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A national drug policy reform organization is challenging the DEA's proposal to ban two psychedelic substances, arguing the move would hinder critical scientific research. As <a href="https://www.marijuanamoment.net/deas-move-to-ban-two-psychedelics-is-challenged-as-a-disservice-to-science-in-legal-filing-from-student-group/">reported</a> by Marijuana Moment, the nonprofit Students for Sensible Drug Policy (SSDP) presented their case in a <a href="https://ssdp.org/wp-content/uploads/2024/07/Copy-of-DOI-and-DOC-Hearing-Request-Sent-to-DEA-on-January-4th-2024.docx-1.pdf">prehearing statement</a> to the DEA's administrative court on Tuesday.
The DEA <a href="https://www.benzinga.com/markets/cannabis/23/12/36246702/dea-renews-effort-to-place-2-psychedelics-in-strictest-drug-category">plans to classify 2,5-dimethoxy-4-iodoamphetamine (DOI) and 2,5-dimethoxy-4-chloroamphetamine (DOC) as Schedule I</a> drugs under the Controlled Substances Act (CSA). This classification is reserved for substances with high abuse potential and no accepted medical use. However, the SSDP, representing 20 graduate students, researchers and professors, are contesting the move, arguing for the therapeutic potential of these compounds.
The petitioners argue the agency has not provided sufficient evidence to support the high abuse potential claim. According to SSDP, there are no documented cases of harmful effects or dependence related to DOI and DOC in medical literature. "DOI and DOC are important research chemicals with basically no evidence of abuse," stated Brett Phelps, SSDP alum and its legal counsel.
<h3 class="wp-block-heading">Impact on Research</h3>
Experts warn that scheduling these psychedelics would severely impact ongoing research. "DEA's proposed rulemaking defies scientific study and will make it more difficult for researchers to work on the serotonin 2 receptor," said Elijah Ullman, chair of SSDP's Science Policy Committee. The serotonin 2 receptor plays a crucial role in regulating learning, memory and mood.
<h3 class="wp-block-heading">Historical Context</h3>
This challenge is part of a longer battle between the <a href="https://www.benzinga.com/topic/drug-enforcement-administration">DEA</a> and the scientific community. In 2022, the agency first attempted to list these substances, but the proposal was <a href="https://www.benzinga.com/markets/cannabis/22/08/28654017/deas-latest-proposal-for-psychedelics-banning-gets-archived">withdrawn after significant pushback</a>. The DEA renewed its efforts last December, continuing the contentious debate.
Research over the past 35 years, including studies funded by federal health agencies, suggests DOI and DOC may be effective in treating chronic pain, opioid and alcohol addiction and other mental health disorders. Kat Murti, SSDP executive director underscored the broader implications. "This is about preserving the integrity of scientific inquiry, advancing medical treatment, and ultimately, impacting lives positively."
<h3 class="wp-block-heading">Future Implications</h3>
As the DEA moves forward with its proposal, the scientific community and advocacy groups remain vigilant. The debate underscores the need for balanced drug policy that considers both potential abuse and therapeutic benefits.
Cover image made with AI

Cannabis

Government

News

Psychedelics

DEA Faces Backlash Over Psychedelics Ban Proposal From Student Advocacy Group

Vice President Kamala Harris has released her first digital campaign video, aiming to counter Republican critics and Donald Trump&#8217;s attempts to <a href="https://www.benzinga.com/news/24/07/39947274/trump-takes-aim-at-kamala-harris-in-first-rally-post-bidens-exit-calls-her-a-radical-left-lunatic-vp">label her as an ultra-liberal</a>.
What Happened: Harris&#8217;s campaign video features scenes from her first major rally in Milwaukee, Wisconsin. The video contrasts images of Trump and his running mate&nbsp;JD Vance.
&#8220;There are some people who think we should be a country of chaos, of fear, of hate. But us, we choose something different, we choose freedom,&#8221; Harris can be heard saying in the video posted on YouTube which also features music from Beyoncé's hit song &#8220;Freedom.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948413/trump-era-white-house-official-anthony-scaramucci-says-kamala-harris-is-capable-and-has-a-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump-Era White House Official Anthony Scaramucci Says Kamala Harris Is Capable And Has A Great Team: &#8216;Look Forward To Seeing Her Policies On Crypto&#8217;</a>
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Kamala Harris Launches Her Campaign for President" width="500" height="281" src="https://www.youtube.com/embed/sHky_Xopyrw?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>
</div>
</figure>
This was first <a href="https://www.ft.com/content/cf730038-dc9b-4b75-8f17-e279df397171">noted</a> on the Financial Times.
Why It Matters: This comes after President Joe Biden dropped out of the race last week, setting the stage for a <a href="https://www.benzinga.com/general/politics/24/07/39973800/trump-vs-harris-vice-president-gains-ground-lost-by-joe-biden-in-swing-states">head-to-head battle between</a> Trump and Harris. The Vice President has been gaining ground in the head-to-head matchups against Trump, especially in swing states.
A&nbsp;recent poll&nbsp;showed a narrow lead for Trump, <a href="https://www.benzinga.com/news/24/07/39957078/trump-vs-harris-new-poll-shows-close-race-but-vice-president-could-benefit-from-dramatic-shifts-amon">with a 49%-46% margin among registered voters</a>. This lead was within the survey's margin of error, indicating a potentially tight race.
Trump and the Republicans have initiated early attacks against Harris. At a rally in Charlotte, North Carolina, Trump launched a direct attack on Harris, dubbing her &#8220;Lyin&#8217; Kamala Harris&#8221; and calling her a &#8220;radical crazy person.&#8221;
Photo Courtesy: Shutterstock.com
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39897685/ted-cruz-says-trump-victory-in-november-not-a-given-cautions-republicans-against-underestimating-kam?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ted Cruz Says Trump Victory In November Not A Given, Cautions Republicans Against Underestimating Kamala Harris: &#8216;This Is Not A Layup&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Politics

Media

Kamala Harris Channels Beyoncé In First Campaign Video And Slams Trump: 'There Are Some People Who Think We Should Be A Country Of Chaos'

