<ul class="summary-list"><li><keyword id="320652" type="COMPANY" weightage="60" keywordseo="AMC-Entertainment">AMC Entertainment</keyword> surged more than 100% Wednesday, leading a broader rally in meme stocks. </li><li><keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword>, the <keyword id="11161176" type="UNKNOWN" weightage="60" keywordseo="meme-stock">meme stock</keyword> that started it all, gained as much as 18%. </li><li><keyword id="1387515" type="COMPANY" weightage="60" keywordseo="Bed-Bath-Beyond">Bed Bath &amp; Beyond</keyword>, <keyword id="6354356" type="UNKNOWN" weightage="60" keywordseo="Blackberry">BlackBerry</keyword>, Virgin Galactic, and Koss Corp., also jumped. </li></ul>Meme stocks rallied in unison Wednesday, led by massive gains in movie theater operator <a href="https://markets.businessinsider.com/news/stocks/amc-launches-program-to-communicate-with-day-traders-2021-6-1030487898">AMC Entertainment</a>. Among the retail favorites gaining steam were Bed Bath &amp; Beyond, GameStop, Virgin Galactic, BlackBerry, Beyond Meat, and Koss Corp. Shares of <keyword id="6358378" type="ORGANIZATION" weightage="60" keywordseo="amc">AMC</keyword> Entertainment led the pack, though. On Wednesday, the stock <a href="https://www.businessinsider.com/amc-stock-price-jumps-redditors-overpower-hedge-fund-share-sale-2021-6">surged as high as 126%</a> to around $72 before paring some gains. <keyword id="1141292" type="PERSON" weightage="60" keywordseo="retail-traders">Retail traders</keyword> have remained bullish on the company despite a <a href="https://markets.businessinsider.com/news/stocks/amc-stock-mudrick-overvalued-offloads-entire-stake-at-profit-2021-6-1030484383">stock dump Tuesday by hedge-fund Mudrick Capital</a> that happened just hours after AMC announced an agreement to sell 8.5 million shares to the fund. Mudrick defended the sale by saying the stock was overvalued. Hashtags #AMCtothemoon and #AMCstock among others trended on Twitter Wednesday as retail traders united behind the company. Meanwhile, GameStop, the meme stock that started it all earlier this year, jumped as much as 18% to trade just below $300. Headphone-maker Koss Corp. gained as much as 37% to around $33. <a href="https://markets.businessinsider.com/news/stocks/bed-bath-and-beyond-stock-price-private-label-launch-bbby-2021-6-1030488647">Bed Bath &amp; Beyond</a>, for its part, surged as much as 57% to around $42. The company announced the launch of its own private label brands as part of its turnaround strategy. Shares of the retailer jumped in January as well amid the GameStop frenzy.<a href="https://markets.businessinsider.com/news/stocks/blackberry-stock-price-jumps-as-redditors-again-seek-short-squeeze-2021-6-1030482339">BlackBerry continued on its rally</a> for the second day as Redditors called for a "squeeze" on short sellers. Shares of the nostalgic telecom company that now works in cybersecurity gained nearly 50% in two days of trading. Space tourism company Virgin Galactic, which had a <a href="https://www.businessinsider.com/virgin-galactic-stock-price-soars-after-launching-successful-flight-2021-5">successful test flight</a> of its spaceship on May 22, jumped as much as 11% Wednesday, and newly minted meme stock Beyond Meat gained as much as 9%. The word "AMC" trended alongside mentions of the other meme stocks, according to data from HypeEquity, along with words like "short" and "squeeze." Retail traders have been targeting stocks with high short interest for months in an effort to cause a short squeeze - meaning those betting against the stocks would lose money. Short sellers have lost billions in the process but some have <a href="https://www.businessinsider.com/amc-short-sellers-dig-in-despite-rally-lose-billions-2021-5">stuck to their positions</a>. If you're a Millennial or Gen Z investor willing to share your investing experience, reach out to the reporter of this article at ndailey@insider.com.

