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Casey tied to Chinese firm he claimed McCormick-led company invested in to 'profit' off fentanyl crisis

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Casey tied to Chinese firm he claimed McCormick-led company invested in to 'profit' off fentanyl crisis

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Pennsylvania Sen. Bob Casey is invested, through several mutual funds, in the same Chinese fentanyl manufacturer that he recently claimed a company that was led by Republican candidate Dave McCormick was “profiting off people’s pain” by investing in.

The senator’s campaign claimed McCormick “saw a way to get even richer” in the fentanyl crisis, in an ad released earlier this month slamming the company he led, Bridgewater Associates, for investing in Humanwell. The ad connected the Chinese company to deaths from fentanyl occurring in Pennsylvania, noting that “nearly all” fentanyl starts in China. 

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However, Casey, through his investments, owns shares in a mutual fund that owns stock in the Chinese company as well, according to publicly available financial disclosures. 

Through his ownership of shares in a college savings plan, which is invested in the Massachusetts College Portfolio, a mutual fund managed by Fidelity, Casey is invested in Humanwell. But, his ultimate stake in the company is minimal. 

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Sen. Bob Casey was revealed to own stock in the same Chinese company that he attacked his opponent for investing in. (Getty Images)

Maddy McDaniel, a spokesperson for the Pennsylvania Democrat’s campaign, told Fox News Digital in a statement, “David McCormick will say anything to try and cover up how he sold out Pennsylvanians for profit, but the facts are clear: he directly invested millions in Chinese fentanyl and profited off Pennsylvanians’ pain. David McCormick decided to invest in a Chinese fentanyl company and Bob Casey never did.”

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As of 2021, Bridgewater Associates had a nearly $1.7 million investment in Humanwell across seven different hedge funds, according to publicly available records with the Department of Labor (DOL). McCormick was CEO of Bridgewater from 2020 to 2022.

“With his ad, Bob Casey has put his own hypocrisy and lies on display, and it’s proof of why Pennsylvanians are so tired of career politicians,” McCormick said in a statement to Fox News Digital. “Casey has had 18 years to secure our border and prevent fentanyl from killing 100,000 Americans last year alone – under his weakness, this crisis has worsened beyond imagination.”

Casey is also invested through mutual funds in Jiangsu Nhwa Pharmaceutical and Sinopharm Group, which are similarly involved in the manufacturing and wholesale of Chinese narcotics, respectively. 

‘FEEL BETRAYED’: TOP CONSERVATIVE GROUP BLASTS VULNERABLE DEMS ON INFLATION IN MULTIMILLION-DOLLAR AD BLITZ’: 

Bundles of blue pills containing fentanyl intercepted at the border. (U.S. Customs and Border Protection)

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Humanwell, as a pharmaceutical manufacturing company, produces medical-grade opiates. It is not one of the Chinese companies that has been singled out by the U.S. as a producer of lethal fentanyl precursor chemicals that are transported illegally through the southern border. 

According to the Drug Enforcement Administration (DEA), “illicit fentanyl, primarily manufactured in foreign clandestine labs and smuggled into the United States through Mexico, is being distributed across the country and sold on the illegal drug market.” 

Overdose deaths due to synthetic opioids have risen substantially, with the primary cause being illicitly manufactured fentanyl, per the DEA. 

BLINKEN PRESSURED TO FREEZE AFGHANISTAN AID AFTER REVELATION NEARLY $300M COULD HAVE GONE TO TALIBAN

McCormick accused Casey of lying about him and slammed the Democrat for failing to stop fentanyl trafficking over the border. (Getty Images)

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Pennsylvania is shaping up to be one of the most important states in the 2024 election, potentially deciding the presidential race and which party will control the Senate. And one particularly pressing issue in the state is the rapid increase in overdose deaths and substance abuse. 

In 2022, Pennsylvania had the 14th-highest drug overdose death rate in the country. There were a total of 5,169 deaths from drug overdoses, per the Centers for Disease Control and Prevention (CDC). 

