Looks like wood is the new Bitcoin. U.S. construction companies want the Biden administration to negotiate with Canada for better prices on softwood, per the Globe. 

Around 70% of Canada’s wood exports go to the U.S., where domestic lumber companies can’t produce enough to meet high demand. 

Refresher: The U.S. and Canada have been in a softwood lumber dispute since the 1980s over tariffs that the U.S. slaps on Canadian softwood imports. 

In 2006, following a NAFTA panel judgment in our favour, Canada and the U.S. signed the Softwood Lumber Agreement to put the issue to bed for good (spoiler: this did not put the issue to bed for good)..

Fast forward: That agreement expired in 2015 and the U.S. Department of Commerce reverted to form, imposing tariffs of up to 24% on Canadian lumber companies. 

Zoom out: This tug-of-war on duties between the U.S. and Canada are further driving up lumber prices, which is great news for lumberjacks but not helpful for builders and people looking to renovate their homes. 

Sometimes you have to cut your losses and call it a day. Verizon sold its media assets, including Yahoo and AOL, to Apollo Global Management for US-$5 billion.

What’s Apollo? Apollo is a private equity firm whose investment portfolio has over US-$80 billion of assets under management. The firm’s most significant media investment to date is in Cox Media Group, which owns and operates over 80 radio stations in the U.S, in 2018.

Apollo got a sweet discount: Verizon bought Yahoo and AOL for around US-$9 billion in 2015. 

Verizon has been hinting that it would be shedding its media biz: it sold Tumblr to WordPress in 2019, HuffPost to Buzzfeed in November 2020, and announced in April that it would shut down Yahoo Answers (RIP) this week. 

What’s next? Apollo wants to grow Yahoo through new revenue streams that may include subscriptions and e-commerce. Without its media arm weighing it down, Verizon can now zero in on expanding its 5G network, an expensive undertaking.

B.C.’s securities regulator said it’s halting trading of Valorem Resources shares for 3 weeks because of a pump-and-dump scam.

What’s a pump-and-dump scam? Scammers buy shares of a company at a low price and publish false or misleading claims about it to inflate their stock price (aka pump). Then, they  sell off (aka dump) shares when prices rise, pocketing any profits. 

Scammers claimed that Valorem had $500 million in gold reserves and that its stock would explode on a finance website with a vague-looking ‘About Us’ section. That information turned out to be fake.

Bottom line: Canadian regulators have known about the Valorem scam since mid-April but were slow to take any action which makes us wonder just how good they are at protecting investors 🤔. 

It seems like every tech company on the planet says they’re trying to “change the world.” But… are they?

Well, here’s one that really is: Flashfood. Their app lets people get massive savings on fresh food that’s still good, but getting close to its best before date — food that grocery stores are about to just throw away.

Flashfood shoppers not only get huge discounts on their grocery bill, they also help cut down on the 160 billion (yes, that’s billion with a b) pounds of food that’s wasted every year in North American landfills.

And now Flashfood is hiring. They’re looking to bring on smart people across the company who want to make a real difference in the world to come help fight food waste and make groceries more affordable for families.

Sound like a good fit for you? Check out all the career opportunities at Flashfood and start making a real impact on the world today.

Calgary-based High Tide bought a majority stake in American cannabis company Fab Nutrition.

What's High Tide? Founded in 2009, High Tide owns and operates 8 cannabis retail brands and e-commerce platforms that see over 20 million consumers per year.

High Tide will also have the option to buy out the remaining 20% of Fab Nutrition within three years.

Zoom out: Canadian weed companies aren't faring well here at home, so they're making acquisitions south of the border, where the market is 🔥and federal legalization is (maybe) on the horizon.

The secret’s out: Canadian Greg Abel will succeed Warren Buffet as the CEO of Berkshire Hathaway.

Greg who? An Alberta native, Greg Abel is the CEO of Berkshire Hathaway Energy and vice chairman of Berkshire Hathaway’s non-insurance business. 

The news of the appointment didn’t come through an official statement from Berkshire, but a slip of the tongue during an AGM. Oops! 

Bottom line: Buffet isn’t leaving his post anytime soon, so it’s not clear yet when Abel will take over the CEO role, but kudos to Greg on the likely future promotion.