Meme stocks post massive gains led by AMC's unprecedented rally to new heights

<ul><li>The VanEck Vectors Social Sentiment <keyword id="6357062" type="DEFINITION" weightage="60" keywordseo="ETF">ETF</keyword>, which trades as <keyword id="109171" type="COMPANY" weightage="60" keywordseo="Buzz">BUZZ</keyword>, fell as much as 3.4% in its trading debut.</li><li>The ETF follows an index that scrubs internet platforms for stocks enjoying strong positive sentiment.</li><li>Barstool Sports founder <keyword id="4602346" type="PERSON" weightage="60" keywordseo="dave-portnoy">Dave Portnoy</keyword> endorsed the fund on Tuesday, praising it as an effective tool for tracking online traders' favorite picks.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>. </li></ul><hr />The VanEck Vectors Social Sentiment ETF, an exchange-traded fund that follows stocks trending online, dropped as much as 3.4% on its first day of public trading.The ETF, which trades under the ticker BUZZ, aims to capitalize on the growing use of online platforms as a sounding board for trade ideas. The fund tracks an index that scrubs websites like Reddit, StockTwits, and Twitter to determine which stocks are garnering the most positive sentiment online. Holdings are then weighted accordingly.<a href="https://markets.businessinsider.com/stocks/twtr-stock">Twitter</a>, <a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a>, and <a href="https://markets.businessinsider.com/stocks/f-stock">Ford</a> are the fund's biggest holdings as of Thursday. That lineup will be rebalanced each month to better adhere to online stock-search trends.BUZZ traded at $23.61 per share as of 11:05 a.m. ET.The ETF's debut comes roughly one month after day traders congregating on r/WallStreetBets collectively drove <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> shares to dizzying heights. Other so-called <keyword id="10688429" type="UNKNOWN" weightage="60" keywordseo="meme-stocks">meme stocks</keyword> including <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC</a>, <a href="https://markets.businessinsider.com/stocks/expr-stock">Express</a>, and <a href="https://markets.businessinsider.com/stocks/koss-stock">Koss</a> also rallied as the trend fueled unexpected volatility. The stocks' surge reversed soon after, but the price action left a lasting impact.The Reddit-trader phenomenon prompted Wall Street to pay more attention to online chatter. Hedge funds <a href="https://www.businessinsider.com/hedge-funds-data-reddit-tracking-wallstreetbets-tickers-gamestop-short-yolo-2021-1">created tools for monitoring posts</a> on Wall Street Bets and other forums, both to protect their own short bets and see where the day traders could strike next.Investors looking to use BUZZ to profit from the online traders' rapid-fire moves are likely out of luck. The ETF's underlying index of online chatter measures conversation on stocks over a 12-month period, therefore leaving out whatever may be the next GameStop or AMC. Companies must also have a market capitalization of at least $5 billion to be included in the 75-stock ETF.The ETF still has backing from one of the more internet-savvy day traders. Barstool Sports founder Dave Portnoy <a href="https://markets.businessinsider.com/news/stocks/dave-portnoy-buzz-vaneck-social-sentiment-etf-tracking-reddit-video-2021-3-1030141965">endorsed the fund</a> in a Tuesday <a href="https://twitter.com/stoolpresidente/status/1366757688542191619">video</a>, praising the instrument as an effective way to bet on the internet's favorite equities."There is a new ETF launching that I'm a part of, that I'm putting my face behind, my reputation behind," Portnoy said.Portnoy's popularity surged through the pandemic after starting <keyword id="9417237" type="UNKNOWN" weightage="60" keywordseo="davey-day-trader">Davey Day Trader</keyword> Global, a live-stream hosted by the Barstool founder that featured him making quick bets in the stock market. The show preceded the January GameStop phenomenon and has since been viewed as a sign of retail investors' new prominence in the market.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-back-to-normal-beneficiaries-vaccines-ubs-2021-3" target="_blank" rel="noopener">UBS: Buy these 14 back-to-normal stocks now before a 'sharp acceleration' in consumer spending in Q2 as vaccinations pick up</a>

BUZZ ETF dips in trading debut as investors pass on internet-favorite stocks

<ul class="summary-list"><li>Sen. <keyword id="213453" type="PERSON" weightage="60" keywordseo="Elizabeth-Warren">Elizabeth Warren</keyword> and AOC slammed hedge funds who criticized the <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> traders.</li><li>Both say Wall Street investors and hedge funds have long treated the <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword> like a casino.