Is a recession coming? In this video, Julius breaks down the latest updates to his powerful Sector Rotation Model, analyzing four key macroeconomic indicators and their impact on sector performance.
This video was originally published on May 9, 2025. Click on the icon above to view on our dedicated page for Julius.
Past videos from Julius can be found here.
#StayAlert, -Julius
Exchange-traded funds (ETFs) are one of the fastest-growing investment vehicles, and as uranium’s role in the energy transition grows, investors are becoming increasingly interested in uranium ETFs and related products.
After years of dormancy, the uranium spot price zoomed past the US$100 per pound level in early 2024 on supply risks and a strong outlook for long-term demand. Although it’s since pulled back, bulls believe it still has room to run.
Supporting factors include the lack of new uranium mines, Russia’s dominance in conversion and enrichment, rising demand for low-carbon energy sources and the continued development and deployment of small modular reactors.
There is also increasing demand for uranium from China and India as both of these countries grapple with air pollution in the face of growing electricity demand. China is working to expand its nuclear power capacity, and although it ranks among the top 10 uranium-producing countries, it relies heavily on uranium imports.
Compounded, these factors are creating a mounting supply deficit.
“This year, uranium mines will only supply 75 percent of demand, so 25 percent of demand is uncovered,” Amir Adnani, CEO and president of Uranium Energy (NYSEAMERICAN:UEC), said at a January 2025 event.
Although the fundamentals are promising, the U3O8 spot price has faced pressure in 2025, with prices below US$80 since the start of the year. As supply tightens, incentivizing new projects to come online is becoming imperative.
“Next year, uranium demand is going up because there are 65 reactors under construction, and we haven’t even started talking about small and advanced modular reactors,” Adnani said. “Small and advanced modular reactors are an additional source of demand that, maybe not next year, but within the next three to four years, can become a reality.”
As mentioned, that backdrop is helping uranium ETFs and related investment products gain steam. Today there are five uranium ETFs available, as well as four investment vehicles backed by physical uranium — and perhaps more to come.
Read on to learn about the uranium ETFs and related vehicles on offer. All data was current as of May 5, 2025.
Total asset value: US$2.7 billion
The Global X Uranium ETF tracks a basket of uranium miners, as well as nuclear component producers.
The fund has an expense ratio of 0.69 percent and a yearly return of negative 17.23 percent, a decline that coincides with the recent pullback in the uranium price.
Uranium companies account for a significant portion of its portfolio, and nearly half of those companies are Canadian. The ETF’s top two uranium company holdings are major uranium producer Cameco (TSX:CCO,NYSE:CCJ) at a weight of 22.31 percent and NexGen Energy (TSX:NXE) at 5.64 percent. Interestingly, one of its top three holdings is the Sprott Physical Uranium Trust (TSX:U.U) at a weight of 8.52 percent.
Total asset value: US$1.32 billion
The Sprott Uranium Miners ETF includes both uranium producers and explorers for broader exposure. The fund has an expense ratio of 0.75 percent and a yearly return of negative 34.69 percent.
Uranium stocks with market caps under US$2 billion account for 48.7 percent of the ETF’s holdings. Its top three holdings are Cameco at 15.28 percent, the Sprott Physical Uranium Trust at 13.21 percent and Kazatomprom (LSE:59OT,OTC Pink:NATKY) at 12.99 percent.
Total asset value: US$1.02 billion
The VanEck Vectors Uranium + Nuclear Energy ETF launched in 2007 and tracks a market-cap-weighted index of stocks in the uranium and nuclear energy industries. Its expense ratio is 0.61 percent and its yearly return is negative 0.12 percent.
This uranium ETF’s top three holdings are Constellation Energy Group (NASDAQ:CEG) at a weight of 8.49 percent, Public Service Enterprise Group (NYSE:PEG) at 7.38 percent and Endesa (OTC Pink:ELEZF,SSE:ELE) at 6.95 percent.
Total asset value: US$232.29 million
The Sprott Junior Uranium Miners ETF launched in February 2023, making it one of the newest additions to the uranium ETF universe. The ETF has an expense ratio of 0.8 percent and a yearly return of negative 15.51 percent.
It tracks the NASDAQ Sprott Junior Uranium Miners Index (INDEXNASDAQ:NSURNJ), which follows small-cap uranium companies. The fund’s 33 holdings are all uranium mining, development or exploration companies. Its top three holdings are Paladin Energy (ASX:PDN,OTCQX:PALAF) at 12.46 percent, Uranium Energy (NYSEAMERICAN:UEC) at 10.32 percent and NexGen Energy at 10.25 percent.