Since July 24th, prospective cannabis business owners verified as social equity applicants were instructed to submit applications for <a href="https://www.benzinga.com/markets/cannabis/24/02/37019579/minnesota-prepares-for-launch-of-its-legal-cannabis-market-with-pre-licensing-property-reforms">cannabis business license preapproval</a> through the Minnesota Office of Cannabis Management's (OCM) website. This marks a crucial step for those wishing to participate in Minnesota&#8217;s <a href="https://www.benzinga.com/topic/minnesota-cannabis">burgeoning cannabis industry</a>.
 "The high degree of interest we're seeing from prospective business operators reflects the excitement of Minnesotans as we continue working to launch the market,&#8221; said Charlene Briner, OCM interim director. &#8220;We're committed to providing a wide range of resource materials and documents to help applicants at this important stage of the process."
<h3 class="wp-block-heading">Application Timeline </h3>
As <a href="https://mn.gov/ocm/media/news-releases/?id=1202-638585">reported</a> by OCM, the application period will run from July 24 to August 12, following a schedule defined by state law. Business license solicitations and all required documentation must be submitted through the office&#8217;s website, where informative and technical resources can also be found.&nbsp;
<h3 class="wp-block-heading">Social Equity Verification Requirement</h3>
To proceed with the registration, applicants must have received social equity verification. OCM plans to offer additional social equity verification opportunities for future licensing rounds. This step also includes paying the application fee for the requested license.
Once submitted, requests will undergo a thorough review and vetting process. Qualified applicants will then be entered into a lottery that will award licenses in nine different categories. Following the completion of the lottery, OCM will notify each applicant whether or not they were selected. The first license lottery is set to take place this fall.

Minnesota Opens Applications For Cannabis Business Social Equity License Preapproval

2U Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWOU#NASDAQ">TWOU</a>), a prominent online education company, has filed for Chapter 11 bankruptcy protection. The Maryland-based firm has been grappling with <a href="https://www.benzinga.com/news/earnings/24/07/39967398/gold-down-2-5-northrop-grumman-posts-upbeat-earnings">mounting debt and intensified competition</a>.
What Happened: On Thursday, 2U, a key player in the online education sector, announced its decision to file for Chapter 11 bankruptcy protection. The company, which has been in operation since 2008, has partnered with 260 colleges and universities, including prestigious institutions like Yale, UC-Berkeley, and Morehouse College.
2U has been facing financial challenges due to stiff competition and a heavily leveraged balance sheet. This has led to multiple rounds of layoffs since 2022. To address these issues, the company has struck a deal with its lenders and noteholders, which will cut its debt load by 50% to $459 million, extend the maturity of its loans, and provide $110 million in new capital.
Despite the bankruptcy filing, 2U has assured that the restructuring process will not disrupt services for students or colleges. The company is expected to emerge from the bankruptcy proceedings as a privately held entity, backed by its current lenders and noteholders.
&#8220;Today marks an important milestone for 2U. New capital and a healthier balance sheet will enable us to continue our long-standing mission,&#8221; said&nbsp;Paul Lalljie, Chief Executive Officer of 2U.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is &#8216;Far Below&#8217; $45M A Month So Far</a>
Why It Matters: The bankruptcy filing by 2U comes at a time when corporate bankruptcies in the U.S. are on the rise. A recent report from S&amp;P Global revealed that a higher-for-longer interest rate environment has led to a surge in <a href="https://www.benzinga.com/markets/equities/24/07/39670079/corporate-bankruptcies-hit-a-high-in-june-is-the-us-economy-slowing">corporate bankruptcies</a>, raising concerns about <a href="https://www.benzinga.com/markets/equities/24/07/39670079/corporate-bankruptcies-hit-a-high-in-june-is-the-us-economy-slowing">the U.S. economy</a>.
Earlier in the year, Genesis Global, a subsidiary of Digital Currency Group, also <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/36895378/bankrupt-genesis-global-agrees-to-21m-sec-settlement-over-lending-program">filed for bankruptcy</a> and agreed to a $21 million settlement with the Securities and Exchange Commission over a contentious lending program. The bankruptcy filing by 2U adds to the growing list of companies facing financial challenges in the current economic climate.
Price Action: 2U stock closed at $1.51 on Thursday, down 63.35% for the day. In after-hours trading, the stock further declined 1.32%. Year to date, the stock has fallen 95.70%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a></li>
</ul>
Image Via Shutterstock 
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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Education

Markets

TWOU

Online Education Pioneer 2U Files For Chapter 11 Bankruptcy, Assures No Service Disruption Amid Debt Crisis

Vice President&nbsp;Kamala Harris&nbsp;has launched her own TikTok account, following her announcement to run for the presidency.
What Happened: &#8220;Well, I've heard that recently I've been on the ‘for you' page, so I thought I would get on here myself,&#8221; Harris&nbsp;said in her first post on the account on Thursday, referring to her recent popularity on the platform.
At the time of writing, she wasn&#8217;t following anyone from the account but had more than 562,000 followers.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="668" height="617" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25214608/Screenshot-2024-07-26-at-09.57.58.jpeg" alt="" class="wp-image-458205" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25214608/Screenshot-2024-07-26-at-09.57.58.jpeg 668w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25214608/Screenshot-2024-07-26-at-09.57.58-300x277.jpeg 300w" sizes="(max-width: 668px) 100vw, 668px" /></figure>
See Also:&nbsp;<a href="https://www.benzinga.com/general/politics/24/07/39916075/j-d-vance-venture-capital-background-under-scrutiny-it-never-seemed-like-he-was-even-working-it-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">J.D. Vance Venture Capital Background Under Scrutiny: &#8216;It Never Seemed Like He Was Even Working, It Felt Like His Full-Time Job Was The Book&#8217;</a>
Since her presidential campaign announcement, Harris&#8217;s popularity&nbsp;on ByteDance-owned social media platform&nbsp;TikTok has surged, making her a trending topic among Gen Z users, <a href="https://thehill.com/homenews/4793730-kamala-harris-tik-tok/">reported</a> The Hill.
Her campaign has capitalized on this momentum, integrating the branding of Charli XCX&#8217;s 2024 hit album &#8220;Brat&#8221; into their social media strategy.
Many believe that Harris&#8217;s widespread social media popularity signals growing support among younger American demographics. CNN commentator Van Jones has stated that TikTok has helped transition Harris&#8217;s image from &#8220;cringe to cool&#8221;.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Harris and former President Donald Trump are likely to <a href="https://www.benzinga.com/general/politics/24/07/39973800/trump-vs-harris-vice-president-gains-ground-lost-by-joe-biden-in-swing-states">face off in the 2024 presidential election</a>, with the former gaining ground in head-to-head matchups against Trump. This comes after President Joe Biden stepped out of the presidential race last week.
A&nbsp;recent poll&nbsp;shows a close race between the two, with Trump leading by a small margin. However, the lead is within the <a href="https://www.benzinga.com/news/24/07/39957078/trump-vs-harris-new-poll-shows-close-race-but-vice-president-could-benefit-from-dramatic-shifts-amonhttps://www.benzinga.com/general/politics/24/07/39967679/trump-vs-harris-fox-news-proposes-another-2024-presidential-debate-how-media-company-could-be-bi">survey's margin of error</a>, indicating a potential shift in favor of Harris.
Trump has been critical of Harris, labeling <a href="https://www.benzinga.com/news/24/07/39947274/trump-takes-aim-at-kamala-harris-in-first-rally-post-bidens-exit-calls-her-a-radical-left-lunatic-vp">her a &#8220;radical-left lunatic&#8221;</a> and questioning her trustworthiness and fitness to lead.
Both Trump and President Biden have also used <a href="https://www.benzinga.com/news/24/06/39128716/trump-gains-3m-followers-on-tiktok-amid-ufc-themed-debut-heres-how-bidens-super-bowl-themed-arrival">TikTok to reach young voters</a>. The Biden administration and TikTok are currently embroiled in a <a href="https://www.benzinga.com/news/24/05/38906555/tiktok-and-us-justice-department-push-for-speedy-court-action-on-divestment-law-report">legal battle regarding</a> the proposed divestment law.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39924772/democratic-mega-donors-predict-kamala-harris-to-pick-vp-among-these-3-lawmakers-as-presidential-race?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Democratic Mega Donors Predict Kamala Harris To Pick VP Among These 3 Lawmakers As Presidential Race Against Trump Heats Up</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Tech

