spoke to no one except Barack Obama and ignored the rest of the crowd.

‘Literally, I was whispering in [Biden’s] ear saying, ‘Dad, f— him.’ … You got to be kidding me because I was so mad,’ Hunter added. ‘And he claims in his arrogance that my dad, the president of the United States, didn’t know who the actor was.’

Reps for Clooney did not immediately respond to Fox News Digital’s request for comment. 

Clooney has yet to comment publicly on Hunter’s comments, even as the president’s son continues his media blitz.

In a separate appearance with Andrew Callaghan on his ‘Channel 5’ podcast over the weekend, Hunter’s criticism of Clooney escalated into a full-blown, hourslong meltdown accusing the ‘Ocean’s 11’ star of sabotaging his father’s re-election effort.

Hunter said the alleged move was made with ‘the blessing’ of former President Obama and his cohorts.

‘F— him! F— him and f— everybody around him,’ Hunter said bluntly. ‘I don’t have to be f—ing nice. No. 1, I agree with Quentin Tarantino. George Clooney is not a f—ing actor. He is a f—ing, I don’t know what he is. He’s a brand.’

The former president’s son’s rage emerged as they discussed Clooney’s infamous New York Times op-ed, which was published days after his father’s widely criticized debate performance. 

Clooney called for Biden to step aside as the Democratic nominee at the time. 

‘It’s devastating to say it, but the Joe Biden I was with three weeks ago at the fundraiser was not the Joe ‘big f—ing deal’ Biden of 2010. He wasn’t even the Joe Biden of 2020,’ Clooney wrote. ‘He was the same man we all witnessed at the debate.’

Clooney’s statement appeared to trigger a furious response from Hunter, who blasted the actor for spreading what he called false claims about his father’s mental health. 

George Clooney talks family life at Kennedy Center Honors

‘Why do I have to f—ing listen to you?’ Hunter asked during the podcast. ‘What do you have to do with f—ing anything?… What right do you have to step on a man who’s given 52 years of his f—ing life to the service of this country and decide that you, George Clooney, are going to take out basically a full-page ad in the f—ing New York Times to undermine the president?’

Biden withdrew from the race July 21, 2024, and was replaced on the Democratic ticket by Kamala Harris.

Hunter also noted Clooney was friends with former President Obama and only published his essay with the ‘blessing of the Obama team.’ 

‘You know what George Clooney did? Because he sat down with, I guess, because he was given a blessing by the Obama team, the Obama people and whoever else,’ he said. 

In April, Clooney spoke with CNN’s Jake Tapper about writing the op-ed, saying it was his ‘civic duty.’

‘It was a civic duty because I found that people on my side of the street — you know, I’m a Democrat in Kentucky, so I get it. When I saw people on my side of the street not telling the truth, I thought that was time to … some people [are mad], sure. That’s OK, you know. Listen, the idea of freedom of speech is you can’t demand freedom of speech and then say, ‘But don’t say bad things about me,‘’ Clooney said.

While on ‘The Late Show with Stephen Colbert’ in February, Clooney spoke about Harris losing to Donald Trump in the presidential election. 

‘I was raised a Democrat in Kentucky … and you know I’ve lost a lot of elections. … You know, this is democracy and this is how it works,’ he said.

‘It didn’t work out. That’s what happens. It’s part of democracy. … And, you know, there’s people that agree and people who disagree, and most of us still like each other. We’re all gonna get through it.’

Clooney spoke about President Trump again in April during an interview with Patti LuPone for Variety’s ‘Actors on Actors: Broadway.’

‘He’s charismatic. There’s no taking that away from him. He’s a television star. But eventually we’ll find our better angels. We have every other time,’ he said.

‘If you’re a Democrat, we have to find some people to represent us better, who have a sense of humor and who have a sense of purpose. I think we’ll get the House back in a year and a half, and I think that’ll be a check and balance on power.’

Earlier this year, Clooney was thrust into the spotlight as questions about his family’s future in the U.S. under President Trump’s administration arose.

Clooney’s wife, Amal, is an international human rights lawyer born in Lebanon and raised in the U.K., and she holds legal credentials in both Britain and the United States. 

Amal reportedly gave legal advice in a war crimes case against Israeli Prime Minister Netanyahu and Israeli Defense Minister Yoav Gallant over the war in Gaza, according to the Financial Times.

A Trump executive order claimed the court ‘engaged in illegitimate and baseless actions targeting America and our close ally Israel. The ICC has, without a legitimate basis, asserted jurisdiction over and opened preliminary investigations concerning personnel of the United States and certain of its allies, including Israel, and has further abused its power by issuing baseless arrest warrants targeting Israeli Prime Minister Benjamin Netanyahu and Former Minister of Defense Yoav Gallant.

