It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Thursday, July 08, 2021
U.S. pot stocks a 'generational wealth opportunity': Analyst
By David George-Cosh
Jefferies LLC is initiating coverage of seven U.S. cannabis companies amid what the firm describes as a potential "generational wealth opportunity"
Jefferies Analyst Owen Bennett placed "buy" ratings on all seven U.S. pot companies that he started tracking - Curaleaf Holdings Inc., Cresco Labs Inc., Green Thumb Industries Inc., Trulieve Cannabis Corp., TerrAscend Corp., Columbia Care Inc., and Ayr Wellness Inc. - and expects each to double their share price over the next year due to potential growth in the space.
"We believe this is a generational wealth opportunity," Bennett wrote in a report to clients on Wednesday.
"While we had justified reservations when launching on Canadian cannabis over two years ago, such caution on the U.S. would be misplaced, in our view."
Jefferies estimates that the U.S. cannabis sector will grow at a 14 per cent rate over the next decade, taking sales from US$17 billion in 2020 to US$64 billion by 2030. That growth is expected to come as more U.S. states legalize cannabis for medical or recreational usage, liberalization of current laws restricting cannabis that could usher in a significant amount of institutional investment, and M&A opportunities to help consolidate a fragmented industry, Jefferies added.
Bennett expects the U.S. to legalize cannabis federally by 2026 but also sees legislative reform coming sooner than that, either through a new bill widely expected to be introduced this month by Senate Majority Leader Chuck Schumer or other proposed laws, that could deschedule cannabis as a controlled substance or provide protection to capital markets to allow institutional participation in the sector.
He also noted that valuations for U.S. cannabis operators remain in stark contrast to their Canadian peers despite how many pot companies in Canada don't have any direct exposure to the U.S. market as marijuana remains federally illegal. For example, the enterprise value for Canadian cannabis companies is 109 times earnings with interest, taxes, depreciation, and amortization, while U.S. pot companies is calculated to be 19.5 times EBITDA, according to Jefferies.
"Despite Canadian cannabis industry growth disappointing to date, Canada itself being smaller than California, and the companies all generally struggling to make money, valuations are at a significant premium to U.S. cannabis," Bennett said.
One of the biggest headwinds limiting the valuations of U.S. cannabis companies is the lack of institutional support, which Jefferies estimates accounts for only four per cent of shares, compared to 15 per cent for the Canadian cannabis space. That low figure comes as institutional investors remain unable to invest in companies not trading on a major exchange, a lack of liquidity, and barriers with financial clearinghouses unable to process trades of any cannabis companies, Bennett said.
"For institutions that currently can't invest in U.S. cannabis, for them to be able to, cannabis essentially needs to be given the okay by the government/regulators, [such as the] risk of prosecution from participation needs to be removed," he noted.
Cannabis could become part of NAFTA 2.0 trade deal: Former Mexican president
Former Mexican President Vicente Fox expects cannabis will be a part of the new North American free-trade deal following the country's Supreme Court decision to loosen some of the rules on how the drug can be consumed.
"Cannabis has to be part of the trading between United States, Canada and Mexico," Fox said in a broadcast interview. "Canada is an open market for cannabis, so, too is Mexico today. For the moment today for medical use, in September for recreational use."
Fox's comments come after Mexico's Supreme Court ruled to strip prohibitions against consuming marijuana last month despite lawmakers failing to formally pass legislation to establish the rules behind a recreational market. The court also ruled that it will now allow anyone who wants a permit for recreational cannabis to receive one.
The ruling doesn’t decriminalize the sale of cannabis or its use without a permit. Mexico legalized medical cannabis in 2017 and regulations on how the country will manage its recreational marketplace are expected to be announced later this year.
"The Supreme Court finally corrected the law in order to proceed with the opening of the market," Fox said. "Congress was resistant but the Supreme Court made the final decision."
Fox, who sits on the board of Vancouver-based medical marijuana producer Khiron Life Sciences Corp., said that the company will have cannabis products available for sale for Mexican consumers in a "few weeks".
With 130 million people, Mexico would become the biggest market for legal cannabis once it allows the sale of recreational products. However, the market size is expected to be relatively smaller than Canada and several U.S. states, with analysts projecting it could grow to as much as US$1.2 billion. Canada's cannabis market is poised to mature to a $9 billion market, while the U.S. sold US$17.2 billion of marijuana in 2020.
The U.S. will need to legalize cannabis federally for trade to commence between countries like Canada and Mexico. Jefferies LLC Analyst Owen Bennett said in a note to clients on Wednesday that he expects the U.S. to federally legalize cannabis in 2026, although other reform measures are expected earlier.
"Once we start operating in the Mexican market, when we are allowed now to import and export, that will facilitate the United States in the near future when they have federal approval [of recreational cannabis], I think it's done. I think it's going to be part of NAFTA," Fox said.
"The trade will start, I don’t have any doubt [between Mexico and bordering U.S. states]."
CRIMINAL CAPITALI$M IS THERE ANY OTHER KIND?