Kamala Harris Hops On The TikTok Bandwagon: 'Recently I've Been On The 'For You' Page, So I Thought...'

Economist Peter Schiff suggests that former President Donald Trump&#8217;s endorsement of Bitcoin is a strategic move to gain political support, not a commitment to make it a reserve asset.
What Happened: On Thursday, Schiff expressed his views on X, questioning Trump&#8217;s motivations for promoting the world&#8217;s largest cryptocurrency. He argued that Trump&#8217;s endorsement is a calculated move to secure votes and contributions from the cryptocurrency community. 
Schiff also stated that by pursuing cryptocurrency-supporting voters, Trump risks alienating supporters who do not trust the asset&#8217;s potential.
&#8220;He&#8217;s not worried that by supporting Bitcoin he&#8217;ll lose support from no-coiners, so it&#8217;s a political no-brainer,&#8221; the Bitcoin critic argued.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39972037/wyoming-senator-criticizes-proposed-bitcoin-mining-tax-stresses-potential-consequences">Wyoming Senator Criticizes Proposed Bitcoin Mining Tax, Stresses Potential Consequences</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The only reason <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> supports <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is to get contributions and votes from the <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> community. He&#39;s not worried that by supporting Bitcoin he&#39;ll lose support from no-coiners, so it&#39;s a political no-brainer. But any promise to make Bitcoin a reserve asset won&#39;t be kept.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1816565512719249764?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Schiff also slammed MicroStrategy CEO Michael Saylor&#8217;s attempts to get Trump to include Bitcoin in their balance sheets. He described such a move as a gamble with taxpayer money and rated it worse than a CEO gambling shareholder money.</figcaption></figure>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">First <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw">@saylor</a> tired to convince CEOs to add <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> to their company&#39;s balance sheet. Since that failed he&#39;s now trying to get <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> to add Bitcoin to the national balance sheet. A president gambling taxpayer money on Bitcoin is even worse than a CEO gambling shareholder money.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1816583359142961449?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Schiff&#8217;s comments come in the wake of expectations that Bitcoin could be designated as a strategic reserve asset. He equated this <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948158/peter-schiff-compares-hopes-that-trump-declares-bitcoin-as-treasury-reserves-with-bidens-s">anticipation to political vote-buying tactics</a>, likening it to President Joe Biden&#8217;s promise to forgive student loans to win votes.
Trump is slated to speak at the ongoing Bitcoin 2024 conference on July 27.
Schiff, a known Bitcoin skeptic, recently <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922885/peter-schiff-polls-hodlers-asks-if-theyll-sell-if-bitcoin-slips-below-15k-heres-how-they-r">conducted a poll questioning the resolve of Bitcoin holders </a>in the face of a potential market downturn. He asked if they would sell their holdings if Bitcoin&#8217;s value dropped below $15,000, marking an 80% collapse from its 2024 record-high. About 89% of the respondents said they would continue to hold the asset.
Price Action: At the time of writing, Bitcoin is exchanging hands at $66,001.15, down 2.36% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Image via Shutterstock
Read Next: 
Price Action: At the time of writing, Bitcoin is exchanging hands at $66,190.93, up 1.1% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39883138/trump-vs-harris-first-poll-post-biden-exit-shows-majority-approval-potential-impact-on-tru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump vs. Harris: First Poll Post-Biden Exit Shows Majority Approval; Potential Impact On Trump&#8217;s Chances</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Trump's Bitcoin Support A Political No-Brainer To Garner Votes, Says Peter Schiff: Promise To Make King Crypto A Reserve Asset 'Won't Be Kept'

