South Florida CBD Industry Welcomes New Regulatory Clarity

South Florida CBD Industry Welcomes New Regulatory Clarity

By: Sara Warden

2 min read January 2020 — The value of the CBD (cannabidiol) market is expected to surpass $20 billion globally by 2024 and Florida is taking steps to ensure it is well-positioned to take advantage of the market. But opening up a new industry to commercialization comes with teething problems and Palm Beach legislators may struggle to keep up.

 

 

 “We’re witnessing CBD maturing from a cannabis sub-category into a full-blown industry of its own,” said Roy Bingham, Co-Founder and CEO of BDS Analytics in a press release. “Our growth forecast for the CBD market, across all distribution channels, predicts a compound annual growth rate of 49 percent by 2024. This is a great opportunity for all involved, but it means the road ahead will include decisions that need to be informed by the best possible data.”

After CBD edibles were legalized in Canada in October 2019, companies selling these products are struggling to keep ahead of demand. But in Florida, it is legislators who are feeling the strain of regulating this new industry. Amendment 2 legalized CBD use for medical purposes in the state and the 2018 Farm Bill legalized hemp-based CBD products federally. But Florida state legislation previously did not differentiate between marijuana (which contains THC) and hemp (which contains mostly CBD), meaning CBD products are simultaneously legal and illegal in Florida.

But on July 1, 2019, a new law took effect that allowed authorities to regulate CBD and hemp use. “Prior to these rules being adopted and taking effect, we didn’t have regulatory authority,” cannabis director at Florida’s Department of Agriculture Holly Bell told The News Service. “Now we do, and we have that up and going so that we can make sure consumers are protected.”

As a result, Palm Beach’s CBD industry is picking up speed. As part of the regulation, companies selling CBD products must apply for a permit that costs $650 per year. There already are a number of companies in Palm Beach County, including Curaleaf, Earth Florida, Nutrition World and Trulieve.

Zach Bader, co-founder of the USA CBD Expo held the conference in Miami Beach in May last year and told the Miami Herald that the South Florida market is brimming with potential. “There is a really high concentration of retail stores here that are either selling the product or are very interested in learning more,” he said. “We are seeing this industry start to percolate. A year ago, it wasn’t where it is today.” 

Bader applauded the efforts of state authorities to regulate the industry. “Whether you’re in the CBD industry or manufacturing Cheerios, you can’t go out there and make health claims without clinical trials. That’s a standard,” he said.

The Department of Agriculture headed by Nikki Fried is providing workshops to try to eliminate the uncertainty and harness a promising industry for the state. “Having that opportunity and allowing entrepreneurs to do what they do and start the research aspects is my vision for the state of Florida,” she said at the first workshop in Broward County.

 

To learn more about our interviewees, visit:

https://bdsanalytics.com/

https://www.fdacs.gov/

https://curaleaf.com/

https://www.earthflorida.com/

https://nutritionw.com/category/cbd-oil/

https://www.trulieve.com/

https://usacbdexpo.com/

 

Face Off: The growth of Gaston County

Face Off: The growth of Gaston County

By: Felipe Rivas

2 min read January 2020 — In the last few years, Gaston County, located an hour away from the Queen City, has greatly benefited from the activity happening in Mecklenburg County. As a result, Gaston County, home to cities like Gastonia and Mount Holly, is experiencing growth in its residential, commercial and industrial sectors. Its proximity to the Charlotte Douglas International Airport and available land make it a suitable place for businesses and new residents to settle in and still tap into the energy of nearby Charlotte. In an interview with Invest: Charlotte, city of Gastonia Mayor Walker E. Reid and Mount Holly Mayor Bryan Hough talk about how their perspective cities are adapting to the growth, changes in infrastructure, and their vision for their cities moving forward. 

 

What areas are witnessing growth in your cities?

 

Walker E. Reid: Residential is growing in the southeast part of the city. It is an area we invested in a while back in hopes of developing it. As we speak, 411 single-family homes are being built within Nolen Farm. Also, we are going to bolster the zone’s water infrastructure and improve the sewage system. Eastridge Mall is in the process of being revitalized as well. For this project, some investors are willing to inject between $100 million and $150 million. It will include apartments and an aquatic center. We are working on the details of traffic patterns in and out of the mall. We are also working with the Transportation Commission to get the Silverline light rail into Gaston County.