B.C.-based G Seven Generations Ltd. (G7G Railway) filed a lawsuit in a Manitoba court last month seeking unspecified damages from Bridging Finance; the firm's former CEO, David Sharpe; entrepreneur Sean McCoshen; as well as infrastructure consulting firm Aecom Canada Ltd., which was retained in 2011 to help develop the project; Aecom Canada Vice-President John Falcetta; former Aecom executive Bill Hjelholt; and the Alaska-Alberta Railway Development Corp. None of the allegations have been tested or proven in court.
The lawsuit is another chapter in the scandal at Bridging Finance, a Toronto-based private lender that was sent into receivership earlier this year amid an Ontario Securities Commission (OSC) investigation into alleged mismanagement and self-dealing. The OSC probe led an Ontario judge to put PricewaterhouseCoopers in control of Bridging, which managed approximately $2 billion in assets as of December 2020, according to a court filing.
OSC staff alleged that Sharpe received undisclosed payments into his personal chequing account from a company controlled by McCoshen at the same time that Bridging Finance loaned more than $100 million to companies operated by McCoshen, including the Alaska-Alberta Railway. The allegations haven’t been proven or tested.
Matt Vickers, chief executive officer of the G7G Railway project, said in a phone interview that he decided to file the lawsuit now because potential investors began to confuse his rail project with the competing Alaska-Alberta project. He also said he hopes for a friendly resolution because both projects included provisions that mandated significant First Nations owners
"I was always praying and trusting that the First Nations would put an end to the dispute between the two rail groups," he said.
‘Do you trust me?’
The G7G Railway project was first envisioned in 2008 as a major infrastructure initiative that would link Alberta's oil patch to several ports in British Columbia, Alaska, and the Arctic to get some of the province's energy products to foreign markets. Under the plan, First Nations groups would own half of the project, and the total cost was estimated to be about $27 billion, Vickers said. The Alberta government provided G7G Railway with $1.8 million in April 2013 to develop a feasibility study.
The lawsuit alleges that executives from G7G Railway met with McCoshen to seek financing support in May 2015 and subsequently signed a non-disclosure agreement to keep details of the rail project confidential. Two months later, McCoshen and Falcetta are said to have introduced G7G Railway to Sharpe and the Bridging Finance team to provide financing for the project.
Vickers said he first met McCoshen after one of G7G Railway's directors met with Blaine Knott -- a former employee of The Usand Group, a Manitoba-based company that McCoshen founded that aimed to create partnerships with First Nation, Inuit, and Métis organizations and communities -- when seeking financing for the rail project. Knott wasn't immediately available for comment.
"I believe [Knott and the G7G director] were meeting for one of our wind projects at the time and it was mentioned that we're working on this massive rail project. Blaine [told the director], 'Well listen, I known this guy Sean McCoshen. He's an investment banker and he raised funding for First Nations for participating in equity positions and major projects,'" Vickers said.
"We go Googling to see who Sean McCoshen is and we certainly never found anything negative or positive about the guy so we thought, what the heck, if someone can raise the 50 per cent for First Nations investment, it's not going to hurt to go meet with them."
Vickers said that shortly afterward, he had dinner with McCoshen after a meeting earlier in the day with the G7G Railway board failed to secure a financing deal. Vickers said that McCoshen told him, "I know the First Nations are going to have to trust me. Do you trust me?"
"My answer to him was that I just met you. I later told the board, 'Wasn't that a ridiculous statement for him to make?’," Vickers said.
‘Give me a break’
Between July and December 2015, Bridging Finance agreed in principle to provide a $28.9-million loan to G7G Railway, signed a non-disclosure agreement, and was privy to confidential information regarding the rail project, the filing states.
According to the filing, Vickers spoke with Sharpe in July 2015 regarding the financing arrangement as well as a $1.4-million payment that McCoshen would receive for connecting G7G and Bridging Finance. The lawsuit alleges that Sharpe told Vickers that Bridging Finance would "push on" from discussing the lending plans with G7G Railway and cut off communication with the company.
"If that was the finder’s fee for a $27-billion project, you know, it probably would be understandable," Vickers said. "But for a $20-million loan? I mean, give me a break. Who would even think of paying that kind of money."
Around that same time, G7G Railway alleges that the defendants "combined or conspired with each other with the intent to injure the plaintiff by entering into an agreement to steal the plaintiff's idea for the G7G Railway, misappropriate the plaintiff's proprietary information and pursue an identical or nearly identical railway project along the route."
That idea is alleged to have led to the creation of Alaska-Alberta Railway Development Corp., which was founded by McCoshen. The competing rail project also hired Aecom to lead engineering development while Bridging Finance provided $180 million in loans to the company, the lawsuit alleges. Despite being granted a presidential permit from former U.S. President Donald Trump last September to develop the project, Alaska-Alberta Railway Development Corp. filed for bankruptcy protection in June shortly after Bridging Finance was put into receivership. Vickers said that G7G Railway is exploring legal advice on whether it would acquire its rival's assets during bankruptcy proceedings.
Lawyers representing the court-appointed receiver for Bridging Finance and Sharpe declined to comment. Representatives from Aecom Canada, Alaska-Alberta Railway Development Corp., as well as Falcetta were not immediately available for comment. McCoshen didn't respond to messages left on his personal cell phone and a phone number linked to a company he controls.