A recent survey shows a significant majority of cannabis-related businesses want <a href="https://www.benzinga.com/markets/cannabis/24/07/39610764/intoxicating-hemp-products-face-regulatory-crackdown-across-multiple-states">intoxicating hemp</a> products regulated. But it&#8217;s not the same for those who are profiting from it as for those who are not.
Nearly half of hemp businesses expressed a desire for regulatory oversight on intoxicating hemp-derived cannabinoids. 80% of cannabis businesses and 46% of hemp businesses have indicated these products should be regulated in the same way as state-legal cannabis markets. This, according to a <a href="https://www.cannabisbusinesstimes.com/news/us-cannabis-council-hemp-derived-products-thc-farm-bill/">report</a> by Cannabis Business Times.
The research sheds light on the growing divide between the cannabis and hemp industries regarding the regulation of intoxicating cannabinoids like <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">Delta-8</a> and <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">Delta-9</a>. The survey reveals a complex landscape where opinions on regulation vary significantly.
<h3 class="wp-block-heading">Cannabis Industry&#8217;s Stance</h3>
The majority of state-legal cannabis businesses support regulation, with four out of five participants advocating for the same controls for hemp derived products as those imposed on medical and adult-use cannabis markets. Many in the cannabis sector feel that the<a href="https://www.benzinga.com/markets/cannabis/23/08/33661988/lack-of-oversight-continues-to-hurt-hemp-industry-what-to-expect-from-2023-farm-bill"> lack of regulation </a>leads to consumer confusion and poses a threat to the industry&#8217;s integrity.
According to the survey:
<ul>
<li>80% of state-legal cannabis businesses say intoxicating hemp-derived cannabinoids should be regulated similarly to cannabis products.</li>
<li>67% say these cannabinoids confuse consumers.</li>
<li>52% see these cannabinoids as a threat to the overall industry.</li>
</ul>
Furthermore, 56% of cannabis businesses say state and local officials should <a href="https://www.benzinga.com/markets/cannabis/24/07/39783607/how-hemp-became-americas-loophole-for-legal-highs">take legal action</a> to remove these products from retailers in states where they are <a href="https://www.benzinga.com/markets/cannabis/24/07/39828962/fda-accuses-companies-of-marketing-cannabis-products-to-children-amid-debate-on-hemp-cannabinoid">banned</a>, while 41% support closing down non-compliant retail operations.
Read Also: A Nasty High: <a href="https://www.benzinga.com/markets/cannabis/24/07/39915334/a-nasty-high-experts-sound-alarm-over-soup-of-unknown-compounds-in-hemp-derived-thc-products">Experts Sound Alarm Over &#8216;Soup&#8217; Of Unknown Compounds In Hemp-Derived THC Products</a>
<h3 class="wp-block-heading">Hemp Derived Industry Perspectives</h3>
The hemp derived industry is more divided. While 51% of licensed hemp businesses oppose regulating these cannabinoids like cannabis, 46% support such measures. In some states, these companies even brought <a href="https://www.benzinga.com/markets/cannabis/23/08/33522492/hemp-businesses-sue-arkansas-over-ban-on-thc-infused-products">lawsuits</a> to remove the bans. This division might be reflecting different <a href="https://www.benzinga.com/markets/cannabis/24/04/38341776/hemp-space-grew-3x-the-rate-of-cannabis-where-did-marijuana-get-it-wrong">business models</a> and market strategies within the sector.
Survey findings include:
<ul>
<li>51% of hemp businesses say intoxicating hemp-derived cannabinoids should not be regulated the same way as cannabis products.</li>
<li>46% say they should be regulated similarly.</li>
<li>51% see these cannabinoids as an opportunity for their business.</li>
<li>32% acknowledge that these products could confuse consumers.</li>
</ul>
In this group, a bit more than a third of members consulted said state and local officials should take legal action to remove these products from retailers in states where they are banned.
<h3 class="wp-block-heading">The Broader Picture</h3>
The survey, conducted between May 13 and June 13, 2024, included responses from 303 participants across the cannabis and hemp industries. Meanwhile, with regulatory scrutiny intensifying and legislative changes on the horizon, the future of intoxicating hemp-derived cannabinoids remains uncertain. This is issue is among the most import matters affecting the way <a href="https://www.benzinga.com/topic/cannabis-legalization">cannabis industry</a> is functioning in the U.S. The discussion is gaining momentum, as a silent battle deploys. Cannabis and hemp industries, often composed by similar <a href="https://www.benzinga.com/markets/cannabis/24/06/39464801/curaleafs-new-online-cannabis-storefront-to-debut-hemp-derived-thc-products-just-in-time-for-jul">industry players</a>, must navigate a complex landscape of market demand, innovation and consumer protection to achieve a balanced regulatory framework.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/07/39820619/strategy-shift-in-the-works-are-cannabis-giants-getting-into-the-hemp-derived-thc-market">Strategy Shift In The Works? Are Cannabis Giants Getting Into The Hemp Derived-THC Market?</a></li>
</ul>
Cover: AI generated image

Regulations

Hemp-Derived Cannabinoids Vs. Legal Cannabis: What Industry Members Are Saying About This Not So Silent Battle

Vivian Jenna Wilson, the transgender daughter of Tesla CEO Elon Musk, has broken her silence about her father&#8217;s harsh and unsupportive behavior.
What Happened: Wilson, 20, reacted to Musk&#8217;s remarks about her transgender identity, made earlier this week. Musk had claimed in a digital interview that he had been &#8220;duped&#8221; into approving trans-related medical procedures for Wilson when she was 16, a statement Wilson strongly refutes, <a href="https://www.nbcnews.com/tech/tech-news/elon-musk-transgender-daughter-vivian-wilson-interview-rcna163665">reported</a> NBC News.
&#8220;I think he thought I wouldn't speak up and I would just let this slide, unopposed," Wilson stated. She portrayed Musk as a neglectful father who was harsh towards her for being queer and feminine.
Wilson also disclosed that Musk would coerce her to present more masculine, including urging her to lower her voice from a young age. "He was distant," she expressed. "He's very quick to anger. He is indifferent and self-centered."
Wilson, who is currently a college student, has mostly remained out of the public spotlight. However, she did garner attention in 2022 when she petitioned the court to change her name and disowned her father. "I no longer live with or wish to be associated with my biological father in any way, shape or form," she declared in the court document.
She also responded to Musk's recent comments in a series of posts on the social media app Threads. "He doesn't know what I was like as a child because he simply wasn't there," she penned. "And during the little time that he was, I was relentlessly bullied for my femininity and queerness."
Wilson mentioned an incident from her fourth grade where she went on a road trip with her father and he &#8220;he was constantly yelling at me viciously because my voice was too high.&#8221;
Wilson informed NBC News that she had contemplated speaking out about Musk's conduct as a parent and as an individual for years, but that she could no longer stay silent following his comments on Monday.
Benzinga has contacted Musk for a response through Tesla, and any statements received will be included as they become available
See Also: <a href="https://www.benzinga.com/news/24/07/39925959/kim-jong-un-rejects-donald-trumps-friendship-claims-north-korea-says-we-do-not-care-expresses-nuclea?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un Rejects Donald Trump&#8217;s Friendship Claims? North Korea Says &#8216;We Do Not Care,&#8217; Expresses Nuclear Readiness Amid Rising Tension With US</a>
Why It Matters: This public revelation follows a series of events that have unfolded over the past two years. In June 2022, Musk&#8217;s ex-wife, Justine Wilson, <a href="https://www.benzinga.com/news/22/06/27801710/elon-musks-ex-wife-speaks-out-on-daughters-name-change-heres-what-she-said">publicly supported</a> their child&#8217;s decision to change their name from Xavier Musk to Vivian Jenna Wilson. Vivian received court approval to legally <a href="https://www.benzinga.com/news/22/06/27839370/elon-transgender-daughter-legal-approval">change her name</a> and gender.
In July, Musk expressed his disapproval of his child&#8217;s transition during an interview, claiming he had been &#8220;tricked&#8221; into <a href="https://www.benzinga.com/news/24/07/39897986/elon-musk-vowed-to-destroy-woke-mind-virus-after-being-tricked-into-signing-puberty-blocker-document">consenting to puberty blockers</a> for his child.
Notably, Wilson said that Musk had &#8220;not by any means&#8221; been tricked in to signing the forms and &#8220;He knew the full side effects,&#8221; according to NBC News. She said when she gave her father the forms he read them at least twice before signing them.
On Puberty Blockers, she said, &#8220;They save lives. Let's not get that twisted," she said. "They definitely allowed me to thrive.&#8221;
Image via Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39900117/elon-musk-denies-45m-monthly-donation-to-trump-clarifies-true-purpose-of-the-america-pac-in-intervie?itm_source=parsely-api">Elon Musk Denies $45M Monthly Donation To Trump, Clarifies True Purpose Of &#8216;The America PAC&#8217; In Interview With Jordan Peterson</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

