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Credit Agricole S.A. is majority-owned by a group of 39 mutually owned, regional French banks, and together, they form the Credit Agricole Group, the largest cooperative bank globally. Credit Agricole S.A. houses all of Credit Agricole Group's activities, excluding the core French retail and commercial banking operations and including corporate and investment banking, its insurance operations, its international operations, notably in Italy, LCL, a separately branded French retail bank, and Credit Agricole S.A.'s majority interest in individually listed asset manager Amundi. Credit Agricole S.A. also acts as the central bank for the group.

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French Government Collapse Challenges Macron&#39;s Grip on Power

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Hong Kong property developer Hysan Development Company Limited (OTC: HYSNY) issued a prospectus for up to $4 billion of medium-term bonds Monday, more than 10 times its average medium-term debt tr

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Royal Bank of Canada (NYSE: RY) announced the sale completion of its Investor Services&#39; operations in Europe and Malaysia to CACEIS, the subsidiary of Credit Agricole SA (OTC: CRARY) (OTC: 

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The <a href="https://europeancapitalinsights.substack.com/p/french-government-collapse-challenges?r=3nmatg">French government collapsed</a> for the first time since 1962 after factions within parliament could not agree on efforts to reduce the country's debt crisis. 
Prime Minister Michel Barnier was ousted in a no-confidence vote on December 4. Backed by 331 members of the National Assembly, the ousting <a href="https://europeancapitalinsights.substack.com/p/french-budget-sparks-anger-from-left?r=3nmatg">came just three months</a> after President Emmanuel Macron appointed him following <a href="https://europeancapitalinsights.substack.com/p/french-election-casts-shadow-over">snap elections</a> and the resignation of former Prime Minister Gabriel Attal in June and July.&nbsp;
The government's collapse followed months of contentious debate over Barnier's budget proposals to curb France's mounting debt through tax hikes and spending cuts. However, the bill faced staunch opposition from left-wing alliances and the populist far-right National Rally leader, Marine Le Pen.
Amid mounting pressure to name a new prime minister, Macron held talks with political parties willing to compromise on forming a government on Tuesday, resulting in Macron claiming to find a new <a href="https://www.reuters.com/world/europe/french-socialists-repeat-call-left-wing-pm-macron-seeks-coalition-talks-2024-12-10/">Prime Minister by Thursday.</a>&nbsp; He has also announced his plan to serve the remainder of his term until 2027.&nbsp;
<h2 class="wp-block-heading">Macron's Rule Threatened by French Government Collapse</h2>
The instability has raised doubts about Macron's grip on power. Members of the far-left France Unbowed party (LFI), led by Jean-Luc Mélenchon, have demanded Macron's resignation. <a href="https://www.lemonde.fr/en/france/article/2024/12/04/french-government-toppled-in-historic-no-confidence-vote_6735189_7.html">LFI MP Eric Coquerel called Barnier's</a> censure the "death knell of Emmanual Macron's mandate."&nbsp;
Le Pen said that she wasn't pushing for Macron's resignation. "The pressure on the president will get greater and greater," she <a href="https://www.reuters.com/world/europe/french-lawmakers-set-vote-ousting-prime-minister-barnier-2024-12-04/">said</a>. "Only he will make that decision."&nbsp;