Total asset value: US$55.08 million
The Horizons Global Uranium Index ETF was Canada’s first pure-play uranium ETF and provides exposure to uranium industry growth. It has an expense ratio of 1.06 percent and a yearly return of negative 25.2 percent.
Created in 2019, the fund’s top holdings are Cameco with a weight of 20.68 percent, Kazatomprom at a weight of 17.12 percent and the Sprott Physical Uranium Trust at 15.25 percent.
Total asset value: US$4.09 billion
Of all the uranium-focused funds, this one has created the most buzz. Launched in July 2021, the Sprott Physical Uranium Trust quickly made its mark on the sector, stoking investor interest and prices for the commodity.
The fund holds 66.22 million pounds of U3O8, has an expense ratio of 0.64 percent and has a yearly return of negative 34.57 percent.
Total asset value: US$983.66 million
Founded in 2018, Yellow Cake is a uranium company that provides investment exposure to the uranium spot price through its physical holdings of uranium and uranium-related commercial activities.
Yellow Cake’s current holdings total 21.68 million pounds of U3O8. Its access to material volumes of uranium at prevailing market prices comes via its long-term partnership with Kazatomprom. Through this partnership, it has the option to purchase up to US$100 million of uranium annually through 2027.
Total asset value: US$1.65 billion
Launched in April 2023, Zuri-Invest’s product is directly linked to physical uranium, and is the first actively managed certificate (AMC) in the sector. According to Zuri-Invest, “an AMC is a security that can be managed on a discretionary basis enabling the active management of a chosen investment strategy.”
Qualified non-US institutional and professional investors can take part in this physical uranium AMC (Swiss ISIN code CH1214916533) through their bank. The custodian of the product is Cameco, which holds the physical uranium in a secure storage facility in Canada.
Total asset value: US$5.93 million
One of the newest ways to gain exposure to physical uranium is through the token xU3O8.
Using the power of the Tezos blockchain and real-world asset tokenization, the xU3O8 token from uranium.io gives investors the ability to directly own and trade physical uranium. Launched in 2024, xU3O8’s 38,464.62 kilograms of U3O8 are stored at a secure Cameco facility, with Archax acting as trustee.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Legendary investor Warren Buffett is stepping down as CEO of Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B) after six decades at the helm — but he’s still not yet ready to retire.
In a media release on Monday (May 5), Berkshire said that its board of directors unanimously has voted to appoint Greg Abel, vice chairman, non-insurance operations, as president and CEO come January 2026.
Buffett will remain the chairman of the board of directors.
Buffett has held the position of CEO at Berkshire since 1970, with Abel confirmed as his successor in 2021.
Buffett took control of Berkshire in 1965, back when the company was a struggling textile manufacturer.
In a 2010 letter to shareholders, he recounted his experience in those early days:
‘Berkshire was then only intextiles, where it had in the previous decade lost significant money. The dumbest thing I could have done was topursue ‘opportunities’ to improve and expand the existing textile operation – so for years that’s exactly what Idid. And then, in a final burst of brilliance, I went out and bought another textile company. Aaaaaaargh!Eventually I came to my senses, heading first into insurance and then into other industries.’
Many people have tried to explain Buffett’s success in recent years. One recent Financial Times article titled “How Buffet Did It” notes that his strategy is “more than great stock picks and insurance premiums.”
An older paper called ‘Buffett’s Alpha’ suggests that his exposure to low-risk, cheap and high-quality stocks is key.
“(He) has boosted his returns by using leverage, and that he has stuck to a good strategy for a very long time period, surviving rough periods where others might have been forced into a fire sale or a career shift,” states the paper, which was written by Andrea Frazzini, David Kabiller and Lasse Heje Pedersen.
‘We estimate that Buffett applies a leverage of about 1.7-to-1, boosting both his risk and excess return in that proportion. Thus, his many accomplishments include having the conviction, wherewithal, and skill to operate with leverage and significant risk over a number of decades,’ the authors also note.
Abel has been with Berkshire since 2000, when Berkshire bought MidAmerican, an energy company he had been running. He joined the board as vice chairman, non-insurance operations, in 2018.
MidAmerican was renamed Berkshire Hathaway Energy (BHE), with Abel serving as its chief executive officer from 2008 to 2018. He remains the company’s chair as of writing. At both MidAmerican and Berkshire, Abel was mentored by David Sokol, who seemed a likely successor to Warren Buffett until he resigned from Berkshire in 2011.