‘The United States will impose tangible and significant consequences on those responsible for the ICC’s transgressions, some of which may include the blocking of property and assets, as well as the suspension of entry into the United States of ICC officials, employees, and agents, as well as their immediate family members.’ 

Clooney proposed to Amal in April 2014, and the couple married five months later in Venice, Italy. In 2017, the Clooneys welcomed twins Alexander and Ella.  

Fox News Digital’s Tracy Wright contributed to this report.


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President Trump’s Secretary of Health and Human Services (HHS), Robert F. Kennedy Jr., has drawn criticism for his desire to remove fluoride from the water supply. 

According to PBS, the American Dental Association president said, “When government officials like Secretary Kennedy stand behind the commentary of misinformation and distrust peer-reviewed research, it is injurious to public health.” 

Similarly, headlines out of outlets like Politico say that “Dentists are struggling to counter [Kennedy] on fluoride.”

Much of the recent criticism cites a new study estimating a sharp rise in cavities if fluoride were removed. But the enamel-strengthening mineral is not added to water supplies in most of the world, and even countries that had done so stopped when fluoride toothpaste became commonplace. 

To understand the relative merits of removing fluoride from the water, we’ll need to review some of the arguments from science, then discuss how markets adjudicate competing claims.

The Fluoride Controversy

There are upsides and downsides to the use of fluoride. Fluoridation tends to improve dental health, especially in children. That’s why fluoride is used in toothpaste and dental cleanings. If it helps in these scenarios, why wouldn’t it help when included in water?

The problem is, fluoride also has downsides. Several studies in recent years have found negative relationships between fluoride intake and infant IQ. These are peer-reviewed articles in highly regarded journals, so the research cannot be summarily dismissed as inconclusive. 

IQ isn’t the only worry with fluoride. Parneet Singh Sohi, a pediatric dentist writing for The Wall Street Journal, argues that, although targeted use of fluoride is beneficial, there are clear scientific downsides. For example:

An expanding body of research has associated chronic ingestion with skeletal fluorosis, diminished bone resilience and elevated fracture risk. These findings are no longer theoretical abstractions: Geriatric and adolescent fracture rates are surging, and orthopedic practices in numerous regions have reported exponential growth, suggesting a possible link to cumulative fluoride burden.

He argues that while water fluoridation may have made sense in an era before widespread access to toothpaste, it’s no longer necessary in the US. 

In short, experts are split. So how should we adjudicate this issue when experts disagree? Well, that’s where the benefits of markets shine.

Markets Allow for Individual Values

Scientific research indicates both costs and benefits to fluoride, and the value of each is subjective.

Political processes often allow us only an all-or-nothing result. If 51 percent of people vote for (or against) fluoride in the municipal water, then their decision is imposed on the other 49.

Markets, however, allow for more granularity. If individuals believe fluoride will be good for themselves or their children, they have the option of buying fluoride and frequently using it in the form of toothpaste, rinses, and dental cleanings. Those willing to take the risk of lower IQ are free to buy and use it. 

But if someone else thinks even a slight possibility of lower mental functioning is worth avoiding — and is willing to take the risk of more cavities — it makes sense to let them run that tradeoff.

Sometimes the provision of goods from the government is argued on the basis of what economists call positive externalities. If an individual purchasing a good benefits his neighbor somewhat, but he doesn’t get to absorb the benefit himself, this may result in him purchasing less than he would otherwise. 

You can stretch almost any example to have externalities, but in the case of fluoride, externalities seem small. If someone chooses to buy fluoride, she personally receives the benefit of cleaner teeth, but the positive externalities of her pearly white smile are negligible.

Some might argue that fluoride is beneficial because it helps prevent the negative externality of people delaying dental care and leaving the public to cover the cost. While that’s possible in theory, the numbers tell a different story. Americans make over 155 million emergency room visits each year, but only about two million — just over one percent — are dental-related, and even fewer go unpaid. Dental spending is a relatively small piece of the broader US healthcare puzzle. To the extent that costs of quasi-socialist dental care are imposed on taxpayers, that’s a separate issue from whether fluoride should be imposed on us instead.

The beauty of markets is that individuals can weigh costs and benefits themselves and make judgments according to their values. Since the natural sciences are value-free, there will never be a study to confirm people ought to use fluoride. Given this ambiguity, we should allow people to purchase fluoride if they want it. Let’s stop treating fluoride as the default. Rather, let’s encourage individuals to take responsibility for their own health.

The Province of Ontario passed a controversial piece of legislation in early June that allows the government to create Special Economic Zones (SEZs) in certain designated regions, among other things. Known as Bill 5, which is called the Protect Ontario by Unleashing Our Economy Act, the legislation aims to remove regulatory hurdles to economic development in specific parts of the province.

