Page 8A
BUSINESS
East Oregonian
Saturday, May 27, 2017
Marijuana startup economy booms as EO Media Group
assumes management
medical cannabis industry struggles
of Northwest Ag Show
By KRISTIAN
FODEN-VENCIL
Oregon Public Broadcasting
Imagine you’re starting
your own marijuana farm.
First you get land and
water rights. Then you’ve
got to find the right strain of
cannabis. That can involve as
much luck as science.
“There’s a lot of legend
and laws,” said Mowgli
Holmes, the chief scientific
officer at Phylos Bioscience.
“In general it’s like, ‘My
friend Billy gave me this.
And he told me that he got it
from this guy. And … this is
the original thing. This is the
lost cut of Panama Red from
so and so in 1978.’”
Phylos Bioscience is an
Oregon startup that, for a
few hundred dollars, will
outline the genetic profile of
any cannabis plant you bring
them.
The information is great
for growers — it helps
farmers
ensure
they’re
not going to get sued for
infringing on someone else’s
intellectual property.
Growers need that kind of
detail, because the cannabis
market is a mess. Holmes
said medical consumers, for
example, can’t be assured the
strain they buy one week will
be the same next week.
“They find something and
it’s called ‘Lemon Haze’ or
whatever. But then they can’t
get it again. They go back and
they get something called the
same thing, but it’s not the
same thing,” he said. “And
they can’t get the same thing
anywhere else even though it
has the same name because
people just rename things,
because they don’t know
what they are.”
Phylos is only one of
dozens of Oregon startups
doing research on marijuana.
“The numbers we just
Photo by Kristian Foden-Vencil/OPB
Mowgli Holmes’ startup, Phylos Bioscience, will outline the genetic profile of any
cannabis plant a customer wants.
received by phone says in the
last six months there’s $60
million to $80 million that
has gone into startups,” said
State Sen. Floyd Prozanski,
D-Eugene, who sits on
Oregon’s medical regulation
committee.
There are all kinds
of different businesses.
Some are trying to perfect
the process of extracting
cannabis oil. Some are devel-
oping a dermal patch — so
people can absorb marijuana
through their skin. This
January, a group of entrepre-
neurs launched the “Oregon
Hub,” a farm and research
center in Clackamas County
that aims to improve growing
techniques by finding ways,
for example, to reduce water
and energy use.
Seth Crawford and his
brother run “Oregon CBD”
in the Willamette Valley.
They’re working with indus-
trial hemp, which is federally
legal as long as it contains less
than 0.3 percent of the active
cannabis ingredient, THC.
Their goal is to invigorate
America’s old industrial
hemp market by breeding
plants to grow in a variety of
climates.
“You’re
looking
at
humidity, mold and mildew
resistance, a number of
different types of potential
pathogens that emerge in
specific micro-climates that
we try to adapt our plants
for,” he said.
So there is plenty of
marijuana research going on
in Oregon. But it’s startup
research — not the kind of
peer-reviewed, double-blind
research that’s going to lead
to FDA-approved medica-
tions. Thus, the benefits for
patients are less direct.
Most FDA-level mari-
juana science is being
conducted overseas. A
British company recently
developed a cannabis extract
called Sativex. It’s been
approved for to help with
neuropathic pain in 28 coun-
tries — but not the U.S.
The FDA has also
approved another drug called
Marinol to treat nausea in
cancer patients. It’s made
out of synthetic THC, the
compound in marijuana that
gets you high.
But marijuana contains
a hundred compounds or
more, and experts say it’s the
interaction between those
compounds that give the
plant its medical properties.
The FDA’s drug approval
process doesn’t deal with
so many compounds at one
time.
So perhaps the future of
Oregon’s medical marijuana
market will be in the form
of supplements and “whole
plant” edibles, rather than
new FDA-approved medi-
cations.
More records, barely, as U.S. stocks rise for seventh day
By MARLEY JAY
AP Markets Writer
NEW YORK — U.S.
stocks made the tiniest
of gains Friday as media
companies and sellers of
beauty products and food
ticked higher. Major indexes
added to their winning
streak and record highs.
Stocks spent the day
flipping back and forth
between small gains and
losses. Beauty products
maker Ulta rose after a
strong first-quarter report
and competitor and Coty
climbed as well. Media
companies
including
Comcast and Disney also
advanced while video game
and drug companies slipped.
The market has been steady
in recent months, and with
investors looking forward to
the Memorial Day holiday
Monday, trading was light.
It was the seventh gain
in a row for the Standard
& Poor’s 500 index and
Nasdaq composite following
their biggest loss this year.