"The leaders of the two main parties on the far right and on the far left didn't have any interest in playing this game," <a href="https://www.atlanticcouncil.org/expert/gerard-araud/">Gérard Araud</a>, a distinguished fellow at the Atlantic Council's Europe Center and a former French ambassador to the US, said. "Both wanted to go to a crisis in the hope of obliging Macron to resign."&nbsp;
Macron dismissed demands for his resignation as <a href="https://www.politico.eu/article/emmanuel-macron-michel-barnier-pm-national-rally-marine-le-pen-france-nfp-parliament/">"political fiction."</a> He aims to avoid calling fresh legislative elections before the end of <a href="https://abcnews.go.com/International/wireStory/frances-macron-address-nation-day-after-confidence-vote-116477692">his term in 2027</a>, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-10/macron-aims-to-avoid-new-french-parliament-election-before-2027?srnd=homepage-americas">reported</a>, citing an official close to Macron.&nbsp;
<h2 class="wp-block-heading">French Government Collapses Sparks Fiscal Stability Fears</h2>
The government&#8217;s collapse, however, has raised concerns about France's fiscal stability as the country grapples with a deficit projected to hit 6.2% of GDP this year, more than double the 3% deficit ratio limit required by the European Union.&nbsp;
French GDP growth is projected to slow from <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">1.1% in 2024 to 0.8% in 2025</a>, weighed down by fiscal adjustments but offset by easing monetary policy.
Public debt is expected to reach 112.7% of GDP in 2024, driven by high primary deficits and rising interest payments, according to European Commission <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">projections</a>. The government's plan to reduce this ratio by 5.1% next year is considered unachievable.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdWUxjnnRpNYQljxpcrau9GeC2lpvU1DUrnvdISxcKmkMQO-YoqeKNKcZ1Cck4qFUdsMSj4QwTNc5CV1TmceyEzlL5L3jhtb-kMIZlyBpreHWhJnG6C39hVx4isXrCiRUonk2inXw?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
Economic forecast for France, Indicators 2024-2026, Source: <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">European Commission</a>&nbsp;&nbsp;
"All this plunges France into an exceptional crisis as the country faces stark challenges, with a public debt that has increased by more than half in seven years," <a href="https://www.atlanticcouncil.org/expert/rama-yade/">Rama Yade</a>, a senior fellow with the Atlantic Council's&nbsp; Europe Center, said.&nbsp;
France has witnessed "an increase in factory closures, and a foreign trade deficit of around one hundred billion euros in 2023—a sign of an accelerated deindustrialisation of the French economy," Yade added.&nbsp;
<h2 class="wp-block-heading">French Government Collapse Sparks Market Volatility</h2>
Concerns over France's political and financial stability weighed heavily on French markets in the days leading up to the no-confidence vote. The French stock market suffered losses on November 27, with the CAC 40 index sliding 1.3% and hitting its lowest since August.&nbsp;
Shares of BNP Paribas SA <a href="https://www.benzinga.com/quote/BNPQF">(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTC">BNPQF</a>)</a>&nbsp; fell as much as 3% to a six-month low and down more than 11% year to date. Meanwhile, on the same day, the insurance company AXA<a href="https://www.benzinga.com/quote/AXAHY"> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AXAHY#OTC">AXAHY</a>)</a>'s shares slid 4.3%, and Credit Agricole <a href="https://www.benzinga.com/quote/CRARF">(OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRARF#OTC">CRARF</a>)</a> fell 1.3%.
