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Tango Therapeutics

Tango Therapeutics Inc is a biotechnology company. It is dedicated towards discovering novel drug targets and delivering the next generation of precision medicine for the treatment of cancer. It is engaged in the business of discovering and developing precision oncology therapies. Its program TNG908, is an MTA-cooperative inhibitor of PRMT5 designed to work selectively in cancer cells with an MTAP deletion. Its pipeline further consists of discovery programs such as, TNG462, TNG348, TNG260 and others for multiple cancer types with limited treatment options.

Tango Therapeutics Inc

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) on Thursday unveiled its dedicated two-seater <a href="https://www.benzinga.com/topic/robotaxi">robotaxi product</a>, nicknamed the Cybercab, complete with butterfly wings that open upwards.
What Happened: Company CEO Elon Musk said at an ongoing event in Los Angeles that Tesla made 20 units of the vehicle which drove itself into the event stage with the billionaire within. At first glance, the exterior design of the Cybercab resembles the Cybertruck&#8217;s angular and steel body.
The design also bears huge resemblances to the design shared by Musk&#8217;s biographer Walter Isaacson in his book published last year. The vehicle, Musk said, is expected to be priced under $30,000.
Musk also revealed that the Cybercab will not include a charging plug &#8211; it will instead use inductive charging.
The company will start autonomous driving with its Model 3 and Model Y in Texas and California next year and the Cybercab will join the autonomous fleet in 2026 or before 2027, Musk said, while adding that he tends to be overtly optimistic with timelines.
The product was unveiled at the event called &#8220;We, Robot&#8221; held by Tesla at Warner Bros. Discovery Inc.'s movie studio near Los Angeles. Though the event was supposed to start at 10 p.m. CT, there was a significant delay of over 50 minutes.
Musk said that the event was delayed because one of the guests had a medical emergency.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A person in the crowd had a medical emergency, so we're taking care of them before starting
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1844564353330315460?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Tesla &#039;We, Robot&#039; Robotaxi Event 2024" width="500" height="281" src="https://www.youtube.com/embed/wTJmEFbUkis?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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This is a developing story.
Check out more of Benzinga's Future Of Mobility coverage by <a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Photo courtesy: Tesla

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TSLA

Tesla Reveals Two Seater Cybercab That Drives Itself: Price Expected Under $30K, Comes With Inductive Charging

Major U.S. equity indices experienced a slight dip on Thursday, following a <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41270761/september-inflation-hotter-than-expected-jobless-claims-spike-the-most-in-over-a-">higher-than-anticipated</a> Consumer Price Index (CPI) inflation report for September and a surge in oil prices due to disruptions caused by Hurricane Milton and escalating tensions in the Middle East. 
The S&amp;P 500, Dow Jones Industrial Average, and the tech-heavy Nasdaq 100 all mirrored the decline falling 0.2%, 0.1%, and 0.05% respectively.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) closed the day down 0.95% at $238.77, with an intraday high and low of $242.79 and $232.34, respectively. The electric vehicle giant is expected to unveil its dedicated robotaxi product late on Thursday at an event in Los Angeles, according to a <a href="https://www.benzinga.com/news/24/10/41284650/tesla-to-reveal-robotaxi-at-event-near-los-angeles-ceo-elon-musk-hints-it-could-be-a-2-seater">Benzinga report</a>.
Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) saw a marginal rise of 0.06% to close at $77.92. The ride-hailing company is working towards transforming into a <a href="https://www.benzinga.com/news/24/10/41265000/uber-announces-measures-to-ramp-up-electrification-of-its-fleet-ahead-of-teslas-robotaxi-unveil">zero-emission platform</a> by 2040, with measures including the introduction of an AI assistant on the driver app to help with EV-related queries as Tesla prepares to unveil its robotaxi product.
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41244481/google-cries-foul-as-doj-moves-to-break-up-search-giant-calls-recommendations-radical-as-antitru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Cries Foul As DOJ Moves To Break Up Search Giant, Calls Recommendations &#8216;Radical&#8217; As Antitrust Ruling Aims To Limit Its Search Market Monopoly</a>
Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) shares traded lower by 4.00% to close at $164.18. The company <a href="https://www.benzinga.com/news/24/10/41282666/what-happened-with-amd-stock-today">hosted its &#8220;Advancing AI 2024&#8221; event</a> and launched several new high-performance computing solutions.
Aehr Test Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEHR#NASDAQ">AEHR</a>) shares climbed 0.68% to close at $13.32. The company reported <a href="https://www.benzinga.com/news/earnings/24/10/41281995/aehr-test-systems-stock-climbs-after-better-than-expected-q1-results-heres-why">better-than-expected first-quarter financial results</a>.
Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) shares fell 5.29% to close at $59.44. The bank agreed to pay approximately $3.09 billion in fines to U.S. authorities after <a href="https://www.benzinga.com/government/24/10/41283209/td-bank-pays-3b-fine-after-pleading-guilty-in-money-laundering-case-making-its-services-convenient-f">pleading guilty </a>to money laundering-related charges.
Image via Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/10/41245350/nvidia-poised-to-overtake-apple-as-worlds-most-valuable-company-how-much-jensen-huangs-company-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Poised To Overtake Apple As World&#8217;s Most Valuable Company: How Much Jensen Huang&#8217;s Company Needs To Gain By Wednesday</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

Markets

AEHR

UBER

Tesla, Uber, AMD, Aehr, And TD Bank: Why These 5 Stocks Are On Investors' Radars Today

‘Uptober' remained elusive as leading cryptocurrencies stagnated after hotter-than-expected inflation data poured cold water on expectations of further interest rate cuts by the Federal Reserve. 
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-0.75%</td>
<td>$60,135.24</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+0.75%</td>
<td>$2,382.33</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.37%</td>
<td>$0.106</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin slipped below $58,000 during trading hours before nearly recouping all the losses overnight. The world's largest cryptocurrency was down 1.16% over the week and 8% since the beginning of October—a month that on average has <a href="https://www.coinglass.com/today">yielded </a>over 20% returns for King Crypto.
The hotter-than-expected September's consumer price index data, coupled with higher-than-expected weekly jobless claims, likely <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41270761/september-inflation-hotter-than-expected-jobless-claims-spike-the-most-in-over-a-">influenced the markets</a>.&nbsp;
Traders priced in 86% odds of the Fed slashing the interest rates by a further 0.25% during November's FOMC meeting, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.
Ethereum remained choppy as well, barely changing in the last 24 hours. Over the last week, however, the second-largest cryptocurrency eked out gains of 1.14%.&nbsp;
Cryptocurrency liquidations exceeded $194 million in the last 24 hours, with more than $145 million in bullish bets getting evaporated.&nbsp;&nbsp;
Bitcoin's Open Interest dropped 0.63% in the last 24 hours, while the number of long positions on the coin surged sharply vis-à-vis shorts.&nbsp;
The market sentiment slipped into the "Fear" category, according to the Cryptocurrency Fear &amp; Greed index, raising fears of further downsides.&nbsp;
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Uniswap (UNI)</td>
<td>+9.67%</td>
<td>$8.01</td>
</tr>
<tr>
<td>Popcat (POPCAT)</td>
<td>+7.96%</td>
<td>$1.26</td>
</tr>
<tr>
<td>MANTRA (OM)</td>
<td>+5.53%</td>
<td>$1.44</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency stood at $2.11 trillion, following a decrease of 0.46% in the last 24 hours.
Stocks continued to be turbulent, with major indices retracing on Thursday.
The Dow Jones Industrial Average dropped 57.88 points, or 0.14%, to close at 42,454.12. The S&amp;P 500 slipped 0.21% to end at 5,780.05, while the tech-heavy Nasdaq Composite lost 0.05% to close at 18,282.05.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Cryptocurrency analyst Rekt Capital noted Bitcoin's retest of $60,600 as support for the second straight week.
"Weekly close above $60,600 would preserve the range and position price for a move to the upside across it," the analyst remarked, while also cautioning about further downsides if the support is lost.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin is retesting the Weekly Re-Accumulation Range Low (~$60600) as support for the second consecutive week Weekly Close above $60600 would preserve the range and position price for a move to the upside across it Lose support here &#8211;&gt; another downside deviation period… <a href="https://t.co/wk5bBdyOMC">https://t.co/wk5bBdyOMC</a> <a href="https://t.co/j6nfUIih8b">pic.twitter.com/j6nfUIih8b</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1844470891482317275?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>
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Leading analyst Ali Martinez drew attention to the increasing leverage use on cryptocurrency exchanges, suggesting that more people were borrowing to make bigger bets.&nbsp;
"This can increase the risk of big price swings, so it's important to be cautious," Martinez predicted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Leverage use on <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> exchanges just hit a yearly high, meaning more people are borrowing to make bigger bets. This can increase the risk of big price swings, so it's important to be cautious! <a href="https://t.co/InUbp7g2x3">pic.twitter.com/InUbp7g2x3</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1844516510779273418?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Photo by stockphoto-graf on Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41274733/in-2022-bitcoin-helped-to-humble-anthony-pompliano-a-look-at-how-his-price-predictions-hav">In 2022, Bitcoin &#8216;Helped To Humble&#8217; Anthony Pompliano: A Look At How His Price Predictions Have Evolved</a></li>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Muffled After September Inflation Dampens Rate Cut Outlook: Analyst Warns Of 'Downside Deviation' If King Crypto Loses This Support