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A map shows which states have higher rates of overdose deaths. (Centers for Disease Control and Prevention)

Following Casey’s ad hitting McCormick on investing in Humanwell, the Pennsylvania Republican cut his own ad, claiming, “Bob Casey is lying about me.”

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“I never made any investments in the makers of illegal fentanyl, ever,” he said. “Bob Casey is too weak to close the border and too weak to tell the truth.”

Casey’s Pennsylvania Senate seat is considered “Lean Democratic” in the 2024 election, according to nonpartisan political handicapper the Cook Political Report. In a recent poll by the New York Times and Siena College, Casey led McCormick 51% to 37% among likely voters and 50% to 36% among registered voters. 

Get the latest updates from the 2024 campaign trail, exclusive interviews and more at our Fox News Digital election hub

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Connecticut

Study: Late-Night Gamers in Connecticut Are Dragging Down Productivity

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Study: Late-Night Gamers in Connecticut Are Dragging Down Productivity


According to a study published by Win.gg, all those late-night gaming sessions aren’t just wrecking your sleep—they’re wrecking Connecticut’s bottom line. Yeah, apparently your midnight raid or Fortnite grind comes with a side of lost productivity, and it adds up fast.

Win.gg surveyed 2,000 working gamers across the U.S., then crunched the numbers with data from the U.S. Census and the Bureau of Labor Statistics. The results? Roughly 47% of employed gamers in Connecticut admit they’re dragging the next day after a late-night session. On average, that translates to about 2.6 hours of work that… well, never really happens. If you put a dollar figure on it, that’s about $104 lost per worker in a single day. Multiply that by the state, and we’re looking at a staggering $74 million in lost productivity. Yup, you read that right—$74 million just because people stayed up too late chasing loot or finishing that last level.

Read More: Three Arrested for Burglary in New Fairfield 

It’s not just your career that’s taking a hit, either. Gamers in the state report cutting their sleep by an average of 1.8 hours to fit in those extra hours of gaming. And we all know what happens when you skimp on sleep: coffee consumption goes up, focus goes down, and suddenly responding to emails feels like decoding hieroglyphics.

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So, what does this mean for Connecticut? Employers are essentially paying for productivity that doesn’t happen, and the state as a whole is bleeding money. But let’s be real—nobody’s about to stop gaming. If anything, this is a reminder that maybe those late-night raids are best saved for the weekend, or at least capped so the Monday grind doesn’t feel like a marathon through molasses.

If you want to dive into all the numbers and methodology, Win.gg has the full breakdown here. But the takeaway is clear: your gaming habit might be costing more than you think—both in sleep and in dollars.

Exploring Beyond the Rusty Gates of Danbury’s Oldest Cemetery on Wooster Street

I live just down the block from the Wooster Street Cemetery and whenever I pass, I am always struck at how odd it is. You have this quiet, beautiful place that is dedicated to the people who were buried there, in the middle of a busy city and almost no one ever goes there. I decided to go take a deeper look around and see what was beyond the iron gates and stone walls. 

Gallery Credit: Lou Milano

7 of the Most Beautiful Towns in the State of Connecticut

Connecticut is overflowing with both manmade and natural beauty. In some places, the two intersect to create a magical, almost fictional feel. Here are 7 Connecticut Towns that look like they came straight from a storybook.

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Gallery Credit: Lou Milano

Top 10 Chain Restaurants with the Most Locations in Connecticut

The other day the boys and I were talking about KFC’s new “gravy flights,” and it got me wondering—do you know which fast-food chain has the most locations in Connecticut? None of us did, so I looked it up.

The top of the list is mostly what you’d expect, but there are a few surprises. Here’s a look at the Top 10 Chain Restaurants with the Most Locations in Connecticut according to Stacker

Gallery Credit: Lou Milano





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Maine

Lawmakers advance bill to provide death benefits after two DOT workers killed on the job

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Lawmakers advance bill to provide death benefits after two DOT workers killed on the job


After a fatal car crash in Waterville killed two Maine Department of Transportation employees in January, state lawmakers are backing a bill to expand death benefits to the families of DOT workers killed on the job.  The Labor Committee unanimously voted Tuesday to advance LD 669, which will make DOT employees eligible for the same […]



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Massachusetts

Marijuana prices have been taking a nosedive. What comes next? – The Boston Globe

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Marijuana prices have been taking a nosedive. What comes next? – The Boston Globe


Grocery prices are rising. Rents are up. There is one product, though, that’s actually getting cheaper: marijuana.

