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Papers: Whoopi backs medical marijuana products in joint venture

Last updated: 00:35 31 Mar 2016 AEDT, First published: 19:35 30 Mar 2016 AEDT

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Whoopi Goldberg is lending her name and financial backing to a new line of medical marijuana products designed specifically for women, according to USA Today.

The Sister Act star has long been public about her marijuana use, and is one of a few Hollywood celebrities getting involved in the marijuana space, including Bob Marley’s family which, along with a partner, produces Marley Natural products, and Snoop Dogg, who owns his brand Leaf.

Staying with USA Today, the news outlet reports that music streaming service Spotfiy has received a US$1bn injection.

Private Equity firm TPG, hedge fund Dragoneer Investments Group and clients from Goldman Sachs have put up the money, which can be eventually turned into stock at a 20% discount to an IPO price should Spotify list.

On a more serious note, Federal Reserve chair Janet Yellen has had a positive impact on stock markets, according to the Wall Street Journal, after she took a cautious stance on raising US interest rates.

In a speech in New York on Tuesday, Yellen said global and financial uncertainties posed risks to the U.S. economy and justified a slower path for rate increases, giving investors confidence to buy into slightly riskier assets around the world.

“The equity bulls will be cheering Janet Yellen today,” Brenda Kelly from spreadbetting firm LCG said.

The WSJ also writes that the boards of Sharp Corp and Foxconn Technology Group have approved a plan for the Taiwanese electronics assembler to take over the struggling Japanese consumer electronics company for about 389bn yen (US$3.5bn).

The deal for Apple Inc (NASDAQ:AAPL) smartphone assembler Sharp is seen as a boon for Foxconn, which is looking to expand the market for its next-generation displays.

Over at the LA Times, the paper reports that Medivation Inc. (NASDAQ:MDVN) has come under scrutiny after a group of lawmakers started a campaign to lower the price of a drug for advanced prostate cancer, Xtandi, which they say was developed at UCLA through taxpayer-supported research grants.

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