When reached, Hjelholt told BNN Bloomberg in an email that he was unaware of the lawsuit filed by G7G Railway and had not seen the statement of claim, so he could not comment on the details.
“I can categorically deny that I, nor to my knowledge AECOM (when I was employed there, ending in June of 2016) even HAD a contract with G7G. I am not a lawyer, but I am pretty sure you cannot breach a contract if you don't have a contract,” Hjelholt wrote in the email.
According to Vickers, G7G Railway has a signed agreement with Aecom from Nov. 14, 2011, but was not able to share it with BNN Bloomberg because the document is deemed confidential.
Vickers added that G7G Railway is still looking to develop the project and has secured a draft term sheet from an unnamed financier based out of Australia that would still preserve the First Nations equity position. He is also looking to secure Alberta Premier Jason Kenney's backing to go forward with the rail project.
A representative from the Alberta Premier's office said in an email that while the current government hasn’t provided any financial support for the project, discussions continue with counterparts in Alaska “on opportunities that are in the best economic interests of our two jurisdictions, which includes rail.”
"We feel it's economically viable," Vickers said. "The mining industry alone could generate a billion dollars in revenue. You've got frieght, you've got grain, the list goes on and on. Even if we ship no oil, the plan always was that we would be shipping raw bitumen in one form or another."
Jun 15, 2021
25,000 'vulnerable' Bridging Finance investors fight for voice in probe
Lawyers for tens of thousands of retail investors with money in Bridging Finance Inc.’s investment funds are asking an Ontario court to allow them to represent those unitholders amid an investigation into the troubled Toronto-based private lender by Canada’s top capital markets regulator.
An Ontario court appointed PricewaterhouseCoopers Inc. (PwC) to take control of Bridging Finance on Apr. 30 at the request of the Ontario Securities Commission. That decision was made pending the outcome of an investigation into allegations the lender and its then-senior executives, including Chief Executive Officer David Sharpe and his wife Natasha, who was chief investment officer at the firm, mismanaged funds and failed to disclose conflicts of interest. The Sharpes were subsequently fired from their roles after PwC stepped in. The allegations have not been proven.
According to a court document filed Monday, a team of lawyers at Toronto-based Weisz Fell Kour LLP submitted a motion to the Ontario Superior Court asking to be assigned as representative counsel for approximately 25,000 retail investors who invested in Bridging Finance's funds and may either be unfamiliar with the court proceedings or financially unable to retain their own lawyer to recover their investments.
"The retail investors are the most vulnerable unitholders in this proceeding and it would be unjust to deny funded legal counsel to the very people who bear the greatest burden of any liquidation losses but have the least means to mitigate them," according to the filing.
The motion will be heard by an Ontario Superior Court judge Wednesday morning, according to the filing.
As receiver, PwC proposed to create limited partnership advisory committees that would solicit feedback from two groups of Bridging Finance fund unitholders to relay feedback on decisions made by the court monitor.
While the committees would include several brokers and institutional investors, retail investors would only account for two members of one group. However, the filing from the Weisz Fell Kour legal team described the committees as "toothless tigers" with limited capacity to represent the interests of any relevant parties.
"The retail investors are a vast and disconnected group, comprised of many persons unsophisticated in financial or legal matters, and who cannot individually afford to incur legal fees in what will undoubtedly be a long receivership," the filing states.
Tracey Fellowes, a 63-year-old retiree who invested almost $120,000 with her husband in Bridging Finance funds, is one retail investor who would like to be represented by a separate group of lawyers, rather than be part of a committee.
Courtesy: Tracey Fellowes
"We need to have someone speaking for us directly, not the people that got us into Bridging in the first place," she said in a phone interview. BNN Bloomberg reviewed documents confirming Fellowes’ investments.
Fellowes, who used her existing financial advisor, Richardson Wealth Ltd., to invest in the funds on her and her husband's behalf roughly two years ago, said that there's a potential conflict of interest by having brokers and money managers take part in the same committee where their interests may not be aligned with retail investors.
"I feel that [Bridging Finance] should probably be liquidated and all the assets they can get from David Sharpe, or Natasha Sharpe and whoever else was involved, [should] pay the investors back," Fellowes said. "There's a lot of people involved that will get paid. How much is going to be left for us?"
A Richardson Wealth spokesperson told BNN Bloomberg in an email that the firm is, "monitoring the situation carefully, engaging with PwC which is overseeing Bridging, and keeping our clients up to date every step of the way.”
Lawyers representing PwC and Bridging Finance were not immediately available for comment.
Bridging Finance mystery deepens amid 34,200 deleted emails
The receiver in control of embattled Bay Street lender Bridging Finance Inc. has raised red flags over transactions involving the lender’s top client and said tens of thousands of company emails have been deleted, according to the latest report on its work.
The June 9 filing by PricewaterhouseCoopers paints the picture of an arduous task in getting to the bottom of what transpired at the lender and what the future holds for unitholders in its investment funds.
Here are some of the key takeaways from PwC’s report. None of the allegations or claims have been tested or proven in a court.