 

Bryan Hough: We are one of the closest cities to the Charlotte Douglas International Airport. Our proximity to the airport provides an opportunity for travelers and professionals to see Mount Holly and take an interest in the city. They’ll see that we have a small town atmosphere but can take advantage of a large place like Charlotte and the amenities they provide. The exposure the airport provides is good for job growth and opportunities for commercial growth. For 2020, we expect to see more investment coming to Mount Holly. We are going to see additional growth in both residential and commercial. We also plan to expand the greenway system. Our arts community has been blossoming and we expect it to continue to grow. 

Walker E. Reid

How is the local infrastructure dealing with the region’s growth?

 

Reid: The county was traditionally and primarily focused on the textile industry. When those businesses and jobs were lost, we had to adapt to find our next business niche, which turned out to be infrastructure. Now, we sell water to municipalities in Gaston County as well as in Clover, South Carolina. We also provide water, sewage and electricity services. The Gastonia Technology Park is a great testament to our diversification efforts. Businesses from all over the world have come to Gaston County to capitalize on this park. It has 24-hour uninterrupted power. We have a qualified workforce, training facilities and the infrastructure to assist new businesses looking to set up shop in Gastonia.

 

Hough: “Mount Holly, located in Gaston County, is home to 16,000 residents. In the past year, we have seen a lot of investor interest and development in Mount Holly. Investors in the manufacturing and distribution sectors are interested in development opportunities. We have a new hotel being built on the edge of our city, off of Interstate 85, which is connected to Charlotte, and is 10 minutes away from the Charlotte Douglas International Airport. Our economic development department created a strategic vision plan based on significant economic input that highlights the attributes of Mount Holly, and provides investment information for businesses that want to bring their operations to the area. We work with the Gaston County Economic Development Commission to attract and retain large commercial companies. We want to make investment information accessible to investors.  

Bryan Hough

As mayor, where do you see your city heading in the future?

 

Reid: We have set some very aggressive goals related to our infrastructure, healthy communities, good government, economic vitality, our community identity, and for the safety of our community. In the coming years, we will continue to build on our momentum of growth and entrepreneurship. We also must continue to bring everyone to the table because we are a diverse city. One other goal that I would like to see the city work toward is for more diversity and inclusion. I want to put more emphasis on getting our residents from different cultures and different age groups involved in our city’s future – to build a sense of belonging and bring everyone together. Let’s hear more and different voices. I want the city of Gastonia to become the best city we can possibly be. Considering we are between Charlotte and Atlanta, we have a lot to offer.

 

Hough: Quality of life has been a key focus for the city. We want to be connected to the Catawba River via a greenway system that we are developing. We will have around 9 miles of greenway development near the river and 200 acres have been preserved for eco-tourism, such as canoeing and kayaking. We will have a bridge near the Dutchman’s Creek greenway area that will help with development near the river. The greenway system will stretch from I-85 to Highway 16 once it is completed. Mount Holly is home to very active residents who like to swim, bike and kayak. We want to connect with nature, which is part of our logo. That is our niche in the Charlotte Metro Area.

To learn more about our interviewees, visit:

https://www.cityofgastonia.com/

https://www.mtholly.us/

Philadelphia Building on Life Sciences Success

Philadelphia Building on Life Sciences Success

By: Sara Warden

2 min read January 2020 — Last March, Philadelphia came in at an impressive eighth in CBRE’s ranking of top life sciences markets. Now, almost a year on, the city’s life sciences industry shows no sign of losing momentum – in fact, it is gathering speed.

Last week, the Philadelphia Science Center announced it would award $200,000 each to three Philadelphia-based researchers to develop their early-stage concepts for cancer treatment and diagnosis. The individuals – Ian Henrich, a postdoctoral researcher at the Children’s Hospital of Philadelphia; Emily Day, a bioengineer at the University of Delaware; and Haim H. Bau, a professor of mechanical engineering at the University of Pennsylvania – are developing novel technologies to progress the understanding, detection and prevention of cancers, HIV and sickle cell disease.

