The best places to park your short-term investments
As you sift among the various options for your short-term investments, keep these key items on your dashboard: yield, guarantees, liquidity and your individual situation.
The short-term investments that promise the highest yields often come with at least some risk and/or constraints on your daily access to funds. It may be that you're just looking for the highest safe yield and don't care that much about liquidity. Or maybe having ready access to your funds is the name of the game.
Also think through whether you value an ironclad guarantee or are willing to go without in exchange for a potentially higher yield. Some cash instruments are fully FDIC-insured, while others are not. On the short list of FDIC-insured investments are checking and savings accounts, CDs, money market accounts (not to be confused with money market mutual funds), and online savings accounts.
Certificates of deposit
CDs will typically offer the most compelling yields of all cash instruments, and they're also FDIC-insured.
Yet there are a couple of caveats. One is that minimum deposits for the highest-yielding CDs might be $25,000 or even higher. There's also a trade-off on the liquidity front: You'll usually pay a penalty if you need to crack into your holdings before the maturity date. The longer the term of the CD, the bigger the penalty for cashing out early.
Online savings accounts
If you want daily liquidity, a decent yield, and FDIC protection, your best bet will tend to be a high-yield savings account through an online bank or a savings account through a credit union. The former offers FDIC protection, up to the limits, whereas credit union accounts are insured by another entity, the National Credit Union Administration.
Money market mutual funds
Money market mutual funds also offer daily liquidity and the convenience of having those funds live side by side with your long-term investments. But money market fund yields are still generally below those of online savings accounts today. Additionally, money market mutual funds aren't FDIC-insured, though in practice most funds have done an excellent job of maintaining stable net asset values.
Don't confuse money market mutual funds with brokerage sweep accounts, though both are offered by investment providers. Interest rates on brokerage sweep accounts, which hold investors' cash that hasn't yet been invested, have ticked up a bit recently but are still well below other cash options.
Stable-value funds
Stable-value funds are another example of an investment that offers an often-decent yield in exchange for not checking the liquidity and guarantee boxes.
Stable-value funds are only accessible inside of company retirement plans. They invest in bonds, so they're not FDIC-insured; to protect investors' principal, they employ insurance wrappers to help maintain a stable net asset value. Just bear in mind that stable-value funds carry drawbacks. Because you can only own such a fund within a 401(k), you'll pay taxes and penalties to withdraw your money before retirement unless you meet certain criteria. So don't think of a stable-value fund as an emergency fund unless you're already retired or close to it.
Honorable mention: I Bonds
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In contrast with the preceding investment types, I bonds are the only safe investment vehicles that will guarantee to make investors whole with respect to inflation. I bonds are Treasury bonds that pay a fixed rate of interest as well as another layer of interest that varies with the current inflation rate, as measured by the Consumer Price Index.
As attractive as that is, it comes with a few asterisks. If you redeem an I bond within five years of buying it, you'll forfeit three months' worth of interest. Purchase constraints are another drawback for large investors.
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This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance
Christine Benz is the director of personal finance and retirement planning at Morningstar.