In bond markets, concerns over France's political and financial stability have pushed the spread between French and German 10-year government bond yields, a key risk indicator, to 86 basis points, the widest spread since the eurozone sovereign debt crisis of the early 2010s. The rising spread underscores investor caution over France's fiscal trajectory.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe_uf1Kjg21u_sxYTmQM7wX7PawQQm1WvKD0I5ZjVlGWnRT5Doqzwe9l8Rk7UHsdSXu0Wp9evwL8Ob3QvXyAQ48NX5NMqE6d2qwXfugxGJq4bBYoutCYWxgyUgcj9WeLkZQVFfq_w?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
Spread France 10Y vs. Germany 10Y, Source: <a href="https://www.marketwatch.com/story/french-bond-yields-rise-as-traders-await-no-confidence-vote-on-government-a6efb5b0">Market Watch</a>&nbsp;
The collapse of Barnier's government "after just three months highlights the extent to which France's highly fragmented political landscape can paralyze budget policy implementation," Fitch Ratings <a href="https://www.fitchratings.com/research/sovereigns/french-government-collapse-deepens-political-budgetary-uncertainty-06-12-2024">said</a>. "Continued deadlock in the National Assembly and prolonged policy uncertainty could also weigh on consumer and business sentiment."
France will release its business confidence data on December 19. It is forecast to fall to 89 from 97, according to <a href="https://tradingeconomics.com/france/calendar">data</a> on Trading Economics.&nbsp;
<h2 class="wp-block-heading">French Markets Rebound, Showing Modest Response&nbsp;</h2>
Despite Michel Barnier&#8217;s government&#8217;s fall, French markets rebounded, with CAC closing at 7,480 on December 9.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfnN1sCu89deNvAJUchYArWeJb4NNttLToyl2lo7dLQhX6ul4qrRDnkWT22vXqBkx3uxhOyFeOvfDom-z73ty-LdpXzhcxGbb7PjlXc5dFchOpwQtQlxNbLJlWbbfGv4mRPctf0XQ?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
CAC 40 Index, June 2024 &#8211; December 2024, Source: <a href="https://www.marketwatch.com/investing/index/px1?countrycode=fr">Market Watch</a>&nbsp;
Since the vote of no confidence, BNP Paribas gained 6.9%, Credit Agricole rose 5.52%, and Societe Generale climbed as much as 10.4%.
Analysts suggest the modest market reaction indicates that investors had largely priced in the vote's outcome earlier in the week. Still, the ongoing political uncertainty has elevated borrowing costs, with French borrowing costs rising above Greece&#8217;s for the first time.
<h2 class="wp-block-heading">French Government Collapse Impacts Eurozone</h2>
France's instability adds to mounting pressures across the eurozone, including Germany's struggling auto sector and heightened trade tensions with the United States, adding to the eurozone's uncertain <a href="https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/autumn-2024-economic-forecast-gradual-rebound-adverse-environment_en#:~:text=Growth%20in%20the%20EU%20is,of%20continued%20expansion%20of%20demand">economic outlook</a>.
The euro has weakened amid the uncertainty, with EUR/USD slipping to a one-year low, trading around 1.05 on December 10. Following the U.S. election, the EUR/USD slid to a one-year low on November 22 at 1.0412.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcbGfRgr6BEWE8cWM1c_YEnEXAhajccEYADB7MrZDoXzHwWuE29kKubcqCAquKnM1D9xp0Rw1YbeCNno6ewGcDjeag_7bqS6IzuiDExER3553hPi670MDC_yWsHX6uYy8hT-ysKuQ?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
EUR vs. USD, 5 December 2024, Source: <a href="https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html">European Central Bank</a>&nbsp;
Monex Europe senior exchange market analyst Nick Rees <a href="https://www.reuters.com/world/europe/french-lawmakers-set-vote-ousting-prime-minister-barnier-2024-12-04/">said</a> he was "amazed the euro hasn't moved much."&nbsp;
"There are two major powers in Europe, France and Germany, both of which right now are emasculated," Rees said.
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content&nbsp;or&nbsp;accuracy.