Abel was named vice chairman in 2018 along with Ajit Jain. In a 2014 letter to shareholders, Buffett’s longtime right-hand man, Charlie Munger, who passed away in 2023, wrote about the two as potential successors.
‘Ajit Jain and Greg Abel are proven performers who would probably be under-described as ‘world-class.’ ‘World-leading’ would be the description I would choose,’ said Munger.
‘In some important ways, each is a better business executive than Buffett.’
Buffett has also spoken highly of Abel, saying in 2023, ‘Greg understands capital allocation as well as I do. That’s lucky for us. He will make those decisions, I think, very much in the same framework as I would make them. We have laid out that framework now for 30 years.’
Buffett’s words indicate that he sees Berkshire and Abel following the framework he has laid out.
Of course, there may be some evolution. Morningstar analyst Gregg Warren notes that the ‘groundwork for a successful transition’ at Berkshire has been in place for decades.
He also notes that Buffett and Munger were skilled at acquiring businesses that were a good cultural fit.
“We expect this to continue, believing that Berkshire’s culture of management autonomy and entrepreneurship has become institutionalized,’ Warren explains in a recent article.
‘ However, the new managers will probably work with a slightly different opportunity set, and we believe they will evolve Berkshire from what has historically been a reinvestment machine into one that is more focused on returning capital to shareholders, which is what we would expect of a company of this size with limited investment opportunities.”
Warren also comments that Berkshire currently doesn’t pay a dividend. This principle is because of Buffett’s belief that retained earnings should yield greater value than cash payouts.
Warren said this may change after Abel takes over, underlining that issuing a dividend could help Berkshire retain shareholders who may consider selling once Buffett is no longer at the helm.
Berkshire’s recent activities include diversification of its portfolio via strategic acquisitions and investments.
In January 2025, Forest River Bus & Van, a Berkshire subsidiary, announced its acquisition of L.A. West Coaches to enhance its product portfolio in the luxury transportation market.
“This partnership represents a shared commitment to excellence and innovation,” said Douglas Wright, group general nanager of Forest River Bus & Van. “L.A. West Coaches’ proven expertise and dedication to quality align with our values, and we look forward to collaborating to expand our product range.”
BHE is also currently exploring the production of lithium carbonate and other minerals from its geothermal power plants in California’s Imperial Valley, aligning with the company’s interest in renewable energy and sustainability.
BHE Renewables publicized a joint venture with Occidental Petroleum (NYSE:OXY) in June 2024, saying that this will be useful for the demonstration and deployment of TerraLithium’s direct lithium extraction.
Occidental is the owner of TerraLithium, a company that provides a technology platform for extracting lithium from geothermal and other brines to produce ultra-pure battery-grade lithium hydroxide and lithium carbonate.
Once the demonstration is successful, BHE Renewables plans to build, own and operate commercial lithium production facilities in California’s Imperial Valley. The joint venture also plans to license the technology and develop commercial lithium production facilities outside the Imperial Valley.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
For the first time in history, the majority of humans live in cities — spaces often defined by concrete, glass and a disconnect from the natural world. Access to nature is no longer guaranteed.
In 2020, Miles founded Nature Is a Human Right, a campaign advocating for daily access to green spaces to be recognized in the Universal Declaration of Human Rights. Frustrated by the slow pace of institutional change, Miles says she “lost faith in the top-down process.” So she took matters into her own hands. Her weapon? Not protest banners or petitions, but seeds and shovels.
She became a so-called guerrilla gardener — “Grassroots planting in a public place, with a purpose,” Miles explains. “Think of it like graffiti, but with wildflowers instead of spray paint.” This form of urban activism involves transforming neglected or overlooked spaces — cracks in pavements, roadside verges, abandoned lots — into mini-oases for people, pollinators and biodiversity.
What began during the Covid pandemic — when parks were shut and access to green space became scarce — grew into a weekly ritual. Miles and her neighbors would meet on Sunday mornings, armed with bulbs and trowels, planting in overlooked corners of the London Borough of Hackney.
In the UK, guerrilla gardening occupies a legal gray area: while planting on public land without permission is not technically lawful, authorities often turn a blind eye — so long as it doesn’t cause damage, obstruction or a public nuisance.
According to the Royal Horticultural Society, guerrilla gardeners should ensure their planting doesn’t inconvenience others and be careful to not restrict public access or create trip hazards. It’s also important that anything planted is removable, and that the roots won’t cause structural damage to sidewalks and buildings.
Guerrilla gardening dates back to the 1970s, when the Green Guerrillas, founded by Liz Christy in the US, transformed vacant lots into community gardens. The movement has since spread worldwide, from Ron Finley, the “Gangsta Gardener” in Los Angeles, to Ta Mère Nature in France, and the Ujamaa Guerrilla Gardening Collective in South Africa.
