Mega-dairy seeks to reopen facility
The new owner of a troubled mega-dairy operation that violated hundreds of environmental rules wants to reopen the facility. Washington-state based Easterday Farms requested permission from the Oregon Department of Agriculture earlier this month to house over 28,000 animals on the site of the now-shuttered Lost Valley Farm, according to the Statesman Journal. Lost Valley opened in April 2017 to supply milk to the nearby Tillamook Cheese factory. Easterday Farms purchased the operation last spring, and agreed to a cleanup plan with state regulators. It’s unclear how the farm would handle the estimated 173.3 million gallons of solid and liquid manure produced by the cows each year. If reopened, the facility would become Oregon’s second largest dairy operation. The proposed permit to reopen the site will be open to public comment and a hearing.
Nike keeps plans for Arizona plant
Nike announced Thursday it’s going forward with plans to make soles for Nike Air shoes in a Phoenix suburb even though Arizona Gov. Doug Ducey blocked state money for the facility when the company pulled a flag-themed shoe from the market. The shoemaker did not address the controversy in announcing its plans for a $184 million factory with at least 500 jobs in Goodyear. Nike faced criticism last week for its decision not to sell the Nike Air Max 1 USA shoe, which included a Revolutionary-era emblem known as the Betsy Ross flag. But Nike will still get more than $2 million in tax breaks from the city of Goodyear, Arizona, where Nike said it will begin work on the facility later this year and begin making soles in 2020. It will be the third U.S. manufacturing center for Nike Air.
Pot investors brace for losses
Cannabis investors banking on profitability in the second half of the year may have another thing coming: More losses at best, and maybe a surprise stack of write-downs. Although pot stocks have enjoyed a heady start in 2019 due to global marijuana legalization efforts and the burgeoning use of CBD as a wellness product, backers are starting to judge their investments by profitability instead of hype. Instead of profit, write-downs related to unfinished inventory may be in the offing for some Canadian companies. That has some investors moving out of Canada and into the U.S., where the marijuana companies are generally performing better despite a patchwork of state-by-state regulations. The second half of the year will involve a few catalysts for Canadian pot companies, including the addition of up to 50 more stores in Ontario and the legalization of edibles and vapes. However, analysts say the impact of these changes won’t be felt in a meaningful way until 2020.