Canada makes Marijuana legal

Agencies
October 18, 2018

Montreal, Oct 18: When Canada legalizes recreational pot on Wednesday, market watchers predict the birth of a new industry -- creating thousands of jobs, investor euphoria, a new tax source for governments and maybe even tourism.

Hundreds of licensed growers have sprouted in anticipation of the end of pot prohibition, attracting major investment.

In just the past year, the market capitalization of firms including Canopy Growth and Tilray has increased fivefold, to a total of more than US$10 billion on the New York stock market.

And with significant know-how gained since Canada's legalization of medical marijuana in 2001, others including Aurora and Aphria are making inroads abroad as more and more foreign markets allow therapeutic cannabis use and research.

Beverage makers and pharmaceutical companies are also partnering in the sector, hoping to develop new products infused with THC or cannabidiol (CBD).

Constellation Brands, the North American distributor of Corona beer and Robert Mondavi wine, recently invested about Can$5 billion ($3.8 billion US) in Canopy Growth for a 38 per cent stake in the company.

And soft drinks giant Coca-Cola is looking into using CBD, the non-psychoactive molecule in cannabis believed to provide health benefits, as an ingredient in some drinks.

Experts like John-Kurt Pliniussen, a marketing professor at Queen's University in Kingston, Ontario, are also predicting a bump in tourism worth several billion dollars, citing as examples Amsterdam and a handful of US states where pot is legal.

"The same can happen in Canada, because one of the things we have going for us and that no other country in the world has, is the name of our country -- it is almost spelt very similar to cannabis," Pliniussen told AFP.

"And so you could have Canatourism -- from a marketing point of view, it lends itself very well."

In the meantime, an investor frenzy is fueling mergers and acquisitions, with 48 deals worth a total of Can$5.2 billion announced in the first six months of this year alone, according to Price Waterhouse Cooper (PwC).

The consolidation will continue after legalization, says PwC, as an "expected oversupply takes its toll and forces undercapitalized players into bankruptcy" and firms "look to fuel further growth by tapping emerging foreign medical markets."

There are untold economic spinoffs to be had, for sure.

Tokyo Smoke -- a reinvention of the classic coffee shop -- promotes cannabis lifestyle, selling pipes, infusers and other pot paraphernalia along with shots of espresso (but not cannabis itself).

The three-year-old company was purchased for Can$500 million last month by Canopy Growth and plans to expand nationwide from five locations in Toronto.

"I think Canada will become a world leader in cannabis -- it's exciting and something we can be proud of," Tokyo Smoke vice president Josh Lyon told AFP.

"Legalization will open the doors to a dynamic, sophisticated industry that will create new jobs, new opportunities for businesses, and new revenues for the government," echoed Deloitte in a report.

Nearly five million Canadians or 16 per cent of the population consumed 773 tonnes of cannabis in 2017, mostly for recreation, paying an estimated Can$5.5 billion to buy bud, according to the government statistics agency.

The number of consumers is expected to increase slightly after legalization, but spending is predicted to remain the same, Statistics Canada said in a recent report.

Further growth is expected from derivative products like edibles, cosmetics and e-cigarette products containing the pot, which will be allowed starting in 2019.

But there is disagreement among forecasters on just how much of a boost the new industry could give Canada's economy.

According to the TD Bank, cannabis will push up economic growth 0.9 percentage points in the fourth quarter to hit 2.9 per cent.

But the government statistics agency expects the new cannabis industry to have at best a "minimal impact" on growth in Canada.

And according to Benoit Durocher, a senior economist with Desjardins Bank in Montreal, it will be a drop in the bucket for this G7 nation's massive and highly diversified economy.

"Given the small size (of the sector) relative to overall GDP (which is close to Can$2 trillion), the impact on growth will be very small or no impact at all," Durocher said.

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Agencies
June 7,2020

New Delhi, Jun 7: The Government of India (GoI) must strengthen the laws to protect animals, said People for the Ethical Treatment of Animals (PETA) India CEO Dr Manilal Valliyate on Sunday, following an elephant's death in Kerala and cow injured due to ingestion of explosives in Himachal Pradesh.

"Such incidents are not just restricted to certain regions but are happening all across the country. PETA receives more than 100 similar cases every day. People send in their complaints to us, not just for cows and elephants but for so many other animals as well," he said.