</li><li>Redditors on a popular subreddit are driving shares of GameStop higher, sending the stock price soaring. </li></ul>Sen. Elizabeth Warren of Massachusetts slammed hedge funds and investors who were criticizing the traders driving up GameStop stock, saying they've treated the stock market "like their own personal casino" and calling for stricter regulations. "With stocks soaring while millions are out of work and struggling to pay their bills, it's not news that the stock market doesn't reflect our actual economy," Warren said in a Wednesday statement. "For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price."Warren, a 2020 presidential candidate and one of the nation's leading experts on bankruptcy and consumer-protection law, added: "It's long past time for the SEC and other financial regulators to wake up and do their jobs - and with a new administration and Democrats running Congress, I intend to make sure they do." Read more: <a href="https://www.businessinsider.com/gamestop-shareholder-3-billion-richer-one-week-rally-reddit-chewy-2021-1">One GameStop shareholder got $2.7 billion richer in one week, and the rally isn't over yet</a>The progressive Democratic Rep. Alexandria Ocasio-Cortez of New York echoed Warren's sentiments, <a href="https://twitter.com/aoc/status/1354536220110577664?s=21">tweeting on Wednesday</a>: "Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino."Earlier this month, a group of traders on the popular subreddit r/wallstreetbets <a href="https://markets.businessinsider.com/news/stocks/reddit-day-traders-wallstreetbets-gamestop-gme-rally-upending-stock-market-2021-1-1030009280">decided to buy shares and options of the video-game retail store GameStop en masse</a> on platforms like Robinhood and Ameritrade, which sent the stock price of the struggling retailer soaring nearly $350 a share as of Wednesday afternoon. The stock was as low as $3 to $5 a share in the summer before it rose to under $20 at the beginning of this year.The huge rally of GameStop stock has made countless Redditors huge profits (at least temporarily) and caused major headaches <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-short-seller-squeeze-losses-reddit-traders-citron-gme-2021-1-1030000080">for big hedge funds and investors who were also shorting GameStop's stock</a>.The "Big Short" investor Michael Burry was among the biggest names <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-gamestop-stock-price-rally-insane-dangerous-2021-1-1030006593">criticizing</a> the day traders driving up GameStop's price, calling the surge "unnatural, insane, and dangerous." Nasdaq CEO Adena Friedman <a href="https://markets.businessinsider.com/news/stocks/nasdaq-monitors-social-media-halts-unusual-trading-friedman-market-manipulation-2021-1-1030011156">said the exchange</a> could halt trading if it noticed a connection between discussions on social media and volatility in a certain stock. One hedge fund, Melvin Capital, <a href="https://markets.businessinsider.com/news/stocks/steve-cohen-ken-griffin-invest-3-billion-gamestop-short-seller-2021-1-1030003305">was down 30%</a> for the year as of Tuesday because of its short positions on GameStop.<a href="https://www.businessinsider.com/why-gamestop-stock-reddit-wallstreetbets-2021-1">Insider's Ben Gilbert and Allana Akhtar recently reported</a> the GameStop-buying Redditors on the forum were driven by a number of motives, including GameStop looking like a more promising investment at the very beginning of the year, partly because of Chewy cofounder Ryan Cohen joining the company's board and buying a 12% stake in the retailer.Even more potently, Reddit traders also appear motivated by a desire to publicly embarrass and get under the skin of the big firms and investors shorting GameStop, <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-short-sellers-melvin-capital-citron-surrender-bets-gme-2021-1-1030010382">particularly Melvin Capital and the Citron Research investor Andrew Left</a>, who has feuded with and poked fun at the traders on Reddit at certain points. While some commentators have said the rush to buy GameStop <a href="https://www.bloomberg.com/opinion/articles/2021-01-26/will-wallstreetbets-face-sec-scrutiny-after-gamestop-rally">is just a way to "meme-ify" a stock</a> or <a href="https://www.bloomberg.com/opinion/articles/2021-01-27/gamestop-short-squeeze-is-rage-against-the-financial-machine">a populist revolt against the big Wall Street firms and investors who run the markets</a>, others, like Insider's Linette Lopez, said <a href="https://www.businessinsider.com/reddit-gamestop-traders-are-not-what-you-think-they-are-2021-1">the GameStop surge could be a more nefarious scam or grift on the Redditors</a> led by more experienced options traders. Some traders <a href="https://markets.businessinsider.com/news/stocks/highly-shorted-stocks-soaring-reddit-wallstreetbet-traders-wall-street-2021-1-1030011346">have also begun helping revive the stock prices</a> of other frequently shorted stocks, including AMC, Bed Bath &amp; Beyond, Blackberry, Koss headphones, and Nokia.Read more: <a href="https://www.businessinsider.com/why-gamestop-stock-reddit-wallstreetbets-2021-1">The 4 main reasons that GameStop stock became the target of a Reddit forum with more than 2 million members</a><a href="https://markets.businessinsider.com/news/stocks/ameritrade-restricts-trading-gamestop-amc-trading-platforms-struggle-historic-volume-2021-1-1030011248">Ameritrade restricts trading in GameStop, AMC as trading platforms struggle to keep up with historic volume</a><a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-short-sellers-melvin-capital-citron-surrender-bets-gme-2021-1-1030010382">GameStop short-sellers Melvin Capital and Citron surrender bearish bets after 700% rally drives huge losses</a>

Elizabeth Warren and AOC slam Wall Streeters who criticize the GameStop rally, saying they treat the stock market like a 'casino'