TSLA

Elon Musk's Transgender Daughter, Vivian Wilson, Speaks Out About Father's Absence And Cruelty: 'He's Very Quick To Anger. He Is Indifferent And Self-Centered'

Nikki Haley, the former Governor of South Carolina, has recently voiced her steadfast support for Donald Trump over Kamala Harris in the upcoming November election.
What Happened: As per a CNN<a href="https://edition.cnn.com/2024/07/25/politics/nikki-haley-trump-harris-interview/index.html"> report</a> on Thursday, Haley justified her decision to back Trump, despite their previous disagreements during the Republican primary fight. She also shared her thoughts on President Joe Biden&#8217;s decision to step down from the race, stating it was expected.
She said, &#8220;I think the Democrats are very smart to put in a younger candidate&#8230;..but they&#8217;ve put in the weakest candidate.&#8221; Haley then went on the criticize Harris for her track record on illegal immigration and called her more progressive than Sen. Bernie Sanders (I-Vt.).
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My thoughts on Joe Biden stepping down and Kamala, the soon to be Dem nominee. <a href="https://t.co/YTblBwoLLl">pic.twitter.com/YTblBwoLLl</a>
&mdash; Nikki Haley (@NikkiHaley) <a href="https://twitter.com/NikkiHaley/status/1816626194244047080?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Haley voiced her concerns about politicians clinging to power, often supported by staffers and family, which she believes is a problem for the American people. She stated, &#8220;I always said a vote for Joe Biden is a vote for Kamala Harris, and I think that's what's playing out.&#8221;
While supporting Trump, Haley criticized the Democrats&#8217; move to promote Harris, calling her &#8220;much more progressive than Joe Biden ever was.&#8221; She also disagreed with Republicans attacking Harris as a &#8220;DEI&#8221; candidate, suggesting there are better ways to critique her, such as on immigration, fracking, and foreign policy.
Haley&#8217;s remarks follow her endorsement of Trump at the GOP convention last week, which drew criticism from some anti-Trump Republicans. She defended her decision, stating that she wanted Americans to have a choice for someone they could be proud of.
When questioned about her earlier comments questioning whether Trump would adhere to the Constitution if reelected, Haley responded, &#8220;I hope he does. I hope that any president would follow the Constitution.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/07/39922362/hillary-clinton-says-kamala-harris-is-chronically-underestimated-says-vp-can-prosecute-a-compelling?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hillary Clinton Says Kamala Harris is &#8216;Chronically Underestimated&#8217; — Says VP Can &#8216;Prosecute A Compelling Case&#8217; Against Failed President Trump</a>
Why It Matters: Haley&#8217;s comments come in the backdrop of a <a href="https://www.benzinga.com/general/politics/24/07/39973800/trump-vs-harris-vice-president-gains-ground-lost-by-joe-biden-in-swing-states">close race</a> between Harris and Trump, with Harris gaining ground from Biden in the head-to-head matchups against Trump.
Haley had previously predicted that Biden might not <a href="https://www.benzinga.com/news/24/07/39611028/nikki-haley-reminds-george-stephanopoulos-of-her-prophecy-that-joe-biden-isnt-going-to-finish-his-te">complete his term</a> and had questioned his competence to serve a second term. 
She had also warned Trump to prepare for a <a href="https://www.benzinga.com/news/24/06/39565748/haley-advises-trump-to-prepare-for-younger-rival-in-light-of-bidens-debate-theyre-going-to-bring-som">younger Democratic rival</a> following Biden&#8217;s debate performance. Her recent remarks further emphasize her belief in Trump&#8217;s leadership and her concerns about Harris&#8217;s potential presidency.
Photo Courtesy: Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39957078/trump-vs-harris-new-poll-shows-close-race-but-vice-president-could-benefit-from-dramatic-shifts-amon?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: New Poll Shows Close Race, But Vice President Could Benefit From &#8216;Dramatic Shifts&#8217; Among These Key Voter Groups</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>

General

Nikki Haley Says 'Democrats Are Very Smart To Put In A Younger Candidate' Against Trump But Kamala Harris Is The 'Weakest Candidate'