&#8220;Optimism is required if you're going to fight the War on Drugs for over half a century,&#8221; reflects Vince Sliwoski in a poignant <a href="https://harris-sliwoski.com/cannalawblog/congress-is-about-to-lose-its-greatest-cannabis-advocate-ever/">piece</a> on The Canna Law Blog about Congressman Earl Blumenauer&#8217;s impending retirement. As Blumenauer prepares to step down next month, his legacy as one of the most steadfast champions for <a href="http://benzinga.com/cannabis">cannabis</a> reform in Congress remains unparalleled.
<h3 class="wp-block-heading">Bipartisan Efforts Shaping Cannabis Legislation</h3>
From his early days as a fresh-faced legislator in Oregon where he witnessed the state&#8217;s pioneering move to decriminalize cannabis in 1973 to his decades in Congress, Blumenauer&#8217;s journey has been marked by persistent advocacy and significant legislative milestones. His work triggered changes that have shaped the current landscape of cannabis policy in the United States.
Throughout his career, Blumenauer <a href="https://www.benzinga.com/markets/cannabis/23/09/34926867/us-rep-blumenauer-highlights-growing-bipartisan-support-for-cannabis-legislation-at-benzinga-can">consistently worked across party lines</a>, building bipartisan support for cannabis reform and other key initiatives, helping advance <a href="https://www.benzinga.com/markets/cannabis/22/04/26856604/reps-perlmutter-and-blumenauer-ask-for-the-inclusion-of-safe-banking-act-in-innovation-bill">significant legislation like the SAFE Banking Act</a>.
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<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
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In 2012, alongside former US Representative Jared Polis (D-CO), Blumenauer introduced the first comprehensive proposal to federally legalize, tax and regulate cannabis. This blueprint set the stage for the historic passage of the Rohrabacher-Farr amendment, now renamed the Blumenauer amendment, which prevents the Department of Justice from using federal funds to interfere with state <a href="http://benzinga.com/topic/medical-cannabis">medical cannabis</a> laws.
<h3 class="wp-block-heading">Blumenauer&#8217;s Legacy In Cannabis Legalization</h3>
Blumenauer&#8217;s influence did not wane with these achievements. He was instrumental in founding the <a href="https://www.benzinga.com/topic/congressional-cannabis-caucus">Congressional Cannabis Caucus</a> in 2017, which continues to push the envelope on cannabis policy. His relentless pursuit bore fruit in 2020 with the passage of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act in the House, <a href="https://www.benzinga.com/markets/cannabis/20/12/18657147/more-act-passes-house-vote-in-giant-step-for-cannabis-reform-but-falls-short-on-restorative-just">marking the first comprehensive legalization bill</a> to achieve such a feat.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41240793/its-your-constitutional-right-how-you-can-break-the-senates-block-on-cannabis-legalization">It&#8217;s Your Constitutional Right: How You Can Break The Senate&#8217;s Block On Cannabis Legalization</a>
Blumenauer's efforts extended to the Medical Marijuana and Cannabidiol Research Expansion Act, which President Biden <a href="https://www.benzinga.com/markets/cannabis/22/12/29944802/breaking-biden-signs-marijuana-research-bill-historic-moment-for-federal-cannabis-reform">signed into law in 2022</a>. It is still <a href="https://www.benzinga.com/markets/cannabis/22/11/29759591/historic-breakthrough-first-time-ever-senate-will-send-cannabis-research-bill-to-bidens-desk">the only federal standalone marijuana reform</a> enacted to date. Even as he prepares to leave office, Blumenauer remains a vocal advocate, urging the Biden-Harris Administration <a href="https://www.benzinga.com/markets/cannabis/24/02/37024357/congressman-presses-dea-for-action-on-cannabis-scheduling-review-calls-current-situation-arcane-">to fully deschedule cannabis</a> and realize its political and medicinal potential.
Sliwoski's reflection captures not only the historical significance but the personal tenacity of Blumenauer. As he notes, &#8220;When cannabis is federally legalized, we should remember the relentless advocacy and vision of the rep from Oregon's 3rd District.&#8221;
<h3 class="wp-block-heading">Shaping Portland's Future At Portland State University</h3>
Upon <a href="https://blumenauer.house.gov/media-center/press-releases/congressman-earl-blumenauer-announces-he-will-not-seek-re-election">retiring</a> from Congress in January, Blumenauer will return to his roots as a special adviser to the president at Portland State University and as a fellow at the Institute of Portland Metropolitan Studies, <a href="https://www.oregonlive.com/education/2024/09/retiring-us-rep-earl-blumenauer-will-take-job-in-portland-after-leaving-congress-see-where-hes-headed.html">according</a> to The Oregonian. There, he aims to leverage his extensive network to enhance the university&#8217;s influence in shaping Portland&#8217;s future and revitalizing the city's leadership in urban innovation.
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<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41214802/joe-biden-quick-question-before-you-go-are-those-cannabis-pardons-from-2-years-ago-still-on">Joe Biden, Quick Question Before You Go: Are Those Cannabis Pardons From 2 Years Ago Still On?</a></li>
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Earl Blumenauer's Legacy: Cannabis Champion Retires Congress After 50 Years Of Advocacy

On Thursday, Cathie Wood-led Ark Invest made a significant move by offloading shares of Moderna Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>). This decision comes amidst a backdrop of mixed analyst sentiments and Moderna&#8217;s recently unveiled post-COVID roadmap.
The Moderna Trade
Ark Invest&#8217;s ARK Genomic Revolution ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKG#BATS">ARKG</a>) and ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) sold a total of 160,994 shares of Moderna. The value of the trade, based on Moderna&#8217;s closing price of $56.83 on the day of the trade, is approximately $9.15 million.
Moderna&#8217;s stock has been under scrutiny following its recent announcement of a <a href="https://www.benzinga.com/general/biotech/24/09/40834547/moderna-outlines-post-covid-roadmap-cuts-research-budget-forecasts-2025-sales-below-expectations">revised financial plan</a> and updates to its mRNA-based pipeline. CEO Stéphane Bancel highlighted the company&#8217;s success in respiratory vaccines and outlined a focus on five non-respiratory products aiming for approvals by 2027.
However, the biotech company&#8217;s future prospects have elicited <a href="https://www.benzinga.com/insights/analyst-ratings/24/09/40862440/16-analysts-have-this-to-say-about-moderna">mixed reactions</a> from analysts. Over the past three months, 16 analysts have shared their evaluations, with the average 12-month price target standing at $111.50, a decrease of 18.06% from the previous average.
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41245350/nvidia-poised-to-overtake-apple-as-worlds-most-valuable-company-how-much-jensen-huangs-company-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Poised To Overtake Apple As World&#8217;s Most Valuable Company: How Much Jensen Huang&#8217;s Company Needs To Gain By Wednesday</a> 
Other Key Trades:
ARK Autonomous Technology &amp; Robotics ETF (ARKQ) bought 3,589 shares of Advanced Micro Devices Inc (AMD) worth $589,242.
Ark Invest&#8217;s ARKG and ARKK bought a total of shares of 10X Genomics Inc (TXG). 
ARKK also purchased shares of CRISPR Therapeutics AG (CRSP). 
Blade Air Mobility Inc (BLDE), and 3D Systems Corp (DDD) while selling shares of Materialise NV (MTLS) and Markforged Holding Corp (MKFG).
Image via Flickr/ WEF
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

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Cathie Wood's Ark Invest Dumps Over $9M In Moderna Stock — Even With Post-COVID Plans On The Table