“Investors have been
conditioned over multiple
years to buy the dip any time
there’s a market pullback,”
said Jason Draho, the head
of American tactical asset
allocation for UBS Wealth
Management. He said that’s
one reason stocks have been
so steady lately.
The S&P 500 index added
0.75 points to 2,415.82.
The Dow Jones industrial
average dipped 2.67 points
to 21,080.28. The Nasdaq
composite rose 4.94 points,
or 0.1 percent, to 6,210.19.
The Russell 2000 index of
small-company stocks fell
1.14 points, or 0.1 percent,
to 1,382.24.
Some of the market’s
biggest moves were based
on company earnings, and
many of those came from
consumer-focused compa-
nies. Ulta Beauty gained
$9.36, or 3.1 percent, to
$302.40. Costco Wholesale
rose $3.13, or 1.8 percent, to
$177.86 after the warehouse
club had a strong quarter as
sales and member payments
both increased.
Uggs maker Deckers
Outdoor turned in earnings
that were stronger than
expected, and its stock
gained $10.64, or 18.8
percent, to $67.21.
GameStop’s first-quarter
AP Photo/Richard Drew
Singer Barry Manilow, center, gavels trading closed on
the bell podium of the New York Stock Exchange, Friday.
results were stronger than
analysts expected, but sales
of new software and wireless
devices were disappointing.
The stock gave up $1.40,
or 5.9 percent, to $22.22.
Video game publishers also
fell. Activision Blizzard lost
94 cents, or 1.6 percent, to
$58.28 and Electronic Arts
slid $1.70, or 1.5 percent, to
$112.13. Take-Two Interac-
tive Software shed $1.46, or
1.9 percent, to $77.07.
The VIX, an index that
is called Wall Street’s “fear
gauge” because it measures
how much volatility inves-
tors expect, fell for the
seventh day in a row. After a
huge spike last Wednesday,
the 27-year-old index is
trading near all-time lows.
It sank to 9.81 Friday. The
only time it was lower was
late December 1993.
The Commerce Depart-
ment said the U.S. economy
grew 1.2 percent in the first
quarter, which was still
weak but better than it orig-
inally estimated. Draho, of
UBS Wealth Management,
said that when the economy
is steady, the market usually
is, too.
The U.S. economy and
stock market have both been
moving up for eight years.
Draho said that as a bull
market gets older, stocks
don’t move in the same
direction as often. When
one stock or one sector rises
and another falls, that makes
the overall market flatter
and less volatile.
Crude oil prices bounced
back from a sharp drop the
day before. Benchmark U.S.
crude rose 90 cents, or 1.8
percent, to $49.80 a barrel
LET US MEAT
YOUR NEEDS
PORK
BOX
BOX INCLUDES:
$ 50
• 4 Pork Chops
• 2 Pork Steak
• 1 Pork Roast
• 3 Pkgs Pork Sausage
• 2 Pkgs Bacon
• 2 Ham Steaks
All individually packaged
for your convenience.
541.567.2011
253 W. Hermiston Ave.
Hermiston
in New York. Brent crude,
the international standard,
added 69 cents, or 1.3
percent, to $52.15 a barrel
in London.
On Thursday a group
of 24 nations including the
OPEC countries agreed to
a nine-month extension of
a cut in oil production. But
energy companies, which
have lagged the market
dramatically this year,
hardly budged. The S&P
500’s energy company
index is down 12 percent in
2017 while the broader S&P
500 is up almost 8 percent.
In other energy trading,
wholesale gasoline added
3 cents to $1.64 a gallon.
Heating oil gained 1 cent to
$1.56 a gallon. Natural gas
rose 5 cents to $3.24 per
1,000 cubic feet.
The dollar sank to 111.19
yen from 111.80 yen. The
euro fell to $1.1176 from
$1.1205.
As the dollar weak-
ened, gold rose $11.70 to
$1,268.10 an ounce and
silver gained 13 cents to
$17.32 an ounce. Copper
fell 3 cents to $2.57 a pound.
Bond prices were little
changed. The yield on the
10-year Treasury note held
steady at 2.25 percent.
The EO Media Group,
the parent company of the
Capital Press, has assumed
management of the North-
west Agricultural Show
from Amy and Mike Patrick.
The Patricks, and Amy’s
parents, Jim and Shirley
Heater, have guided the
show for 48 years.
“It is with great confi-
dence that Mike and I
transition the event to EO
Media Group,” Amy Patrick
said. “I believe they have a
broad range of resources that
can bolster and improve the
show, taking it to its 50th
anniversary and beyond.”
Joe Beach, editor and
publisher of the Capital
Press, praised the family’s
management of the show.