Miles has brought the underground movement into the spotlight on TikTok and other social media. Her upbeat videos demystify the process, showing everything from creating seed bombs to planting moss graffiti — a form of street art where living moss is used to create patterns or words on walls. “I wasn’t a gardener. I was learning as I went along,” she admits. “But I just wanted the streets to be greener.”
As Miles’ seeds grew, so did her online following. “Young people today are very awake to issues like climate change, inequality, and mental health,” Miles says. “Guerrilla gardening intersects with all of that. It’s something you can do with your own two hands and see the impact immediately.”
“A lot of activism can feel intangible,” she adds. “With guerrilla gardening, you see the results. It’s empowering.”
And it’s more than just symbolic: “It’s been shown that having access to green spaces is as vital to your mental and physical health as regular exercise and a healthy diet,” says Miles. “We need it around us. We need the phytoncides (compounds plants release into the air) that plants produce. The experience of having plants around us calms us.”
A study of 20,000 participants by the UK’s University of Exeter found that people who spent at least 120 minutes a week in green spaces reported significantly better physical health and psychological well-being than those who didn’t. For young children, access to green spaces has been linked to reduced hyperactivity and improved attention spans. Communities can benefit too: a US study showed that greening vacant lots can lead to lower crime rates.
Miles’ message is simple: anyone can get involved. “It’s spring now,” she continues. “Find native wildflowers, scatter them when it’s raining then you won’t even have to water them.” For those who want to go further, Miles has written a book on the subject and teaches a free four-week online course through the nonprofit Earthed, which has attracted over 300 participants. She advises gardening as a group — community is key.
Her vision is bold but refreshingly practical: “Why aren’t all our sidewalks lined with hedges?” says Miles. “Our buildings could be covered in plants. Our rooftops and bus stops could be buzzing with flowers. It’s a no-brainer.”
Two men have been found guilty of criminal damage for felling a landmark sycamore tree in northern England.
Daniel Graham, 39, and Adam Carruthers, 32, were each found guilty of two counts of criminal damage, one relating to the tree and the other to Hadrian’s Wall that the tree fell on, according to the UK’s PA Media news agency on Friday.
The verdict was handed down following a trial at Newcastle Crown Court in northeast England. Both men will be sentenced on July 15.
The tree had stood sentinel on Britain’s Roman-built Hadrian’s Wall for more than 200 years before being “deliberately felled” in September 2023 in what authorities at the time called an “act of vandalism.”
The sycamore tree, located in the Northumberland National Park in northern England, was made famous to millions around the world when it appeared in Kevin Costner’s 1991 blockbuster movie “Robin Hood: Prince Of Thieves.”
The tree – at a spot known as “Sycamore Gap” – was located on the historic UNESCO World Heritage listed Hadrian’s Wall, which was constructed around 1,900 years ago to guard the furthest northwestern frontier of the Roman Empire.
During the trial, prosecutor Richard Wright KC said the felling was an act of “mindless vandalism.” He detailed how the two men drove 30 miles (48 kilometers) at night to reach the tree before one cut it down while the other filmed it.
The jury determined Graham and Carruthers caused £622,191 (about $826,000) of criminal damage to the tree and £1,144 ($1,500) of damage to Hadrian’s Wall, according to PA Media.
Jurors heard how the two men sometimes worked together and had experience of cutting down large trees. Although originally the “best of pals,” the two defendants now appear to have fallen out and their friendship has “unravelled,” the court was told.
During testimony, Graham told the court that Carruthers had told him that the tree “was the most famous tree in the world” and had spoken about cutting it down, reports PA Media.
Robinhood Markets, Inc. (HOOD) is back in the spotlight, wrestling with its four-year highs and turning heads on Wall Street. It debuted in 2021 as an IPO darling, capturing the imagination of young Gen Z traders before its dramatic fall as a meme stock fueled by crypto and an unhealthy dose of FOMO.
Now, with year-to-date gains outpacing the S&P 500 ($SPX), the former disruptor is looking to claim its space as a serious contender rather than a speculative fad.
If you’ve been checking the StockCharts Technical Rank (SCTR) Reports, you’ve probably noticed the stock popping up on the Large Cap Top 10 list.
FIGURE 1. SCTR REPORT LARGE CAP TOP 10. Robinhood is second from the top.
