Gladstone Capital Corporation - 7.75% Notes due 2028 Azioni (NASDAQ: GLADZ)

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Gladstone Capital Corporation - 7.75% Notes due 2028

Cannabis-focused consumer packaged goods company Auxly Cannabis Group Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/XLY#TSX">XLY</a>) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTCQB">CBWTF</a>) released its financial results on Friday for the three and nine months ended Sept. 30, 2024.
&#8220;Our continued focus on efficient revenue growth and enhanced profitability has delivered another record-breaking quarter of financial results, highlighted by an 18% year-over-year increase in net revenue and record adjusted EBITDA of $8.3 million," said Hugo Alves, the company's CEO.
<h3 class="wp-block-heading">Q3 2024 Financial Highlights</h3>
<ul>
<li>Net revenue totaled CA$33.3 million ($24 million), compared to CA$28.2 million in the prior year's period, representing an increase of 18%.</li>
<li>Gross profit was CA$17.1 million, up from CA$4.6 million in the prior year's quarter.</li>
<li>Total expenses amounted to CA$14.1 million, down from CA$19.1 million in the same period of last fiscal year.</li>
<li>Net income amounted to CA$3.2 million, down from CA$31.6 million net income in the corresponding quarter of last year.</li>
<li>Adjusted EBITDA came in positive at CA$8.3 million, up from an adjusted EBITDA gain of CA$117 000 in the same quarter of last year.</li>
<li>Selling, general and administrative expenses were CA$8.5 million in the third quarter of 2024, CA$1.6 million or 16% lower than the same period in 2023.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40397950/auxly-cannabis-co-sets-q2-record-in-revenue-following-33-yoy-increase-reports-best-quarter-in-hi">Auxly Cannabis Co Sets Q2 Record In Revenue Following 33% YoY Increase, Reports Best Quarter In History</a>
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<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Nine Months Ended Sept. 30, Financial Highlights</h3>
<ul>
<li>Net revenue totaled CA$87.7 million, compared to CA$74.2 million in the prior year's period, representing an increase of 18%.</li>
<li>Gross profit was CA$42.5 million, up from CA$18.5 million in the prior year's quarter.</li>
<li>Total expenses amounted to CA$46.6 million, down from CA$54.5 million in the same period of last fiscal year.</li>
<li>Net loss amounted to CA$20.8 million, compared to CA$9.5 million net income in the corresponding quarter of last year.</li>
<li>Adjusted EBITDA came in positive at CA$15.7 million, up from an adjusted EBITDA loss of $CA823 000 in the same quarter of last year.</li>
</ul>
<h3 class="wp-block-heading">Outlook</h3>
Going forward, Auxly will prioritize focused and efficient growth in its key product categories of vape, pre-roll and dried flower and continue to optimize and improve distribution and sales of its products.
<h3 class="wp-block-heading">CBWTF Price Action</h3>
Auxly's shares traded 4.57% higher at $0.0366 per share at the time of writing on Friday.
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Auxly Cannabis Co.: Q3 Net Revenue Climbs 18% YoY, Adjusted EBITDA Soars

Raymond James analyst Patrick Tyler Brown maintains GFL Environmental (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFL#NYSE">GFL</a>) with a Outperform and raises the price target from $47 to $50.

Price Target

Analyst Ratings

Raymond James Maintains Outperform on GFL Environmental, Raises Price Target to $50

Raymond James analyst Adam Tindle maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Outperform and raises the price target from $85 to $95.

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Raymond James Maintains Outperform on Fortinet, Raises Price Target to $95

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Raymond James Maintains Strong Buy on Flywire, Raises Price Target to $27