According to PwC, an I.T. firm provided a service ticket dated Oct. 6, 2020 from an unidentified employee who requested that “all records of emails” be deleted based on certain search terms. That resulted in 34,200 emails being scrapped, according to logs reviewed by PwC.
The employee was interviewed by PwC on June 7 and claimed that “on more than one occasion”, starting last year, they were asked by then-Chief Executive Officer David Sharpe and another senior executive to perform searches for emails to be deleted.
PwC identified what it called “a number of issues of concern” relating to Bridging Finance’s relationship with Alaska-Alberta Railway Development Corp. (AARDC), which is the lender’s top client with $316.6 million in exposure as of March 31. A central figure in the relationship is a financier named Sean McCoshen, who co-founded the rail project.
PwC said its legal counsel attempted to arrange a conversation with McCoshen about the role of some numbered companies he controls, but was informed by McCoshen’s counsel that he’s unable to respond “due to medical circumstances.”
PwC said it has demanded repayment of $207.8 million outstanding under Bridging’s loan to AARDC.
It also said it was informed late last month that AARDC’s legal counsel and some of its management team had resigned. As of Thursday morning, the only individual listed on AARDC’s online executive management profile is President Jean Paul (JP) Gladu.
PwC said in its report that it’s planning to launch a “rigorous sales and investor solicitation process” in which some or all of Bridging’s loans and assets could be scooped up. The process is subject to court approval.
PwC is also seeking court approval for funding to hang on to key talent. In the report, PwC said it has identified up 20 non-executive employees to whom it wants to offer retention bonuses that would amount to a maximum of $366,000. As of the time of the filing, PwC said it has thus far allocated $266,000 of that amount.
CANADA
Employers to hire more contract workers as economy emerges from pandemic: Poll
CALGARY - Nearly 70 per cent of Canadian employers expect to hire more freelance or contract workers in the next two years as their businesses emerge from the COVID-19 pandemic, according to a new report.
The report - commissioned by human resources firm Ceridian - suggests the gig economy will accelerate as companies ramp up hiring post-pandemic. More than half of senior executives surveyed online said they anticipate expanding their workforce in the next 12 months as the economy reopens and 35 per cent said they will look to freelance or contract workers to do so.
Sixty-four per cent of employers surveyed think freelance or gig workers will substantially replace full-time workers within the next five years.
The pandemic has dramatically shifted the balance of power between employers and employees, said Steve Knox, vice-president of global talent acquisition for Ceridian. The rise of work-from-home means that many employees no longer feel tied to one physical workplace. Some employees don't want to return to the office at all, while others are demanding more work-life balance.
“We're expecting to see a rise in attrition, really across all organizations,” Knox said. “We're already starting to see employees questioning, 'Am I doing the type of work I want to do? They're re-evaluating their lives.”
The potential for labour shortages means some employers may have little choice but to pad their workforce with temporary gig workers, Knox said. He says in some cases, employers are trying to hold onto employees who seem to prefer temporary contracts as the workplace shifts and changes post-COVID.
“We are seeing instances of, 'I just want to go and work for 10 months and then I want to take six months off to travel.' ” Knox said. “People are really kind of questioning this commitment to a long-term employer.”
In Alberta, employers are starting to hire again thanks to rising oil prices and the end this week of nearly all COVID-19 public health restrictions, said Scott Crockatt, spokesman for the Business Council of Alberta, which represents more than 100 of the province's chief executives.
But there is still a great deal of caution, Crockatt said, and many companies are unwilling to pull the trigger on permanent hires.
“(Companies) might still be unsure exactly of what their labour needs and demands might be, so in some cases they're preferring to hire people in more flexible arrangements, like contract,” he said.
While Knox said some employees seem eager for contract work in the post-COVID environment, Crockatt said that doesn't seem to be the case in Alberta. He said many workers who have spent the last 15 months riding out the double whammy of an oil price crash and a global pandemic are searching for long-term stability.
“(Companies) are finding that resistance to contract work, because of the potential unsettled nature of it, is making it doubly hard to recruit people,” he said.
According to a May report by Payments Canada, gig workers including ride-share drivers, freelance writers, graphic designers and general contractors now represent more than one in 10 Canadian adults. More than one in three Canadian businesses employ gig workers, according to Payments Canada.
The Ceridian report was conducted by Hanover Research between April 26 and May 17, and surveyed 2,000 senior executives globally including 491 in Canada.
According to the polling industry's generally accepted standards, online surveys cannot be assigned a margin of error because they do not randomly sample the population.
For many students, double-dose algebra leads to college attainment
SAINT LOUIS UNIVERSITY
ST. LOUIS -- In the United States, low-income and minority students are completing college at low rates compared to higher-income and majority peers -- a detriment to reducing economic inequality. Double-dose algebra could be a solution, according to a new study published in roceedings of the National Academy of Sciences of the United States of America (PNAS).
The paper, "Effects of Double-Dose Algebra on College Persistence and Degree Attainment," is the culmination of a series of studies that followed two cohorts of ninth-grade students over a period of 12 years in the Chicago Public Schools (CPS) where double-dose algebra was introduced in 2003.