French Government Collapse Challenges Macron's Grip on Power

Hong Kong property developer Hysan Development Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hysny#OTC">HYSNY</a>) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1009/2023100900201.pdf" style="color:#0563c1">issued</a> a prospectus for up to $4 billion of medium-term bonds Monday, more than 10 times its average medium-term debt tranche.
The new debt dwarfs the company&rsquo;s previous borrowing amounts. Prior to the multi-billion-dollar debt issue, the company&rsquo;s current average debt tranche for its 5-year or sooner debt was around HK$300 million ($38.5 million) with by far its largest a $400 million 2027 2.85% note maturing in 2027. &nbsp;
The bonds are being issued in the form of zero-coupon notes that are heavily discounted to institutional purchasers, and are priced at a floating rate of forward interest. That means that purchasers of the notes are bullish about Federal Reserve easing now, since if interest rates fall then the bonds will go up in value as the discounted price becomes comparably more attractive to lenders.
The company plans to list the bonds on the Hong Kong exchanges at some point within the next 12 months.
Hysan said that it was issuing the medium-term debt for general corporate purposes. The bonds are unsecured and reliant on a guarantee by Hysan to repay. The notes were <a href="https://www.fitchratings.com/research/corporate-finance/fitch-revises-hysan-outlook-to-negative-affirms-rating-at-a-04-01-2023#:~:text=Liquidity%20and%20Debt%20Structure&amp;text=5%20billion%20in%20short%2Dterm,liquidity%20sources%20and%20financial%20flexibility." style="color:#0563c1">rated</a> A- by Fitch Ratings earlier in the year. According to Fitch, the developer had HK$6.7 billion in cash and HK$4.6 billion in undrawn credit at the start of this year, which was enough to meet its short-term debt repayments. &nbsp;
Fitch said that while it thinks Hysan is more liquid than most developers in Hong Kong right now, it forecasts the company&rsquo;s average borrowing cost will spike to 3.3% in 2023 vs 2.2% last year. The ratings agency also noted that Hysan&rsquo;s leverage had increased to 24.6% by the start of 2023 from 17.9% the year before.
&ldquo;We think Hysan&#39;s liquidity position is solid and it has the resources and ability to reduce debt and improve interest cover via asset monetisation. However, there is uncertainty over the execution of its plans,&rdquo; the ratings agency wrote.
In the note offering, the company indicated that its current repayments were set to peak in 2025 by three times from their current level and again in 2027 by nearly 8 times as its bank debt and other bonds become repayable.
In interim 2023 financials Hysan released in August, the company reported that its revenue and profit were down 9.3% and 12.2% respectively, in 2023. It also said that office rentals were at 89% capacity, quite a bit lower than Fitch&#39;s expectations of 94%.&nbsp;
Bank of America Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) and UBS Group AG (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ubs#NYSE">UBS</a>) are handling the debt issuance while Bank of China Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachf#OTC">BACHF</a>), Credit Agricole SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crarf#OTC">CRARF</a>), JP Morgan Chase &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>), Mitsubishi UFJ Financial Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mufg#NYSE">MUFG</a>) BNP Paribas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTC">BNPQF</a>), Citigroup Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>), DBS Bank Limited, HSBC plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>), Mizuho Financial Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mfg#NYSE">MFG</a>) and Standard Chartered plc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>) are acting as dealers of the notes alongside the lead issuers.
Shares of Hysan Development were off 1.4% in Hong Kong morning trading.
The financing <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35128718/is-there-a-real-estate-bubble-in-hong-kong-thats-about-to-burst">comes at a hairy time for real estate developers and borrowers in Hong Kong</a>, increasing numbers of whom have defaulted on prior years US dollar debt issuances. At the end of last month, China Evergrande Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/egrnf#OTC">EGRNF</a>) defaulted on its US dollar bonds and some investors fear that Country Garden Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ctryy#OTC">CTRYY</a>) may follow suit.
There have been some bright spots lately though. Last week, Sunac China Holdings Limited (NYSE: SNCNF) <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35113705/hong-kong-stocks-gain-some-steam-back-after-citigroup-declares-chinas-cyclical-bottom-is-her" style="color:#0563c1">became the first property developer to successfully restructure its offshore debt</a> when a Hong Kong court granted it permission to reissue $10.2 billion in new debt.

Property Giant Hysan's Borrowing Surges With Fresh $4 Billion Bond Issuance

Royal Bank of Canada&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ry#NYSE">RY</a>) announced the sale completion of its Investor Services&#39; operations in Europe and Malaysia to CACEIS, the subsidiary of&nbsp;Credit Agricole SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/crary#OTC">CRARY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crarf#OTC">CRARF</a>) and&nbsp;Santander UK PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/stndf#OTC">STNDF</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/07/n33092806/caceis-and-royal-bank-of-canada-complete-acquisition-of-rbc-investor-services-operations-in-europe" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">for an undisclosed term.</a>
The deal excludes RBC Investor Services&#39; Canadian operations, combining two asset-servicing solid European operations.
&quot;We are incredibly proud of the business we have built in Europe and pleased that both clients and employees of our business will benefit from being part of what is expected to become one of the largest asset servicing providers in Europe. We believe the complementary services, combined scale and joint expertise of RBC&#39;s Investor Services&#39; European business and CACEIS will bring more opportunity for employees and greater value for clients,&quot; said Francis Jackson, CEO of RBC Investor Services.&nbsp;
In May, RY reported a Q2 FY23 adjusted net income of C$3.8 billion, down 13% Y/Y, and adjusted EPS&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32571134/royal-bank-of-canada-q2-profits-tumble-13-on-huge-provision-for-credit-losses" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">declined by 11% Y/Y to C$2.65</a>.
Price Action: RY shares closed higher by 0.79% at $95.51 on Friday.

