Cheddar's CannaBiz explores the business of marijuana. Cheddar Anchors Tim Stenovec and Hope King explore the state of regulation, market opportunity, and businesses capitalizing on this trend.
New York Governor Andrew Cuomo recently proposed government funding for a study to explore the impact of legalizing recreational marijuana in the state. State Senator Gustavo Rivera (D-NY) and High NY Founder and CEO Michael Zaystev discuss the state of regulation in New York.
"I am thankful that the governor put it in the budget. I am hoping it gets to the final version of the budget, and I am hoping we can actually make this happen in the state of New York sooner than later," said Rivera.
"I think he's also feeling some pressure from New Jersey's recent election," said Zaystev. Earlier this month newly elected New Jersey Governor expanded access to medicinal marijuana in the state through an executive order.
CB1 Capital Management predicts Cannabis could disrupt the healthcare industry in a big way. The firm's Founding Partner and Chief Investment Officer Todd Harrison explains why he thinks medical marijuana will migrate from state dispensaries, to become medicine prescribed by doctors through insurance in the next decade.
Harrison says the only way the U.S. government would get their hands on the money in this market opportunity is through the FDA. "That's where we think it goes, follow the money," says Harrison.
Beboe launched early last year and is described as the “Hermes of marijuana." Co-founder Clement Kwan sits down with Alyssa Julya Smith in Los Angeles to talk about how the brand is changing the stereotypes associated with cannabis.
Kwan discusses the importance of packaging when making a luxury brand like Beboe. He says the marketing of the products opens up a whole new demographic to cannabis products. The co-founder also discusses the new demand in sales since cannabis has been legalized in California and what the brand is doing to keep up with those demands.
Cheddar's CannaBiz series airs every Tuesday from 3:30 to 4:00 p.m. on Closing Bell.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