If you’re eyeing HOOD, you’re likely asking two key questions: How is it performing relative to its Financials sector peers, and how strong is the sector itself in terms of market breadth? Just as important, you’ll want a longer-term view: How has the stock held up over time, both on its own and compared to the broader S&P 500?
Let’s tackle all those questions in one shot.
The chart below, which tracks the Financial Sector Bullish Percent Index, offers a quick read on sector strength and market positioning.
NOTE: The BPI spans three years.
FIGURE 2. FINANCIAL SECTOR BPI. Market breadth and comparative price performance look exceedingly bullish.
From a breadth perspective, the Financial sector looks bullish, bordering on overbought, with over 82% of the stocks within the sector triggering Point & Figure Buy Signals, according to its Bullish Percent Index (BPI) reading. Meanwhile, HOOD is crushing it on a 3-year relative basis—outperforming its sector by 250% and the S&P 500 by nearly 300%.
This paints a bullish picture. But before jumping to conclusions, let’s take a step back and look at HOOD’s price history, going back to when it IPO’d in 2021.
Check out the weekly chart below.
FIGURE 3. WEEKLY CHART OF HOOD. It’s above the 10-week and 40-week SMAs, but it has quite a distance to go before testing its yearly high.
You don’t need annotations to spot where HOOD’s meme-stock frenzy peaked and where the crash began, fueled by a sharp drop in retail trading activity, crypto market volatility, and intensifying regulatory pressure.
After basing for two years, HOOD began picking up steam in 2024. Its improving technical strength is reflected in the sharp spike of its SCTR, breaking above the 90 line. Fundamentally, HOOD began to recover as it started raking in profits, expanding its product lineup, and reigniting its user growth.
It’s trading above its 10-week and 40-week simple moving average (SMA), which is equivalent to a 50-day and 200-day SMA, respectively. Still, it has quite a way to go before testing its high of $66.90.
If you’re looking to buy HOOD, you’ll need to zoom in to find favorable entry points. Let’s switch over to a daily chart.
FIGURE 4. DAILY CHART OF HOOD. Support levels are clear and accumulation looks promising.
HOOD was in an intermediate-term downtrend starting in early February, where it peaked at $66.90, all the way down to the early part of April, where it bottomed sharply at around $29. HOOD quickly recovered, breaking above $50 (a local swing high) to $54, where it is now (at the time of writing).
The Stochastic Oscillator warns that HOOD may be overbought and due for a pullback. Here are a couple of scenarios to consider, and note that the Ichimoku Cloud visually provides a wider range of potential support:
On the bullish side of things, the Accumulation/Distribution Line (ADL), currently well above the price, is indicating strong accumulation, suggesting that demand is outpacing supply—which, if it continues, can drive prices higher.
Robinhood’s stock price is showing real signs of strength, not just on a chart, but in its fundamentals. With relative performance beating its sector and the S&P 500, and strong accumulation under the surface, HOOD’s comeback narrative is gaining technical validation. But with overbought signals flashing and key support levels in play, the next move may depend on whether bulls defend the breakout, or if the stock consolidates further while waiting for its next catalyst.
In either case, keep a close eye on volume, momentum shifts, and those support zones. HOOD may still have more room to run, but timing your entry could make all the difference.
Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your personal and financial situation, or without consulting a financial professional.
NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) (‘NorthStar’ or the ‘Company’) today announces that its principal regulator, the Ontario Securities Commission, has granted its request for a management cease trade order (‘MCTO’) effective May 8, 2025.
As previously announced on April 29, 2025, the Company applied for the MCTO due to a delay in filing its annual audited financial statements, management’s discussion and analysis and related certifications for the financial year ended December 31, 2024 (the ‘Annual Filings’) which were required to be filed by April 30, 2025.
The delay is primarily due to a restatement of certain amounts owed by the Company’s payment service providers as well as player loyalty bonuses for the prior fiscal years. During the year-end reconciliation process, the Company identified that its payment processor had deducted additional merchant fees from daily remittances, which had not been properly accounted for. Specifically, service provider fees (cost of revenue) were previously understated, while the amounts due from the payment processor and accounts receivable were overstated in the financial statements for the year ended December 31, 2023.
The Company is working diligently and expeditiously to complete the Annual Filings as soon as practicable, and currently anticipates it will be in a position to file the Annual Filings on or before May 15, 2025.