<ul class="summary-list"><li>Robinhood traders will now be allowed to buy up to 100 shares of GameStop.</li><li>Shares of Koss, Blackberry, and Genius Brands have been unrestricted entirely.</li><li>Robinhood explained its move to restrict trading in a blog post on Friday after being sued by customers.</li></ul>Robinhood continues to rollback its trading limits on stocks favored by Reddit's Wall Street Bets forum and retail traders.The company released <a href="https://robinhood.com/us/en/support/articles/changes-due-to-recent-market-volatility/">a revised restricted list</a> Tuesday morning that shows customers how many shares of each popular stock can be bought at this time.According to the list, Robinhood customers can now buy up to 100 shares of GameStop, an 80 share increase from the 20 shares the app previously allowed.Other major stocks listed on the restricted list include AMC, Express, Naked Brand, and Nokia. While Koss, BlackBerry, and Genius Brands were removed from the restricted list entirely.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-heavily-shorted-companies-overweights-wells-fargo-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Buy these 26 heavily shorted stocks as retail traders trigger wild rallies in Wall Street's least liked names, Wells Fargo says</a><div type="image" title="Robinhood restricted chart." height="356" width="631" msid="80656445" hostid="261"></div>Despite the easing restrictions, customers will still be limited in what they can buy. Robinhood says customers won't be able to open new positions in any of the securities listed unless their account holdings are below the respective limit.Customers also won't be allowed to buy fractional shares at this time.The company was hit by accusations of market manipulation at the behest of hedge funds when it first restricted buying of certain stocks last week, and in the days since, the brokerage has been hit with <a href="https://www.theverge.com/2021/2/1/22254656/robinhood-gamestop-stonks-trade-freeze-class-action-lawsuits">dozens of legal suits.</a>In an attempt to explain the situation, Robinhood released <a href="https://blog.robinhood.com/news/2021/1/29/what-happened-this-week">a blog post</a> last Friday detailing the challenges the brokerage has experienced since the start of the Reddit-fueled day trading saga.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cyclicals-gamestop-reddit-goldman-sachs-kostin-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 35 stocks that are unruffled by GameStop mania and set to rally as the economic recovery gains speed</a>.In the article, Robinhood explains how clearinghouses work and the financial requirements for brokerages. The company argues it wasn't their choice to restrict buying but rather a function of clearinghouse requirements meant to prevent systemic risk."It was not because we wanted to stop people from buying these stocks." Robinhood said, "We did this because the required amount we had to deposit with the clearinghouse was so large-with individual volatile securities accounting for hundreds of millions of dollars in deposit requirements-that we had to take steps to limit buying in those volatile securities to ensure we could comfortably meet our requirements."Robinhood was hit so hard by clearinghouse requirements after Reddit traders jumped into popular stocks that they were forced to ask investors to put $1 billion into the company. And on Monday, the company raised an <a href="https://markets.businessinsider.com/news/stocks/robinhood-raises-additional-24-billion-reddit-daytrader-gamestop-amc-frenzy-2021-2-1030029079">additional $2.4 billion</a>.Now, House Democrat Maxine Waters is likely to call on Robinhood's CEO Vlad Tenev to testify in Congress on February 18, <a href="https://www.politico.com/news/2021/02/01/robinhood-ceo-testify-maxine-waters-464491" target="_blank" rel="nofollow noopener">Politico</a> reported.

Robinhood raises trading limits on popular restricted stocks, allowing customers to buy up to 100 shares of GameStop

<ul class="summary-list"><li><keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword>, <keyword id="10384801" type="UNKNOWN" weightage="60" keywordseo="webull">Webull</keyword>, <keyword id="907767" type="COMPANY" weightage="60" keywordseo="M1">M1</keyword> and other platforms said some <keyword id="4256726" type="PERSON" weightage="60" keywordseo="gme">GME</keyword> and <keyword id="6358378" type="ORGANIZATION" weightage="60" keywordseo="amc">AMC</keyword> trading would resume.</li><li>Robinhood put in place purchase limits and tightened margin requirements.</li><li>Platforms warned that they may have to tighten restrictions on GME and others on Friday.</li></ul>Robinhood, Webull, M1 and other platforms have lifted curbs on activity after <a href="https://markets.businessinsider.com/news/stocks/robinhood-removes-gamestop-amc-reddit-wallstreetbets-fueled-stock-rally-gme-2021-1-1030015292">limiting the buying of shares and options in companies</a> such as <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> and AMC on Thursday in response to a Reddit-driven frenzy.Some platforms said their clearing systems could not withstand the huge volatility, while others cited a desire to prevent customers losing money.The moves <a href="https://www.businessinsider.com/gamestop-stock-trading-robinhood-users-critics-revolt-2021-1">infuriated day traders</a> and helped send the <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop, or GME, price</a> tumbling 44.29% to $193.60 at the close.Here's what Robinhood, Webull, M1, E-Trade, Trading 212 and others were saying on Friday morning.RobinhoodDay-trader favorite Robinhood said that it will restrict the number of purchases users can make of certain popular stocks on Friday.For example, it <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Frobinhood.com%2Fus%2Fen%2Fsupport%2Farticles%2Fchanges-due-to-recent-market-volatility%2F">said