This strong focus as a city on the importance of cutting-edge research is one factor that attracts multi-million-dollar companies from around the United States to invest in Philadelphia, which in turn attracts auxiliary services such as specialized logistics and software companies. Digital marketing firm Imre Health, which represents AstraZeneca’s diabetes and respiratory portfolios, announced its decision to establish an office in Philadelphia late last year for just that reason.

“We have carved out a niche at Imre, redefining the patient and HCP experience through digital channels, and Philadelphia is the [ripest] with that kind of talent even compared to New York,” Imre’s President and Partner Jeff Smokler told PR Week. “We view this Philadelphia office as a major tool to help us manage growth and ensure that we’re keeping pace with service needs and requirements. We see the Philadelphia office as dousing the industry with more gasoline.”

But the real test of the success of any company is its ability to list on a stock exchange. In 2019, three of Philadelphia’s life science companies went public, raising nearly $200 million in IPOs. Arch Street-based biotech company Cabaletta Bio raised $74.8 million. Galera Therapeutics, which is developing a treatment that reduces harmful effects that stem from radiation therapy, raised $60 million, with an option for investors to purchase an additional 750,000 shares. And in November, Tela Bio, a surgical reconstruction company developing novel material for tissue reinforcement, raised $52 million in exchange for the 4 million shares it leveraged.

It doesn’t stop there. In October, Anpac Bio, a Chinese bio-medical science company, chose Philadelphia for its US headquarters and second clinical laboratory. “We are very excited to be moving forward with our U.S. corporate headquarters and laboratory in Pennsylvania. The state has a mature life sciences ecosystem and a supportive startup environment that will allow our U.S. business to lay the foundation for future success,” said Shaun Gong, Anpac’s U.S. president, in a press release.

To learn more, visit:

https://sciencecenter.org/

https://www.cbre.com/

https://imre.com/health/

https://cabalettabio.com/

https://www.galeratx.com/

https://www.telabio.com/

https://www.anpacbio.com/

 

Spotlight On: Heath Campbell, Metrolina Regional President Charlotte, Truist

Spotlight On: Heath Campbell, Metrolina Regional President Charlotte, Truist

By: Felipe Rivas

2 min read January 2020 — In December, the banking industry welcomed the nation’s sixth-largest commercial bank as the merger between BB&T and SunTrust was completed to create Truist Financial Corporation. The organization chose Charlotte as its headquarters to begin the new enterprise. The region’s banking legacy, strong financial service workforce and diversifying economy helped solidify Charlotte as Truist’s official headquarters. In an interview with Invest: Charlotte, Truist Metrolina Region President Heath Campbell talks about the factors that brought Truist to the region, the meshing of the BB&T and SunTrust cultures moving forward, and how Truist plans to tap into Charlotte’s financial services workforce.   

 

What factors led to the selection of Charlotte as the location for Truist’s headquarters?

 

BB&T has a great heritage in Winston-Salem in the same way that SunTrust does in Atlanta, however our leaders, in the true spirit of a merger of equals, selected a new city in which to base Truist.

 

Charlotte was a natural choice. Both BB&T and SunTrust had operations here, and it is one of the world’s top financial centers and an emerging fintech hub, with access to incubator and accelerator programs, data science and education programs. The area has the second-largest population of financial services professionals behind New York City. Charlotte also sees more than 33,000 newcomers each year, attracted by career opportunities, diverse living options and a favorable cost of living.

 

How will the cultures of BB&T and SunTrust mesh as Truist establishes itself in the market?

There are not a lot of mergers of equals because they are hard to pull off. The cultures of the organizations need to be compatible – and they were with BB&T and SunTrust. While we have different practices, we shared a very similar vision, mission and values. We took different strategic paths in how we went to market, but what we stood for was very similar. As Truist, we are doubling down on our community bank philosophy. We are building a client-centric business model. BB&T and SunTrust had complementary strengths. For instance, SunTrust built an investment banking platform that was unparalleled and BB&T had a strong legacy in community banking and insurance. We are combining those strengths to benefit the clients and communities we serve.           

  

How will Truist tap into Charlotte’s financial services workforce?