Dave Ramsey, the well-known personal finance guru, recently shared a timeless piece of advice from his grandmother that got people talking. He posted <a href="https://x.com/DaveRamsey/status/1847373355059761518">on X</a> and other social media, &#8220;There&#8217;s a great place to go when you&#8217;re broke: to work!&#8221; It was simple, blunt and to the point, just like Ramsey&#8217;s old-school philosophy on tackling financial troubles.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My Grandmother used to say, &quot;There&#39;s a great place to go when you&#39;re broke: to work!&quot;
&mdash; Dave Ramsey (@DaveRamsey) <a href="https://twitter.com/DaveRamsey/status/1847373355059761518?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<a href="https://www.benzinga.com/personal-finance/financial-advisors/24/01/36597689/millennials-are-the-most-likely-of-all-generations-to-experience-financial-ha">Financial hardships</a> seem all too common these days, so Ramsey&#8217;s message is a reminder that getting back on your feet often starts with good old-fashioned hard work. His grandmother&#8217;s advice isn't about waiting for the right time or finding a dream job, right? Wrong. It&#8217;s about getting your hands dirty, finding any job and using that money to get out of the hole. Action, not perfection, is the key.
This philosophy has struck a nerve with many of his followers and non-followers. Some fully agree, believing hard work is the first step toward financial independence. After all, the idea that nothing beats a steady paycheck is a <a href="https://www.benzinga.com/personal-finance/24/08/40512938/dave-ramseys-blunt-advice-your-finances-are-80-behavior-avoid-this-one-costly-mistake">core part of Ramsey&#8217;s teachings</a>. He's spent years encouraging people to get rid of debt, save and ultimately invest for the future and all of that starts with earning an income.
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However, not everyone sees it the same way. The tweet has sparked debate about what it takes to find work in today&#8217;s economy. Many have pointed out that times have changed – finding a job isn't always as easy as just showing up. One user commented, &#8220;I have been unemployed from full-time work for almost two years; I currently work three part-time jobs. If only &#x2A;wanting&#x2A; to work and earn a livable wage was all it took.&#8221; Another added, &#8220;Show me a place that's not riddled with ghost jobs and scammers and I'll apply!&#8221; referring to the many job postings that seem more like dead ends than opportunities.
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Despite the mixed reactions, the core of Ramsey&#8217;s message remains relatable for many, if not most people – when money is tight, any work is better than no work at all. And for many, that's the first step toward bigger opportunities.
After all, Ramsey recently <a href="https://www.benzinga.com/personal-finance/24/10/41146426/can-you-guess-the-top-5-careers-of-millionaires-according-to-dave-ramsey-spoiler-alert-theyre-no">brought attention to a study</a> that revealed the top five professions with the highest chance of producing billionaires and the findings may surprise you. The top careers are engineers ($91,010), accountants (CPA) ($77,250), teachers ($61,030), management ($107,360) and attorneys ($135,740).&nbsp;
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"There's A Great Place To Go When You're Broke: To Work," Says Dave Ramsey About A Piece Of Advice He Got