in a statement</a> that users will only be able to increase the number of GameStop and AMC shares and options contracts they hold by a limited amount.Robinhood on Thursday disabled trading in stocks such as GameStop, AMC and Nokia, allowing users to close out positions only.The app said it would "make adjustments as needed" on Friday.WebullWebull said on Thursday afternoon that GME, AMC and KOSS "are no longer restricted". That cleared the way for trading to resume on Friday.The no-commission platform on Thursday stopped purchases of GameStop, cinema chain AMC and headphone-maker Koss Corporation "due to extreme volatility" and pressure on its clearing firm.Read More: <a href="https://www.businessinsider.com/stock-market-short-squeeze-reddit-day-trading-advice-ally-invest-2021-1" target="_blank" rel="noopener noreferrer">A chief investment strategist breaks down how the GameStop saga could upend long-standing practices on Wall Street - and shares her 4-part advice for navigating the frenzied trading environment</a>M1 FinanceM1 said on Thursday that its clearing system had <a href="https://twitter.com/M1_Finance/status/1354891973061173253?s=20">given it the green light</a> for trading to resume through its app. "Trades will go through at our window normally," it said on Thursday evening.The trading platform had stopped trading in GME, AMC and KOSS, saying its clearing firm Apex Clearing had forced its hand.<keyword id="22377" type="ORGANIZATION" weightage="60" keywordseo="public">Public</keyword>Public, which also uses Apex as its clearing firm, <a href="https://twitter.com/public/status/1354877232762810370?s=20">said on Thursday</a> that users would be able to buy GameStop, AMC and Koss shares.E-TradeE-Trade has resumed all trading, as it said it expected to on Thursday in a statement to <a href="https://www.theverge.com/2021/1/28/22254863/etrade-gamestop-amc-stock-reddit-wallstreetbets-robinhood">The Verge</a>.The popular platform stopped customers from buying shares in GameStop and AMC on Thursday, according to media reports and traders posting on social media.<div type="image" title="WallStreetBets logo" height="2725" width="4581" msid="80588745" hostid="261"></div>Interactive BrokersInteractive Traders has stopped the purchase of options on GameStop, AMC, Koss, BlackBerry and others, but stocks can still trade.On Thursday night it <a href="https://twitter.com/IBKR/status/1354913175918047234?s=20">tweeted a statement</a> saying it "will continue to monitor market conditions and may add or remove symbols as may be warranted".Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-expected-outperform-earnings-2022-morgan-stanley-2021-1" target="_blank" rel="noopener noreferrer">MORGAN STANLEY: Buy these 17 stocks with strong earnings that are expected to outperform into 2022 even if the broader market sinks</a><keyword id="342799" type="COMPANY" weightage="60" keywordseo="TD-Ameritrade">TD Ameritrade</keyword>TD Ameritrade has continued to allow customers to freely make basic buy and sell transactions. But it has tightened some restrictions on shares and options trading in GameStop, AMC, Bed Bath &amp; Beyond, and others.As well as basic buy and sell transactions, customers can also make long calls and puts.But all covered call and short put trades may only be placed with a broker. And investors cannot borrow against the restricted stocks to buy more shares. All the <a href="https://www.tdameritrade.com/td-ameritrade-trading-restrictions-stocks.page">details can be found here.</a>TD said it "may also implement additional restrictions on the opening of option trades that expire Friday, January 29".Charles SchwabCharles Schwab is part of the same company as TD Ameritrade, and <a href="https://www.aboutschwab.com/schwab-statement-on-recent-trading-activity">it said</a> the same restrictions apply.Trading 212Trading 212 on Friday enabled the trading of GameStop and AMC again. But <a href="https://twitter.com/Trading212/status/1355074914202628098?s=20">it warned about</a> "the high risk of long execution disruptions for both BUY and SELL orders caused by the extreme market activity".Trading 212 - which is very popular with UK day traders - had curbed trading on Thursday.Read More: <a href="https://www.businessinsider.com/option-investing-strategies-downside-protection-ubs-reddit-stock-frenzy-2021-1" target="_blank" rel="noopener noreferrer">As Redditors flood the stock market, UBS breaks down 6 options strategies investors can use right now to protect their portfolios</a>FreetradeFreetrade said on Friday that it has had to disable all buy orders on US stocks. <a href="https://twitter.com/freetrade/status/1355161107699273729?s=20">It said</a> "a sudden and unexpected decision by our FX provider, and their bank, to limit our volume of trades" was to blame.eToroeToro said on Friday that it had re-enabled trading in GME, after its liquidity provider gave it the green light. Yet <a href="https://etoro.tw/2Yni9MQ">it warned that</a> market conditions meant it "may need to introduce restrictions to GME and other stocks at very short or no notice".eToro had curbed trading of GameStop on Thursday, telling users they could only sell or hold the stock.RevolutTrading on Revolut resumed as normal on Friday, although the company continues to monitor the situation.This article previously said TD Ameritrade had halted the purchase of shares such as GameStop on Thursday, but it had in fact only tightened up its rules, including by adjusting margin requirements.