US Vice President Kamala Harris has urged Israeli Prime Minister Benjamin Netanyahu to help establish a Gaza ceasefire.
What Happened: As reported by Reuters on Thursday, Harris, who is likely to be the Democratic presidential nominee, emphasized the need to end the ongoing war and address the humanitarian crisis in Gaza. &#8220;We cannot allow ourselves to be numb to the suffering and I will not be silent,&#8221; Harris stated.
The conflict, which began on October 7, has resulted in significant casualties and displacement of people. Harris&#8217; remarks have raised questions about whether her approach towards Netanyahu would be more assertive if she were to be elected president on November 5.
Despite her firm support for Israel&#8217;s right to self-defense, Harris expressed her growing impatience with Israel&#8217;s military strategy. &#8220;Israel has a right to defend itself. And how it does so matters,&#8221; she said.
Speculations about a potential ceasefire have been ongoing for months. US officials believe that the parties are closer than ever to a six-week ceasefire agreement, which would involve the release of women, sick, elderly, and wounded hostages by Hamas.
See Also: <a href="https://www.benzinga.com/news/24/07/39925959/kim-jong-un-rejects-donald-trumps-friendship-claims-north-korea-says-we-do-not-care-expresses-nuclea?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un Rejects Donald Trump&#8217;s Friendship Claims? North Korea Says &#8216;We Do Not Care,&#8217; Expresses Nuclear Readiness Amid Rising Tension With US</a>
Why It Matters: President Joe Biden and Harris<a href="https://www.benzinga.com/general/politics/24/07/39971210/biden-harris-meet-netanyahu-to-discuss-ending-prolonged-israel-hamas-war-report"> met Netanyahu</a> to discuss the possibility of ending the prolonged war. A ceasefire would likely require the release of Israeli hostages and the full withdrawal of Israeli forces in Gaza.
Earlier, <a href="https://www.benzinga.com/general/politics/24/07/39941704/netanyahu-addresses-us-congress-emphasizes-alliance-against-iran-in-middle-east-give-us-the-tool">Netanyahu addressed the US Congress</a>, emphasizing the alliance against Iran in the Middle East. However, Harris was notably absent from this address.
Despite the US election results, <a href="https://www.benzinga.com/news/24/07/39880922/biden-or-trump-presidency-netanyahu-affirms-jerusalem-will-stay-us-indispensable-and-strong-ally-as">Netanyahu affirmed</a> that Jerusalem will remain a strong ally of the US. This statement came during his first US trip since his record sixth term as Prime Minister commenced in late 2022.
Previously, <a href="https://www.benzinga.com/markets/asia/24/06/39171580/biden-criticizes-netanyahu-for-standstill-on-cease-fire-efforts-as-tensions-escalate-with-lebanon">Biden criticized Netanyahu</a> for the standstill on ceasefire efforts, expressing uncertainty about whether Israel had committed war crimes.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/news/24/07/39924772/democratic-mega-donors-predict-kamala-harris-to-pick-vp-among-these-3-lawmakers-as-presidential-race?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Democratic Mega Donors Predict Kamala Harris To Pick VP Among These 3 Lawmakers As Presidential Race Against Trump Heats Up</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>

Kamala Harris Presses Netanyahu For Gaza Ceasefire: 'We Cannot Allow Ourselves To Be Numb To The Suffering And I Will Not Be Silent'

Vice President Kamala Harris and former President Donald Trump are likely set for a head-to-head battle after President Joe Biden dropped out of the <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">2024 presidential election.</a>
Election polls show a close race with Harris gaining ground from Biden in the head-to-head matchups against Trump.
 What Happened: Since the first 2024 presidential debate, Trump has been gaining ground in the 2024 election polls and <a href="https://www.benzinga.com/general/sports-betting/24/07/39868243/2024-election-betting-odds-joe-biden-has-8-chance-of-winning-according-to-sportsbooks-pred">betting odds from sportsbooks</a> and prediction markets.
That dominance could be ending with Harris likely the winner of the Democratic Party nomination to replace Biden.
Recent polls show Harris with a closer margin to Trump in the 2024 election race.
A new Emerson College swing state <a href="https://emersoncollegepolling.com/july-2024-swing-state-polls-harris-trails-trump-in-arizona-georgia-michigan-pennsylvania-tied-in-wisconsin/">poll </a>shows Harris gaining ground in the key battleground states that could decide the 2024 election. The results of the poll are:
<ul>
<li>Arizona: 44% Harris, 49% Trump, 7% Undecided</li>
<li>Georgia: 46% Harris, 48% Trump, 7% Undecided</li>
<li>Michigan: 45% Harris, 46% Trump, 9% Undecided</li>
<li>Pennsylvania: 46% Harris, 48% Trump, 7% Undecided</li>
<li>Wisconsin: 47% Harris, 47% Trump, 5% Undecided</li>
</ul>
While Harris trails Trump in four of the five swing states used in the poll, she manages to be tied with Trump in Wisconsin. The poll also finds Biden gaining in support in each of the five swing states compared to where Biden stood earlier this month.
These were Biden's voter support figures for the five states in earlier July and Harris' gain:
<ul>
<li>Arizona: 40%, gained four points</li>
<li>Georgia: 41%, gained five points</li>
<li>Michigan: 42%, gained three points</li>
<li>Pennsylvania: 43%, gained three points</li>
<li>Wisconsin: 43%, gained four points</li>
</ul>
"Harris has recovered a portion of the vote for the Democrats on the presidential ticket since the fallout after the June 27 debate," Emerson College Polling executive director Spencer Kimball said. "Harris' numbers now reflect similar support levels to those of Biden back in March."
The poll also found that Harris gained huge support from young voters in the swing states. Here are the percentage point gains Harris has over Biden's figures earlier this month:
<ul>
<li>Arizona: +16 points</li>
<li>Georgia: +8 points</li>
<li>Michigan: +5 points</li>
<li>Pennsylvania: +11 points</li>
<li>Wisconsin: +1 point</li>
</ul>
Read Also:<a href="https://www.benzinga.com/general/politics/24/07/39967679/trump-vs-harris-fox-news-proposes-another-2024-presidential-debate-how-media-company-could-be-bi"> Trump Vs. Harris: Fox News Proposes Another 2024 Presidential Debate, How Media Company Could Be Big Winner</a>
Why It's Important: The latest poll shows that over 75% of voters in each of the swing states believe Harris should be the Democratic Party nominee.
The poll found that voters have similar favorability rankings for Harris compared to Trump, which are listed below:
Arizona: Harris 45%, Trump 49%
Georgia: Harris 47%, Trump 49%
Michigan: Harris 47%, Trump 48%
Pennsylvania: Harris 47%, Trump 46%
Wisconsin: Harris 49%, Trump 47%
Trump leads the poll for male voters in each of the swing states by double-digit percentage points, with Harris leading each of the five swing states for female voters, with a double-digit lead in Michigan (+12) and Wisconsin (+12).
The economy ranked as the top issue for voters in Georgia, Michigan, Pennsylvania and Wisconsin and ranked second in Arizona. Immigration ranked as the top issue in Arizona and ranked second in Georgia, Michigan and Wisconsin.
Swing states remain a key battle in the 2024 election and could be the deciding factor for the winner. The five swing states listed above represent 71 electoral votes. 
All five of the states listed above voted for Trump in the 2016 presidential election and flipped to Biden in the 2020 presidential election.
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Photos: Shutterstock