A nearly 3% Medicare payment cut for physicians is set to take effect in 2025, raising concerns about the potential impact on patient care, particularly in rural and underserved areas. The Centers for Medicare &amp; Medicaid Services (CMS) finalized the pay cut in early November, meaning physicians who provide <a href="https://www.benzinga.com/personal-finance/24/10/41570507/medicare-advantage-shake-up-how-health-insurance-plans-could-change-for-up-to-44-000-new-hampshi">Medicare-covered services</a> will see reduced reimbursement rates.&nbsp;
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<h2 class="wp-block-heading">Medicare Payment Cuts</h2>
Under current rules, Medicare payments for physicians do not adjust with <a href="https://www.benzinga.com/personal-finance/24/11/41728751/even-as-inflation-cools-most-americans-cant-get-ahead-and-continue-living-paycheck-to-paycheck-r">inflation</a> as they do for hospitals, nursing homes and other health care facilities. This results in a fixed payment structure for physician services that is slowly eroded by rising operational costs.&nbsp;
As a result, many doctors feel financially squeezed, especially as their operating costs are expected to increase by an estimated 3.5% in 2025, according to CMS. The American Medical Association (AMA) has emphasized that these cuts significantly strain practices, particularly smaller ones or those in rural areas.
For the past five years, Congress has delayed or partially offset Medicare pay cuts through temporary measures, often in the final days of the legislative calendar. In 2024, lawmakers are once again discussing options to avert the cut. One bipartisan proposal, the Bipartisan Medicare Patient Access and Practice Stabilization Act, aims to stop the planned reduction and provide physicians a partial 1.8% inflationary boost.
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<h2 class="wp-block-heading">The Implications for Medicare Patients</h2>
Physician advocates worry that reducing Medicare reimbursements could limit <a href="https://www.benzinga.com/general/biotech/24/08/40422798/doctors-struggle-to-secure-medicare-coverage-for-heart-patients-on-novo-nordisks-wegovy">patients' access to care</a>.&nbsp;
"For physician practices operating on small margins already, this means it is harder to acquire new equipment, harder to retain staff, harder to take on new Medicare patients and harder to keep the doors open, particularly in rural and underserved areas," says Dr. Bruce A. Scott, President of the American Medical Association.
Dr. Scott also stated that Medicare's plan to pay physicians less while doctors' costs continue to increase is an unsustainable trend.&nbsp;
A primary concern is that providers in rural or underserved areas may feel compelled to close practices, retire earlier or reduce the number of Medicare patients they accept. Operating with lower Medicare reimbursement rates often means tighter margins for these practices.&nbsp;
As Dr. Scott noted, the financial stress can be severe enough to drive some physicians out of independent practice, pushing them to seek employment in larger health care systems or retire early.
See Also: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?
<h2 class="wp-block-heading">What's Next?</h2>
Congress is expected to consider the Bipartisan Medicare Patient Access and Practice Stabilization Act and similar proposals before the end of the year. The AMA and the American College of Surgeons (ACS) hope this will lead to a longer-term solution that provides predictable and fair Medicare reimbursement rates. A bipartisan group of over 200 members of Congress supported a letter to the House of Representatives calling for a legislative solution to prevent future Medicare pay cuts.
What happens with the upcoming cut and whether Congress can pass a bill to avert it remains to be seen. However, each year of temporary fixes increases the pressure to develop a more sustainable solution for <a href="https://www.benzinga.com/general/biotech/24/09/40694793/despite-medicare-negotiations-americans-may-still-have-to-pay-more-for-prescription-drugs">Medicare reimbursements</a>. Many are watching to see if this year will bring new actions to prevent annual cuts and ensure that Medicare patients continue to get the care they need from their providers.&nbsp;
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Article via <a href="https://elplanteo.com/mercado-de-cannabis-en-puerto-rico-entrevista-prich/">El Planteo</a>
"Puerto Rico is a paradise for a cannabis entrepreneur," says Jaime Rengifo, CEO of <a href="https://elplanteo.com/prich/">Prich Biotech</a>, often regarded as the largest <a href="https://www.benzinga.com/money/best-latin-american-cannabis-companies">cannabis company in Latin America</a>. Since his arrival on the island, Rengifo has closely observed how this relatively small region has become a Latin American leader in <a href="https://elplanteo.com/cannabis-medicinal/">medicinal cannabis</a>, with a local market now surpassing $250 million annually. For Rengifo, however, success isn't just about numbers, it's about the model, education and accessibility that have fostered sustained growth and elevated product quality.
Watch the full episode of <a href="https://www.youtube.com/live/TzYjAsaQiFc?si=Tk6kE5Vi-nmyw980">&#8220;El Planteo Live&#8221;</a> on <a href="https://www.youtube.com/live/TzYjAsaQiFc?si=Tk6kE5Vi-nmyw980">YouTube</a>.