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Unrealized fair value gain amounts on growth of biological assets (122,766) (403,414) Changes in fair value of inventory sold 519,165 927,479 Deferred incomes taxes (53,161) (93,251) Share-based compensation 767,609 56,185 Stock option expense - Accretion expense 220,133 381,663 Accrued interest (383,504) - Loss on equity method investment 79,627 Gain on extinguishment on note receivable - (Gain) Loss on disposal of property & equipment 26,715 2,177 (Gain) / Loss on warrants asset 1,172,493 (1,292,847) (Gain) loss on fair value of derivative liability (2,843,248) 5,660,040 Loss on acquisition of non-controlling interest paid in shares - Effects of foreign exchange 7,835 (2,740) 1,034,236 1,764,275 Changes in non-cash working capital (Note 15) (1,990,925) (422,527) Net cash provided by operating activities (956,689) 1,341,748 Investing activities Purchase of property, equipment & intangibles (67,360) (297,314) Acquisition of Canopy Management and Golden Harvests (43,289) Dividend issued from Golden Harvests, LLC to minority owner - Cash advances and loans made to other parties (611,491) (2,947,998) Repayment of principal and interest - Canopy buyout - Equity investment in ABCO Garden State LLC - Other Investment Repayment of bridge note - Net cash used in investing activities (722,140) (3,245,312) Financing activities Proceeds from sale of units of subsidiary - Proceeds from issuance of convertible debentures - 600,000 Proceeds from long term-debt 7,000,000 - Long-term debt issuance costs (123,373) Proceeds from exercise of warrants - 4,657,460 Proceeds from exercise of stock options 13,552 168,183 Proceeds from brokered private placement - Payment of equity and debt issuance costs - Repayment of long-term debt (146,187) (284,406) Repayment of convertible debentures (74,250) (141,478) Proceeds of subscription receipts - Payments of lease principal (144,459) (447,690) Net cash provided by (used in) financing activities 6,525,283 4,552,069 Change in cash 4,846,454 2,648,505 Cash balance, beginning 4,682,221 6,804,579 Cash balance, ending 9,528,675 9,453,084 Historical Core Operational KPIs (US $ in millions) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Oregon Indoor Total Flower Harvested (lbs) 3,136 3,122 3,100 2,457 2,799 2,726 2,667 2,611 2,856 Cost Per Pound Produced $ 414 $ 429 $ 425 $ 563 $ 463 $ 503 $ 524 $ 503 $ 411 Yield ("A"/"B") Flower (g/sf) 64 67 63 58 57 56 59 62 61 Yield ("A") Flower (g/sf) 42 49 43 42 43 37 42 37 42 $ "A" Flower ASP $ 661 $ 729 $ 812 $ 825 $ 861 $ 953 $ 949 $ 837 $ 868 Michigan Total Flower Harvested (lbs) 2,974 3,104 3,215 3,010 2,757 2,522 2,551 2,270 2,629 Cost Per Pound Produced $ 430 $ 411 $ 407 $ 432 $ 486 $ 486 $ 492 $ 551 $ 494 Yield ("A"/"B") Flower (g/sf) 64 66 65 64 61 59 59 56 60 Yield ("A") Flower (g/sf) 35 39 41 43 44 48 46 43 45 $ "A" Flower ASP $ 817 $ 914 $ 958 $ 1,106 $ 1,120 $ 1,162 $ 1,178 $ 927 $ 925 Historical Adjusted EBITDA Bridge (US $) Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Oregon as previously reported 731,235 1,074,365 1,121,814 890,622 3,818,036 1,166,517 1,143,355 595,527 716,829 3,622,228 978,799 Other income/expense (222,220) (171,573) (16,961) - 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- - - - - - - Compliance costs (17,997) (18,784) (22,946) (24,020) (83,747) - - (79,091) - (79,091) Costs associated with acquisition of Golden Harvests - - New production location startup costs (77,314) (77,314) (432,911) (300,358) (887,897) Elimination of Michigan management fees (114,000) (114,000) (155,381) (122,667) Eliminated ABCO management fees (46,200) 46,200 - Non-recurring legal and transaction costs (177,641) (9,701) - (187,342) One-time compensation payments (121,336) (143,000) (264,336) Corporate + Services Adj EBITDA as recast (535,396) (275,459) (384,770) (139,507) (1,335,132) (415,075) (758,008) (810,699) (1,340,218) (3,324,000) a-EBITDA Total as previously reported 1,338,206 2,109,874 2,091,655 2,095,687 7,635,422 2,457,791 2,522,349 2,096,832 2,602,563 9,679,535 798,082 a-EBITDA Total recast 1,264,579 1,921,167 2,055,143 2,051,324 7,292,213 2,262,027 2,075,560 1,665,950 318,619 6,322,156 798,082 Grown Rogue Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Three Months Ended March 31, (US $ in millions) 2025 2024 Net income (loss), as reported 1.08 (4.17) Add back realized fair value amounts included in inventory sold 0.52 0.93 Deduct