The PETA chief urged the GoI to strengthen the laws established to protect animals.

"As per the current laws set out against animal cruelty, the perpetrator would only be charged Rs 50,000 as a fine. That is equivalent to no punishment at all," added PETA India CEO.

He expressed his anguish against municipal agencies as well, saying that they are not doing "serious" work. He also highlighted how cows are left on the roads to wander, after milking them, to feed on garbage, in several parts of the country.

"These injustices against animals through explosives has been going on for quite a while. But for the first time, it has received such public attention," he said.

After a pregnant elephant was fed cracker-filled pineapple and her eventual death on May 27 in Kerala's Palakkad district, a pregnant cow sustained fatal injuries on May 25 due to accidental ingestion of explosives in Dadh village of Bilaspur district of Himachal Pradesh.

One person has been arrested in the Dadh village for allegedly hurting the cow.

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Agencies
May 10,2020

In the wake of the gas leak at a factory in Visakhapatnam, the National Disaster Management Authority (NDMA) has issued detailed guidelines for restarting industries after the lockdown and the precautions to be taken for the safety of the plants as well as the workers.

In a communication to all states and union territories, the NDMA said due to several weeks of lockdown and the closure of industrial units, it is possible that some of the operators might not have followed the established standard operating procedures.

As a result, some of the manufacturing facilities, pipelines, valves may have residual chemicals, which may pose risk. The same is true for the storage facilities with hazardous chemicals and flammable materials, it said.

The NDMA guidelines said while restarting a unit, the first week should be considered as the trial or test run period after ensuring all safety protocols.

Companies should not try to achieve high production targets. There should be 24-hour sanitisation of the factory premises, it said.

The factories need to maintain a sanitisation routine every two-three hours especially in the common areas that include lunch rooms and common tables which will have to be wiped clean with disinfectants after every single use, it added.

For accommodation, the NDMA said, sanitisation needs to be performed regularly to ensure worker safety and reduce the spread of contamination.

To minimise the risk, it is important that employees who work on specific equipment are sensitised and made aware of the need to identify abnormalities like strange sounds or smell, exposed wires, vibrations, leaks, smoke, abnormal wobbling, irregular grinding or other potentially hazardous signs which indicate the need for immediate maintenance or if required shutdown, it said.

At least 11 people lost their lives and about 1,000 others were exposed to a gas leak at a factory in Andhra Pradesh''s Visakhapatnam on May 7.

The incident took place after it restarted operations when the government allowed industrial activities in certain sectors following several weeks of lockdown.

The lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the coronavirus threat. The lockdown was then extended till May 3 and again till May 17.

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Agencies
May 19,2020

Cybersecurity researchers on Monday warned of a Trojan malware campaign which is targeting India's co-operative banks using COVID-19 as a bait.

Seqrite, the enterprise arm of IT security firm Quick Heal Technologies, detected the new wave of Adwind Java Remote Access Trojan (RAT) campaign.

Researchers at Seqrite warned that if attackers are successful, they can take over the victim's device to steal sensitive data like SWIFT logins and customer details and move laterally to launch large scale cyberattacks and financial frauds.

According to the researchers, the Java RAT campaign starts with a spear-phishing email which claims to have originated from either the Reserve Bank of India or a nationalised bank.

The content of the email refers to COVID-19 guidelines or a financial transaction, with detailed information in an attachment, which is a zip file containing a JAR based malware.

Upon further investigation, researchers at Seqrite found that the JAR based malware is a Remote Access Trojan that can run on any machine which has Java runtime enabled and hence it can impact a variety of endpoints, irrespective of their base operating system.

Once the RAT is installed, the attacker can take over the victim's device, send commands from a remote machine, and spread laterally in the network.

In addition, this malware can also log keystrokes, capture screenshots, download additional payloads, and extract sensitive user information, Seqrite said, adding that such attack campaigns can effectively jeopardise the privacy and security of sensitive data at the co-operative banks and result in large scale attacks and financial frauds.

To prevent such attacks, users need to exercise ample caution and avoid opening attachments and clicking on web links in unsolicited emails.

Banks should also keep their operating systems updated and have a full-fledged security solution installed on all the devices, Seqrite advised.

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