The price of a gram of weed — the amount in a large joint — was down to just above $4, on average, in January, the latest continuation of a years-long nose-dive that has brought prices plummeting over 70 percent since pot stores first opened in Massachusetts in 2018. In those days, a gram cost more than $14.

“I’m taking advantage definitely,” Tori Wells, a Boston customer, said of current rock-bottom prices as she left downtown dispensary Pure Oasis one recent afternoon.

While consumers are happy, low prices have launched the industry into turmoil. It’s a far cry from the visions of wealth in cannabis that laid the foundation for many entrepreneurs to enter the industry and the state’s efforts at enriching Black and Latino communities that were targeted by the war on drugs.

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“Profitability is tough to reach,” said Gabriel Vieira, CEO of Zyp Run, the first cannabis delivery service to open in Greater Boston in 2023. Delivery business licenses remain exclusive to equity operators, but many have struggled to find success. Just last month, Vieira’s company had to settle a state tax debt of more than $410,000 in order to continue operating this year, he said.

Marijuana growers and manufacturers said retail businesses are increasingly stiffing them on payments as money runs thin across the industry. There are signs that lawsuits, debts, and unpaid taxes are piling up, while business closures accelerate. Last fiscal year, 13 retail stores closed after either having their licenses revoked or choosing not to renew their licenses operations — more than in all previous years of legalization combined. And of the 71 cannabis business licenses of all kinds surrendered since recreational pot sales began, almost half were given up in the most recent fiscal year.

“Every state has a bottom, and we are in it,” said Derek Ross, CEO of Nova Farms, a company with six dispensaries across Massachusetts, Connecticut, Maine, and New Jersey, and hundreds of cultivation acres in the Northeast. “If we didn’t have opportunities in other states, we’d be struggling to keep our head above water.”

The industry’s dismal state is the result of an oversaturated market with too many marijuana plants being grown, said Commissioner Kimberly Roy, of the Cannabis Control Commission.

The commission is considering whether to freeze new cultivation licenses, with a public hearing on the matter likely soon. It’s a measure Roy supports.

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“We need to hit the brakes,” Roy said. “Quite frankly, it’s overdue.”

By the end of 2025, the industry had the capacity to grow over 4.5 million square feet of cannabis plant canopy, up from 3.65 million in 2023.

Now cultivator competition is driving “razor-thin margins,” Roy added, and becoming a pain point for the entire industry.

Andrew Kazakoff, of Fathom Cannabis, a cultivator in West Boylston, said he supports a freeze on new growers.

“We need to take a halt,” Kazakoff said, adding: “Let the industry settle, work on itself, and come to equilibrium.”

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As companies jockey for business there is also a “race to the bottom” on prices in the retail market that has led to “a lot of these businesses kind of cannibalizing each other,” said Ryan Dominguez, executive director of the Massachusetts Cannabis Coalition, a trade group. He added that a freeze could be a necessary step in righting the industry.

What’s happening in Massachusetts is something that other states have experienced, said Beau Kilmer, co-director of the RAND Drug Policy Research Center.

Cannabis prices have fallen nationwide, particularly in early legalizing states such as Colorado, California, and Oregon, whose head start in infrastructure building has quickly turned to rampant oversupply. Oregon has imposed various pauses on its cannabis licensing dating back to 2018, with new license approvals of any kind currently banned.

“If you’re not going to limit the amount that’s produced, you should expect to see these price declines,” Kilmer said. Likewise, other New England states, including Connecticut and Maine, have retained higher prices than Massachusetts, the first pot stronghold on the East Coast and still its largest grower, since going legal.

The low prices mean cannabis businesses are mired in money problems, even as demand has continued to grow for their products. The number of cannabis sales that occurred last year increased by 8 percent over 2024, but revenues from those sales essentially plateaued, totaling around $1.65 billion for both 2024 and 2025.