“We need to get rid of unnecessary red tape, make it easier for companies to invest, to hire and to grow, and that’s exactly what Bill 5 is going to do,” said Vic Fedeli, Minister of Economic Development, Jobs and Trade. The legislation was brought forward by Premier Doug Ford’s Progressive Conservative Party, which was re-elected to a third consecutive majority government earlier this year.

While this legislation is the first of its kind in Canada, the idea of governments creating special zones with relaxed regulations to attract investment is nothing new. The Ford government points to countries like Singapore, South Korea, Poland, and Panama, which have experimented with SEZs in recent decades.

Part of the justification for this move is the threat that Trump’s tariffs pose to the Canadian economy. If Canada can strengthen its economy through selective deregulation, Ford reasons, then the damage that might come from the trade war can be mitigated. In particular, the idea is to use SEZs to speed up major resource and infrastructure projects, such as mining initiatives in the Ring of Fire — a rich mineral deposit in northern Ontario — and a possible tunnel under Highway 401 through Toronto to help with traffic congestion.

A Three-Pronged Pushback

The pushback on Bill 5 has predominantly come from three main groups: First Nations leaders, environmentalists, and labor unions. “Essentially, the cabinet could give corporations a free pass to circumvent all sorts of important protections,” said Anaïs Bussières McNicoll, a director of the Canadian Civil Liberties Association.

First Nations leaders have been especially vocal opponents of this legislation, arguing that it infringes on their treaty rights.

“The breathing lands are within the peatlands, the muskeg in Treaty Nine territory, where the Ring of Fire is proposed, and already over 30,000 claims have been staked without the consent of any Indigenous communities,” says Kerrie Blaise, legal counsel for Friends of the Attawapiskat River.

At a Queen’s Park rally outside the Ontario legislature in late May, protestors pushed back directly against Ford’s rhetoric, chanting “Indigenous rights are not red tape.”

Environmental groups, meanwhile, are raising concerns about the government relaxing environmental protection laws. “Bill 5 would, if passed, deal a body blow to the environment and hopes for energy sovereignty in Ontario,” said the group Environmental Defence in a statement before the bill was passed. “This Bill represents a direct attack on species at risk, clean and healthy communities, clean energy and the rights of Indigenous peoples.”

Labor unions have echoed these sentiments, adding that worker protections are also weakened with this legislation. “Existing Ontario labour law won’t apply in these special economic zones,” noted CUPE Ontario President Fred Hahn. “Under the cloak of an impending economic crisis and the guise of fighting tariffs, Doug Ford plans on delivering workers to the wild west of working conditions, all to the benefit of big business.”

While the concerns of these three groups seem overstated, many Ontarians are sympathetic to the general points that are being made. There is widespread fear that relaxing regulations, even only slightly, could allow large corporations to run roughshod over Indigenous people, the environment, and workers.

But while those concerns are worth taking seriously, the other side of the trade-off also needs to be weighed: the threat of a stagnating economy.

Unleashing the Entire Economy

The Ford government has made an interesting admission with the introduction of the SEZ law: the regulations that they themselves have been maintaining have been detrimental to the economy. In other words, they are explicitly recognizing that there is a trade-off between regulation and economic growth.

What this means, plainly, is that slow economic growth is really a policy choice; it is not simply unavoidable bad luck. The government is fully aware that they are putting a sizable check on our well-being, that with their mountains of regulations and lengthy permitting schemes they are holding us back from more affordable groceries, healthcare, housing, better education, and so on — and their justification for this notable hindrance on public welfare boils down to “well, sorry, we had other priorities.”

Just how much of an impact do regulations have? It’s hard to measure, but there’s no doubt it’s significant. “Most Ontarians would be surprised by the magnitude, scope, and costs of the province’s regulatory burden,” write researchers Charles Lammam and Sean Speer in a 2018 policy report for Ontario 360. “The Ontario government’s own count, which was performed back in 2012, pegs the number of regulatory requirements on businesses and individuals at over 386,000. According to one analyst, that number is twice as many as the next closest province.”

Lammam and Speer cite a 2018 report from the Canadian Federation of Independent Business (CFIB), which put the cost of government regulation in Ontario for 2017 at $15 billion, the highest of all the provinces both in absolute terms and on a per-business basis (which provides a more apples-to-apples comparison between different-sized provinces). According to the latest CFIB report, that number had risen to $20.4 billion in 2024.

Here’s another way to think about it: if the government is bragging about all the economic benefits that will result from relaxing just a few regulations in a few designated zones in the province, why wouldn’t they unleash trillions in growth by relaxing a lot of regulations in the entire province?

What if we unleashed the entire Ontario economy, and not just a tiny percentage of it?

To be sure, this doesn’t mean companies should be allowed to do whatever they want. Protections for legitimate property rights and enforcement of contracts are an important part of a free market, so those should never be on the table.