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is expected to unveil its dedicated robotaxi product late on Thursday at an event in Los Angeles. 
According to Bloomberg, the vehicle is expected to have two front seats and doors that open upward like butterfly wings.
Early on Thursday, Tesla CEO Elon Musk responded in the affirmative to an X user who opined that a two-seat cybercab makes sense given a majority of of U.S. vehicle miles are single or double occupancy. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Exactly
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1844551527912046813?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
During Tesla&#8217;s first-quarter earnings call, Musk himself referred to the company's dedicated robotaxi product as the "Cybercab." It is unclear if this is a placeholder or the final name.
The robotaxi unveiling event titled "We, Robot" will start at 7 p.m. California time at Warner Bros. Discovery Inc.&#8217;s movie studio near Los Angeles.&nbsp;The event will also be streamed live on social media platform X.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/10/41264769/teslas-latest-fsd-update-smooths-out-jittery-car-visualizations-fixing-4-year-bug" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Latest FSD Update Smooths Out Jittery Car Visualizations, Fixing 4-Year Bug</a></li>
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Photo courtesy: Tesla

Tesla To Reveal Robotaxi At Event Near Los Angeles: CEO Elon Musk Hints It Could Be A 2-Seater

California cannabis company, Lowell Farms Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/LOWL#CSE">LOWL</a>, OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/LOWLF#OTCQX">LOWLF</a>) entered into management services agreements with two cannabis retail dispensaries located in Los Angeles, California.
Under the terms of the <a href="https://www.sec.gov/edgar/browse/?CIK=1838128&amp;owner=exclude">agreements</a>, Lowell Farms' wholly-owned subsidiary Mercati Dei Fiori, LLC, will assume operational management of the retail stores Rose Collective in Venice and Sunnyside Collective in Westwood. The deal also contains an option for Lowell Farms to acquire equity ownership through a nonbinding letter of intent.
"These agreements mark a significant milestone for Lowell Farms as we continue to navigate the difficult California cannabis landscape," stated Ann Lawrence, executive chair of the board. "This partnership is built on shared values and a unified vision for success. By combining our expertise and leveraging operational synergies, our goal is to create a vertically integrated model that will provide a strong platform for brands and enhance the retail experience for our customers."
By integrating retail operations into its brand management and distribution capabilities, the company will increase its scale and achieve greater vertical integration. It also allows the company greater control over the full supply chain, from production and distribution through the consumer experience.
With this strategic move, Lowell Farms is seeking to strengthen brand loyalty and capture a larger share of the California cannabis market.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41273594/tilray-reports-200m-q1-net-revenue-up-13-yoy-as-net-loss-improves">Tilray Reports $200M Q1 Net Revenue, Up 13% YoY As Net Loss Improves</a>
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<h2 class="wp-block-heading">New Chairperson</h2>
Concurrently with entering into the management services agreements, the company appointed Ann Lawrence, a current director, as executive chairperson. Lawrence joined the board of directors in 2022. Before entering the cannabis industry in 2018, Lawrence was a partner and practice group leader at a major global law firm specializing in distressed retail mergers and acquisitions. She will lead the company's retail expansion efforts.
<h2 class="wp-block-heading">LOWLF Price Action</h2>
Lowell Farms shares traded flat at $0.01 per share after the market close on Thursday.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41270606/kamala-harris-advises-on-howard-stern-show-dont-get-stoned-before-visiting-the-sphere-in-las-veg">Kamala Harris Advises On Howard Stern Show: Don&#8217;t Get Stoned Before Visiting The Sphere In Las Vegas</a></li>
</ul>
Photo: Courtesy of Yeti studio and ImageFlow on Shutterstock

CSE:LOWL

LOWLF

California Cannabis Company Lowell Farms Will Manage 2 Retail Dispensaries In LA, Deal Also Includes Acquisition Option

To compete with Nvidia Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) upcoming Blackwell system, Advanced Micro Devices, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) next-generation chip is scheduled to ship in the second half of 2025.
What Happened: On Thursday, AMD disclosed plans for its next-gen MI350 chip, aimed at competing with Nvidia&#8217;s new Blackwell system, with shipping anticipated in the second half of 2025.
According to AMD, the Instinct MI350 series accelerators, built on the CDNA 4 architecture, are expected to offer up to 35 times better inference performance compared to their CDNA 3-based predecessors.
The MI350 series also aims to maintain its leadership in memory capacity, boasting up to 288GB of HBM3E memory per accelerator.
See Also: <a href="https://www.benzinga.com/news/24/10/41219900/mark-cuban-on-how-tv-will-evolve-in-the-future-says-he-saw-the-rise-of-netflix-like-platforms-before?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban On How TV Will Evolve In The Future, Says He Saw The Rise Of Netflix-Like Platforms Before They Existed: &#8216;We Were YouTube Before YouTube&#8217;</a>
AMD CEO Lisa Su&#8217;s vision is for AMD to become the &#8220;end-to-end AI leader&#8221; within the next decade, <a href="https://www.ft.com/content/998e15cc-bf46-46ab-ab04-934286f0923b">reported</a> Financial Times.
"You have to be extremely ambitious,&#8221; she said, adding, &#8220;This is the beginning, not the end of the AI race.&#8221;
Despite trailing Nvidia in AI chip sales, AMD has emerged as Nvidia&#8217;s closest competitor in the race to offer off-the-shelf AI chips. The company projects the total addressable market for AI chips to hit $400 billion by 2027.
&#8220;When we first started, that was viewed as a really big number,&#8221; Su said. &#8220;And I think people are moving towards our big number because of the tremendous demand there is for AI infrastructure.&#8221;
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: On the same day, <a href="https://www.benzinga.com/news/24/10/41282666/what-happened-with-amd-stock-today">at the &#8220;Advancing AI 2024&#8221; event</a>, AMD launched several high-performance computing solutions, including the fifth Gen AMD EPYC server CPUs, AMD Instinct MI325X accelerators, and AMD Pensando Salina DPUs, among others.
Meanwhile, Nvidia has been making waves with its next-gen Blackwell GPU platform. Nvidia CEO Jensen Huang previously confirmed that <a href="https://www.benzinga.com/news/24/10/41156900/nvidia-ceo-jensen-huang-says-demand-for-next-gen-blackwell-gpu-platform-insane-everyone-wants-to-hav">Blackwell is in full production</a> and progressing as planned, with demand for the platform described as &#8220;insane.&#8221;
This development coincides with Nvidia's customers preparing to roll out the Blackwell system in the current quarter. Microsoft Corporation announced earlier this week that it had become the first cloud provider to make the new GB200 chips available to its clients.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Our long-standing partnership with NVIDIA and deep innovation continues to lead the industry, powering the most sophisticated AI workloads. <a href="https://t.co/qaEoSv8dm5">https://t.co/qaEoSv8dm5</a>
&mdash; Satya Nadella (@satyanadella) <a href="https://twitter.com/satyanadella/status/1843676169071468585?ref_src=twsrc%5Etfw">October 8, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Previously, it was also reported that at the <a href="https://www.prnewswire.com/in/news-releases/nvidia-ceo-jensen-huang-to-deliver-ces-2025-keynote-302268864.html" target="_blank" rel="noreferrer noopener">Consumer Electronics Show 2025</a>, Huang is scheduled to deliver a keynote address. The timing of the event aligns with speculation about Nvidia's next-generation GPUs expected to launch in 2025. 
It&#8217;s also anticipated that Nvidia may provide <a href="https://www.benzinga.com/news/24/10/41227135/next-gen-nvidia-gpus-could-be-revealed-at-ces-2025-what-you-need-to-know">updates on its RTX 50 series</a>, including desktop GPUs built on the Blackwell architecture
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41238300/tesla-robotaxi-ambitions-come-as-most-americans-grow-wary-of-autonomous-tech?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Robotaxi Ambitions Come As Most Americans Grow Wary Of Autonomous Tech</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Media

NVDA

Nvidia's Blackwell Chip Faces AMD's MI350 Challenge In 2025: CEO Lisa Su Says, 'Beginning, Not The End Of The AI Race'

