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Home 🌿 Marijuana Business News 🌿 Marijuana and Gambling, Essential Ingredients for Competitive Capital Markets 🌿Marijuana and Gambling, Essential Ingredients for Competitive Capital Markets
If you leave things alone, you do not leave them as they are; you leave them to a tide of change.
A recent Globe and Mail article highlighted that two of Canada’s once highly profitable independent investment banks, GMP and Canaccord Genuity, are struggling with losses, lack of deal flow, job cuts and stock trading near all-time lows in the wake of the commodities crash. Given their heavy exposure to resources and the bearish sentiment with respect to commodities, the situation as it stands does not look promising for Canada’s independent capital market participants and leads to the conclusion that they must diversify more broadly into non-resource sectors. Faced with this reality, Harris Fricker, chief executive officer of independent investment bank GMP, stated in November, “we would happily diversify the business more broadly if we felt there were sufficient non-commodity corporate targets to cover; the reality is, there aren’t.”
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