The MCTO restricts the Company’s Chief Executive Officer and the Chief Financial Officer from trading in the Company’s securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
NorthStar is listed in Canada on the TSX Venture Exchange (‘TSXV’) under the symbol ‘BET’ and in the United States on the OTCQB under the symbol ‘NSBBF’. For more information on the company, please visit: www.northstargaming.ca.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains ‘forward-looking information’ within the meaning of applicable securities laws in Canada (‘forward-looking statements’), including without limitation, statements with respect to the following: expected performance of the Company’s business, and the timing of the release of the Company’s financial results. The foregoing is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘continues’, ‘forecasts’, ‘projects’, ‘predicts’, ‘intends’, ‘anticipates’ or ‘believes’, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘should’, ‘might’ or ‘will’ be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management’s opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company’s business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the ‘Risk Factors’ section of the Company’s most recent annual information form, which is available under NorthStar’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251431
News Provided by Newsfile via QuoteMedia
When the US Food and Drug Administration (FDA) rejected Lykos Therapeutics’ new drug application for MDMA-assisted therapy last August, the initial disappointment cast a shadow over the psychedelics industry.
However, the sector is seeing a resurgence of optimism in 2025 on the back of various US developments.
“The psychedelic industry in 2025 will likely see significant advancements in clinical applications, particularly in treating PTSD, depression, and addiction, as research continues to validate their therapeutic potential,” Dr. Markus Ploesser, chief innovation officer at Open Mind Health, told Microdose in January.
This sentiment is underscored by a variety of recent positive developments, including the FDA’s approval of Johnson & Johnson’s (NYSE:JNJ) ketamine-derived nasal spray to combat treatment-resistant depression, and an initiative to study MDMA-assisted therapy efficacy for post-traumatic stress disorder (PTSD) and alcohol use disorder in veterans.
In addition, alternative medicine advocate Robert F. Kennedy Jr.’s appointment as head of the US Department of Health and Human Services has created potential for further policy shifts related to mental health and psychedelics research.
Combined, these factors could make 2025 a pivotal year for the industry.
Psychedelic compounds remain federally illegal in the US, but some states have pursued legalization and decriminalization. In November 2020, Oregon became the first state to legalize psilocybin for therapeutic use through the Oregon Psilocybin Services Act. From 2021 to 2022, the Oregon Health Authority and the Psilocybin Advisory Board created rules for the act and began taking applications on January 2, 2023.
Oregon also decriminalized personal possession of all drugs in 2020 through the Drug Addiction Treatment and Recovery Act, which went into effect in February 2021. Many of the provisions in that bill have since been reversed, with the possession of small amounts of hard drugs like fentanyl, methamphetamine and heroin being recriminalized as of September 1, 2024. However, psilocybin remains legal for therapeutic and facilitated use.
As of the end of March, Oregon Psilocybin Services counted 374 state-wide psilocybin facilitators, 29 service centers, 10 manufacturers and 808 worker permits. Satya Therapeutics, located in Ashland, is recognized as one of the state’s most experienced and successful service providers, with roughly 40 to 50 clients serviced monthly.
Publicly traded Florida-based cannabis company Kaya Holdings (OTCQB:KAYS) was awarded a license to operate a psilocybin service center in Oregon through its Fifth Dimension Therapeutics subsidiary in May 2024. Its treatment center, called the Sacred Mushroom, opened its doors in Portland on July 2, 2024.
In 2025, industry advocates are focused on analyzing outcomes from Oregon’s psychedelics program in order to fine tune areas requiring improvement. In February, state lawmakers sought to expand psychedelic therapy through the introduction of HB 3817, which establishes an access pathway for individuals with PTSD to access ibogaine. At the time of this writing, the bill had not yet been scheduled for a public hearing or committee vote.
Despite its growth, affordability has been a barrier to the development of Oregon’s psilocybin therapy program, with sessions typically costing over US$1,500. Some communities in the state also voted to ban psilocybin and psilocybin businesses in 2024, reflecting ongoing public concerns about drug liberalization.
In Colorado, a series of legislative actions regarding psychedelic substances led to state legalization in November 2022. Proposition 122 legalized the regulated access to psilocybin and psilocin in healing centers for adults over 21, decriminalized the personal use and cultivation of these substances and established a Natural Medicine Advisory Board.
SB 23-290, signed in May 2023, amended Proposition 122’s regulations and created a legal framework for healing centers. HB 22-1344, passed in June 2022, paved the way for MDMA-assisted therapy for PTSD if federally approved.
The final rules for licensed psilocybin therapy centers were filed with the secretary of state and became effective on December 15, 2024. Colorado then began accepting applications for licenses. In March, the Department of Revenue issued its first healing center license to the Center Origin in Denver. As of May 2 of this year, there were over 50 pending applications for healing centers, cultivation facilities and manufacturers.