Republican presidential candidate Donald Trump set an all-time high in presidential betting odds against Vice President Kamala Harris on Polymarket.
What happened: Punters on the so-called decentralized prediction <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1728607634208">market</a> gave the former President more than a 55% chance of regaining power, up from 49% last week.
Harris' odds have steadily slipped from the majority mark a week earlier to 44% as of this writing.
Bets in favor of Trump exceeded 70% when incumbent Joe Biden was in the race. However, Biden&#8217;s withdrawal from the race and Harris&#8217; elevation to the forefront of the Democratic presidential ticket caused a dramatic shift in sentiment.
The battle not only became closer, but Harris established a 9-point lead at one point in August.&nbsp;
A whopping $1.7 billion has been wagered on the outcome, making it the highest betted event on Polymarket.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41278873/gary-gensler-doubts-cryptocurrency-future-says-leading-figures-are-either-in-jail-or-await">Gary Gensler Doubts Cryptocurrency Future, Says Leading Figures Are Either In Jail Or Awaiting Extradition</a>
Why It Matters: Polymarket, built on Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) Layer-2 protocol Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>), has gained prominence as one of the world&#8217;s top prediction markets for U.S. elections in recent months, though ironically, U.S. users can&#8217;t access the platform due to federal regulations.
Trump's odds also hit 52% against Harris' 48% on Kalshi, a prediction platform that, unlike Polymarket, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41158370/wanna-put-your-money-on-trump-or-harris-crypto-based-polymarket-gets-competition-after-kal">is legal in the U.S</a>.
The flipping followed Tesla CEO Elon Musk's fervent appeal to vote for Trump <a href="https://www.benzinga.com/news/24/10/41197236/elon-musk-and-trump-address-thousands-at-site-of-failed-assassination-attempt-take-aim-at-bidens-lea">when the two appeared at a rally</a> last week in Butler, PA. 
Image via Shutterstock
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41279658/millennials-favor-crypto-etfs-as-top-investment-asset-schwab-reports-growing-bullish-senti">Millennials Favor Crypto ETFs As Top Investment Asset, Schwab Reports Growing Bullish Sentiment Among ETF Investors</a></li>
</ul>

Politics

$MATIC

Trump Widens Lead Over Harris In Betting Odds On Prediction Markets —Sets A New High On Crypto-Based Polymarket

Another <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> is in the books. The two-day event took place in Chicago this week, gathering a slew of top cannabis entrepreneurs, executives, politicians and industry stakeholders. That said, let's scroll through latest executive changes in cannabis.
<h3 class="wp-block-heading">The U.S. Hemp Roundtable Taps Two Prominent Executives In Hemp Beverage Space Into Its Ranks</h3>
The U.S. Hemp Roundtable made headlines in early September as its board of directors <a href="https://hempsupporter.com/news/u-s-hemp-roundtable-makes-big-splash-into-hemp-beverage-space-with-election-of-two-prominent-executives/">welcomed</a> two distinguished leaders from the hemp beverage sector to its officer ranks. Art Massolo, vice president of business development at Cycling Frog, agreed to serve as the new executive vice president, while Aaron Nosbisch, founder of BRĒZ, assumed the role of vice president of E-Commerce.
"Beverages represent the fastest-growing segment of the hemp industry, and the Roundtable is blessed to have two of the industry's most prominent leaders join us as Vice Presidents," Jonathan Miller, the Roundtable's general counsel, said.&nbsp;
<h3 class="wp-block-heading">Cannabis Leadership Shake-Ups In New York</h3>
New York's chief equity officer at the state Office of Cannabis Management, Damian Fagon, has formally resigned, effective November 27. He was previously cleared of any wrongdoing in an inspector general investigation that found no basis for allegations of retaliation against a cannabis company, <a href="https://www.greenmarketreport.com/new-york-cannabis-chief-equity-officer-resigns-following-exoneration-from-retaliation-allegations/">reported</a> Green Market Report.
Fagon was placed on administrative leave this spring after cannabis processor Jenny Argie filed a lawsuit claiming that he had retaliated against her business by advocating for a recall of her products following her criticism of the OCM to Syracuse.com last year. That lawsuit was dismissed in July.
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<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
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In the meantime, New York Cannabis Control Board recently got a new member in September. Crystal J. Rodriguez-Dabney was appointed to serve on the board as per a decision from state Assembly Speaker Carl Heastie, following a recommendation from Majority Leader Crystal Peoples-Stokes, GMR <a href="https://www.greenmarketreport.com/dei-attorney-named-to-new-york-cannabis-regulatory-board/">reported</a>.
"This is a wonderful opportunity and an ever bigger responsibility as we seek to ensure equity in the entire process. Looking forward to working with the (Office of Cannabis Management)&nbsp;and learning the ins and outs of this legendary legislation," Rodriguez-Dabney, who succeeded former member Adam Perry, wrote in a <a href="https://www.linkedin.com/feed/update/urn:li:activity:7244661542661550081/">social media post.</a>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41261875/exclusive-why-loyalty-programs-not-discounts-are-the-future-of-cannabis-retail">EXCLUSIVE: Why Loyalty Programs, Not Discounts, Are The Future Of Cannabis Retail</a>
<h3 class="wp-block-heading">Legal Saga Around Massachusetts Regulatory Body Continues</h3>
Former chair of Cannabis Control Commission of Massachusetts Shannon O'Brien lost her legal battle with State Treasurer Deborah Goldberg resulting in <a href="https://www.benzinga.com/markets/cannabis/24/09/40797285/massachusetts-cannabis-chief-shannon-obrien-loses-job-after-year-long-suspension-and-costly-lega">her being fired last month.</a> O'Brien was originally appointed to serve a five-year term in 2022 and has denied the misconduct allegations. Goldberg suspended O'Brien last September accusing her of making "racially, ethnically and culturally insensitive statements."
Goldberg <a href="https://masscannabiscontrol.com/2024/09/cannabis-control-commissioner-bruce-stebbins-named-acting-chair-by-state-treasurer-deborah-b-goldberg/">named</a> Bruce Stebbins acting chair of the regulatory body, succeeding O'Brien who now plans to appeal her firing as the chairwoman of CCC to the Supreme Judicial Court, <a href="https://www.thecannabist.co/2024/09/16/ousted-shannon-obrien-vows-legal-battle-over-pot-board-firing/136685/">reported</a> The Cannabist.
<h3 class="wp-block-heading">Cannabis Board Changes</h3>
Aurora Cannabis Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ACB#TSX">ACB</a>) CEO Miguel Martin agreed recently to serve in the additional role of executive chairman. Outgoing chairman Ron Funk will serve as lead independent director going forward.
IM Cannabis Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#NASDAQ">IMCC</a>) (CSE:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#CSE">IMCC</a>), a leading medical cannabis company with operations in Israel and Germany, announced last month that Shmulik Arbel has been appointed to its board of directors effective Sept. 9.
Rubicon Organics Inc. (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/ROMJ#TSXV">ROMJ</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ROMJF#OTCQX">ROMJF</a>) welcomed Jesse McConnell to its board of directors in early September, after receipt of security clearance from Health Canada.
Canopy Growth Corporation's (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shareholders each of the directors listed as a nominee at their annual general meeting of shareholders held on Sept.24, including David Klein, Willy Kruh, David Lazzarato, Luc Mongeau and Theresa Yanofsky.
TILT Holdings Inc.'s (NEO: TILT) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTCQX">TLLTF</a>) Adam Draizin opted to step down from the company's board of directors effective Oct. 1. Marshall P. Horowitz was appointed to the board as Draizin's replacement.
Flora Growth Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLGC#NASDAQ">FLGC</a>) (FSE: 7301) named Harold Wolkin as an independent director on its board of directors last month. In this role, Wolkin also agreed to serve as a member of each of the company&#8217;s committees, including as chair of the audit committee. Separately, Clifford Starke, the company's CEO, was recently tapped as a member of the board of directors of HoshiCap, a subsidiary of Hoshi International which has a cannabis cultivation facility in Portugal.
<h3 class="wp-block-heading">Other Appointments And Resignations</h3>
CANNAVIGIA, a Swiss tech start-up focused on innovative cannabis solutions via software and consulting, announced recently that founder and CEO Luc Richner opted into the role of chief strategy Officer, while Timo Bongartz, chief commercial officer, agreed to replace Richner as CEO.
Nextleaf Solutions Ltd. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/OILS#CSE">OILS</a>) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/OILFF#OTCQB">OILFF</a>) named Emma Andrews as its CEO. Andrews has acted as the Company&#8217;s Interim CEO since Sept 8, 2023, and has been with the company for six years, previously as the director of marketing.
Endexx Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EDXC#OTC">EDXC</a>) appointed Doug Williams, CPA, as fractional CFO through his consulting firm, Alexander &amp; Williams PLLC in early October.
AYR Wellness Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/AYR#CSE">AYR</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTCQX">AYRWF</a>) President and CEO David Goubert stepped down from his role in the company last month. The board has approved the appointment of Steven M. Cohen as interim CEO.
Cresco Labs Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#CSE">CL</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTCQX">CRLBF</a>) (FSE: 6CQ) announced last month that Dennis Olis, CEO, retire after a planned transition to Sharon Schuler, a financial and strategy executive.
SNDL Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) announced in early September that after two decades of leadership and innovation in the liquor industry, Taranvir (Tank) Vander, president of the liquor division, retired from the company to pursue new opportunities.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41262813/exclusive-poking-the-bear-as-floridas-contentious-cannabis-legalization-vote-looms">EXCLUSIVE: &#8216;Poking The Bear&#8217; As Florida&#8217;s Contentious Cannabis Legalization Vote Looms</a></li>
</ul>