 

I’m particularly proud that when we announced this merger, we not only committed to being best in class for our clients, but recognized that our teammates are at the heart of great client experiences. Truist is a dynamic place to work, offering industry-leading benefits and opportunities for all sorts of professional positions, including insurance, investments, and core banking.

 

We’re making our mark on the industry by offering a strong benefits programs and great opportunities to build careers, a total rewards program to attract and retain the best talent: the unusual combination of offering both industry-leading 401(k) matches and a pension plan to most teammates; industry-leading time off programs to ensure maximum flexibility in planning life events; and financial wellness programs.

 

There is also a place for those interested in computer science and engineering. We are creating an Innovation and Technology Center in Charlotte that will be dedicated to the ongoing enrichment of client experiences. The Innovation and Technology Center will focus on optimizing technology to serve our clients at every interaction, whether it takes place in a branch, over the phone or through a digital channel. The Technology and Innovation Center will also focus on equipping teammates with solutions to deliver personal touch and care to clients. We see this combination of technology and personalization as vital to ensuring clients’ trust and confidence in the security, simplicity and convenience of our services.

 

To learn more about our interviewee, visit :https://www.truist.com/

Spotlight On: Daryl Tol, President & CEO, AdventHealth — Central Florida Division

Spotlight On: Daryl Tol, President & CEO, AdventHealth — Central Florida Division

By: Yolanda Rivas

2 min read January 2020 — The increase in free-standing healthcare locations across the nation continues to be a great part of many healthcare institutions’ renovation efforts. Faith-based, nonprofit organization AdventHealth has been expanding its free-standing locations in response to this trend. AdventHealth is also re-designing its system to adjust to the diverse population moving to Florida. President and CEO of AdventHealth’s Central Florida Division Daryl Tol spoke with Invest: about the network’s efforts to respond to national and local trends. 

What are the fastest-growing areas of service and care in Orlando?

 

There are several. One is the free-standing emergency room. We have added quite a number of free-standing locations with doctors and emergency services in areas of need, instead of having to build a whole hospital. We are growing our academic work around community cancer research. The cardiovascular institute is seeing high demand as well. We are also redefining our primary care model to include virtual care, which will allow patients to connect via video or text messages with their doctor.

What has been the impact of the healthcare industry as a dominant growth driver in the region?

 

If you look at Florida, and Central Florida in particular, growth is happening here in a significant way. We are managing a considerable line of growth in the senior and multicultural population. People from all kinds of backgrounds are moving into the state. We are responding to that in the way we design our system. We provide care for seniors and for people from all kinds of different backgrounds to communicate more clearly, enhance translation services and build locations in new communities, including communities of need that haven’t had healthcare historically. We believe our network should be accessible to everybody.

 

What are some of Advent Health’s strategies for innovation in providing quality care and patient experience?

 

The Center for Genomic Health is an important effort. It will focus on personalization around the patient’s personal profile. It will help us understand which medications and types of treatments work better for each person and identify risk factors. We can start really investing in each patient’s particular needs. A second effort is putting technology in the hands of consumers through our mobile app, which will launch its 2.0 version this year. It will alert people about care that is needed, help them in the scheduling of certain services and create price transparency. We have also launched a command center — the largest of its kind in the nation, both in size and scope of operations — where artificial intelligence will be used to provide the best care in how people get to our locations.

 

We’re a significant leader in robotic surgery. For a long time, our Nicholson Center has been a training center for robotic surgery. We have a number of robots there that surgeons use to perform surgery. In 2018, we were the first to purchase and perform a procedure with a new robot. We see robot technology improving, and we’re on the leading edge of that work as well.

 

To learn more about our interviewee, visit:

AdventHealth: https://www.adventhealth.com/hospital/adventhealth-orlando 

Spotlight On: Douglas Smith, Charlotte Market Executive, First Bank

Spotlight On: Douglas Smith, Charlotte Market Executive, First Bank

By: Felipe Rivas

2 min read January 2020  — After its recent acquisition of Carolina Bank, regional North Carolina financial player First Bank wants to keep its focus on the smaller side of business finance. The bank is relying on a combination of market expertise and speedy response to cater to companies with revenues up to $100 million that could fall through the cracks of larger, national institutions, First Bank Charlotte Market Executive Douglas Smith told Invest: Charlotte 

 

 

What have been the main impact from the 2017 acquisition of Carolina Bank?