Trump Vs. Harris: Vice President Gains Ground Lost By Joe Biden In Swing States

Apple Vision Pro‌ has upped its Digital Crown virtual reality feature with the launch of a <a href="https://www.benzinga.com/news/24/07/39961795/apple-to-rally-around-10-here-are-10-top-analyst-forecasts-for-thursday">new virtual environment </a>that takes the user to a picturesque lake in Norway.
Digital Crown already provides a dozen virtual environments that serve as backdrops to whatever apps and images the user is viewing through the Apple Vision Pro headset. 
The new release follow&#8217;s Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) announcement that Apple Vision Pro&#8217;s visionOS 2, which turns 2D images into 3D, will feature a Bora Bora environment later this year, MacRumors<a href="https://www.macrumors.com/2024/07/24/apple-vision-pro-lake-vrangla-environment/"> reported</a>.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/07/39958982/apples-taiwanese-chip-supplier-ase-tech-clocks-modest-q2-growth-in-revenues">Apple&#8217;s Taiwanese Chip Supplier ASE Tech Clocks Modest Q2 Growth In Revenues</a>
The newest environment provides a pleasant foggy view of Lake Vrangla, a placid body of water near Oslo. It also showcases a calming sunset scene and videos that appear over the lake will reflect in the water.
Digital Crown provides a virtual alternative to the user&#8217;s actual surroundings, which Apple Vision Pro shows behind apps and other images via the headset&#8217;s passthrough cameras.
The new Lake Vrangla environment is available to users as a simple download that can be started from the Environments tab of Apple Vision Pro&#8217;s Home View, in either visionOS 1 or visionOS 2 beta.
Price Action: Apple slipped 0.48% to $217.49 on Thursday, while exchange-traded funds that track Apple also fell.
<ul>
<li>T-Rex 2X Long Apple Daily Target ETF (AAPX) slipped 1.24%.</li>
<li>Direxion Daily AAPL Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPU#NASDAQ">AAPU</a>) declined 0.98%.</li>
<li>Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) fell 0.90%.</li>
<li>Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) slid 0.94%.</li>
<li>IShares U.S. Technology ETF ARCA: IYW) lost 0.91%.</li>
</ul>
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Photo: Apple Vision Pro &#x7C; Photo courtesy: Apple

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iShares Dow Jones US Technology Sector Index Fund

Apple Vision Pro Launches New Lake-Setting Environment For Digital Crown VR

Every four years, a Summer Olympics competition is held with viewers around the world tuning in to cheer on their country's athletes in the hope to top the medal count and celebrate the pride <a href="https://www.benzinga.com/topic/olympics">of their country.</a>
While the Olympics are important to media companies, sports fans and others, here's a look at their impact on the stock market.
Stock Markets During Summer Olympics: The stock market doesn't close for the Summer Olympics, but could see volatility for several companies that could be impacted by the games including <a href="https://www.benzinga.com/general/entertainment/24/07/39733479/nba-fans-rejoice-new-76b-deal-from-espn-amazon-nbc-will-bring-games-seven-days-a-week">U.S. media rights holder</a> Comcast Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>).
Other than stocks with direct ties to the Olympic games, the stock market sees little correlation between the games and price action. The country that wins the most countries often doesn't see a material impact from taking the top honors.
One market that is more heavily impacted is the stock market of the host country, which often sees a spike when the country is selected as the host and shortly before the games before cooling off during the games and directly after.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index was up 1.0% and 1.1%, respectively, during the duration of the 2016 Summer Olympics (Aug. 5, 2016-Aug. 21, 2016) in Rio de Janeiro, Brazil, and the 2020 Summer Olympics (July 23, 2021-Aug. 8, 2021) in Tokyo. Japan.
While the past two Summer Olympics produced minimal returns for the S&amp;P 500, the SPY was up 2.9% and 2.4% respectively during the duration of the 2012 Summer Olympics in London, England, and the 2008 Summer Olympics in Beijing, China.
For comparison, a look at the country-specific ETFs of the Olympics host nation turned in lower returns than the S&amp;P 500.
In 2020, the iShares MSCI Japan Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>) was flat during the Summer Olympics, going from $67.78 to $67.82, or a total gain of 4 cents.
The iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>) was up 1.0% during the 2016 Summer Olympics.
The 2008 Summer Olympics may stand out as an example of volatility with the games. While the U.S. won the most medals overall (112 to China's 100), China took home the most gold medals (48 to USA's 36). This is the last time the U.S. didn't finish first in the gold medal race.
The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) was actually down 2.1% during the 2008 Summer Olympics, compared to the 2.4% gain for the SPY mentioned above.
A Bespoke Investment study <a href="https://www.businessinsider.com/stock-market-performance-during-the-olympics-2016-8">shared </a>by Business Insider in 2016 found that the S&amp;P 500 averaged a +1.75% gain during the duration of each Summer Olympics from 1928 to 2012. The study also found that the benchmark indices of host countries had a similar gain of +1.74% during each Summer Olympics.
One result also stands out in the study with the S&amp;P 500 up 9.41% during the 1984 Summer Olympics, hosted in Los Angeles, California.
The Summer Olympics return to Los Angeles in 2028, the first time the U.S. has hosted since the 1996 games in Atlanta, Georgia.
Read Also: <a href="https://www.benzinga.com/general/sports-betting/24/07/39940590/scottie-scheffler-gold-medalist-golfer-looks-to-turn-2024-pga-tour-success-into-a-2024-oly">Scottie Scheffler, Gold Medalist? Golfer Looks To Turn 2024 PGA Tour Success Into A 2024 Olympic Medal</a>
U.S. Medal Dominance: The U.S. has dominated the medal counts in the Summer Olympics, ranking with more than 1,000 medals ahead of the next closest country.
The U.S. has 2,975 total Olympic medals according to the Olympic Foundation and a CBS News <a href="https://www.cbsnews.com/news/2024-paris-games-most-olympic-medals-ever/">report</a>. Ranking behind the U.S. are the Soviet Union with 1,204 medals and Germany with 1,058 medals.
For gold medals, the U.S. ranks first with 1,179, followed by the Soviet Union with 473 and Germany with 342.
In the <a href="https://olympics.com/en/olympic-games/rio-2016/medals">2016 </a>Summer Olympics, the U.S. had 121 total medals, ranking ahead of China (70) and Great Britain (67). The U.S. had 46 gold medals in 2016 topping Great Britain (27) and China (26).
At the <a href="https://olympics.com/en/olympic-games/tokyo-2020/medals">2020 </a>Summer Olympics, the U.S. had 113 total medals, topping China (89) and the Russian Olympic Committee (71). USA led the way with 39 gold medals in 2020 topping China (38) and Japan (27).
The U.S. is once again favored to win the most medals and gold medals. Odds from DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) give U.S. odds of -2500 to win the most medals, followed by China at +900 and Japan and Great Britain tied with odds of +5,000.
The odds for most gold medals are slightly closer with U.S. favored at -750, ranking ahead of China (+350) and France (+6,500).
The 2024 Summer Olympics in Paris are July 26 through August 11.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/sports/24/04/38206683/going-for-the-gold-and-50k-cash-2024-summer-olympic-winners-in-one-sport-will-be-financially-rewar">Going For The Gold And $50K Cash: 2024 Summer Olympic Winners In One Sport Will Be Financially Rewarded</a></li>
</ul>
Photo: Qubix Studio via Shutterstock

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Do Summer Olympics (And Gold Medals) Matter To The Stock Market? The Results May Surprise You

Orchid Island Cap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORC#NYSE">ORC</a>) reported quarterly losses of $(0.09) per share which missed the analyst consensus estimate of $(0.07) by 28.57 percent. The company reported quarterly sales of $(697.000 thousand) which beat the analyst consensus estimate of $(2.945 million) by 76.33 percent. This is a 92.04 percent increase over sales of $(8.760 million) the same period last year.

