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In a significant move reflecting Morocco&#8217;s evolving approach to cannabis regulation, King Mohammed VI has granted royal pardons to 4,831 individuals involved in cannabis-related activities, the Ministry of Justice announced.
This initiative is part of a broader strategy to integrate traditional cannabis farmers into the formal economy and develop the legal cannabis industry.
<h3 class="wp-block-heading">Pardon Details</h3>
The pardons primarily target individuals who were &#8220;convicted, prosecuted, or wanted in connection with cannabis cultivation.&#8221; The beneficiaries of these pardons are required to meet specific criteria to be eligible. 
The pardon is seen as a critical step in aligning <a href="https://feeds2.benzinga.com/topic/morocco-cannabis">Morocco&#8217;s historical cannabis cultivation practices</a> with its modern economic and legal frameworks.
The Rif region, long associated with cannabis cultivation, now plays a central role in this regulatory shift.
<h3 class="wp-block-heading">Broader Strategy And Impact</h3>
This initiative is closely tied to<a href="https://www.benzinga.com/markets/cannabis/21/06/21514328/morocco-legalizes-cannabis-cultivation-and-commercialization"> Morocco&#8217;s 2021 law</a> that legalized the cultivation and medical use of cannabis. 
The country is one of the world&#8217;s leading cannabis producers according to the United Nations, and is transitioning<a href="https://www.barrons.com/news/morocco-s-king-pardons-more-than-4-800-cannabis-farmers-5a11af07"> its traditional cannabis farming</a> communities, particularly in the Rif region, into the legal framework. 
The National Agency for the Regulation of Cannabis-Related Activities (ANRAC), has already issued over 200 permits for processing, importing seeds and exporting cannabis products.
<h3 class="wp-block-heading">Additional Clemency</h3>
In addition to the cannabis-related pardons, King Mohammed <a href="https://www.moroccoworldnews.com/2024/08/364656/king-mohammed-vi-grants-royal-pardon-to-over-4-800-in-cannabis-related-cases">extended clemency</a> to 685 other individuals sentenced by various courts across the Kingdom.
This group includes 548 detainees, some of whom received full pardons, while others had their sentences reduced. 
Another 137 individuals, not currently in detention, were pardoned from prison sentences, fines, or both. In total, the royal pardon encompasses 5,516 individuals.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40168671/moroccos-cannabis-boom-nearly-3-000-licenses-issued-so-far-this-year">Morocco&#8217;s Cannabis Boom: Nearly 3,000 Licenses Issued So Far This Year</a>