But we need to start questioning just how much special interest groups should be allowed to hold the economy back. Whether it’s Indigenous groups, environmentalists, labor unions, or some other body, these groups always want more privileges, more power, more special legal protections at the expense of others — which often come in the form of economic restrictions. And as sympathetic as their case may sound, there has to come a point where freedom and economic welfare are simply deemed too important to give up. Everyone in these groups is entitled to their property rights, but special favors from the government should be viewed with considerable suspicion.

And to those who point out that giving a company an SEZ is itself a special favor from the government, my response is simply: I agree, and let’s fix that by extending the deregulation to the entire province.

For all of living memory in the US, the decision of how to educate one’s children was easy.

It is largely taken for granted: when Johnny or Jenny turn five, they’re enrolled in kindergarten at the local public school. After five or six years at the assigned elementary, they’re bussed slightly farther to a regional middle and consolidated high school. If they do tolerably well in academics, they’ll be routed into SAT prep and meet with a guidance counselor about college.

There are choices involved, but they’re all peripheral ones. Should we buy a house in this district or that one? Should we enroll Emma in half-day or full-day kindergarten? Does Brett need an SAT tutor? How much summer reading should we insist on at home?

For 90 percent of American families, the biggest decision — how an individual child should be educated — is made by default. Most of us attended public school, and we all turned out fine.

But have we really? Public schools have been quietly failing well-meaning parents for generations.

  • Only 31 percent of American 4th graders read at or above grade level
  • Only 28 percent of American 8th graders can complete grade level math
  • 54 percent of American adults read at or below a 6th-grade level – a trend that’s been stable for decades

The idea that Junior can go to public school and be “just fine” may not be as surefire as we thought.

The default consensus is at last unraveling, and the conscientious parent has begun to ask: Should I send my kids to public school at all? 

The Quiet Failure of the Public School System

Public school wasn’t widely adopted across America until the 1920s, but within a generation, it was a core part of the American dream. Think of the 1950s cultural milieu – World War II veteran father driving off to work in his Chevrolet Bel Air, supporting his family on a single income while his wife kept house in her apron and bouffant while Dick and Jane walked themselves back and forth to school each day, books in hand. 

In those short decades, the government-run school became a staple of American identity. In only the most remote corners of the country did the one-room schoolhouse still exist; bells and textbooks, homeroom and homecoming, school band and dances and plays had become as American as the moon landing and apple pie.

Older generations, many of whom had grown up without the advantages of a youth set aside for learning, extolled the importance of formal schooling, in both the preparation for life and the development of the self: I didn’t get to go past eighth grade, but my Bobby’s going all the way to college.

It was a utopian dream. Education for everyone, provided equally and fairly by the state, with recess and lunch programs to fuel the body while stern-but-fair teachers molded the mind.

But even from the very early days, there were cracks in the veneer. 

In the 1950s, Rudolph Fleisch wrote a scathing critique of the American education system in his book Why Johnny Can’t Read, exposing the American literacy crisis that was already plaguing our society and undermining our future.

In the 1980s, the Reagan administration published A Nation At Risk, a landmark paper exposing America’s poor academic outcomes as a national security crisis. Its message was ominous: if we don’t fix American educational outcomes, they’ll become a threat to our future. The paper caused waves, but nothing in the system actually changed.

In the 1990s, John Taylor Gatto wrote his startling resignation letter from New York City Public Schools in the pages of the Wall Street Journal after being awarded Teacher of the Year – twice. In “I Quit, I Think,” and later in The Seven Lesson Schoolteacher, he confessed that he felt he was harming children by subjecting them to the public school curriculum. His books developed a passionate following, but the system carried on.

In the early 2000s, No Child Left Behind legislation was conceived to address what we’d by then been talking about for decades: public schools were deeply and fundamentally failing our children, and Americans faced a crisis of academic performance. The program’s enormous funding and resources didn’t change much, as measured by test scores, and its biggest lesson was that throwing money at our education problems doesn’t seem to make much difference.

And so, generation after generation, public schools failed to effectively deliver on their directive to educate the youth of one of the wealthiest and most powerful nations on the globe.

But no one particularly seemed to care – at least, not enough to create real change.

The Rise of Public School Alternatives

Finally, in the era of the internet, the momentum started to shift. Until the 1970s, homeschooling was largely unheard of (and in many states, illegal) but by the 2010s, it had become a part of the national lexicon. In 2015, there were well over 1.5 million homeschoolers in America, and slowly rising  — enough to make a noticeable shift (~5 percent) in the ratio of American students enrolled in public K-12 programs.