The new policy required incoming ninth graders with eighth-grade math scores below the national median to complete two periods of math -- one period of algebra, plus an additional period of instruction designed to build foundational prealgebra skills. Research findings showed that, for median-skill students scoring at or above the 50th percentile in the 2003 cohort, double-dose algebra significantly increased semesters of college attended and college degree attainment.
"This provides unique insight for districts that provide extra instruction but are unable to rigorously study the impact of those programs," said Takako Nomi, Ph.D., associate professor of educational studies at Saint Louis University. Her work focuses on educational policy and equity.
Nomi, who also serves as research affiliate at the University of Chicago's Consortium on Chicago School Research, led the study. Other authors include Stephen W. Raudenbush, Ed.D., of the department of sociology at the University of Chicago; and Jake J. Smith, of Harris School of Public Policy at the University of Chicago.
A key takeaway from the study is how schools chose to implement the policy matters, Nomi said. Fewer schools adopted the cut-score-based double-dose algebra program in 2004 than in 2003. Most schools that did strongly comply in 2004, did so by placing their median-skill double-dose students in low-skill algebra classrooms, according to the study.
In terms of classroom peer composition, "the impact was largest when schools didn't group double-dose students with low-skilled students," Nomi said. Research findings demonstrate that when students were placed in double-dose classes with much lower-skilled peers, the program had no effect. Subsequent research should address the design of optimal policies for lower-skill students, Nomi said. A math intervention far more intensive than double-dose algebra is essential to improve their high school and postsecondary outcomes. The study also notes that ninth-grade students who fail math also tend to fail other core classes.
"It's not just a math issue," Nomi said. "The policy of giving extra math is not enough to change the trajectory for the students who struggle the most. It's important to support struggling students in general."
This study was supported by grant R305A170602 from the Institute of Education Sciences entitled, "Doubling Up? Understanding the Long-Term Effects of Ninth-Grade Algebra Reform on College Persistence and Graduation."
Nomi's research interests include urban education, education policy, inequality in education, school reforms, and college readiness. Nomi is associate director of the Sinquefield Center for Applied Economic Research where she collaborates with top SLU researchers. In a separate study, she's exploring why low-income and minority students -- particularly Black males -- are less likely to complete college. She is also a part of a faculty advisory board at SLU's Geospatial Institute.
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About Saint Louis University
Founded in 1818, Saint Louis University is one of the nation's oldest and most prestigious Catholic institutions. Rooted in Jesuit values and its pioneering history as the first university west of the Mississippi River, SLU offers more than 12,000 students a rigorous, transformative education of the whole person. At the core of the University's diverse community of scholars is SLU's service-focused mission, which challenges and prepares students to make the world a better, more just place.
Autistic children can benefit from attention training - new study
UNIVERSITY OF BIRMINGHAM
Attention training in young people with autism can lead to significant improvements in academic performance, according to a new study.
Researchers at the University of Birmingham in the UK along with institutions in São Paolo, in Brazil, tested a computer programme designed to train basic attention skills among a group of autistic children aged between eight and 14 years old.
They found participants achieved improvements in maths, reading, writing and overall attention both immediately after undergoing the training and at a three-month follow up assessment. Their results are published in Autism Research.
Lead researcher, Dr Carmel Mevorach, in the University of Birmingham's Centre for Human Brain Health, and School of Psychology, says: "It's only recently that we have started to focus on the way autistic people pay attention in addition to, for example, how they interact and socialise. Attention is a fundamental cognitive process and better controlling it can have an impact on other behaviours, as well as on learning ability."
In the study, the team worked with 26 participants with Autistic Spectrum Disorder (ASD) in the São Paolo ASD Reference Unit, a specialist children's treatment unit. The children took part in 45-minute training sessions twice a week for 8 weeks.
Half of the group took part used a computer programme called CPAT - Computerised Progressive Attentional Training, that was developed in an earlier project by the Birmingham team in partnership with researchers at Tel-Aviv University in Israel. The CPAT programme includes training games targeting different types of attention, and at progressively more difficult levels.
The second half of the group were a control group and were given ordinary computer games to play. The trial was conducted so that none of the children, their families, or the researchers assessing them knew which group they were in and they were each simply told that they would be playing games that could help them in school.
Immediately after completing the training the CPAT group showed improvements in the number of isolated words they could correctly identify and read in 10 minutes (an increase from around 44 to around 53). They were also able to increase the number of words they could copy from around 18 to around 25. In maths, the CPAT group improved their scores by more than 50 per cent. All these improvements were maintained when the children were re-tested three months after completing the programme.
In contrast, the control group participants showed no evidence of improvement in any of the three areas.
The CPAT programme is currently included within the Teacher Training in Attention in Autism (TTAA) Erasmus+ project which has partners in Greece, Spain, Israel and the UK. The team is also carrying out local pilot projects with schools in each of the countries to enable teachers to embed it within their setting in whichever way they think will work best.
Dr Mevorach adds: "We've found that by giving teachers the freedom to experiment with CPAT we are finding out much more about its potential benefits. Autism is highly individual, so developing an intervention that can be tuned to a particular individual or setting is really key to success."
