California Becomes 6th U.S. State to Legalize Recreational Marijuana
Medical marijuana has been legal in California for over 20 years. Now, the state is joining 5 other U.S. states to introduce the sale of recreational marijuana. Kris Krane, President and Co-Founder of 4Front Ventures, an investment and management firm in the cannabis industry, was with us to discuss the implications of the new law.
Krane says legalization of recreational marijuana will spark a domino-effect in the rest of the country. Colorado, Washington, Oregon, Alaska and Nevada beat the Golden State to it, but Krane says California's decision will be the most impactful due to the state's size and influence on policy. Krane believes an open and legal market will make it increasingly untenable for the rest of the country to maintain prohibition.
Despite leniency on the state level, Krane still sees a hurdle on the federal level. This obstacle will make it challenging for cannabis companies to list on the major stock exchanges in the U.S., he adds. As a result, he thinks the most significant public market movement will continue to take place in Canada, where companies can access the Toronto Stock exchange and other major Canadian exchanges.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