Robinhood, Webull, M1 and these other platforms have resumed trading of GameStop and AMC shares

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Happy Friday,History made: The House <a href="https://www.businessinsider.com/us-congress-marijuana-vote-more-act-cannabis-decriminalization-2020-12">voted to federally decriminalize marijuana</a> and expunge records of those convicted under previous laws by a margin of 228 to 164. It's the first time that a chamber of Congress has passed decriminalization, even if the bill's chances in the Senate are slim. Also, of note, cannabis consumers spent approximately $238 million on <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> over Thanksgiving weekend, according to data compiled by cannabis tech company Akerna. The sales on what the cannabis industry calls Green Wednesday - the Wednesday ahead of Thanksgiving - were 80% above the daily average for the year. -Jeremy (<a href="https://twitter.com/jfberke">@jfberke</a>) &amp; Yeji (<a href="https://twitter.com/jesse_yeji">@jesse_yeji</a>)Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/us-congress-marijuana-vote-more-act-cannabis-decriminalization-2020-12">US lawmakers just voted to decriminalize marijuana - here's what you need to know</a></h3>US lawmakers just voted for the first time to federally decriminalize cannabis.The bill, called the Marijuana Opportunity Reinvestment and Expungement Act, or the "<a href="https://www.congress.gov/bill/116th-congress/house-bill/3884?q=%7B%22search%22%3A%5B%22Marijuana%22%5D%7D&amp;s=3&amp;r=11amp;r=11">MORE Act</a>, would end criminal penalties for anyone who sells cannabis in states where that's legal, decriminalize the use of cannabis throughout the US, and formally allow states to chart their own course in establishing commercial marijuana sales.<h3><a href="https://www.businessinsider.com/cannabis-investors-on-how-to-understand-and-win-the-industry-2020-11">From ETFs to over-the-counter stocks, here's how to invest in the booming cannabis industry, according to 2 expert investors</a></h3>Figuring out how to invest in cannabis can be complicated, though there are a few ways retail investors can get in on the green rush. David Bonnier, founding partner at cannabis investment firm Enexis, and Mitch Baruchowitz, managing partner at Merida Capital Partners, offered their insight into what investors should consider when looking at the industry. In short, both investors say that though tools like exchange-traded funds (ETFs), which offer diversified portfolios of stocks, are a good option "if you don't want to do much work," doing research into the companies and markets themselves are the keys to successfully investing in the nuanced space.<h3><a href="https://www.businessinsider.com/oregon-therapeutic-psilocybin-program-market-opportunity-psychedelic-giants-2020-11">Oregon made history by becoming the first state to legalize a therapeutic psilocybin program, but psychedelics companies like ATAI and MindMed say they don't plan to jump in anytime soon</a></h3>Oregon made history in November when it passed a measure to create a regulated therapeutic psilocybin program, opening the door to what could be the first legal market for psychedelic medications on the state level. But psychedelics giants like ATAI, MindMed, and others say they're unlikely to dive into the state, citing the unknowns surrounding the program as well as the risk associated with entering a market that's still illegal on the federal level.<h3><a href="https://www.businessinsider.com/us-cannabis-market-size-projection-100-billion-by-2030-2020-12">The legal cannabis industry could skyrocket to $100 billion in the US alone in a decade</a></h3>Cannabis is expected to become a $100 billion industry by 2030, according to analysts from Cowen. The analysts projected growth in legal sales and illicit sales to give a picture of what the total market could look like in the US by 2030 if marijuana is federally legalized. <div type="image" title="Aurora Cannabis" height="1055" width="2000" msid="79573606" hostid="261"></div><h2>Executive Moves</h2><ul><li>Henning von Koss <a href="https://www.newswire.ca/news-releases/pharmacielo-ltd-announces-new-leadership-819373568.html">will take over from David Attard</a> as PharmaCielo's CEO. Attard will be leaving the company.</li><li>Barry Fishman is <a href="https://www.newswire.ca/news-releases/vivo-cannabis-tm-announces-board-and-leadership-changes-814391046.html">stepping down from the CEO role</a> at Vivo Cannabis. He'll be replaced by Richard Fitzgerald on an interim basis. </li><li>Tracy McCourt is <a href="https://www.businesswire.com/news/home/20201203006017/en/MedMen-Announces-Tracy-McCourt-as-New-Chief-Revenue-Officer#:~:text=MedMen%20Announces%20Tracy%20McCourt%20as%20New%20Chief%20Revenue%20Officer,-McCourt%20joins%20the&amp;text=In%20this%20role%2C%20McCourt%20will,merchandising%20and%20business%20intelligence%20efforts.rts.">joining MedMen</a> as the cannabis retailer's chief revenue officer. She previously led a brand strategy team at Zappos.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li> Ayr Strategies is acquiring CannTech PA in a $57 million deal. The acquisition is <a href="https://www.globenewswire.com/news-release/2020/11/27/2135542/0/en/Ayr-Strategies-Moves-to-Definitive-Merger-Agreement-with-CannTech-PA-LLC.html">expected to close</a> this month. </li><li>Columbia Care is <a href="https://col-care.com/2020/09/08/columbia-care-signs-definitive-agreement-to-acquire-california-based-project-cannabis/">acquiring LA-based Project Cannabis</a> in a $69 million cash-and-stock deal.