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Rengifo attributes Puerto Rico's progress in <a href="https://www.benzinga.com/cannabis">medicinal cannabis</a> to a functional regulatory system that allows patients to acquire medical marijuana from dispensaries located throughout the island. "People have access, patients can access products, in various formulations, various formats," he explains, referring to the range of consumption options available in Puerto Rico, which includes capsules, concentrates, <a href="https://elplanteo.com/comestibles-de-marihuana-guia-para-su-consumo/">edibles</a>, oils and even transdermal patches. While smoking cannabis is prohibited, the law allows for <a href="https://www.benzinga.com/topic/vaping">vaping</a>, an adjustment he believes has attracted a broader, more responsible consumer base.
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<h2 class="wp-block-heading">Education And Accessibility: Puerto Rico's Formula For Effective Medicinal Cannabis</h2>
For Rengifo, Puerto Rico's real triumph isn't just having an industry that works, but in how it works. He says the key lies in education and ensuring that access to medicinal cannabis is a right, not a privilege.
As CEO of Prich Biotech, Rengifo has championed educational programs to help both patients and doctors understand the benefits and correct use of the plant. "I don't see a reason why we should charge for a license [medical marijuana card] to obtain cannabis products," he says, adding that the system should ease access to treatments rather than complicate it with fees or unnecessary restrictions. "I believe cannabis is a therapeutic product."
Looking toward 2025, Rengifo and his team at Prich Biotech aim to further expand the reach of medicinal cannabis in Puerto Rico, particularly among senior citizens and military veterans &#8211; two groups he says could greatly benefit from the market. Just last week, Prich Biotech hosted an event targeting the baby boomer community. He said a surprising number of seniors not only showed interest in cannabis but were already familiar with its benefits.
"I really thought seniors would have a cultural barrier against cannabis," he admits. Yet the response was so positive that Prich Biotech is already planning a large-scale educational campaign for 2025 to reach more patients and reduce the stigma around medicinal cannabis use.
<h2 class="wp-block-heading">Challenges And Opportunities In A Responsibly Growing Cannabis Market </h2>
Rengifo recognizes that maintaining a competitive industry requires not only investment but ongoing adaptation. In Puerto Rico, he notes, cannabis initially had high prices, due partly to the early costly business models. However, as the market has matured, prices have dropped and the range of offerings has diversified. For him, this is crucial to popularize medicinal cannabis. "I can't keep prices high if I want to expand the industry and transform it," he explains.
Part of Rengifo&#8217;s strategy has been to optimize all cultivation and production processes at Prich Biotech. "We've automated production, standardized our cultivation processes," he says. Today, Prich Biotech can produce more grams of cannabis per square foot, maintaining consistent quality levels of <a href="https://elplanteo.com/que-es-el-thc/">THC</a> and <a href="https://elplanteo.com/que-es-el-cbd/">CBD</a>, making them, as he puts it, "very competitive in the market."
<h2 class="wp-block-heading">Puerto Rico's Potential: Preparing For A Cannabis Export Scenario</h2>
Rengifo envisions Puerto Rico not only as a regional model but as a potential benchmark for the global medicinal cannabis industry. The island, located about 1,000 miles southeast of Miami, Florida, boasts a historical pharmaceutical presence and robust infrastructure, which he believes could underpin the cannabis industry if U.S. laws move toward rescheduling or descheduling the plant at the federal level.
"We are preparing for the future," he says, noting that Prich Biotech is investing in Good Manufacturing Practices (GMP) certifications and standards that could allow it to export to markets like Europe and the United States.
"Puerto Rico is an island where all major pharmaceutical companies have a production facility… and cannabis, too, will become a valuable resource for Puerto Rico," Rengifo emphasizes. With a regulatory framework that models pharmaceutical quality standards, Puerto Rico, a US territory, could emerge as a leader in exporting medicinal cannabis—a goal Rengifo and his team are set on achieving.
Rengifo's vision, combined with Prich Biotech's focus on accessibility, education and efficiency paints a promising picture for Puerto Rico's medicinal cannabis industry. "This is a diamond in the rough," he says, and the journey is just beginning.
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Betting against Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and CEO Elon Musk might not be a successful strategy, as the world's richest man frequently proves triumphant with his <a href="https://www.benzinga.com/general/education/24/06/39547388/happy-birthday-elon-musk-53-facts-and-figures-about-tesla-spacex-ceo-on-his-53rd-birthday">various companies and ventures.</a>
Many people have bet against Musk and lost over the years, including billionaire Bill Gates. Here's a look back at Gates' infamous short bet against Tesla and how much investors could have made betting on Musk instead.
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With Musk endorsing Trump for the 2024 election and campaigning for him, the billionaire will now turn his attention to helping work on government efficiencies under the new president.