“The Heater family built
the Northwest Ag Show into
an Oregon institution. In no
small measure the family
is the show,” he said. “As a
family business ourselves,
we have a particular appre-
ciation for the responsibility
we have to maintain what
they have created. We are
happy that the Patricks and
the Heaters are working
with us on the 2018 show to
ensure a smooth transition.”
Amy Patrick has agreed
to help EO Media Group
through the transition period
to maintain continuity.
Jim Heater, show founder
and longtime manager,
will continue to work with
the show and provide the
move-in/move-out services
for exhibitors.
The 49th annual North-
west Agricultural Show will
take place Jan. 30 through
Feb. 1, 2018, at the Portland
Expo Center.
Beach said the Capital
Press has had close ties
with both the show and its
exhibitors for years, so when
the show became available it
seemed like a natural fit.
“We’re new to the
show business,” Beach
said, “but we bring a fair
amount of promotional and
management expertise to
the venture, and have some
exciting ideas about how we
can build on the show’s past
successes.”
Patrick reflected on her
long association with the
show.
“It has been my pleasure
to work with so many great
exhibitors during my time as
manager of the Northwest
Agricultural Show,” she said.
“The show holds a special
place in my heart after
growing up with the event
and learning the ropes from
my parents. As I move on to
other career ventures, I will
continue to be supportive
and interested in the event;
the exhibitors truly became
like an extended family to
me.”
BRIEFLY
Coffee’s on during
Morning Buzz
MISSION — The
public is invited to
duck into the Nixyaawii
Governance Center for the
Morning Buzz hosted by
Indian Lake Campground.
The free networking
event is Wednesday, June 7
from 7:15-8 a.m. at 46411
Ti’Mine Way, Mission.
Coffee is provided by The
Pendleton Coffee Bean &
Bistro, and breakfast treats
by the hosts. The laid-back
atmosphere offers people a
chance to chat with others
from around town.
For more information,
visit www.facebook.com
Website provides
resources for jobs
in homecare
SALEM — Aging &
People with Disabilities
and the Oregon Home
Care Commission have
launched a new tool for
individuals seeking to join
the homecare workforce.
The site offers people the
ability to register to attend a
“New Worker Orientation.”
The benefits of joining
the homecare workforce
include paid time off,
health insurance, workers’
compensation, paid
trainings and opportunities
for career advancement.
One of the goals of
the Oregon Home Care
Commission is to attract
a committed and diverse
homecare workforce to
meet the specific needs of
Oregonians who are older
adults and people with
disabilities.
Homecare workers
provide in-home services
for consumers who are
eligible for publicly
funded in-home programs.
Individuals interested in
the homecare workforce
should have excellent
communication skills,
attention to detail, flexibility,
problem-solving and the
ability to follow directions.
For more information,
visit www.oregon.gov/
DHS/seniors-disabilities.
events/1927134017565972.
Solar manufacture
to lay off staff, may
close plant
HILLSBORO (AP) —
An Oregon solar manufac-
ture has announced it may
lay off most, if not all of its
staff by July and close its
Hillsboro plant.
State employment
officials released a Solar-
World letter on Thursday
which states that it is
looking to lay off at least
500 regular employees. The
May 19 letter says action is
expected to be permanent.
The Oregonian/Oregon-
Live reports that Solar-
World said Wednesday it
would continue to operate
into the future, although the
letter suggests that the plant
may close.
SolarWorld officials
had previously said their
operation was facing
tough competition from
Chinese companies.
According to the report,
Solarworld joined a trade
case Thursday in hopes that
a tariff or other sanctions
may be placed on Chinese
imports
5th Annual
Golf Classic
A HUGE thank you to everyone that gave their
time, energy and dollars to the Kick’n Cancer
New Beginnings (KCNB) Fifth Annual Golf Classic.
All proceeds stay here in the Pendleton area and
will benefi t the KCNB Spirit Program. Because of
your generous support and participation, we are
able to offer a program where survivors of cancer
can heal both physically and mentally and begin
to resume their normal lives. Thank you to all the
generous sponsors, donors, the Pendleton Country
Club, golf participants, volunteers and media.
WE GIVE A SPECIAL THANKS TO:
Gold Sponsors:
Silver Sponsors:
Terry Atchison • Justin & Tamara Voelker
Wheatland Insurance Center • PCC Ladies Best Ball
Round-Up City Amateur • Walla Walla Country Club
Capps Broadcast Group - KUMA • East Oregonian
And our 49 Hole Sponsors:
Tom Denchel ‘s
FORDCOUNTRY.COM
The Golf Tournament was a huge
success and we thank you all!
If you know someone recently surviving cancer please refer them to our “Spirit Program”.
Please contact Deb Shampine at 541-276-0880 at the Roundup Athletic Club for more information.