How Marijuana Companies are Responding to AG Session's Crackdown
Attorney General Jeff Sessions issued a memo rolling back the Obama-era rule that allowed the recreational marijuana industry to flourish. That policy kept feds from cracking down on pot trade in states where it's legal. Cannabis Now's Associate Editor Greg Zeman and The Hill Correspondent Reid Wilson explains how companies in the marijuana market are responding.
"They are concerned about their own future," said Wilson. "It's injected a lot of uncertainty into a market that was poised to double by the end of the decade."
Earlier this week recreational marijuana became legal in the state of California. "The notion that we lost some kind of lynchpin from legalization is somewhat overstated," said Zeman on Sessions memo.
Catching you up on the stories you need to know this morning, the U.S. could soon get its first major gun safety law in years, the House Select Committee investigating the January 6th attack on the U.S. capitol holds its second hearing, and today might just be the day the Supreme Court overturns Roe v. Wade, and decides on new gun laws.
U.S. stocks closed Thursday at their lowest levels of the trading day, as investors continue to eye inflation ahead of the May CPI report out Friday. Art Hogan, Chief Market Strategist for National Holdings, joins Cheddar News' Closing Bell to discuss.
The PGA has suspended 17 golfers, including Phil Mickelson and Dustin Johnson, who are competing in a Saudi-backed golf event outside of London. In a memo, commissioner Jay Monahan said "these players have made their choice for their own financial-based reasons", announcing they are ineligible to participate on the PGA tour or any other tours it sanctions. Hugh Kellenberger, Senior Managing Editor at the Athletic, breaks down the controversy, and what might happen next.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