unrealized fair value gain on growth of biological assets (0.12) (0.40) Add back amortization of property and equipment included in cost of sales 0.45 0.44 Add back interest and interest accretion expense, as reported 0.34 0.47 Add back amortization of property and equipment, as reported 0.11 0.26 Deduct unrealized gain/add back unrealized loss on derivative liability, as reported (2.84) 5.66 Deduct unrealized gain on warrants asset, as reported 1.17 (1.29) Loss on equity method investment in associate 0.08 - Interest income (0.39) (0.10) Other (income) / Loss (0.62) (0.02) Add back income tax expense, as reported 0.25 0.37 EBITDA 0.03 2.15 Add back share-based compensation 0.77 0.06 Costs related to acquisiton of Golden Harvests - 0.06 Adjusted EBITDA 0.80 2.26 ABCO Garden State Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Three Months Ended March 31, (US $ in millions) 2025 Net income (loss), as reported (0.18) Add back realized fair value amounts included in inventory sold 0.76 Deduct unrealized fair value gain on growth of biological assets (0.40) Add back amortization of property and equipment included in cost of sales 0.21 Add back other (income) expense, as reported (0.10) Add back interest and interest accretion expense, as reported 0.45 Add back amortization of property and equipment, as reported 0.03 Add back income tax expense, as reported 0.00 Adjusted EBITDA 0.77 Segmented Adjusted EBITDA Reconciliation Three Months Ended March 31, 2025 (US $ in millions) Oregon Michigan Corporate Consolidated Revenue 2.87 2.51 0.20 5.58 Costs of revenue, excluding fair value adjustments (1.55) (1.37) - (2.92) Gross profit (loss) before fair value adjustments 1.32 1.14 0.20 2.65 Net fair value ("FV") adjustments (0.33) (0.06) - (0.40) Gross profit 0.99 1.07 0.20 2.26 Operating expenses: General and administration 0.58 0.43 1.29 2.30 Depreciation and amortization 0.03 0.03 0.05 0.11 Share based compensation - - 0.77 0.77 Other income and expense: Interest and accretion (0.05) (0.02) (0.27) (0.34) Interest income - - 0.39 0.39 Unrealized (loss) gain on derivative liability - - 2.84 2.84 Unrealized (loss) gain on warrants asset - - (1.17) (1.17) Loss on equity method investment in associate - - (0.08) (0.08) Other income and expense 0.01 0.00 0.60 0.62 Net income (loss) before tax 0.34 0.59 0.40 1.33 Tax - - (0.25) (0.25) Net income (loss) after tax 0.34 0.59 0.15 1.08 Net FV adjustments 0.33 0.06 - 0.40 Amortization of property and equipment included in cost of sales 0.24 0.21 - 0.45 Amortization of property and equipment 0.03 0.03 0.05 0.11 Unrealized derivative liability - - (2.84) (2.84) Unrealized warrants asset - - 1.17 1.17 Loss on equity method investment in associate - - 0.08 0.08 Other (income) expense (0.01) (0.00) (0.60) (0.62) Interest income - - (0.39) (0.39) Interest and accretion 0.05 0.02 0.27 0.34 Income tax - - 0.25 0.25 EBITDA before one-time adjustments 0.98 0.91 (1.86) 0.03 Add back share-based compensation - - 0.77 0.77 Costs related to acquisiton of Golden Harvests - - - - Adjusted EBITDA 0.98 0.91 (1.09) 0.80 NOTES: The Company's "aEBITDA," or "Adjusted EBITDA," is a non-IFRS measure used by management that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. The Company defines "EBITDA" as the Company's net income or loss for a period, as reported, before interest, taxes, depreciation and amortization, and is further adjusted to remove transaction costs, stock-based compensation expense, accretion expense, gain (loss) on change in fair value of derivative liabilities, the effects of fair-value accounting for biological assets and inventory, as well as other non-cash items and items not representative of operational performance as reported in net income (loss). Adjusted EBITDA is defined as EBITDA adjusted for the impact of various significant or unusual transactions. The Company believes that this is a useful metric to evaluate its operating performance. The Company defined "Pro Forma Adjusted EBITDA" as the combined Adjusted EBITDA of the Company plus the Adjusted EBITDA of New Jersey (ABCO), with any intercompany transactions eliminated. "Pro forma Revenue" is a non-IFRS measure used by management that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. The Company defines "Pro forma Revenue" as combined revenue of the Company plus revenue of New Jersey (ABCO), an affiliate which is accounted for as an equity method investment, with any intercompany revenues