Education entrepreneurship — for many years relegated to small mom-and-pop-style alternative schools, where it existed at all — began expanding. The momentum gathered slowly: Montessori schools in America doubled between 1990 and 2000 to over 3000, with hundreds of Waldorf schools right behind. Student-led programs like Acton Academy began to emerge in the 2000s; privately managed charter schools gained traction; online schools rode the wave of home internet access. As public schools became increasingly mired in standardized testing and national curricular standards, parents began searching for the exits.

Investors, seeing this widespread market for alternatives, backed innovative projects, and a generation of VC-backed education programs was born: Prenda, Primer, Synthesis, Guidepost Montessori, Alpha School. They focused on supporting new founders in making franchise-like programs available nationwide.

Alongside these broad-scope strategies, the microschool movement emerged. Fueled by frustrated teachers and disillusioned parents, hundreds of tiny, independent learning centers flickered to life and began to expand.

Outcomes for these schools and students are promising, but schools still struggle against the Goliath of public school as a cultural norm. The familiarity bias is hard to sway – public school was just fine for me; of course it’s good enough for my kids.

The End of School is Just the Beginning

The response to COVID-19 and the school shutdowns that followed accelerated the search for alternatives to “default” government schools. The pandemic was the breaking point for many parents, where they finally saw what was happening up close – not the statistics, not the reports, but the actual instruction occurring inside their kids’ classrooms when school came home via Zoom during the lockdowns.

This was perhaps one of the silver linings of the pandemic: when parents saw what school had really become (not at all what they remember) they wanted out. 

Public school enrollment numbers dropped sharply and observers expect the decline will continue, with millions more children freed in coming years. Meanwhile, the ranks of homeschoolers swelled, as did the enrollments of alternative programs; everything from Montessori schools to innovative programs like Prenda and Synthesis saw a spike. At the height of 2020 closures, as many as six million kids were being homeschooled — not just doing public school at home, but intentionally going through a curriculum sourced or designed by their parents.

In the five years since, things have slowly stabilized, but the surge in school alternatives can’t be stopped. The balance has shifted. As of the 2024-2025 school year, only 49.4 million students are enrolled in public school, while estimates of the number of homeschoolers in America range anywhere from 3-5 million – which, on the high end, is one in nine American kids. 

Fully 60 percent of families looked for schooling alternatives last year. One in eight parents now say they expect to homeschool their kids. The tide is turning.

The New Fight for School Choice

Funding is starting to catch up to the student exodus. Seventeen states now have universal school choice programs, and sixteen more help at least some families afford alternatives. These vouchers empower parents to choose for private school (ranging from $6,000 to $10,000 depending on the state), lessening the financial barrier to an alternative education.
Parents know that default schools have delivered decades of disappointment. Government-run schools were like the post office or the DMV… We went, we sent our kids, we trudged on, because what choice was there?

But now education has become a marketplace. The drab monopoly on teaching children has been challenged, and parents see an increasing variety of exciting answers popping up. Finally, parents can treat school not as an eventuality, but as a thoughtful consumer:  “Is public school actually the best fit for my child?” And if not, even more enticingly, “what kind of education would serve him better?”

Perth, Australia (ABN Newswire) – Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to announce an update on funding of the CERENERGY(R) sodium-chloride solid-state battery project in Saxony, Germany.

DEBT PROCESS

As previously mentioned, Altech has engaged ten commercial banks and two venture debt funds in the first round of financing discussions, receiving largely positive initial feedback. Based on this feedback, the Company has selected a preferred financial institution- a European bank with a proven track record in providing debt funding for technology-driven projects, particularly those within the innovation sector.

Although the mandate has not yet been formally executed, Altech intends to make an official announcement once this step is complete.

Meanwhile, the bank’s commercial and technical teams have been diligently conducting a comprehensive review of the Cerenergy projects and its technology. The technical due diligence process is critical for ensuring that the project meets the bank’s financing and risk criteria. As part of this process the onsite Altech experts are in detailed discussions with the bank’s representative. The banks have visited Dresden and the Fraunhofer testing facilities and visit Hermsdorf, Germany where the prototype production is located in the coming weeks, which will be a key step in concluding the technical evaluation.

In parallel with these efforts, Altech is progressing discussions for securing a federal government guarantee, which would further strengthen its ability to secure the necessary debt funding for the project. Officials from the Ministry of Finance have already been briefed on the initiative, and the due diligence process for the application is actively underway. This federal guarantee will serve as an underwriter and therewith derisk any debt funding for the project substantially.

EQUITY FUNDING

In parallel with ongoing debt financing efforts, the Group has engaged several equity advisers to assist in securing the equity component of the project’s funding package. As part of this strategy, Altech plans to divest a minority interest in the project to one or two strategic investors. This partial divestment is intended to attract investors who can contribute not only capital, but also strategic value, aligning with the CERENERGY(R) project’s long-term goals of growth and sustainability.