</li><li>Hydroponics company Hydrofarm is <a href="https://www.globenewswire.com/news-release/2020/12/01/2137902/0/en/Hydrofarm-Holdings-Group-Announces-Launch-of-Initial-Public-Offering.html">preparing to go public</a> on the Nasdaq Global Market. JP Morgan and Stifel are acting as bookrunners on the offering. </li><li>Sanity Group, a German cannabis startup, has <a href="https://www.prnewswire.com/news-releases/william-alyssa-milano-invest-in-europes-leading-cannabis-startup-sanity-group-301182550.html">raised $4.8 million from a group of investors</a> including Will.i.am and Alyssa Milano. The new funding brings the startup's total amount raised to $29 million. </li><li>Ackrell SPAC Partners filed with the SEC on Tuesday to <a href="https://www.renaissancecapital.com/IPO-Center/News/73670/Ackrell-SPAC-Partners-I-a-SPAC-targeting-branded-consumer-goods-files-for-a">raise $100 million to go after deals</a> in the hemp and CBD space. The SPAC will list on the NASDAQ under the ticker ACKIU.</li></ul><h2>Earnings roundup</h2><ul><li>4Front <a href="https://www.prnewswire.com/news-releases/4front-announces-third-quarter-2020-results-and-business-update-301181889.html#:~:text=(CSE%3A%20FFNT)%20(OTCQX,U.S.%20dollars%20unless%20otherwise%20indicated.&amp;text=Q3%202020%20Systemwide%20Pro%20Forma,over%20quarter%20to%20%2422.3%20million.ion.">reported $22.3 million in pro forma revenue</a> and a $3.9 million net loss for Q3.</li><li>Organigram reported <a href="https://www.newcannabisventures.com/organigram-fiscal-q4-revenue-increases-13-sequentially-to-20-4-million/">$20.4 million in revenue</a> and a net loss of $38.6 million for the three months that ended August 31.</li></ul><h2>Policy moves</h2><ul><li>The United Nations on Wednesday <a href="https://www.nytimes.com/2020/12/02/world/europe/cannabis-united-nations-drug-policy.html">voted to reschedule cannabis</a> and acknowledge that the plant has therapeutic value and is not "liable to produce ill-effects."</li><li>The NBA said it <a href="https://nba.nbcsports.com/2020/12/03/report-nba-to-continue-policy-of-not-testing-players-for-marijuana/">will not test players for marijuana use</a> this upcoming season, building off of the league's decision to not test players entering the NBA bubble in Orlando to finish the previous season. Marijuana is still on the NBA's banned substances list. </li></ul><h2>Science and research</h2><ul><li>New York University's Public Safety Lab compiled statistics on cannabis and incarceration in the US by county as part of its <a href="https://publicsafetylab.org/jail-data-initiative">Jail Data Initiative</a>. </li><li>Research conducted at the University of Western Ontario and <a href="https://www.schulich.uwo.ca/about/news/2020/december/research_news_molecule_found_in_green_tea_may_block_negative_effects_of_chronic_cannabis_use.html">published in the Journal of Neuroscience</a> found that a molecule in green tea can mitigate the harm of chronic adolescent cannabis use. </li><li>A new study published in the <a href="https://www.sydney.edu.au/news-opinion/news/2020/12/02/Cannabidiol-CBD-in-cannabis-does-not-impair-driving-landmark-study-shows.html#.X8aT05nLNQw.reddit">Journal of the American Medical Association and led by the University of Sydney found</a> that CBD when administered without THC, does not negatively impair drivers. The study also found that THC caused mild impairment on drivers though the effects faded after four hours. </li></ul><h2>Chart of the week</h2>Cannabis debt raises are rising across the US, according to data from Viridian Capital Advisors. Between 2019 and 2020, debt raises among cannabis companies have almost doubled - from $563 million to $940 million. They've also moved East - as has M&amp;A activity. This year, the three states of Illinois, Massachusetts and New York made up 93% of debt issuance, much of which came from larger players like Curaleaf, LeafLink, and Cresco.<div type="image" title="Cannabis debt financing is rising" height="1356" width="1320" msid="79573608" hostid="261"></div><h2>What we're reading</h2><a href="https://www.rollingstone.com/culture/culture-features/more-act-marijuana-legalization-bill-vote-1097723/">Inside the Weed Legalization Bill Congress Is Voting on This Week</a> (Rolling Stone)<a href="https://cannabiswire.com/2020/12/03/who-lobbied-on-the-more-act/">Who lobbied on the MORE Act?</a> (Cannabis Wire)<a href="https://www.politico.com/news/magazine/2020/11/27/toke-lahoma-cannabis-market-oklahoma-red-state-weed-legalization-437782">How One of the Reddest States Became the Nation's Hottest Weed Market</a> (Politico)<a href="https://www.bnnbloomberg.ca/canntrust-to-sell-legal-pot-again-as-it-looks-to-recover-from-illicit-production-scandal-1.1530656">CannTrust to sell legal pot again as it looks to recover from illicit production scandal</a> (BNN Bloomberg)<a href="https://www.scientificamerican.com/article/psilocybin-treatment-for-mental-health-gets-legal-framework/">Psilocybin Treatment for Mental Health Gets Legal Framework</a> (Scientific American)

House votes to decriminalize marijuana

<div class="image-container float_right" style="width:480px"><div class="image"><img src="http://static3.businessinsider.com/image/5216907469beddd06a000014-600-450/panicroom.jpg?maxX=480&amp;maxY=360" border="0" alt="panic room" width="480" height="360" />Columbia Pictures Corporation</div></div>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
<a href="http://online.wsj.com/article/SB10001424127887324165204579028782974753174.html?mod=WSJ_WealthAdviser_WhatsNews_3_3_RightBottom">4 Things Advisors Can Do To Calm Clients Worried About Rising Rates</a> (The Wall Street Journal) 
Clients are worried about the impact of higher rates on their portfolios. In addressing their concerns, W.J. Rossi of Florida-based Koss Olinger Financial Group thinks advisors should address this in terms of the clients' long-term goals and not around what's in the headlines.