Earnings

Earnings Beats

Earnings Misses

Orchid Island Cap Q2 2024 Adj EPS $(0.09) Misses $(0.07) Estimate, Sales $(697.000K) Beat $(2.945M) Estimate

Tigress Financial analyst Ivan Feinseth maintains Snap-on (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNA#NYSE">SNA</a>) with a Buy and maintains $336 price target.

Price Target

Analyst Ratings

Tigress Financial Maintains Buy on Snap-on, Maintains $336 Price Target

For full year 2024, management anticipates&nbsp;Adjusted EBITDA to be in the range of&nbsp;$1.10 billion&nbsp;to&nbsp;$1.18 billion (prior view $1.10 billion&nbsp;to&nbsp;$1.25 billion).

Guidance

NOV Revises FY24 Consolidated Company Revenue Growth Forecast To Low- To Mid-Single Digit Percent Range (Prior View Mid-Single Percentage Range)

BWS Financial analyst Hamed Khorsand maintains Garrett Motion (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTX#NASDAQ">GTX</a>) with a Buy and lowers the price target from $15 to $12.

BWS Financial Maintains Buy on Garrett Motion, Lowers Price Target to $12

Ubisoft Entertainment SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UBSFF#OTC">UBSFF</a>) is facing a significant setback with the recent leak of over 13 minutes of gameplay footage from its highly anticipated game, <a href="https://www.benzinga.com/general/gaming">Star Wars Outlaws. </a>
The leaked footage, which appears to showcase the opening scenes of Massive Entertainment's latest adventure, was briefly available on YouTube before being swiftly removed due to a copyright claim by Ubisoft, thereby confirming its authenticity.
See Also: <a href="https://www.benzinga.com/general/gaming/24/04/38169087/ubisoft-accidentally-leaks-star-wars-outlaws-release-date-special-editions-and-more">Ubisoft Accidentally Leaks Star Wars Outlaws Release Date, Special Editions And More</a>
Despite Ubisoft&#8217;s efforts, the footage has spread across various platforms, exposing key plot elements and gameplay mechanics. Fans who view the footage will encounter major spoilers for the protagonist Kay Vess' storyline, IGN <a href="https://www.ign.com/articles/ubisoft-battles-fresh-star-wars-outlaws-gameplay-leaks">reported.</a>
<h1 class="wp-block-heading">SPOILER ALERT: Star Wars Outlaws Leaked Gameplay Details</h1>
The leaked video begins with Kay recovering from a crash landing on a moon, immediately facing an attack from local bandits. To repair her damaged spaceship, Kay is directed to seek employment from a local crime boss, navigating through third-person shooter combat and open-world exploration. 
The town, bustling with Stormtroopers conducting ID checks, adds to the immersive experience.
Further leaked clips on social media reveal Kay engaging in Sabacc, the iconic Star Wars card game, and participating in space combat. 
<h1 class="wp-block-heading">Release Details and Editions</h1>
The game was officially revealed at the 2023 Xbox Games Showcase, when Ubisoft began carefully managing the release of gameplay footage.
Star Wars Outlaws, set between the events of &#8220;Star Wars: Episode V &#8211; The Empire Strikes Back&#8221; and &#8220;Episode VI &#8211; Return of the Jedi,&#8221; introduces players to Kay Vess, her droid ND-5 and her companion Nix as they navigate the galaxy's criminal underworld.
The game is scheduled for release on Aug. 27, 2024, for PlayStation 5, Xbox Series X and S, and PC. The Standard Edition is priced at $70, while the $110 Gold Edition offers three days of early access and a Season Pass.
Additionally, an Ultimate Edition is available digitally, including early access, the Season Pass and exclusive cosmetic items like the Rogue Infiltrator Bundle and the Sabacc Shark bundle, alongside a digital art book.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/03/37460282/star-wars-strategy-game-unaffected-by-electronic-arts-layoffs-continues-development">Star Wars Strategy Game Unaffected By Electronic Arts Layoffs, Continues Development</a></li>
</ul>
Photo Courtesy: Ubisoft.

Gaming

UBSFF

Star Wars Outlaws Gameplay — Over 13 Minutes — Leaks Online

Canfor Pulp Products (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CFX#TSX">CFX</a>) reported quarterly losses of $(0.10) per share which beat the analyst consensus estimate of $(0.12) by 16.67 percent. This is a 77.27 percent increase over losses of $(0.44) per share from the same period last year. The company reported quarterly sales of $220.00 million which beat the analyst consensus estimate of $213.93 million by 2.84 percent. This is a 11.82 percent decrease over sales of $249.50 million the same period last year.

TSX:CFX

Canfor Pulp Products Q2 EPS CAD(0.10) Beats CAD(0.12) Estimate, Sales CAD220.00M Beat CAD213.93M Estimate

For the&nbsp;third quarter&nbsp;management expects Adjusted EBITDA to be between&nbsp;$270 million&nbsp;and&nbsp;$305 million.&nbsp;

NOV Expects Q3 Consolidated Revenues To Be Flat To Up In The Low- Single Digit Percent Range

Cloud Nine Education Group (TSE:ANON) has released an update. Anonymous Intelligence Company Inc. has announced the share consolidation record date...

Anonymous Intelligence Sets Share Consolidation Date

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Anonymous Intelligence Company (TSE:ANON) has released an update. Anonymous Intelligence Company has revised the structure of its private investmen...

Anonymous Intelligence Revamps Private Placement

Anonymous Intelligence Company (TSE:ANON) has released an update. Anonymous Intelligence Company has successfully completed a private placement, ra...

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Anonymous Intelligence Company Announces Limitless VPN's Launch of Enhanced VPN, Rollout to Existing Users and Revenue Generation; Provides Corporate Update

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