As the psychedelics industry begins to take shape in Colorado, Tasia Poinsatte, the state’s director of the nonprofit Healing Advocacy Fund, told Stateline that centers plan to offer sliding-scale rates and discounts for veterans, Medicaid enrollees and low-income individuals to help address the affordability problem.
Apart from Oregon and Colorado, a wave of legislative activity concerning psychedelics is evident across the US, with states like Illinois, Indiana, Missouri, Maine and New York pursuing various forms of legalization, including decriminalization, research funding and regulated therapeutic programs. Additionally, several cities in Washington and Michigan have decriminalized certain substances, with Washington also considering bills to create a regulated psilocybin services market and to provide funding to study ibogaine for opioid use disorder.
Utah passed legislation in March 2024 to create a program for psilocybin and MDMA as alternative treatments at the University of Utah Health and Intermountain Health. The program began in May 2024 and will run for three years.
Multiple institutions in Maryland, Texas and North Carolina are also conducting studies to assess the efficacy of psychedelics in treating various mental health conditions.
Senate Bill 242 established a working group tasked with studying the therapeutic use of entheogens in Nevada in 2023. A recommendations report was delivered in December 2024, and has garnered support from key legislative figures.
Several cities in California have deprioritized the enforcement of laws against the personal use and possession of certain psychedelics, and the state is considering a psilocybin pilot program for veterans and first responders.
Massachusetts has multiple bills focused on decriminalization and therapeutic pilot programs. In April of this year, New Mexico’s governor signed a bill for a therapeutic psilocybin program.
Meanwhile, Rhode Island has a bill that would legalize psilocybin possession if the federal government reschedules it, and Alaska established a task force in May 2024 to prepare for potential federal legalization of psychedelic therapies.
These actions reflect a shift in psychedelics sentiment and a growing trend of exploring their therapeutic potential.
To track the financial health of the psychedelic industry, investors can use the Psychedelic Invest Index, which monitors publicly traded companies in the space. Some of the top stocks in the index include Pasithea Therapeutics (NASDAQ:KTTA), MindMed (NASDAQ:MNMD), Compass Pathways (NASDAQ:CMPS) and Cybin (NYSEAMERICAN:CYBN), all of which are involved in developing psychedelic compounds for mental health treatments.
MindMed has developed a synthetic LSD analog, MM120, currently in Phase III trials for generalized anxiety disorder (GAD) and major depressive disorder (MDD). An oral tablet of MM120 was awarded a patent in July 2024.
Cybin has developed a proprietary deuterated psilocybin analog called CYB003, as well as CYB004, a proprietary deuterated DMT compound; both are protected by patents. The company also acquired SPL028, another deuterated DMT compound, through its merger with Small Pharma in 2023. Phase 2 CYB004 topline safety and efficacy data in GAD is expected in H1 2025. A pivotal study of CYB003 is scheduled for mid-2025.
Meanwhile, Compass Pathways’ Phase 2b randomized controlled study evaluating its synthetic psilocybin therapy, COMP360, was the most extensive psilocybin clinical trial to date. With data presented in 2022, the trial found that one 25 milligram dose of COMP360 resulted in a decline in depressive symptoms after three weeks when combined with psychological guidance, with positive effects reportedly lasting for as long as 12 weeks.
Other key players in the psychedelics market include atai Life Sciences (NASDAQ:ATAI), GH Research (NASDAQ:GHRS), Bright Minds Biosciences (NASDAQ:DRUG) and Silo Pharma (NASDAQ:SILO).
Canadian companies in this sector include Numinus Wellness (TSX:NUMI,OTCQB:MTPLF), Optimi Health (CSE:OPTI,OTCQX:OPTHF), BetterLife Pharma (CSE:BETR,OTCQB:BETRF), Pharmala Biotech (CSE:MDMA,OTCQB:MDXXF) and Restart Life Science (CSE:REST,OTC Pink:NMLSF).
Other avenues for investors include strategic investments in specialized real estate ventures.
Healing Realty Trust (HRT) specializes in acquiring healthcare infrastructure assets, focusing on developing mental and behavioral healthcare facilities. The company established preferred real estate partnership agreements with providers like NeuroSpa, Cambridge Biotherapies and Cathexis in 2024. It has also secured the first tranche of a US$25 million Series A funding round, with the funds earmarked to acquire healthcare facilities in Texas, Ohio and Connecticut.
HRT is reportedly preparing for an initial public offering, with a potential listing in late 2025 or early 2026.
Against this backdrop, the psychedelics market could see promising growth in 2025.
