Kill the Medical Marijuana Bill
The discrepancy may show a shift toward caution in the way Fresenius Medical, based in Bad Homburg, Germany , communicates with the market, Jefferies LLC analysts wrote in a note to investors today. Though the companys forecast doesnt include potential savings of about $60 million from a cost-cutting program, even adding those savings still results in a forecast that misses expectations, the Jefferies analysts wrote. The shares fell 5.7 percent, the most since July 2, to 49.82 euros in Frankfurt . Fresenius SE, which owns about 31 percent of the dialysis company, declined 4.2 percent, the most since August 2011, to 114.05 euros. Against Wall Every day last year I felt like my back was up against the wall because we had guidance that was very difficult, Powell said in a phone interview. This year we tried to create what I would call adequate guidance. Photographer: Prashanth Vishwanathan/Bloomberg A patient undergoes dialysis, aided by a Fresenius Medical Care AG machine, at a… Read More A patient undergoes dialysis, aided by a Fresenius Medical Care AG machine, at a dialysis clinic in New Delhi. Close Close Open Photographer: Prashanth Vishwanathan/Bloomberg A patient undergoes dialysis, aided by a Fresenius Medical Care AG machine, at a dialysis clinic in New Delhi. Theres room for a boost to the outlook once its clear how much money the cost-cutting program will save, Powell said. Fresenius Medical is reviewing lower-performing U.S. dialysis clinics, and Powell said he expects to close some of them. Fresenius SE forecast 2014 adjusted net income will rise 2 percent to 5 percent, excluding currency shifts, slowing from last years 14 percent growth rate. The parent companys slower growth rate is partly due to the dialysis units weak forecast, plus a more cautious stance on Kabi, its intravenous drugs unit, Alexander Kleban, a London-based analyst for Barclays Plc, said in a note to investors. We question whether management is taking too-cautious a tack in order to avoid a potentially negative surprise down the road, Kleban wrote. Still Difficult A very difficult reimbursement situation for Kabis products will continue this year, Fresenius SE CEO Ulf Mark Schneider said at a press conference in Bad Homburg . Schneider declined to comment on a Reuters report last week that Fresenius may bid for Danones medical nutrition unit in a deal that may be worth about 4 billion euros.
Plus, the Feds recently called dispensaries “untenable,” so some state officials are bending over backward to appease those capricious animals. Washington voters enacted Initiative 502 to legalize recreational pot with the explicit understandinga promise from initiative sponsor ACLU of Washingtonthat it would not affect our medical cannabis law. But it’s clear that HB 2149 has the ACLU’s blessing, and all but three house Democrats supported it. Dick move, ACLU. We all want legal pot to work here, but let’s not start sending medical marijuana growers back to prison. Maybe we could wait until we can actually buy legal pot in a legal pot store before we start gathering up the riffraff? It is ludicrous to think that medical marijuana patients with 15-plant home grows are going to undermine our new legal pot law, with its two million square feet of warehouse grows and easily accessible stores. It is certainly far too early to know one way or another, and our legislature should avoid rash decisions. Interestingly, the state senate’s Republican leadership may be the best hope medical cannabis patients have to fend off this Democrat-sponsored attack on their civil liberties. Republicans can earn points with medical cannabis supporters by shutting down this Seattle Democrat attack on medical marijuana. You can help. Contact the legislative hotline at 800-562-6000 and ask your state senator to oppose HB 2149.
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