The Group on one hand is specifically targeting large utility companies, data centre operators, investment funds, and corporations that are deeply committed to the green energy transition and on the other hand industrial partners with access and know-how and resources relevant to Cerenergy battery production, implementation or market access. These potential partners are seen as ideal due to their strong alignment with the project’s sustainable energy focus and their ability to provide significant financial support. Progress in equity discussions has been promising, with several Non-Disclosure Agreements (NDAs) signed, enabling deeper engagement with prospective investors. Additionally, draft term sheets have been circulated to interested parties, outlining the key terms and conditions for investment. These documents provide a foundation for negotiations and facilitate more detailed discussions around the equity stake and partnership structure.

The decision to divest part of the project is strategically aimed at easing the Company’s financial burden while bringing in experienced partners who can contribute to the project’s success. By securing both equity and debt financing, Altech aims to finalize the full funding package, ensuring the timely construction and commissioning of the CERENERGY(R) battery plant. Moving forward, the focus will be on advancing these discussions and converting interest into formal commitments, which are critical for the project’s progression.

GRANT APPLICATIONS

Altech has been actively applying for various grants offered by the State of Saxony, Federal Government of Germany, and the European Union. The State of Saxony and Brandenburg, along with the European Union, offer substantial support for renewable energy projects, including grants aimed at converting lignite coal to renewable energy sources. These grants are part of broader efforts to transition regions dependent on fossil fuels toward sustainable energy solutions. Altech’s site, located in these areas, stands to benefit from various funding programs designed to support clean energy projects, including EU grants for energy transformation and innovation. Altech has applied for several of these grants to advance its CERENERGY(R) project, securing essential financial backing for technology development, high-tech industries, expert employment and infrastructure upgrades.

OFFTAKE ARRANGEMENTS

Altech has secured three key Offtake Letters of Intent (LOIs) for 100% of its CERENERGY(R) production.

1. Zweckverband Industriepark Schwarze Pumpe (ZISP): An agreement was signed on 13 September 2024 for ZISP to purchase 30 MWh of energy storage capacity annually, consisting of 1MWh GridPacks, for the first five years of production. The purchase is contingent on performance tests and battery specifications meeting customer requirements.

2. Referenzkraftwerk Lausitz GmbH (RefLau): A second LOI was executed with RefLau, a joint venture between Enertrag SE and Energiequelle GmbH. RefLau will buy 30 MWh of CERENERGY(R) storage n the first year, increasing to 32 MWh annually for the next four years. Additionally, Altech will purchase green electricity for its planned production plant.

3. Axsol GmbH: A third LOI was signed with Axsol, a leading renewable energy solutions provider. Axsol will exclusively distribute CERENERGY(R) batteries to the Western defense industry, facilitating early market entry and sales. These agreements are crucial for financing and advancing the CERENERGY(R) project.

 

About Altech Batteries Ltd:  

Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS (‘Fraunhofer’) to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech’s land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

 

 

Source:
Altech Batteries Ltd

 

 

Contact:
Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

 

 

News Provided by ABN Newswire via QuoteMedia

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The cannabis market has faced unexpected challenges in 2025, despite initial optimism for rescheduling in the US. 

While US federal regulatory uncertainty and banking remain persistent, companies are shifting focus to match changes in consumer behavior. The growing popularity of edibles and rising interest in cannabis-infused beverages reflect evolving demand in a persevering industry.

Cannabis companies in the sector continue to move forward and develop their offerings, and with potential catalysts ahead, some investors are interested in getting involved. Looking at the key players is often a good place to get started, so this list of US and Canadian cannabis stocks covers the companies with the largest presence in two major cannabis ETFs.

This list of the biggest publicly traded cannabis companies was put together based on the top-weighted cannabis stocks included in the AdvisorShares Pure US Cannabis ETF (ARCA:MSOS) and the Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ) as of July 16, 2025. Share price information for the companies was accurate as of that time.

US cannabis market

Cannabis is federally illegal in the US, but state market openings have allowed some operators to thrive. Typically these firms set up vertically integrated businesses with a focus on branded products, retail networks and licenses.

While these companies have adapted to regulatory challenges, they have much to gain from country-level reform in the US, and are eager to see more welcoming federal laws that will allow their businesses to develop further.

Top cannabis stocks in the AdvisorShares Pure US Cannabis ETF

The AdvisorShares Pure US Cannabis ETF provides exposure to public companies exclusively operating within the US cannabis industry. By investing in companies that are working in states with clear guidelines, MSOS gives investors a way to be more selective about the types of cannabis companies they’re investing in.

1. Green Thumb Industries (CSE:GTII,OTCQX:GTBIF)

ETF weight: 32.06 percent
Market cap: US$1.36 billion
Share price: US$5.72

Green Thumb Industries is a multi-state operator (MSO) with headquarters in Chicago, Illinois.

