TSX - Suck and Blow “Part 2” You knew it was going to happen. Did you expect anything different from the TSX?
What did you expect from Canada’s top exchange that is run by an American that splits his time between Toronto and Princeton NJ.
The Globe, in an article written earlier this year, reported that he has become known as “Waldo” as in “Where’s Waldo”. True to his nickname, Waldo remained noticeably absent yesterday, sending a foot soldier Ungad Chadda to do the heavy lifting on BNN. Chadda acknowledged that the exchange may have inadvertently allowed companies to list that were already violating U.S. federal law. Really? You mean the TSX was asleep at the switch. Where did I hear that before?
After consenting to Aphria’s expansion plans in the US, Waldo decided that it was time to put the brakes on what was quickly becoming one of the fastest growing economic drivers of the Canadian economy. What was a TSX issue has become a marijuana sector issue, totally blown out of proportion.
Monday’s announcement by the TSX is nothing but noise. All they did was punt the football down the road, exactly what they did in the summer. Give it a few weeks and everything will be back to status quo. The sun came up this morning, its all good.
The TMX is crying out for help. They have no leadership and they have no clue on how to resolve the marijuana issue having backed themselves into a corner earlier this year. So in the meantime they will now conduct a review of all companies listed to see which ones require further review. They are now asking all companies to further disclose as part of their normal operating procedures, which companies were already obligated to do. Nothing new here.
The CSA and OSC and virtually every other securities commission in the country has come out in favour of “disclosure” being the standard.
I can assure you Aphria will not be delisted. Aphria has options.
Where is Waldo this week? My guess is New Jersey.