While challenges remain, the expansion of legalization and decriminalization, combined with ongoing research, positions the industry for growth and presents potential opportunities for investors.
Securities Disclosure: I, Meagen Seatter, hold direct investment interest in some of the companies mentioned in this article.
A group of investors sued UnitedHealthcare Group on Wednesday, accusing the company of misleading them after the killing of its CEO, Brian Thompson.
The class action lawsuit — filed in the Southern District of New York — accuses the health insurance company of not initially adjusting their 2025 net earning outlook to factor in how Thompson’s killing would affect their operations.
On Dec. 3 — a day before Thompson was fatally shot — the company issued guidance that included net earnings of $28.15 to $28.65 per share and adjusted net earnings of $29.50 to $30.00 per share, the suit notes. And on January 16, the company announced that it was sticking with its old forecast.
The investors described this as “materially false and misleading,” pointing to the immense public scrutiny the company and the broader health insurance industry experienced in the wake of Thompson’s killing.
The group, which is seeking unspecified damages, argued that the public backlash prevented the company from pursuing ‘the aggressive, anti-consumer tactics that it would need to achieve’ its earnings goals.
‘As such, the Company was deliberately reckless in doubling down on its previously issued guidance,’ the suit reads.
The company eventually revised its 2025 outlook on April 17, citing a needed shift in corporate strategy — a move that caused its stock to drop more than 22% that day.
‘The company denies any allegations of wrongdoing and intends to defend the matter vigorously,’ a UnitedHealthcare spokesperson said in a statement.
Thompson’s fatal shooting on the streets of New York City in broad daylight sent shockwaves across the nation.
Luigi Mangione, the 27-year-old man accused of the killing, has pleaded not guilty to federal and state charges against him. The legal defense fund for Mangione surpassed the $1 million mark in donations on Tuesday.
Krispy Kreme stock plunged 24% on Thursday morning after the doughnut chain said it is “reassessing” its rollout with McDonald’s and pulled its full-year outlook in part due to economic “softness.”
Krispy Kreme is not planning to launch its doughnuts in any additional McDonald’s locations in the second quarter, suspending a nationwide rollout. As of March 30, more than 2,400 of the burger chain’s roughly 13,500 domestic locations carried Krispy Kreme doughnuts.
“I remain confident in the long-term national opportunity, but we need to work together with them to identify levers to improve sales,” Krispy Kreme CEO Josh Charlesworth said.
Over the last year, Krispy Kreme shares have shed more than 70% of their value, dragging the company’s market value down to less than $600 million.
Truist downgraded the stock on Thursday from buy to hold.
“We are shocked by the speed at which the story fell apart,” Truist analyst Bill Chappell wrote. ”… We no longer have high conviction in management’s previously stated strategy and execution of these initiatives, and it will likely take several quarters before we or investors can regain confidence.”
The two restaurant companies announced more than a year ago that Krispy Kreme doughnuts would be sold in all McDonald’s U.S. locations by the end of 2026. The rollout began roughly six months ago.
While the beginning phases were promising, sales fell below projections, Krispy Kreme executives said on Thursday.
As consumers worry about the broader economy and a potential recession, they have been pulling back their spending at restaurants. McDonald’s reported a 3.6% decline in its U.S. same-store sales for the first quarter. McDonald’s CEO Chris Kempczinski said that the fast-food industry’s traffic fell as middle- and low-income diners visited restaurants less frequently.
For Krispy Kreme, profitability appears to be the key reason for slowing the rollout with McDonald’s.
“However, we are seeing that after the initial marketing launch demand dropped below our expectations requiring intervention to deliver sustainable, profitable growth,” Charlesworth told analysts on the company’s conference call.
“We are partnering with McDonald’s to increase sales by stimulating higher demand and cutting costs by simplifying operations,” he added. “At the same time, we are reassessing our deployment schedule together with McDonald’s as we work to achieve a profitable business model for all parties.”
Krispy Kreme reported a net loss of $33 million for the quarter ended March 30.
To supply all of McDonald’s U.S. restaurants, Krispy Kreme was investing in expanding capacity quickly, which weighed on profits. In the last year, the company has reported three quarters of net losses.
The company uses a “hub and spoke” model that lets it make and distribute its treats efficiently. Production hubs, which are either stores or doughnut factories, send off freshly made doughnuts every day to retail locations such as grocery stores and gas stations. Krispy Kreme is looking to prune its unprofitable locations, which could affect up to 10% of its U.S. network.
Krispy Kreme also pulled its 2025 outlook, citing “macroeconomic softness” and uncertainty around the schedule for the McDonald’s partnership.