eliminated. NON-IFRS FINANCIAL MEASURES EBITDA, Adjusted EBITDA, Pro Forma Adjusted EBITDA and Pro Forma Revenue are non-IFRS measures and do not have standardized definitions under IFRS. The Company has also provided unaudited pro-forma financial information, which assumes that operations which will be consolidated in the future are consolidated in the current reported periods. The Company has provided the non-IFRS financial measures, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein. Accordingly, the following information provides reconciliations of the supplemental non-IFRS financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS. FORWARD-LOOKING STATEMENTS This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company and securing applicable regulatory approvals, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; compliance with extensive government regulation and related costs, and other risks described in the Company's public disclosure documents filed on Sedar. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law. The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational cannabis marketplace in the United States through its indirect operating subsidiaries. Local state laws where its subsidiaries operate permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business are disclosed in the Company's Listing Statement filed on its issuer profile on SEDAR+ at Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. SOURCE Grown Rogue International Inc.
Vancouver Sun
13-05-2025
- Vancouver Sun
Street-legal golf carts ready to roll in Greater Victoria
Victoria residents and visitors have a new way to see the city following this week's launch of street-legal electric cart rentals. HeyYa Rentals rolled into downtown Victoria on Monday with five vehicles, and has plans to have 15 on the streets by the end of May. The small blue carts, which resemble souped-up golf carts, can accommodate between four to eight passengers depending on the cart, and have a maximum speed of 40 km/h, making them Transport Canada-approved for any street with a 50 km/h and under speed limit. 'We've got open sides; you get to see so much more of the city,' said Tasha Maynard, HeyYa founder and CEO. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'It's a fun and unique, memorable experience.' Maynard founded the company in 2023 and launched it in Vancouver last summer. She said the carts have received a positive reception in Vancouver with tourists and also with locals who are simply looking for a new activity for a birthday party, date night, or showing out-of-town friends around. Victoria 'felt like a logical next step,' Maynard said. 'It's such a beautiful city,' she said, but 'you get so many people bottlenecked in that Inner Harbour area, and I think there's so much more of Victoria you can see.' The carts are legal for street use in Victoria, Oak Bay, Esquimalt and designated parts of Saanich, on any street with a speed limit of 50 km/h or under. 'I think it's a great thing to have more options,' said Victoria Coun. Dave Thompson. He hopes the carts can provide a good last-mile option for visitors from other cities who only need a car for a few hours. As for congestion, Thompson doesn't believe the carts will make a significant difference. Even though the carts can't travel 50 km/h, Thompson said regular cars rarely reach that speed limit downtown. Thompson said that the cart's zero-emissions status aligns with the city's transportation priorities, while their relatively light weight compared to a regular electric vehicle — which are quite heavy — puts less wear and tear on the roads. 'A very, very small benefit, but we are kind of conscious of how much repaving we have to do these days,' Thompson said. In terms of safety, the electric carts are subject to the same requirements as regular car rentals, Maynard said. Renters have to be at least 21 years old and have a valid driver's licence. The carts are ICBC-insured, but there is an optional collision damage waiver, and the carts come with all of the expected basic safety features such as seatbelts, lights, turn signals and horns. Once they're on the road, they're subject to the same road rules and parking restrictions as a regular car. Residents and visitors hoping to rent a cart can do so beginning May 12. The carts are available by the hour for a minimum of two hours, and can be picked up in Victoria at downtown's View Street Parkade.