Royal Bank Of Canada Sells RBC Investor Services' European And Malaysian Operations

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<h3>Leafly Holdings Taps Suresh Krishnaswamy As New CFO</h3>
The cannabis information platform Leafly Holdings, Inc. recently disclosed that it has <a href="https://www.benzinga.com/markets/cannabis/21/09/23156510/leafly-cannabis-info-platform-names-new-cfo-ahead-of-going-public-on-nasdaq">appointed</a> Suresh Krishnaswamy as its new CFO, ahead of <a href="https://www.benzinga.com/markets/cannabis/21/08/22401229/leafly-cannabis-info-platform-goes-public-via-deal-with-merida-merger-corp-the-combined-company-">going public</a> via a business combination with a special purpose acquisition company Merida Merger Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mcmj#NASDAQ">MCMJ</a>).
Krishnaswamy brings more than 25 years of experience in leading finance and technology roles for global organizations. In his new position, he will lead Leafly&#39;s financial strategy and expansion as a three-sided marketplace.
Prior to this, Krishnaswamy served as a key advisor for NextLevel Business Consulting and as a strategic advisor to a number of companies. He held various roles, including CFO of Drift, a renewable energy marketplace, and worked with major investment banks;&nbsp;Credit Suisse Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cs#NYSE">CS</a>);&nbsp;Bank of America Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>);&nbsp;Credit Agricole (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crarf#OTC">CRARF</a>) and Barclays.&nbsp;
&quot;Suresh&#39;s extensive experience with online marketplaces and digital payments will provide Leafly the financial leadership and strategy needed to keep this promise to our customers,&quot; Leafly CEO Yoko Miyashita, disclosed.
<h3>Former Canopy Growth&#39;s Exec Named As Linneo Health&#39;s New CEO</h3>
Vertically integrated medicinal cannabis supplier Linneo Health said Wednesday, it has appointed Don Bellamy as its new CEO.
Bellamy has more than three decades of experience in the pharmaceutical and regulated cannabis industries, having held roles such as senior vice president of medical products at Canopy Growth Corporation (TSX: WEED) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cgc#NASDAQ">CGC</a>) in Canada.
He is also a founder of the life sciences and medical cannabis consulting firm Goodfriend Consulting.
&quot;Linneo is a leader in the medicinal cannabis space, providing the highest quality product for partners developing cannabis-based therapies for people in need,&quot; Bellamy said. &quot;I am proud to be joining such a dynamic team and a company backed by over 90 years experience in handling controlled substances.&quot;
<h3>Flowhub Welcomes Former Uber General Manager Leandre Johns As COO</h3>
Cannabis software company Flowhub has <a href="https://www.benzinga.com/markets/cannabis/21/09/23146409/exclusive-flowhub-appoints-former-uber-exec-leandre-johns-as-coo">appointed</a> former Uber General Manager Leandre Johns to oversee its operations.
Johns has over 15 years in finance, operations, strategic development, and investing within the transportation and technology sectors.
While working at Uber, Johns helped build the ride-sharing app into the powerhouse it is today.
&quot;Flowhub has a real opportunity to lead the way in helping establish a foundation for how cannabis is legally accessed,&quot; Johns said Wednesday. &quot;For that reason, I&#39;m excited to be able to play a role in shaping the future of Flowhub and the overall cannabis tech industry.&quot;
<h3>Psychiatrist And Pharmacologist Dr. Bryan Roth Joins MindMed&#39;s Scientific Advisory Board</h3>
Psychedelic&ndash;focused Mind Medicine Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mnmd#NASDAQ">MNMD</a>) (NEO: MMED) (DE: MMQ) has tapped Bryan L. Roth, MD, Ph.D., to serve on its scientific advisory board.
Roth, who possesses&nbsp;a&nbsp;vast knowledge of molecular neuropharmacology,&nbsp;is the Michael Hooker Distinguished Professor in the Department of Pharmacology at the University of North Carolina&#39;s (UNC) School of Medicine. He is also the director of the National Institute of Mental Health Psychoactive Drug Screening Program.
Roth&#39;s research focuses on removing the hallucinogenic effects from psychedelic drugs, eliminating the hours-long hallucinatory trips that may turn some patients away from psychedelic-assisted treatments.&nbsp;
&quot;Dr. Roth&#39;s extensive experience in psychiatry and pharmacology will be invaluable in progressing all of our research and development efforts,&quot; MindMed CEO Robert Barrow, recently said. &quot;In the pursuit of reimagining mental health and addiction care, we want to ensure the treatments we&#39;re studying are effective and accessible for as many patients as possible.&quot;
Photo: Courtesy of <a href="https://unsplash.com/@exxteban?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Esteban Lopez</a> on <a href="https://unsplash.com/s/photos/cannabis?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>