Musk's new role could lead more people to bet against him, with some put off by his political leanings and others speculating that his time commitment to Trump could impact Tesla.
Past history shows that betting against Musk hasn't yielded good results for many.
One person betting against Musk was revealed to be Microsoft co-founder Gates. In a February appearance on the "Joe Rogan Experience" podcast, Musk revealed that he believed Gates had a short position on Tesla stock.
"I also heard that at one point he had a large short position. I don't know if that's true or not, but it seems weird. People I know who know the situation pretty well, I asked them ‘are you sure?' and they said &#8216;yes,&nbsp;he has a huge short position on Tesla.&#8217;&nbsp;That didn't work out too well," Musk&nbsp;<a href="https://open.spotify.com/episode/2aB2swgyXqbFA06AxPlFmr" target="_blank" rel="noreferrer noopener">told&nbsp;</a>Joe Rogan.
Shortly after the comments from Musk, Gates was&nbsp;<a href="https://www.cnbc.com/video/2021/02/18/bill-gates-tesla-elon-musk-green-economy.html" target="_blank" rel="noreferrer noopener">interviewed&nbsp;</a>by CNBC's&nbsp;Andrew Ross Sorkin.
"What Elon's done with Tesla is fantastic," Gates said. "We need more Elon Musks."
Gates was asked directly if he was short Tesla stock.
"I don't talk about my investments," Gates replied, failing to deny the accusation.
In April 2022,&nbsp;<a href="https://www.benzinga.com/news/22/04/26775590/leaked-chats-show-musk-confronted-bill-gates-about-shorting-tesla-heres-what-they-discussed" target="_blank" rel="noreferrer noopener">leaked texts between Gates and Musk</a>&nbsp;revealed that Gates was still short the stock. Ahead of a proposed meeting between the two billionaires, Musk asked Gates via text if he still held a short position on Tesla.
"Sorry to say I haven't closed it out," Gates said. "I would like to discuss philanthropy possibilities."
Musk&#8217;s reply to Gates was straightforward and sharp.&nbsp;"Sorry, But I cannot take your philanthropy on climate change seriously when you have a massive, short position against Tesla, the company doing the most to solve climate change."
Musk told a user on Twitter that the texts were real.
Gates has praised Musk for what he has done for electric vehicles but has also said that more should be done for other clean energy initiatives.
"It's important to say that what Elon did with Tesla is one of the greatest contributions to climate change anyone's ever made. And you know, underestimating Elon is not a good idea," Gates&nbsp;<a href="https://www.nytimes.com/2021/02/15/opinion/sway-kara-swisher-bill-gates.html?showTranscript=1" target="_blank" rel="noreferrer noopener">told&nbsp;</a>the New York Times.
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Investing $1,000 in Tesla Stock:&nbsp;The comments by Gates on CNBC and the leaked texts, which Musk confirmed to be real, highlight that Gates likely was short Tesla stock.
The big questions are: When did Gates go short on Tesla, and is he still short?
Short sellers of Tesla in 2022&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/12/30186916/tesla-short-sellers-have-15b-in-2022-profits-and-they-are-still-piling-on" target="_blank" rel="noreferrer noopener">enjoyed strong returns,</a>&nbsp;with shares down over 60% on the year. Musk once estimated that Gates would need $1.5 billion to $2 billion to close out his $500 million short bet on Tesla.
Using the appearance on the Joe Rogan Experience podcast as a starting point, investors could have seen an opportunity to bet with Musk and Tesla and go against Gates being short.
An investor could have purchased 3.74 shares of Tesla at the time with $1,000 based on a split-adjusted price of $267.09. The $1,000 investment would be worth $1,190.07 today, based on a price of $318.20 for Tesla at the time of writing.
While the 19.0% hypothetical return seems mild, it could have been much better for investors who properly timed their trades.
The $1,000 investment from February 2021 would have been worth $1,533.29 in November 2021, up 53.3%, when Tesla hit all-time highs.
Tesla stock traded between $24.08 and $235.22 in 2020, a year that could have seen Gates initiate his short position. The average share price for Tesla was a split-adjusted $96.67.
Investors who put $1,000 into Tesla in 2020 when Gates may have initiated his short position could have bought 10.34 shares based on the yearly average. The same $1,000 investment would be worth $3,290.19 today, up 229%.
Read Next: 
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This article was previously published by Benzinga and has been updated.
Image created with photos from Shutterstock.

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West Pharmaceutical Servs's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>) short percent of float has risen 6.9% since its last report. The company recently reported that it has 1.54 million shares sold short, which is 2.79% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.42 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>West Pharmaceutical Servs Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731087922_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for West Pharmaceutical Servs has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing West Pharmaceutical Servs's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, West Pharmaceutical Servs's peer group average for short interest as a percentage of float is 5.31%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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