 

Carolina Bank was a $700-million to $750-million bank at the time of acquisition, so it was not insignificant from a balance sheet perspective. That operation has had a high impact. We had an opportunity to relocate some of our operations people from Troy, North Carolina, to Greensboro, which has had a positive economic impact there. Carolina Bank was dominant in real estate and we have been able to capitalize on its market share in Greensboro. We were also able to keep some very good bankers from the Carolina Bank team, and hired really good team members with experience in the Commercial and Industrial (C&I) business since the acquisition.

 

Which niche is First Bank trying to fill within the Charlotte market?

 

In 2017, there were five banks headquartered out of Charlotte and now there is one, Bank of America. The landscape has changed a lot. Most regional and national banks are swimming upstream from a client perspective. They are looking more for midmarket clients with half a billion dollars in revenue or higher. Our opportunity is with operating companies that have $5 million to $100 million in revenue. I think there is a void there, not just in banks but also regarding the expertise of bankers in that market. Other regional banks offer business banking or a smaller commercial focus, but I don’t think they have our background or our emphasis on commercial banking. We also have a lot of knowledge in commercial real estate and look for project opportunities ranging in size from $2 million to $25 million. 

 

As a community bank, we have the opportunity to be nimble and quick in our decision-making. We make sure that we have a credit partner in every metropolitan market and we always have a treasury management product officer in every major market, providing all the commercially-relevant pieces that you need to offer quick answers, go to market together and have quick engagement. If we get a full financial package on a prospect, we can have a term sheet in our prospect’s hands within two or three business days. We have heard stories that in the regional bank space, some banks can take four to five weeks to put a term sheet in the hands of a prospect. That speaks to a client.

 

Which financial services are most in demand by your clients?

 

Aside from commercial, the mortgage space is hot right now, given where interest rates are. For a while, we were slowing down on refinances but I think that even those people who refinanced two years ago now see that rates could have dropped to 1% or 1.5%, and they are back at play in the market. Acquisition activity is still decent, but the rates environment is definitely driving a lot of activity to the mortgage side. We have a Small Business Administration (SBA) division, which does very well for us from a fee income perspective.

 

The retail group has also done a great job. We hired a team within the last 18 months that is focused on the oversight of the retail function. Our First at Work product provides the employees of new commercial clients with benefits like free checking, free closing on loans, discounted prices and general financial wellness seminars for their employees. That has been a very meaningful deposit-gathering tool for us. 

 

What programs are you supporting at the community level to educate the public?

 

We focus on supporting anything regarding youth education. We try to help with math education, for example, and we put a great emphasis on kids in less developed suburbs of Charlotte who need financial assistance with school supplies. As kids get older, we also look for opportunities to help with financial literacy, making sure that high-school kids understand what a credit card is, what a checkbook is, and making sure to foster the right kinds of behaviors.

 

What is the near-term business outlook for the city and the bank?

 

I would like to believe that the lion’s share of the M&A activity in the community banking space is slowing down, just because there are fewer of our types of banks out there. Because there has been so much consolidation in the community banking space, the North Carolina commissioner of banking has been a little bit more generous with the issuance of charters, which offers opportunities for new capital groups to buy charters. As a result, I think we are again building up that base of true, smaller community banks that would be $100 million to $500 million in size, and the community needs that. 

 

To learn more about our interviewee, visit: https://localfirstbank.com/

 

Spotlight On: Douglas Smith, Charlotte Market Executive, First Bank

Local leaders optimistic amid Charlotte’s latest jobs ranking

By: Felipe Rivas

2 min read January 2020   — The Queen City closed out the decade as one of the hottest markets in the nation, especially in the southeast. Millennials, Fortune 500 companies, and even a new soccer team want to be fully established in Charlotte and tap into its growth. And while the region offers a robust, tech- and financial services-savvy workforce, and is steadily diversifying its economy, a new report puts Charlotte in the middle of the pack for best cities for jobs in 2020. However, local market leaders across industries say job opportunities will remain sustainable for 2020, especially in the technology, law, and real estate sectors.