The next stage for the research is to carry out a larger clinical trial to establish the potential impact of the intervention. The research was funded in the UK by the Economic and Social Research Council, part of UK Research and Innovation, and by the European Union's Erasmus Programme.
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New warning on teen sleep
FROM DR. SLEEP
Sleep deprivation leads to mood, mental health falls
FLINDERS UNIVERSIT
Sleep deprivation - from lifestyle choices, pandemic stress, or late-night computer study - can quickly lead to loss of energy and function during the day and even feelings of anger and depression, an Australian sleep institute study has shown.
The study, led by Flinders University, asked 34 health teenagers (20 males) aged between 15 and 17 to spent 10 days and nine nights in a specially designed sleep centre.
They were allocated to one of three sleep 'doses' for five consecutive nights- from five hours, 7.5 hours, or 10 hours in bed per night - with two baseline and two 'recovery' nights of up to 10 hours' time in bed.
Their mood was measured every three hours after waking up to assess responses to feelings such as 'depressed', 'afraid', 'angry', 'confused', 'anxious', 'happy' and 'energetic'.
Using unipolar visual analogue scales measuring the mood states, the study found:
- Participants in the five-hour group, but not the 7.5- or 10-hour groups, reported being significantly more depressed, angry, and confused during sleep restriction than at baseline
- Happiness and energy decreased significantly following sleep restriction to five hours' sleep opportunity
- When the participants had 10 hour sleep opportunities, their happiness significantly increased
- No statistically significant effects of sleep restriction were found for fear or anxiety, although small-to-moderate effects of sleep restricted to five or 7.5 hours were found.
"The two nights of recovery sleep was not sufficient to recover from increased negative mood states for the five-hour group, although recovery occurred for positive mood states," says lead author Flinders University research fellow Dr Michelle Short.
"Given the prevalence of insufficient sleep and the rising incidence of mood disorders and dysregulation in adolescents, our findings highlight the importance of sufficient sleep to mitigate these risks."
The article, Sleep duration and mood in adolescents: an experimental study (2021) by SA Booth (CQU), MA Carskadon (US), R Young and MA Short, has been published in Sleep, Volume 44, Issue 5, May 2021, https:/
Adolescence is a critical maturational stage in terms of heightened risk of the onset of mood disorders, with researchers stressing that sufficient sleep crucial to guard against mood deficits in otherwise healthy adolescents.
The results of the experimentally manipulated sleep duration and mood study confirm that adolescents report deterioration in moods in terms of depression, happiness, anger, confusion and energy.
The relationship between experimentally manipulated sleep duration and mood in adolescents used mixed models analyses with adhoc comparisons.
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Mindfulness training helps kids sleep better, Stanford Medicine study finds
STANFORD MEDICINE
At-risk children gained more than an hour of sleep per night after participating in a mindfulness curriculum at their elementary schools, a study from the Stanford University School of Medicine found.
The research will be published online July 6 in the Journal of Clinical Sleep Medicine. The study is the first to use polysomnography techniques, which measure brain activity, to assess how school-based mindfulness training changes children's sleep. The curriculum taught children how to relax and manage stress by focusing their attention on the present, but it did not instruct them on how to get more sleep.
"The children who received the curriculum slept, on average, 74 minutes more per night than they had before the intervention," said the study's senior author, Ruth O'Hara, PhD, a sleep expert and professor of psychiatry and behavioral sciences at Stanford. "That's a huge change."
Rapid eye movement sleep, which includes dreaming and helps consolidate memories, also lengthened in children who learned the techniques.
"They gained almost a half an hour of REM sleep," said O'Hara, the Lowell W. and Josephine Q. Berry Professor. "That's really quite striking. There is theoretical, animal and human evidence to suggest it's a very important phase of sleep for neuronal development and for the development of cognitive and emotional function."
Helping at-risk kids sleep better
Children in the study lived in two low-income, primarily Hispanic communities in the San Francisco Bay Area. One community received the intervention; the other served as the control. Both had high rates of crime and violence, and families faced such stressors as food insecurity and crowded, unstable housing. These conditions are a recipe for poor sleep, said the study's principal investigator, Victor Carrion, MD, the John A. Turner, MD, Endowed Professor for Child and Adolescent Psychiatry. Carrion, who directs the Stanford Early Life Stress and Resilience Program, launched the study to help youngsters manage the effects of living in a stressful environment.
Enabling at-risk kids to sleep better isn't just a matter of telling them to sleep more or keep regular bedtimes, however.
"To fall asleep you have to relax, but they have a hard time letting their experiences go," Carrion said. "They don't feel safe and may have nightmares and fears at night."
The study curriculum consisted of training in bringing one's attention to the present; exercises featuring slow, deep breathing; and yoga-based movement. Yoga instructors and the children's classroom teachers taught the curriculum twice a week, for two years, in all elementary and middle schools in the community that received the intervention. Instructors taught children what stress was and encouraged them to use the techniques to help them rest and relax, but they did not give any instruction on sleep-improvement techniques such as maintaining consistent bedtimes.
The instructors used the Pure Power Curriculum, developed by a nonprofit called PureEdge; it is available to schools for free in both Spanish and English.