Entrepreneurship

Movers & Shakers

AYRWF

CRLBF

CSE:AYR

CSE:CL

CSE:IMCC

CSE:OILS

EDXC

FLGC

IMCC

OILFF

ROMJF

SNDL

TILT

TLLTF

TSX:ACB

TSX:ROMJ

TSX:WEED

TSXV:ROMJ

WEED

The Ever-Evolving Cannabis Industry: These Are Latest Leadership Changes You Should Know About

What Happened: Former President Barack Obama took to X on Thursday to express his views on the current political landscape. In his posts, he criticized Donald Trump and endorsed Vice President Kamala Harris for the presidency.
Obama&#8217;s posts on X featured his appearance on Thursday at a rally in support of the Democratic presidential nominee held in Pittsburgh, Pennsylvania.
Obama posted, &#8220;Donald Trump is not thinking about you. He only sees power as a means to his ends. America is ready to turn the page.&#8221;
The former president said about his successor that he didn&#8217;t understand why anybody would think that Trump would &#8220;shake things up&#8221; in a way which were good for Pennsylvania.
He said there was no evidence that Trump thought of anybody but himself. &#8220;Donald Trump is a 78-year-old billionaire who has not stopped whining about his problems since he rode down his golden escalator nine years ago.&#8221;
Obama compared Trump&#8217;s rants and his 2-hour speeches with the Cuban dictator Fidel Castro.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Donald Trump is not thinking about you. He only sees power as a means to his ends. America is ready to turn the page. <a href="https://t.co/q80uODpUkZ">pic.twitter.com/q80uODpUkZ</a>
&mdash; Barack Obama (@BarackObama) <a href="https://twitter.com/BarackObama/status/1844539876110119393?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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In another post, he showed his support for Harris, stating, &#8220;@KamalaHarris doesn't have &#8216;concepts of a plan&#8217; for the American people – she has actual plans to make your life better. And she's more than ready to be President. Let's help her get elected.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw">@KamalaHarris</a> doesn't have "concepts of a plan" for the American people – she has actual plans to make your life better. And she's more than ready to be President. Let's help her get elected: <a href="https://t.co/P9hoDajB1P">https://t.co/P9hoDajB1P</a> <a href="https://t.co/Yf0onbSvhQ">pic.twitter.com/Yf0onbSvhQ</a>
&mdash; Barack Obama (@BarackObama) <a href="https://twitter.com/BarackObama/status/1844544488598888776?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/10/41157285/elon-musks-mom-chimes-in-after-son-says-he-cant-handle-4-years-of-seeing-and-hearing-kamala-harris-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Mom Chimes In After Son Says He Can&#8217;t Handle 4 Years Of &#8216;Seeing And Hearing&#8217; Kamala Harris And Tim Walz: &#8216;So True&#8217;</a>
Why It Matters: Obama&#8217;s tweets come amidst a close race between Trump and Harris, particularly in key swing states. According to a recent Benzinga article, Trump was leading Harris by a <a href="https://www.benzinga.com/news/24/10/41270224/trump-vs-harris-new-poll-shows-pennsylvania-may-flip-as-vice-presidents-support-among-this-key-group">two percentage point margin</a> in Pennsylvania, a key swing state.
However, the race remains too close to call. A new Emerson College poll shows a <a href="https://www.benzinga.com/general/politics/24/10/41283673/trump-vs-harris-2024-election-swing-state-poll-too-close-to-call-but-this-candidate-leads">close race</a> between the two candidates in seven key swing states, with Trump having the edge.
Obama&#8217;s endorsement of Harris <a href="https://www.benzinga.com/general/politics/24/08/40488598/obama-compares-trump-to-an-annoying-neighbor-with-leaf-blower-tells-dnc-americas-ready-for-a-new">echoes his sentiments</a> from the 2024 Democratic National Convention, where he stated &#8220;America is ready for a new chapter. America&#8217;s ready for a better story. We are ready for a President Kamala Harris.&#8221;
Photo: Evan El-Amin/Shutterstock.com
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

General

Obama Compares Trump's Behavior With Fidel Castro: He Has Not Stopped 'Whining About His Problems' Since Riding Down That Golden Escalator

In the wake of Hurricanes Helene and Milton, Vice President Kamala Harris and the White House have publicly rebuked former President Donald Trump for his remarks on the federal disaster response, accusing him of exploiting the catastrophe for political advantage.
What Happened: Harris, during a town hall in Las Vegas, responded to criticisms about the federal disaster recovery efforts.
&#8220;In this crisis — like in so many issues that affect the people of our country — I think it so important that leadership recognizes the dignity to which people are entitled,&#8221; said Harris, according to an AP News <a href="https://apnews.com/article/trump-harris-nevada-michigan-hispanic-voters-milton-2a9db630d1318e78de91efd2df5a16f0">report</a>.
&#8220;I have to stress that this is not a time for people to play politics,&#8221; said the Vice President and the Democratic presidential candidate.
At the Detroit Economic Club, Trump expressed empathy for the hurricane victims but criticized the Biden administration&#8217;s response, particularly in North Carolina after Hurricane Helene. He alleged, &#8220;They&#8217;ve let those people suffer unjustly.&#8221; According to AP, the former president has promoted falsehoods about the federal response for multiple days.
See Also: <a href="https://www.benzinga.com/news/24/10/41242634/ron-desantis-says-kamala-harris-is-delusional-for-trying-to-say-his-sole-focus-on-people-of-florida?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ron Desantis Says Kamala Harris Is &#8216;Delusional&#8217; For Trying To Say His Sole Focus On People Of Florida Is</a>
In a White House Situation Room briefing, President Joe Biden debunked Trump&#8217;s misrepresentation about federal aid, specifically the false assertion that it was limited to $750. &#8220;That $750 that they&#8217;re talking about, Mr. Trump and all those other people know it&#8217;s a lie to suggest that&#8217;s all they&#8217;re going to get,&#8221; Biden said.
Despite the storm, both Harris and Trump are visiting key swing states, strategically aiming to strengthen support among vital voting groups for the forthcoming election.
Why It Matters: This political back-and-forth comes in the aftermath of Hurricanes Helene and Milton, which have caused significant destruction in the Southeast. Harris visited North Carolina to <a href="https://www.benzinga.com/markets/equities/24/10/41196094/harris-to-survey-helene-impact-in-north-carolina-one-day-after-trump-visit">support recovery efforts</a> following Hurricane Helene, just a day after Trump&#8217;s visit, during which he reportedly made misleading claims about the federal response.
The White House has also <a href="https://www.benzinga.com/news/24/10/41195085/white-house-counters-gop-accusations-of-fema-funds-misuse-denies-disaster-relief-funding-was-used-fo">countered GOP allegations</a> of FEMA funds misuse following Hurricane Helene.
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Kamala Harris Attacks Trump For Criticism Of Federal Response To Hurricanes: 'Not A Time For People To Play Politics'