First, advisors should remind clients that the bond market is less volatile than the stock market. "The Barclays U.S. Aggregate Bond Index, for example, had a standard deviation of returns of 3.57% over the last 15 years whereas the S&amp;P 500 had a standard deviation of 16.19%," Olinger writes in a WSJ column. 
Second, the bond market has only had "two calendar years of negative returns." These occurred in a rising rate environment, and to address this advisors can pull "bonds with a duration or maturity lower than the benchmark you are using for your client," or hold cash for liquidity. Third advisors can help them diversify into corporate and international bonds. And finally, they shouldn't lose sight of the client's long-term goals.
<a href="http://www.fa-mag.com/news/nearly-a-third-of-advisor-clients-keep-secrets--a-new-survey-says-15247.html">29% Of Clients Keep Secrets From Their Financial Advisors</a> (FA Mag)
29% of financial advisor clients surveyed by Securian Financial Group said they don't tell their advisors about everything that could affect their finances, reports FA Mag. 52% said the information was too personal to share. 45% said these wouldn't impact their financial strategies and 20% said the secrets were too embarrassing. The secrets were typically about health concerns, private investments or marital woes. 
"If they keep secrets, they likely have duplication in their investment portfolios, are underinsured or carry debt that eats away at their net worth,” Nicole Winter Tietel of Winter &amp; Associates told FA Mag. "Ultimately, they are taking more risk."
<a href="http://www.investmentnews.com/article/20130821/FREE/130829989">UBS Gets Veteran Advisor From Morgan Stanley</a> (Investment News)
Former Morgan Stanley advisor John Rasweiler has joined UBS Financial Services. Rasweiler's team handles $4.8 billion in assets. John Cusate, Jack Riley, Michael Jordao, Jesse Kent and William Burke joined his team.
<a href="http://www.businessinsider.com/hedge-fund-performance-through-august-9-2013-8">Hedge Funds Would Be Doing Great If They Weren't Shorting Stocks</a> (Goldman Sachs)<a href="http://www.businessinsider.com/hedge-fund-performance-through-august-9-2013-8"></a>
While the S&amp;P 500 has been up 15% since the start of the year, the average equity hedge fund has been up 4.1% through August 9. In a new report, Goldman Sachs' Amanda Schneider writes that it is hedge funds' short positions that have been hurting them. 
"Unfortunately, many widely-held short positions continue to outperform, offsetting the strong performance of popular longs and hampering overall hedge fund returns. Our basket of S&amp;P 500 stocks with the largest dollars of shorts has returned 20% YTD, in line with the S&amp;P 500. In addition, the 50 stocks over $1 billion market cap with the highest short interest as a percentage of market cap returned an average of 30%. Fully 12 of the 50 key short positions have returned more than three times the S&amp;P 500 return."
<div class="image-container" style="width:801px"><div class="image"><img src="http://static2.businessinsider.com/image/5214b84f6bb3f7df5800001b-985-711/chart-851.jpg" border="0" alt="chart" width="801" height="577" />Goldman Sachs</div></div>
<a href="http://wealthmanagement.com/client-relations/face-time">Clients Want More Face-Time With Their Advisors</a> (WealthManagement.com)
Registered independent advisors (RIAs) spend 52% of their time with client-facing, while independent broker dealers (IBD) spend about 56% of their time on such activities, according to Cerulli Associates. "If you don’t handle your time with clients right, you become more reactive, and that’s dangerous to your practice," Bob Patrick or Raymond James told WealthManagement.com. "Clients want more individualized communication than ever before."

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House votes to decriminalize marijuana

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