 

A new report by WalletHub puts Charlotte at No. 104 on its ranking of “2020’s Best Cities for Jobs.” The personal finance website compared more than 180 U.S. cities across 31 indicators of job-market strength, such as employment growth and monthly average starting salary. Scottsdale, Arizona, took the top spot, and Detroit, Michigan, came in last at No. 182. Other major North Carolina metros received mixed reviews, with Raleigh cracking the Top 50 at No. 48, and Fayetteville listed before Detroit at No. 181. Though the report listed Charlotte as middle of the pack for jobs compared to other cities, the technology, law and real estate sectors will continue to provide opportunities for the region’s workforce, local leaders say.  

 

Charlotte is quickly becoming a tech town, as evidenced by the different tech-based companies that relocated to the region in the latter half of the last decade. “In the Charlotte market, the technology talent pool is growing at a rapid pace, largely driven by companies like Red Ventures, LendingTree, and AvidXchange,” JLL Market Director Chase Monroe told Invest: Charlotte. “There has been a need for high-tech talent. Locally, there has been investment in the school system to drive technological education.” Charlotte’s banking legacy, coupled with the fintech that is coming out of the banking system, is also fueling the technology sector and driving talent to the Queen City, Monroe said. “Those factors have allowed Charlotte to be a top recruiter for multiple tech-based opportunities across industries. Recruiting and retention of talent has been a huge factor in the Charlotte Metro Area.” 

 

Similarly, the legal sector has evolved with the growth of the city and has a positive outlook heading into the new decade. “I don’t see anything but good things for the legal profession here,” Poyner Spruill Partner Tate Ogburn told Invest: Charlotte. “Charlotte has grown for the two decades that I have lived here, and I don’t see that dramatically changing.” The legal needs of companies evolve with the economic diversification and growth of the region, which creates opportunities for legal professionals, he said. “It is still a place where people want to be and there are more opportunities with new and more sophisticated companies coming in for the legal sector to continue growing. There are a lot of opportunities in terms of new clients and people, and different types of work as well,” Ogburn said. 

 

Real estate and development provide investor confidence and opportunities for the workforce as Charlotte continues to grow. “I’ve been at this for 40 years and the real estate market in Charlotte is the strongest, most robust I’ve ever seen,” Northwood CEO Ned Curran told Invest: Charlotte. He highlighted the growth of the residential, industrial and commercial sectors. “Residential leads the way. It has not slowed like in other cities. Distribution and manufacturing continue to grow, and we have a unique distribution hub of state highways and rail networks associated with the airport. The office sector has trailed a little, but in recent years it has been catching up, which is a reflection of job growth,” he said. Curran expects the growth to continue during an election year and beyond while expressing confidence in the region and its economic diversification, which will allow the region to be better prepared in the event of an economic downturn, he said. “We will continue to grow across all sectors. We continue to diversify our economy, which only gives us greater strength. When there is a downturn in the economy, not everybody suffers. Some have disadvantages, some have advantages, but we are all components of an economic system and with our great diversity, we will be able to weather it better.”

 

To learn more about our interviewees, visit: 

https://wallethub.com/edu/best-cities-for-jobs/2173/#methodology

https://www.us.jll.com/en/locations/southeast/carolinas

https://www.poynerspruill.com/

https://www.northwoodoffice.com/

 

Spotlight On: Joseph Culley, Head of Capital Markets Group, Janney Montgomery Scott LLC

Spotlight On: Joseph Culley, Head of Capital Markets Group, Janney Montgomery Scott LLC

By: Yolanda Rivas

2 min read January 2020 — An increase in high-net-worth investors, financial professionals moving back to the city and changes to organizational structures are some of the trends financial institutions are experiencing in Philadelphia. Janney Montgomery Scott LLC Head of Capital Markets Group Joseph Culley shared with Invest: some of the adjustments it has implemented amid the change in demographics and advances in technology.

What are some trends in Philadelphia’s financial sector?