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Ross, the CEO of Nova Farms, said he cut 25 percent of his multi-state workforce in the last 18 months, as even diversified outfits have had to become “lean and mean,” to weather today’s market.

Two dozen companies, including four cultivators and 12 retailers, were in court-appointed receivership, the state’s legal alternative to bankruptcy, in January, according to commission data. More have been added since. Bankruptcy isn’t an option for cannabis companies as long as the drug remains federally illegal.

Designated as participating in “trafficking,” cannabis sellers also pay significantly more in federal taxes, often at rates of 60 to 80 percent, and are barred from making some regular deductible expenses.

Brian Keith, cofounder of Rooted In, said his Newbury Street dispensary, which opened in 2022, would be profitable if it weren’t for the heavy burden of the federal tax code, which places the most strain on retail stores.

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Brian Keith, owner of Rooted In, is one of many small cannabis shops facing plummeting retail prices on cannabis and a compression that is making it difficult for local owners to stay afloat.
(David L. Ryan/Globe Staff)

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A future VIP social consumption private room is set up downstairs at Rooted In.
(David L. Ryan/Globe Staff)

He filed his taxes on time this year but didn’t have the funds, he said, and now it may take over 12 months to settle over $170,000 in outstanding debts through a payment plan with the IRS.

“We’re seeing the same number of people walking through the door, but less revenue,” Keith said.

Keith is a member of the state’s social equity program, aimed at helping communities disproportionately impacted by the war on drugs build wealth.

His company has raised more than a quarter million dollars from communities of color in Dorchester, Roxbury, and Mattapan to fund its initial operations, he said, but the profits he planned to bring back to those communities haven’t materialized because of the prices plummeting.

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Keith’s business is one of about 100 owned by people in the state’s two equity programs — about 15 percent of all open businesses in the state. Many of these entrepreneurs are struggling to make ends meet, the Globe has reported.

The CCC has approved a framework to allow the opening of marijuana lounges, giving exclusive access to equity entrepreneurs and smaller operations, though that rollout is just getting off the ground.

Many cannabis cultivators and manufacturers are seeing an escalating issue of unpaid debts.

Kazakoff, the grower in West Boylston, said half his orders last year were not paid on time by retailers, and a few not at all. That was barely a problem before 2025, he said.

“I grapple with the fact every single month of: Do I stay in business when I’m not getting paid by dispensaries?” he said. “Or how am I going to pay my employees?”

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Currently, the CCC has no authority to police these business-to-business transactions, Commissioner Roy said, though she said it’s time for them to try and address it. Cannabis reform bills pending in the State House and Senate look to reshape cannabis regulations, including by mirroring alcohol enforcement, by restricting delinquent companies to having to pay their bills as soon as they receive products and publishing their names. Both versions of the legislation would also dissolve the current five-member cannabis commission, replacing it with a smaller three-member body.

Zyp Run cannabis delivery advertisements are glued on many trash cans around South Station.David L. Ryan/ Globe Staff

Cultivators such as Kris Foley, CEO of Berkshire Roots, have taken matters into their own hands, initiating legal action to retrieve funds he said he is owed from around a half dozen retailers.

“A lot of partners that we worked with early on, they were good payers,” but that changed suddenly, said Foley, who runs two Pittsfield cultivation facilities and a nearby dispensary, as well as another shop in East Boston. He hasn’t been paid on time for between $150,000 and $200,000 worth of product since 2024.

Nova Farms has been shorted payment for an estimated $4.5 million in product in Massachusetts in the past two years, far more than its other states, Ross said.

Steve Reilly, co-owner and head of government relations at INSA, a large cannabis operator in Massachusetts and four other states, worries that debt issues in the industry have driven away investment.

“Most of these companies are just struggling to keep the lights on and they’re doing what they can do,” he said. “But as they’re doing that, they’re dragging everybody else down.”

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Bryan Hecht can be reached at bryan.hecht@globe.com. Follow him on Instagram @bhechtjournalism.





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