The New Jersey General Assembly unanimously passed Bill A3881 in late September, aiming to prohibit the dissemination of certain criminal history information for individuals with <a href="https://www.benzinga.com/markets/cannabis/21/07/21967309/new-jersey-cannabis-legalization-judiciary-dismisses-tens-of-thousands-marijuana-convictions-can">expunged records</a>, including marijuana offenses. 
<h3 class="wp-block-heading">New Bill Aims To Prevent Discrimination</h3>
The bill addresses <a href="https://www.benzinga.com/markets/cannabis/24/09/40869408/richard-nixon-secretly-admitted-marijuana-is-not-particularly-dangerous-new-tapes-reveal">long-standing harms caused by the War on Drugs</a>, particularly marijuana-related offenses. Sponsored by Assembly members Annette Quijano (D) and Ellen J. Park (D), the <a href="https://www.njleg.state.nj.us/bill-search/2024/A3881">legislation</a> seeks to prevent discrimination and improve access to opportunities by safeguarding erased histories during background checks.
If enacted, the State Bureau of Identification (SBI) would be required to check for unprocessed expungement orders before sharing any criminal history information. The SBI would also need to update its records to reflect any eligible expungements, ensuring outdated information does not hinder individuals seeking employment, housing or education.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">NJ Legislators Highlight Fairness And Inclusion</h3>
&#8220;This unanimous vote underscores the importance of protecting privacy and ensuring fairness in our justice system,&#8221; <a href="https://www.assemblydems.com/CivicAlerts.aspx?AID=12342">said</a> Quijano in a press release. &#8220;Expungements are intended to provide individuals with a second chance, and this legislation ensures that they are not burdened by their past when it has been legally erased.&#8221;
Park added, &#8220;By removing the barriers associated with a criminal record, people gain greater access to job opportunities, housing, and education, allowing them to move forward without the weight of past mistakes.&#8221;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/41011619/it-takes-a-village-to-build-generational-wealth-nbas-al-harrington-on-his-full-circle-moment-and">&#8216;It Takes A Village…To Build Generational Wealth&#8217;: NBA&#8217;s Al Harrington On His Full Circle Moment And Opening NJ Cannabis Dispensary</a>
<h3 class="wp-block-heading">Nearly 20,000 Expungements Still Pending As Senate Yet To Pass Bill</h3>
According to an April <a href="https://www.njoag.gov/governor-murphy-attorney-general-platkin-and-new-jersey-state-police-announce-a-nearly-70-reduction-in-expungement-backlog/">report</a> by state&#8217;s Attorney General Matthew J. Platkin cited in the press release, there were 19,874 pending expungement cases through March 2024. The backlog prompted a class action lawsuit, leading to an Interim Consent Order in June to process expungement orders promptly.
However, despite the Assembly&#8217;s progressive step, the bill awaits further challenges in New Jersey's Senate, where it has yet to pass committee scrutiny, <a href="https://headynj.com/breaking/bill-stopping-spread-of-expunged-criminal-marijuana-history-passes-nj-assembly/">noted</a> Heady NJ. State Senator Brian Stack (D) sponsored the companion legislation, <a href="https://www.njleg.state.nj.us/bill-search/2024/S2513">S2513</a>, which also aims to curb the improper dissemination of criminal records until they are updated.
Read Also:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41214802/joe-biden-quick-question-before-you-go-are-those-cannabis-pardons-from-2-years-ago-still-on">Joe Biden, Quick Question Before You Go: Are Those Cannabis Pardons From 2 Years Ago Still On?</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40845389/nj-governor-signs-bill-tightening-rules-on-hemp-industry-stakeholders-protest-big-alcohol-celebr">NJ Governor Signs Bill Tightening Rules On Hemp: Industry Stakeholders Protest, Big Alcohol Celebrates</a></li>
</ul>

Government

New Jersey Assembly Passes Bill To Protect Privacy Of Expunged Cannabis Records

As the 2024 presidential elections draw nearer, Irwin Simon, CEO of Tilray Brands Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>), foresees a turning point for the cannabis industry, regardless of the <a href="https://www.benzinga.com/topic/2024-election">election&#8217;s outcome. </a>
Speaking alongside Tilray's fiscal 2025 first-quarter earnings report, Simon expressed optimism that either candidate could pave the way for regulatory reforms that would benefit the cannabis market in the United States, Investopedia <a href="https://www.investopedia.com/tilray-ceo-bullish-on-cannabis-legalization-following-2024-election-8726335">reported.</a>
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41273594/tilray-reports-200m-q1-net-revenue-up-13-yoy-as-net-loss-improves">Tilray Reports $200M Q1 Net Revenue, Up 13% YoY As Net Loss Improves</a>
"We believe that there is a greater likelihood that the upcoming U.S. presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization," Simon said.
<h3 class="wp-block-heading">Tilray's Financial Snapshot</h3>
Tilray, a Canadian company that has expanded its footprint into Europe, Australia, Latin America and the U.S., reported promising financial results for its first quarter of fiscal 2025.
The company saw a 13% year-over-year increase in revenue, reaching $200 million. Its net loss narrowed to $34.7 million, a marked improvement from the $55.9 million loss reported the previous year.
<h3 class="wp-block-heading">Candidates&#8217; Shifting Stances On Cannabis</h3>
Vice President Kamala Harris has long been vocal about her support for marijuana reform.
In a recent interview on the "All the Smoke" podcast, Harris reiterated her stance, stating: "I just feel strongly people should not be going to jail for smoking weed. And we know historically what that has meant and who has gone to jail."
Read More: <a href="https://www.benzinga.com/markets/cannabis/24/09/41106120/kamala-harris-we-need-to-legalize-cannabis-vp-says-for-first-time-as-presidential-candidate-in-a">Kamala Harris: &#8216;We Need to Legalize&#8217; Cannabis, VP Says For First Time As Presidential Candidate In &#8216;All The Smoke&#8217; Podcast</a>
Former Republican President Donald Trump has shifted his position on cannabis. Recently, he <a href="https://www.benzinga.com/markets/cannabis/24/09/40774795/trump-says-hell-reschedule-cannabis-if-elected-backs-marijuana-banking-reform-and-floridas-amend">expressed support for a Florida amendment</a> that seeks to legalize recreational marijuana.
This marks a significant departure from his administration's previous approach, where then-Attorney General Jeff Sessions rescinded the Cole Memorandum, a policy that had protected state-level cannabis programs from federal interference.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41270606/kamala-harris-advises-on-howard-stern-show-dont-get-stoned-before-visiting-the-sphere-in-las-veg">Kamala Harris Advises On Howard Stern Show: Don&#8217;t Get Stoned Before Visiting The Sphere In Las Vegas</a></li>
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Cover image made with AI.

TLRY

Tilray CEO Irwin Simon: 2024 Election Likely To Drive U.S. Cannabis Legalization, No Matter Who Wins

In a recent development, NATO Secretary-General Mark Rutte has urged the international community to halt their concerns over the potential impact of a Donald Trump presidency on the Ukraine conflict.
What Happened: During a London visit, Rutte expressed his faith in Trump&#8217;s grasp of the Ukraine situation. He stressed that the conflict is not only about Ukraine but also about the safety and future security of the United States, <a href="https://www.politico.eu/article/nato-boss-mark-rutte-dont-worry-about-trump/">reported</a> Politico.
The former Dutch Prime Minister asked the international community to &#8220;stop worrying about a Trump presidency.&#8221;
&#8220;He understands completely and agrees with me that this fight to Ukraine is not only about Ukraine, it&#8217;s also about the safety and the future security of the United States," said Rutte.
These comments from Rutte may stir controversy in some European capitals, considering Trump&#8217;s hesitation to support Ukraine&#8217;s victory over Russia. Instead, Trump has been advocating for a swift negotiated end to the conflict.
The NATO chief&#8217;s statements were made during a tripartite discussion with Ukrainian President Volodymyr Zelenskyy and British Prime Minister Keir Starmer at No. 10 Downing Street. The meeting was part of Zelenskyy&#8217;s tour of Western capitals to seek additional support.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41270606/kamala-harris-advises-on-howard-stern-show-dont-get-stoned-before-visiting-the-sphere-in-las-veg?itm_source=parsely-apiKamala Harris Advises On Howard Stern Show: Don't Get Stoned Before Visiting The Sphere In Las Vegas" target="_blank" rel="noreferrer noopener">Kamala Harris Advises On Howard Stern Show: Don&#8217;t Get Stoned Before Visiting The Sphere In Las Vegas</a>
Why It Matters: The potential return of Trump to the White House has triggered a <a href="https://www.benzinga.com/news/24/08/40508166/trumps-potential-return-triggers-investors-demand-for-european-defense-startups">surge in investments</a> in European defense-tech startups. This is due to Trump&#8217;s unpredictable approach towards NATO and defense budgets, leading to increased military spending across Europe.
Earlier, NATO had announced measures to &#8216;Trump-proof&#8217; Ukraine aid, including a $40 billion annual <a href="https://www.benzinga.com/news/24/07/39590765/nato-to-trump-proof-ukraine-aid-after-bidens-weak-debate-performance-with-40b-annual-financial-pledg">financial pledge of military support</a> to Ukraine. This was in response to Trump&#8217;s criticism of U.S. spending on Ukraine and his potential return to power.
Trump&#8217;s stance on NATO has been a subject of criticism, with former U.S. National Security Advisor, John Bolton, suggesting that Trump&#8217;s <a href="https://www.benzinga.com/news/24/03/37578110/former-nsa-says-trump-foolishly-targeting-nato-instead-of-cheering-for-amerixit-from-un-provides-lit">ongoing assault </a>on NATO undermines U.S. strength by eroding alliances.
Image via Shutterstock
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump's Return Doesn't Bother NATO Chief: 'Stop Worrying'