 

We are starting to see more finance professionals leave cities like New York when they are at the age to start a family and coming back to Philadelphia. Although young talent retention has been a challenge, Philadelphians who moved to other cities after they graduated college are relocating back to the area. Our education system, arts and culture, transportation system, housing affordability and diverse environment are some of the drivers for residents.

 

What impact is technology having on banking?

 

The pace of change is happening more rapidly due to the disruption of technology in financial services. We have invested significantly in our technology platform and recently hired some of our first data scientists. Our company culture is starting to feel less like an investment firm and more like a technology firm. While we provide our client base with human experience and advice beyond investments, we are focusing on offering them more technological, mobile-friendly and artificial intelligence types of innovations and solutions.

 

What is the investment profile in Philadelphia?

 

We have seen an increase in high-net-worth investors coming to Philadelphia. We have significantly addressed the need we had for higher-end, condo-type properties that we lacked for years, and with that has come more international investment and out of state investment. One of our newer initiatives is focused on investment education and ways to provide more basic, fundamental knowledge about saving for retirement and investing.

 

What are some of the challenges facing financial institutions in today’s landscape?

 

The change in demographics is one of the challenges we are facing. Based on our internal projections, our workforce will be majority millennials within six years. That creates numerous opportunities for a firm like us to modernize and adjust. We recently made changes to our employee benefits, parental leave and dress code policies, based on feedback from our employee population. Organizational development and diversity and inclusion are some of the other areas we have been investing in due to these demographic and generational changes.

 

To learn more about our interviewee, visit:

Janney Montgomery Scott LLC: https://www.janney.com/ 

 

Healthcare in Philadelphia Going from Strength to Strength

Healthcare in Philadelphia Going from Strength to Strength

By: Sara Warden

2 min read January 2020 — Innovation in Philadelphia’s healthcare industry has long been recognized as exemplary, and it served as a focal point of Philly’s B.PHL Innovation Fest held in September. Recent developments show that healthcare pioneers were right to bet on Philadelphia.

It’s only a week in and already 2020 has been a big year for healthcare in Philadelphia. Healthcare software company Repisodic announced this week it has raised $1.75 million from a private stock sale led by VC company American Enterprise Ventures. Repisodic was nominated among just 17 early-stage companies that received a total of $3 million in pre-seed funding from Ben Franklin Technology Partners of Southeastern Pennsylvania in 2018.

The technology produced by the company is based on patient discharge care and was catalyzed by the “discharge planning rule” enacted by the Centers for Medicare and Medicaid Services (CMS) in November, which mandated that patients “be in the driver’s seat, playing an active role in their care transitions to ensure seamless coordination of care,” according to CMS Administrator Seema Verma.

Repisodic allows patients to access a list of post-acute care providers in a seamless and easy way, with search functions tailored to the patient’s specific medical records and requirements. “The sheet of paper (given to post-acute care patients by hospitals on discharge) may have names and addresses and phone numbers, but not a whole lot of other information,” Mike Cwalinski, the company’s co-founder and CEO, said to Philadelphia Business Journal. “We help patients make better and faster decisions at the time of discharge.”

Elsewhere, Philly-based gene therapy company Spirovant Sciences was last week acquired by Japanese pharma company Sumitomo Dainippon Pharma in a $3 billion transaction. “(Sumitomo) is incredibly committed to Spirovant and to gene therapy, particularly the work going on here in the Philadelphia area,” said Joan Lau, Spirovant’s CEO, in an interview with Philadelphia Business Journal. “They will be spending time here to get to know the area more intimately.”

Spirovant’s gene therapies aim to repair mutations that come as a side-effect from cystic fibrosis and cause difficulties with breathing. Earlier in the year Spirovant had been acquired by New York-based Roivant, which sold its ownership stake in five companies – one of which was Spirovant – to Sumitomo. “I think it’s a testament to our underlying technology from the University of Iowa and CHOP,” said Lau when asked about being acquired twice in one year. “We’ve been able to show strong preclinical data.”

 

To learn more, visit:

https://www.repisodic.com/

https://benfranklin.org/

https://www.cms.gov/

https://spirovant.com/

https://www.ds-pharma.com/

https://bphlfest.com/

https://www.americanenterprise.com/aeventures