From the more than 1,000 third- and fifth-graders taking part in the study, the researchers recruited 58 children who received the curriculum and 57 children from the control group for three in-home sleep assessments, conducted before the curriculum began, after one year and after two years. These assessments measured brain activity during sleep, via a cap of electrodes placed on the child's head, as well as breathing and heart rates and blood oxygen levels.
More sleep instead of less
At the start of the study, researchers found that children in the control group slept 54 minutes more, on average, and had 15 minutes more REM sleep per night than children in the group that later received the training: Children in the control group were sleeping about 7.5 hours per night, and those in the curriculum group about 6.6 hours per night. The researchers don't know why children in the two communities, despite similarities in income level and other demographics, had different average sleep times.
But the two group's sleep patterns evolved differently. Over the two-year study period, among the children in the control group, total sleep declined by 63 minutes per night while the minutes of REM sleep remained steady, in line with sleep reductions typically seen in later childhood and early adolescence. In contrast, the children who participated in the curriculum gained 74 minutes of total sleep and 24 minutes of REM sleep.
"It makes intuitive sense that children who didn't participate in the curriculum decreased their sleep, based on what we know about what it's like to be a kid this age," said the study's lead author, Christina Chick, PhD, postdoctoral scholar in psychiatry and behavioral sciences. "Older children are possibly staying up to do homework or talk or text with friends. I interpret our findings to mean that the curriculum was protective, in that it taught skills that helped protect against those sleep losses." Hormonal changes and brain development also contribute to changes in sleep at this age, Chick noted.
Still, the average amount of sleep that study participants in both groups received was low, Chick said, noting that at least nine hours of sleep per night is recommended for healthy children.
The researchers hypothesized that children might experience improvements in sleep via reductions in stress. However, the children who gained the most sleep during the study also reported increases in stress, perhaps because the curriculum helped them understand what stress was. Nevertheless, they slept better.
The researchers plan to disseminate the findings more broadly, such as by helping schoolteachers deliver a similar curriculum. They also plan further studies to understand how various elements of the curriculum, such as exercises that promote deep, slow breathing, may change body functioning to enable better sleep.
"We think the breath work changes the physiological environment, perhaps increasing parasympathetic nervous system activity, and that actually results in improved sleep," Chick said.
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The study's other Stanford authors were Lauren Anker, PhD, postdoctoral scholar in psychiatry and behavioral sciences; Makoto Kawai, MD, clinical associate professor of psychiatry and behavioral sciences; Christine Gould, PhD, clinical associate professor of psychiatry and behavioral sciences; Isabelle Cotto, clinical research coordinator; Logan Schneider, MD, clinical assistant professor of psychiatry and behavioral sciences; Omer Linkovski, former postdoctoral scholar in psychiatry and behavioral sciences; current and former clinical research coordinators Anisha Singh, Casey Buck, Rosy Karna, Sophia Pirog, Kai Parker-Fong, Christian Nolan, Deanna Shinsky, Priyanka Hiteshi, Oscar Leyva and Brenda Flores; Ryan Matlow, PhD, clinical associate professor of psychiatry and behavioral sciences; Travis Bradley, EdD, director of Bridge to Learning; and Josh Jordan, PhD, a former research analyst. Carrion is a member of Stanford Bio-X, O'Hara is a member of the Stanford Cardiovascular Institute, and both are members of the Stanford Maternal and Child Health Research Institute and the Stanford Wu Tsai Neurosciences Institute.
The research was supported by the National Institutes of Health (grant UL1 TR001085) and by the Lucile Packard Foundation for Children's Health.
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Counting sheep and still awake? Mindfulness therapy may help bring on the zzz's
Researchers from the Centre for Sleep and Cognition at the NUS Yong Loo Lin School of Medicine found mindfulness-based therapy to be more effective than an active sleep hygiene programme in improving sleep quality
NATIONAL UNIVERSITY OF SINGAPORE, YONG LOO LIN SCHOOL OF MEDICINE
Sleep problems are common in the general population with up to half of Singaporean adults reporting insufficient or unsatisfying sleep. Sleep quality tends to worsen with age and poor sleep is a modifiable risk factor for multiple disorders, including cardiovascular disease and cognitive impairment.
Currently, insomnia is treated with either medication or psychological interventions. However, even frontline treatments such as cognitive-behavioural therapy have limitations - up to 40% of patients do not get relief from their insomnia symptoms after undergoing this treatment. Furthermore, in Singapore, the waiting time to receive such treatment is long, as it is typically delivered as individual therapy and there are limited available local providers.
To search for alternative approaches to treat insomnia, Principal Investigator Assistant Professor Julian Lim from the Centre for Sleep and Cognition at the National University of Singapore's (NUS) Yong Loo Lin School of Medicine, together with the Singapore General Hospital's Department of Psychology, looked towards mindfulness-based treatment. Mindfulness is the awareness of moment-to-moment thoughts, feelings, and bodily sensations, and the practice of accepting these experiences without judging or reacting to them. Backed by scientific evidence, practicing mindfulness is becoming increasingly popular as a means to reduce stress, treat mental health problems, and improve general well-being.