ALCE

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

Election polls continue to show a close race between Donald Trump and Vice President Kamala Harris in key swing states with less than one month to go until the<a href="https://www.benzinga.com/topic/2024-election"> 2024 presidential election.</a>
What Happened: While Harris posted a lead in <a href="https://www.benzinga.com/general/politics/24/10/41241771/harris-vs-trump-vice-president-hits-record-lead-in-2024-election-poll-but-independent-voters-cou">most 2024 election polls</a> of national voters, swing state polls have been much closer.
A new Emerson College <a href="https://emersoncollegepolling.com/october-2024-state-polls-mixed-movement-across-swing-states-shows-dead-heat/">poll </a>of voters in seven key swing states shows a close race between the two candidates with Trump having the edge.
Here are the results, and the totals from <a href="https://www.benzinga.com/general/politics/24/09/40949853/harris-in-trouble-new-swing-state-poll-shows-trump-gains-ground-in-key-battleground-areas-for-20">the previous poll</a> in parentheses:
<ul>
<li>Arizona: Trump 49% (49%), Harris 47% (48%)</li>
<li>Georgia: Trump 49% (50%), Harris 48% (47%)</li>
<li>Michigan: Trump 49% (47%), Harris 49% (49%)</li>
<li>Nevada: Harris 48% (48%), Trump 47% (48%)</li>
<li>North Carolina: Trump 49% (48%), Harris 48% (49%)</li>
<li>Pennsylvania: Trump 49% (48%), Harris 48% (47%)</li>
<li>Wisconsin: Trump 49% (49%), Harris 49% (48%)</li>
</ul>
The polls show Trump leading in four of the seven states, Harris leading in one state and the two candidates tied in two states. The last Emerson College poll of the seven states had Trump leading in four states with Harris leading in two states. The August poll had each candidate leading three states.
In the latest poll, Trump gained support in three states, lost support in two states and saw the same support in two states. Harris gained support in three states, lost support in two states and saw the same support in two states.
"With just under four weeks to go, the race remains too close to call in key swing states, all within the margin of error," Emerson College Polling executive director Spencer Kimball said.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent101024">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: The <a href="https://www.benzinga.com/topic/swing-states">seven swing states</a> in question together represent 93 electoral votes in the 2024 election. Six of the seven states above were won by Biden in the 2020 election with Trump winning North Carolina. Several of the states were flipped from Trump's win in the 2016 election.
Harris has seen the number of swing states she led in or tied with Trump in decline in recent months, which could be bad news for the vice president.
With swing states playing a pivotal role in who wins the election, Harris will need to see support build in the election homestretch for election forecasters to give her a good chance to win the election.
Election polls aren't perfect and the fact the poll results are within its margin of error points to an incredibly close election too close to call.
Read Next: <a href="https://www.benzinga.com/general/entertainment/24/10/41282077/trump-rejects-debate-offers-from-fox-cnn-as-harris-agrees-to-town-hall-there-will-be-no-rem"> • Trump Rejects Debate Offers From Fox, CNN As Harris Agrees To Town Hall: &#8216;There Will Be No Rematch&#8217;</a>
Photo: Shutterstock

Trump Vs. Harris: 2024 Election Swing State Poll 'Too Close To Call,' But This Candidate Leads

Artificial intelligence (AI) stocks are surging and the 2024 presidential election is shaping up to be one of the most contentious in history. But ask retail traders how it affects them and <a href="https://www.benzinga.com/topic/retail-traders">the response is, &#8220;meh.</a>&#8220;
What Happened: According to the latest survey from Public, an investing platform that prides itself on helping members build asset portfolios, most retail traders just aren&#8217;t <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">excited by AI stocks</a>.
Never mind the fact that AI companies — Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), Micron Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) — saw significant gains and outpaced broader market <a href="https://www.benzinga.com/top-stories/24/06/39383798/the-ai-big-10-10-ai-stocks-now-comprise-28-of-s-p-500-up-from-14-in-2023">indexes like the S&amp;P 500</a>.
Of the 1,300 responses Public <a href="https://public.com/research/2024-retail-investor-report">sourced</a> from investors, the firm determined:
<ul>
<li>35% say that new technology excites them.</li>
<li>30% have purchased a company stock because of their AI capabilities.</li>
<li>64% say AI will be a standard tool for research in the future.</li>
<li>50% are likely to use it to process financial information in the future.</li>
</ul>
The contentious presidential election between Republican Donald Trump and Democrat Vice President Kamala Harris doesn&#8217;t seem to faze investors, either.
&#8220;Many investors are indifferent to the election as it relates to the market or their own portfolio, but a number of investors purchased company stocks or traded options based on who they predict will win and how it will benefit their portfolio,&#8221; Public derived from the findings. 
Here&#8217;s a breakdown:
<ul>
<li>63% say no, the election does not impact their investing strategy.</li>
<li>37% say yes, it does impact their investing strategy.</li>
<li>16% of investors are buying more stocks or options of a company based on who they predict will win and the impact it will have on their portfolio.</li>
<li>13% are investing less in 2024 due to the election.</li>
<li>12% are investing more.</li>
</ul>
There is also a direct 50/50 split among investors saying that economic data from the Federal Reserve impacts their investing decisions with 50.4% of retail traders saying &#8220;yes&#8221; and 49.6% saying &#8220;no.&#8221;
See Also: <a href="https://www.benzinga.com/general/politics/24/10/41279272/donald-trump-pushes-tariffs-on-chinese-cars-in-detroit-visit-vows-to-revamp-industry">Trump Pushes Tariffs On Chinese Cars In Detroit Visit, Vows To Revamp Industry</a>
Why It Matters: The ho-hum response toward the economy is <a href="https://www.benzinga.com/news/24/09/41049170/harris-vs-trump-55-cfos-believe-vice-president-likely-to-win-election-although-ex-president-is-bette">something that has plagued</a> the Biden-Harris administration for months, despite solid numbers.
As <a href="https://www.benzinga.com/topic/election-day">Election Day draws near</a>, there is ongoing coverage of how the electorate views the economy and costs.
But here are the facts:
<ul>
<li>Annual inflation has <a href="https://www.benzinga.com/markets/equities/24/10/41272627/dow-falls-over-100-points-us-inflation-rate-slows-to-2-4-in-september">fallen to 2.4 percent</a>, its slowest pace since early 2021.</li>
<li>The <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41184080/us-economy-adds-254-000-new-jobs-in-september-smashes-expectations-unemployment-f">unemployment rate recently dropped</a> to 4.1%</li>
<li>With gains of 20.9%, the S&amp;P 500 year-to-date performance is up from <a href="https://www.benzinga.com/general/education/24/10/41191050/s-p-500-to-end-year-over-6-000-34-of-benzinga-readers-predict-raging-bull-run">recent presidential election years</a>.</li>
<li>Consumer morale hit <a href="https://www.benzinga.com/24/09/40857449/consumer-morale-hits-4-month-high-inflation-expectations-ease-partisan-gaps-in-sentiment-inched-up">a four-month high</a> in September, driven by more spending and <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40812986/inflation-slows-to-2-5-in-august-lowest-rate-since-february-2021-core-index-remai">favorable price conditions</a>.</li>
</ul>
And regarding AI, automation continues to be a <a href="https://www.wsj.com/business/logistics/us-ports-automation-union-strike-f94bb4b7">major point of concern</a> to labor workers who fear replacement. In June, the Kobeissi Letter claimed the AI hype was &#8220;<a href="https://twitter.com/KobeissiLetter/status/1802793751120592960">stronger than ever</a>.&#8221; 
As for what retail traders care about when crafting their portfolios, Public ranked these responses: strong earnings, personal confidence in a company, leadership, transparent communication and familiarity with the brand. See chart below.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/10165546/Screenshot-2024-10-10-at-4.53.57%E2%80%AFPM-1024x657.png" alt="With more data available today than ever before, investors pay attention 
to more than just financials before making an investment decision. Here 
is a breakdown of what is important to them ranked in order of 
importance before investing in a company: 
Strong earnings 
Personal confidence in a company 
Strong leadership 
Transparent communication 
Familiarity with the brand" class="wp-image-590277"/><figcaption class="wp-element-caption">Courtesy of Public.com</figcaption></figure>
Now Read:
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<li><a href="https://www.benzinga.com/real-estate/24/10/41272556/renters-say-kamala-harris-beats-trump-on-housing-affordability-48-choose-the-vice-president">Kamala Harris Beats Trump On Housing Affordability, Renters Say </a></li>
</ul>
Photo: Shutterstock