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Cannabis Movers & Shakers: Leafly Holdings, Linneo Health, Flowhub, MindMed

The cannabis information platform Leafly Holdings, Inc. has tapped Suresh Krishnaswamy to oversee its financial department.
The move comes ahead of Leafly&#39;s move to go public via a <a href="https://www.benzinga.com/markets/cannabis/21/08/22401229/leafly-cannabis-info-platform-goes-public-via-deal-with-merida-merger-corp-the-combined-company-">business combination</a> with a special purpose acquisition company Merida Merger Corp.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mcmj#NASDAQ">MCMJ</a>).
Based in Seattle, the company revealed in August that it had&nbsp;inked a definitive agreement for the business combination through which Merida will take Leafly&#39;s name and that its common stock will list on NASDAQ under the ticker &#39;LFLY,&#39; creating a combined company that is projected to have a fully diluted business value of around $385 million&nbsp;and an equity value of around $532 million.
With over 25 years of experience in leading finance and technology roles for global organizations, Krishnaswamy&nbsp;will lead Leafly&#39;s financial strategy and expansion as a three-sided marketplace in his role as&nbsp;CFO.
Prior to this, Suresh served as a key advisor for NextLevel Business Consulting&nbsp;and&nbsp;as a strategic advisor to a number of companies. He held&nbsp;various roles, including CFO of Drift, a renewable energy marketplace and worked with major investment banks including Credit Suisse Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cs#NYSE">CS</a>), Bank of America Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>), Credit Agricole (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crarf#OTC">CRARF</a>) and Barclays.
&quot;We are focused on one promise: to be the marketplace of choice for the cannabis community, Leafly CEO Yoko Miyashita, disclosed Tuesday. &quot;Suresh&#39;s extensive experience with online marketplaces and digital payments will provide Leafly the financial leadership and strategy needed to keep this promise to our customers.&quot;
Suresh said he is thrilled to join Leafly, calling it &quot;a cannabis discovery destination for more than 125 million people every year and a business platform for more than 12,400 cannabis brands and retailers combined.&quot;
Leafly&#39;s iOS app update,&nbsp;as of last month,&nbsp;<a href="https://www.benzinga.com/markets/cannabis/21/08/22746963/leafly-launches-iphone-app-to-purchase-from-cannabis-dispensaries-online">enables adults in legal markets to place pickup orders for cannabis products via the app</a>. Currently, iPhone and iPad users can download Leafly&#39;s iOS app via the Apple App Store.
Photo: Courtesy of Leafly Holdings Inc.

Leafly Cannabis Info Platform Names New CFO Ahead Of Going Public On Nasdaq

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