The company is involved in the entire process of the industry, from cultivating and producing cannabis products to selling them in its own retail stores, of which there are many across the United States. Green Thumb Industries owns a portfolio of well-known cannabis brands like Rythm, Beboe, Dogwalkers, Incredibles and Doctor Solomon’s.

2. Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF)

ETF weight: 22.59 percent
Market cap: US$781.51 million
Share price: US$4.09

Trulieve is another major player in the cannabis industry, with a strong focus on medical cannabis. The company offers a diverse selection of cannabis products, including flower, pre-rolls, concentrates, edibles, topicals and more.

Vertically integrated, Trulieve Cannabis has a dominant market share in its home state of Florida, as well as in Arizona and Pennsylvania. In June 2024, the company opened its 200th dispensary in the United States.

3. Curaleaf Holdings (TSX:CURA,OTCQX:CURLF)

ETF weight: 15.37 percent
Market cap: US$764.16 million
Share price: US$1.00

Curaleaf Holdings has a significant presence in the US cannabis market, with around 150 dispensaries and several cultivation centers across 17 states. The company is also continuing its expansion into the European cannabis sector, where it already has a strong presence. Curaleaf has a wide range of brands covering a variety of cannabis product types, including flower, vapes, edibles and hemp-derived THC beverages.

4. Glass House Brands (CBOE:GLAS.A.U,OTC Pink:GHBWF)

ETF weight: 7.32 percent
Market cap: US$269.57 million
Share price: US$5.40

Glass House Brands is a vertically integrated cannabis company with a focus on the California market. The company is has placed an emphasis on sustainable practices at its large-scale cultivation facility in Camarillo, California. Glass House Brands is also a major producer and wholesaler of cannabis biomass and cannabis oil to other manufacturers and extractors in the industry.

Glass House offers a diverse range of cannabis products through its various brands and retail operations, including edibles and wellness products under its Mama Sue Wellness brand.

5. Cresco Labs (CSE:CL,OTCQX:CRLBF)

ETF weight: 5.53 percent
Market cap: US$235.9 million
Share price: US$0.53

Cresco Labs is a vertically integrated multi-state cannabis operator in the United States. A leading US cannabis company, it is known for its strong brands like Cresco, High Supply and Good News.

Cresco Labs controls its supply chain from cultivation to retail, offering a wide range of products. While it has its own stores, it focuses heavily on wholesale, getting its products into dispensaries across the country.

Canadian cannabis market

In 2018, Canada became the first G7 nation to legalize adult-use cannabis and create its own streamlined program regulated by both federal and provincial powers. Since then, companies working in the country have faced ups and downs in dealing with tight marketing rules, high tax rates and ongoing competition with the unregulated market.

Top cannabis stocks in the Global X Marijuana Life Sciences Index ETF

The Global X Marijuana Life Sciences Index ETF was the first cannabis ETF available in Canada, and it holds a variety of publicly traded companies involved in cannabis, along with several non-flower companies.

While HMMJ does not invest in US-based multi-state operators, it does have exposure to the US market through Canadian companies that have interests in the US cannabis industry. Overall, HMMJ is designed to give investors broad exposure to the cannabis industry, with a particular focus on North American companies.

1. Jazz Pharmaceuticals (NASDAQ:JAZZ)

ETF weight: 16.47 percent
Market cap: US$7.02 billion
Share price: US$116.08

Jazz Pharmaceuticals is a global biopharmaceutical company focused on developing and commercializing medicines for people with serious diseases, often with limited or no other options. They have a diverse portfolio of products in areas like sleep disorders, cancer and epilepsy.

Jazz Pharmaceuticals’ cannabis business stems from their 2021 acquisition of GW Pharmaceuticals and its epilepsy medicine Epidiolex for a whopping US$7.2 billion. This made big waves as it was one of the largest moves by a traditional pharmaceutical company into the cannabis space.

2. Cronos Group (NASDAQ:CRON,TSX:CRON)

ETF weight: 13.14 percent
Market cap: US$774.69 million
Share price: US$2.01

Cronos Group is the Canada-based company behind the Spinach, Peace Naturals and Lord Jones cannabis brands. In Canada, Cronos’ Spinach brand is in the top three for retail sales in the flower and edible categories.

The company also has a presence in Israel and Germany with its brand Peace Naturals. In late 2023, the company re-entered the German medical cannabis market through its partnership with a German medical cannabis company called Cansativa Group. Cronos serves the Israeli market through its subsidiary Cronos Israel.

3. Innovative Industrial Properties (NYSE:IIPR)

ETF weight: 11.28 percent
Market cap: US$1.51 billion
Share price: US$53.99

Innovative Industrial Properties is a real estate investment trust that provides specialized real estate opportunities for cannabis companies in 19 states. Its properties mostly consist of processing plants, greenhouses and warehouses, with retail spaces making up a small percentage of its portfolio.