Federal Reserve

SMCI

Retail Traders Unfazed By AI Hype, Most Say 2024 Election Is As Relevant To Portfolios As A Magic 8-Ball

As California's cannabis market expanded after legalization, several leading companies seemed poised for dominance. However, due to mismanagement, regulatory pressures and market saturation, many of these giants have collapsed. Here's a closer look at the industry's most notable failures.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">MedMen: From Unicorn To Bankruptcy</h3>
MedMen, once celebrated as the &#8220;Apple Store of Weed,&#8221; reached a $2 billion valuation. However, rapid expansion, failed acquisitions, and leadership turnover created financial turmoil. By April 2024, MedMen had filed for bankruptcy with $411 million in liabilities.
<h3 class="wp-block-heading">Eaze: The Uber Of Weed Falls</h3>
Eaze, once California's largest cannabis delivery service, <a href="https://www.benzinga.com/markets/cannabis/24/04/38282181/eaze-delivery-workers-threaten-first-cannabis-strike-of-2024-amid-ongoing-negotiations">defaulted </a>on a $36.9 million loan and was later acquired by billionaire James Henry Clark. Despite the change in ownership, Eaze could not recover from high operating costs, regulatory burdens and competition from unlicensed operators. 
The company will shut down by December 2024, leaving 500 employees without jobs. This failure underscores the harsh market conditions many cannabis businesses face.
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/09/41053140/i-dealt-with-gangsters-shakedowns-loan-sharks-and-government-corruption-says-entrepreneur-who-bu"> &#8216;I Dealt With Gangsters, Shakedowns, Loan Sharks And Government Corruption,&#8217; Says Entrepreneur Who Built The First Cannabis Unicorn</a>
<h3 class="wp-block-heading">FlowKana: Bye Bye To The Sustainable Dream</h3>
FlowKana was a pioneer in promoting sustainability and small farmers, but it struggled with <a href="https://www.benzinga.com/topic/california-cannabis">California&#8217;s regulatory environment </a>and a market flooded with excess supply. Despite raising $175 million and becoming California's top-selling flower brand in 2018, the company couldn't survive the dramatic drop in wholesale cannabis prices.&nbsp;
FlowKana paid as low as $350 per pound for lower-grade flowers in 2019, far below sustainable levels. The company ceased operations in 2023, reflecting the challenges of balancing sustainability with profitability in a turbulent market.
<h3 class="wp-block-heading">Herbl: The Supply Chain Giant Stumbles</h3>
Herbl, once a major force in <a href="https://www.benzinga.com/topic/california-cannabis">California's cannabis distribution network</a>, handled approximately $700 million in annual sales and worked with over 1,000 licensed retailers. However, the company's collapse in 2024 was marked by severe liquidity problems and an inability to keep up with mounting unpaid invoices.&nbsp;
Facing a canceled line of credit from its primary lender, East West Bank, Herbl&#8217;s financial health rapidly <a href="https://mjbizdaily.com/big-california-marijuana-distributor-herbl-collapses-brands-left-unpaid/">deteriorated</a>, leading to millions of dollars owed to cannabis brands and the state in unpaid taxes.&nbsp;
The company laid off the majority of its workforce, leaving only a small team to manage collections from retailers, many of whom were also struggling to pay what they owed. Herbl's receivership underscores the fragility of <a href="https://www.benzinga.com/topic/california-cannabis">California's cannabis infrastructure</a>, where even the largest and seemingly best-established players cannot escape the pressures of overregulation, high taxes and an unpredictable market
Read Also:<a href="https://www.benzinga.com/markets/cannabis/21/11/24264808/co-founder-of-flow-cannabis-calls-for-tax-revolt-in-california-says-regulatory-system-unworkable"> Co-Founder of Flow Cannabis Calls For Tax Revolt In California, Says Regulatory System &#8216;Unworkable&#8217;</a>
<h3 class="wp-block-heading">A Wake-Up Call</h3>
These high-profile failures reveal the volatility of <a href="https://www.benzinga.com/topic/california-cannabis">California's cannabis market</a>. Overregulation, high taxes and competition from illicit operators have strained even the biggest companies. The collapse of MedMen, Eaze, FlowKana and Herbl has left thousands of people jobless, and the cannabis sector grapples with the need for reform to prevent further losses.
Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/10/41236050/californias-largest-cannabis-delivery-service-closes-down-lays-off-500-workers"> California&#8217;s Largest Cannabis Delivery Service Closes Down, Lays Off 500 Workers</a>

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Epic Cannabis Fails You Should Know About: MedMen, Eaze And Others Go Down In California Meltdowns

Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) agreed to pay approximately $3.09 billion in fines to U.S. authorities after pleading guilty on Thursday to money laundering-related charges in an <a href="https://www.benzinga.com/government/24/10/41271816/td-bank-to-face-3b-penalty-growth-limits-in-us-settlement-over-anti-money-laundering-failures">ongoing case</a> brought by federal prosecutors, who accused the Canadian bank of essentially making it easy for criminals and cartels to move money around the world for nearly a decade.
"By making its services convenient for criminals, TD Bank became one," said Attorney General Merrick B. Garland on Thursday. "Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering."  
The penalties are the largest ever imposed by U.S. authorities on a bank for money laundering violations.
Read Also: <a href="https://www.benzinga.com/government/24/10/41271816/td-bank-to-face-3b-penalty-growth-limits-in-us-settlement-over-anti-money-laundering-failures">TD Bank To Face $3B Penalty, Growth Limits In US Settlement Over Anti-Money Laundering Failures</a>
Referring to court documents from between January 2014 and October 2023, the Justice Department's Office of Public Affairs <a href="https://www.justice.gov/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18b">stated, </a>"TD Bank had long-term, pervasive, and systemic deficiencies in its U.S. AML policies, procedures and controls but failed to take appropriate remedial action."
<h1 class="wp-block-heading">Employees Involved?</h1>
Federal prosecutors also said some of the bank's employees had enabled the money laundering the bank was slow to detect and address.
"TD Bank's persistent prioritization of growth over controls allowed its employees to break the law and facilitate the laundering of hundreds of millions of dollars," stated Michael J. Hsu, the acting Comptroller of the Currency, <a href="https://www.nytimes.com/2024/10/10/business/td-bank-fine.html">reported</a> the New York Times.
<h1 class="wp-block-heading">Rare But Stern Response: Asset Cap</h1>
The Office of the Comptroller imposed an asset cap that will prevent TD Bank from growing beyond its current $370 billion in assets and curbing its growth in a key market. This marks the first such restriction on a major bank since Wells Fargo in 2018. &nbsp;
"The imposition of an asset cap will ensure that the bank focuses on building proper controls commensurate with its risk profile," Hsu said.
The TD Bank Group, Canada's second-largest bank, has over 1,000 branches in the U.S.&nbsp;
"The bank is also pleading guilty to criminal charges brought by law enforcement authorities," <a href="https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241010a.htm">noted</a> the Federal Reserve in a press release. "The Board&#8217;s action will help ensure that TD operates in compliance with all U.S. laws and regulations."
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41250936/this-wells-fargo-analyst-turns-bullish-here-are-top-5-upgrades-for-tuesday">This Chewy Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Wednesday</a></li>
</ul>
TD Price action: TD Bank stock closed Thursday 5.29% lower at $59.44 per share at market close on Thursday.
Photo: JHVE Photo via Shutterstock

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TD Bank Pays $3B Fine After Pleading Guilty In Money Laundering Case, 'Making Its Services Convenient For Criminals'

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