The randomised controlled study compared a Mindfulness-Based Therapy for Insomnia (MBTI) with an active Sleep Hygiene, Education, and Exercise Programme (SHEEP) to see if the former could improve sleep outcomes in older adults with sleep complaints. A total of 127 participants, aged 50-80, were randomised and allocated between the two programmes - 65 received MBTI while 62 went through SHEEP. Both interventions consisted of eight weekly sessions which were of two hours duration each.
The MBTI course included formal mindfulness exercises such as mindful eating, sitting meditation, mindful movement and body scans. This was followed by a group discussion of their experiences during the past week, as well as the application of practices and principles of mindfulness which directly addressed their sleep difficulties. In addition, participants were taught good sleep habits and behavioural strategies that they could use to improve their sleep.
On the other hand, the SHEEP course provided participants with information about sleep biology, self-monitoring of sleep behavior and taught changes to make in their habits and environment that could improve sleep quality. Participants also learned and practised sleep-promoting exercises such as diaphragmatic breathing, morning and evening stretching movements, and progressive muscle relaxation.
Although sleep quality improved across the board, the study found MBTI to be more effective in reducing insomnia symptoms than SHEEP. Additionally, MBTI led to observable improvements when sleep was measured objectively - using wrist-worn activity monitors, and by recording electrical brain activity while participants slept at home. These objective measurements showed that MBTI participants took less time to fall asleep, and spent less time awake during the night, while this was not seen among SHEEP participants.
Explaining the study's findings, Assistant Professor Julian Lim said: "Insomnia is strongly linked to hyperarousal, or a failure to switch off the "fight-or-flight" system when it's time to sleep. It typically starts because of a triggering stressful event, and persists because some individuals go on to develop bad sleep habits and dysfunctional thoughts about sleep. MBTI uses behavioural strategies to address the bad sleep habits directly, such as encouraging people to get out of bed if they have difficulty sleeping to rebuild the association between the bed and good sleep, and mindfulness techniques to equip people with more flexible strategies to deal with the dysfunctional or arousing thoughts."
Assistant Professor Lim added, "The demonstration of the Mindfulness-Based Therapy as a viable treatment for insomnia presents possible valid alternatives for people who have failed or have no access to standard frontline therapies. Such treatment can be delivered in groups within and outside of a medical setting, providing members of the public with sleep issues easier and more efficient access to seek help."
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The study has been reported in the journal Psychological Medicine on 1 July 2021, and was funded by the Singapore Millennium Foundation, the Far East Organization, and start-up funding from Duke-NUS Medical School and NUS.
The Centre for Sleep and Cognition at the NUS Yong Loo Lin School of Medicine studies the scientific underpinnings of human behavior and ways to improve sleep. Through research and advocacy efforts, the Centre seeks to enhance human cognitive potential as well as to reduce the impact of lifestyle factors and neurodegenerative diseases on cognition and well-being.
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New study uncovers how a series of sleep loss impacts mental and physical wellbeing
UNIVERSITY OF SOUTH FLORIDA (USF INNOVATION)
TAMPA, Fla. (July 6, 2021) - All it takes is three consecutive nights of sleep loss to cause your mental and physical well-being to greatly deteriorate. A new study published in Annals of Behavioral Medicine looked at the consequences of sleeping fewer than six hours for eight consecutive nights - the minimum duration of sleep that experts say is necessary to support optimal health in average adults.
Lead author Soomi Lee, assistant professor in the School of Aging Studies at the University of South Florida, found the biggest jump in symptoms appeared after just one night of sleep loss. The number of mental and physical problems steadily got worse, peaking on day three. At that point, research shows the human body got relatively used to repeated sleep loss. But that all changed on day six, when participants reported that the severity of physical symptoms was at its worst.
"Many of us think that we can pay our sleep debt on weekends and be more productive on weekdays," Lee said. "However, results from this study show that having just one night of sleep loss can significantly impair your daily functioning."
Data provided by the Midlife in the United States study included nearly 2,000 middle-aged adults who were relatively healthy and well-educated. Among them, 42% had at least one night of sleep loss, sleeping 1 ½ fewer hours than their typical routines. They recorded their mental and physical behaviors in a diary for eight consecutive days, allowing researchers to review how sleep loss causes wear and tear on the body.
Participants reported a pile-up of angry, nervous, lonely, irritable and frustrated feelings as a result of sleep loss. They also experienced more physical symptoms, such as upper respiratory issues, aches, gastrointestinal problems and other health concerns. These negative feelings and symptoms were continuously elevated throughout consecutive sleep loss days and didn't return to baseline levels unless they had a night sleep of more than six hours.
About one-third of U.S. adults sleep less than six hours per night. Lee says once that becomes a habit, it's increasingly difficult for your body to fully recover from lack of sleep, continuing the vicious cycle of worsening daily well-being, which could impact one professionally. A previous study led by Lee found losing just 16 minutes of sleep could impact job performance. Her previous findings also show that minor sleep loss can decrease daily mindfulness, which is a critical recourse for managing stress and maintaining healthy routines.
Lee says the best way to maintain a strong daily performance is to set aside more than six hours to sleep every night.
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