The firm has provided long-term absolute net lease agreements to some of the cannabis industry’s biggest names, including Green Thumb, TILT Holdings (NEO:TILT,OTCQB:TLLTF), Ascend Wellness (CSE:AAWH.U,OTCQX:AAWH) and Curaleaf. The company’s sale-leaseback program has helped cannabis companies access a source of capital, a much-needed workaround in the US where there are fewer traditional financing options.

4. Scotts Miracle-Gro Co (NYSE:SMG)

ETF weight: 10.74 percent
Market cap: US$3.92 billion
Share price: US$67.92

Scotts Miracle-Gro is a leader in lawn and garden products, but its involvement in the cannabis industry comes through its Hawthorne Gardening Company subsidiary. Hawthorne is an ancillary provider, supplying essential hydroponic and indoor growing equipment, nutrients, lighting and environmental control systems for large-scale cannabis production.

5. SNDL (NASDAQ:SNDL)

ETF weight: 7.8 percent
Market cap: US$383.4 million
Share price: US$1.49

SNDL, formerly known as Sundial Growers, is the largest private-sector liquor and cannabis retailer on the Canadian market. They cultivate and sell cannabis products under various brands, including Top Leaf, Sundial Cannabis, Palmetto and more. They focus on premium indoor cultivation and have a strong presence in the Canadian market.

SNDL has faced financial challenges in the past, but in Q1 2025 the company’s cannabis business revenue grew year-over-year for the 13th consecutive quarter. The company has continued to make strategic investments in 2025.

FAQs for investing in cannabis

Are cannabis stocks worth investing in?

Each investor will have to think and act for themselves to manage their own risk exposure, but it’s no secret that cannabis stocks have taken a beating for some time now. While financial experts point to the long-term upside of US operators as more state markets expand, the stock market has not been kind to these names lately.

Are cannabis stocks considered a high- or low-risk investment?

Cannabis investments are extremely young in the grand scheme of the investment universe. There is an exciting and refreshing element to these stocks, but the market has always been characterized by volatility and unpredictability.

While wild, spontaneous swings in the open market have become less common, cannabis stocks are often moved — both positively and negatively — by big pieces of market news or legalization updates.

Why do people buy cannabis stocks?

Investors may choose to get exposure to the cannabis market as a way to participate in the development of a new drug market with consumer packaged goods capabilities. Some participants are bullish on the industry’s long-term outlook and expect more welcoming laws in the US and across the world to provide upward momentum.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has completed the previously announced acquisition (the “Transaction”) of a majority interest(1) in the under-explored, belt-scale 420km² Mt Venn Project (the “Project”)(2), located in the Eastern Goldfields of Western Australia.

This follows Sarama’s acquisition of a majority interest(3) in the nearby Cosmo Gold Project in December 2024. Together, these acquisitions create a 1,000km² landholding covering two well-positioned and underexplored greenstone belts in the Laverton Gold District, an area which is known for prolific gold endowment and significant recent discoveries (refer Figure 1).

Highlights

  • Completion of Transaction for Sarama to acquire a majority interest(1) in, and control of, the Mt Venn Gold Project in Western Australia
  • Located in the prolific Laverton Gold District, 35km from the producing Gruyere Gold Mine and less than 20km
  • from Gold Road’s Golden Highway Deposit
  • Project covers 420km² and features a favourable litho-structural setting, primarily in greenstone rocks
  • Includes regional shear zone of ~50km strike length and 1-3km width extending full length of greenstone belt
  • Advanced gold targets generated through historical exploration, including broad drill-defined gold mineralisation
  • Creates 1,000km² exploration position in the Laverton Gold District, capturing 100km of strike length
  • Mt Venn is 40km from Sarama’s Cosmo Project(3) that is target-rich and hosts approximately 45km strike of gold trends up to 1.8km in width(6).
  • Initial exploration to be advanced by the recent equity raise of A$2.7M

Sarama’s Executive Chairman, Andrew Dinning commented:

“We are very pleased to have completed the acquisition of a majority interest in the Mt Venn Project, significantly expanding our footprint in the Laverton Gold District and consolidating a 1,000km² landholding with strong discovery potential, in a region that has delivered multiple high-quality gold deposits, including the nearby Gruyere Deposit.

Mt Venn lies just 40km from our Cosmo Gold Project(3), with both showing strong gold anomalism. Cosmo hosts approximately 45km of mineralised gold trends up to 1.8km wide(6), while Mt Venn’s soil sampling, historic workings, early drilling, and polymetallic nature highlight potential for a large-scale mineralized system. We see considerable exploration upside across both projects and with compelling targets already identified, we look forward to unlocking their value through focused and systematic exploration.”

Click here for the full ASX Release

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