Cannabis

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News

Regulations

Emerging Markets

Legal

Markets

King Mohammed's Cannabis Pardons: Aligning Morocco's Past With Its Legal Future

NDRA

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

CVKD

RDHL

The Tesla Cybertruck has proven several use cases since launching, including being used on a farm and owned by celebrities as a fashion accessory. Hauling a statue of Elon Musk around can now be added to the list of things Cybertruck owners<a href="https://www.benzinga.com/topic/cybertruck"> can do.</a>
What Happened: Images of a statue of Elon Musk being towed by a Cybertruck through Texas caught the attention of Tesla influencers and <a href="https://www.benzinga.com/electric-vehicles">electric vehicle websites.</a>
Brownsville, Texas, home of SpaceX's Starbase, was among the places where the statue was seen.
The statue is the project of a group called <a href="https://elonrwa.com/">ElonRWA</a>, according to a <a href="https://www.torquenews.com/11826/yes-thats-tesla-cybertruck-towing-giant-statue-elon-musk-and-its-worse-it-sounds">report </a>from Torque News. The statue was commissioned based on a famously bad drawing of Musk that has since gone on to be a meme.
"Located near the ElonRWall, this 106" x 96" x 66" statue is part of the first project of ElonDAO and their initial attempt at physically displaying a meme. This (not so) small shrine is sure to captivate public attention, serving both as a tribute to Musk's accomplishments and as a reminder of his epic fails," The ElonRWA website reads.
<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">NEWS: A <a href="https://twitter.com/cybertruck?ref_src=twsrc%5Etfw">@Cybertruck</a> towing a giant bust caricature of tech mogul Elon Musk is travelling across South Texas, raising questions and going viral online. <a href="https://t.co/rc3h4v2qHp">pic.twitter.com/rc3h4v2qHp</a>
&mdash; ALEX (@ajtourville) <a href="https://twitter.com/ajtourville/status/1825535404835311845?ref_src=twsrc%5Etfw">August 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The drawing was shared on Reddit five years ago and attracted many comments. When it finally caught the attention of Musk, he <a href="https://x.com/elonmusk/status/1410520073845022722">responded </a>the drawing was "like looking into the mirror."
ElonRWA has taken possession of the original drawing and turned it into an NFT.
"We found the original iconic sketch of Elon Musk and turned it into a (RWA) real-world asset meme-coin," the group said according to the report.
The statue is likely promoting the meme coin ElonRWA with increased attention ahead of its permanent home. 
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent081924">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: ElonRWA previously launched a mural of the famous Musk drawing in Brownsville.
Given Musk's<a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35553273/elon-musk-takes-shot-at-nfts-once-again-its-just-a-url-to-the-jpeg"> past hatred for NFTs</a>, the statue and coin behind the project aren't likely to generate a positive reaction from the billionaire.
Musk<a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29866298/elon-musks-superfans-fail-to-catch-tesla-ceos-attention-with-their-600k-elon-goat-statue"> also previously ignored </a>a 30-foot, 12,000-pound metal statue made of him by the co-founders of crypto token Elon Goat that was sent to Tesla's headquarters in Austin, Texas.
The Elon Goat statue showed Musk's head on a goat's body riding a rocket. The goat was in reference to Musk being the "greatest of all time," an acronym often associated with athletes.
The self-proclaimed Elon Superfans that launched the Elon Goat failed to get attention from Musk.
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent081924">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Photo: Elon Musk, Tesla Cybertruck &#x7C; Photo courtesy: Shutterstock

Entertainment

Education

Tesla Cybertruck Tows Statue Of Elon Musk Through Texas: Stunt Linked To NFTs, Meme Coin Of Famous Reddit Sketch

Amazon.com founder Jeff Bezos is one of the richest people in the world, worth $200 billion. Brother Mark Bezos could follow in the success of his older brother with a career <a href="https://www.benzinga.com/money/investing-in-private-equity-guide-to-getting-started">in private investments.</a>
What Happened: Mark Bezos and David Moross recently launched HIPstr, an early-stage investment arm for their HighPost Capital private investment firm. HIPstr, raised $100 million and has invested in six companies, including one linked<a href="https://www.benzinga.com/topic/kylie-jenner"> to Kylie Jenner.</a>
HIPstr is set to <a href="https://www.businesswire.com/news/home/20240814170976/en/HIPstr-an-Affiliate-of-HighPost-Capital-Raises-100-Million-to-Invest-in-Early-Stage-Consumer-Growth-Consumer-Technology-Enablement-Companies">invest </a>in what it calls early-stage consumer growth and consumer technology enablement companies. Bezos and Moross launched the new investment arm to invest in early-stage businesses "that did not fit the investment criteria of HighPost's" traditional investment strategy.
"We launched HIPstr to capitalize on an attractive market opportunity driven by a reset in early-stage company valuations alongside a structural shift in how entrepreneurs scale companies," Moross said.
The investment company has made six investments across the food and beverage, household and home living, disruptive consumer-facing technologies and selective apparel sectors.
HIPstr's six investments include leading or investing in Series A rounds for Closer, Sprinter (Jenner&#8217;s company), Wild Common, EverFence, RAD and After.com.
"We look forward to continuing to identify highly compelling opportunities for our investors and working with entrepreneurs to help them build and scale their high-growth and capital-efficient brands," Moross added.
Did You Know?
Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent081924">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a>
Why It's Important: HIPstr has invested around 40% of the $100 million raised for the fund according to Moross, as reported by <a href="https://www.bloomberg.com/news/articles/2024-08-15/billionaire-family-backed-firm-raises-100-million-venture-fund?srnd=homepage-africa&amp;sref=TBDibEcD">Bloomberg</a>.
The company led a $10 million Series A funding round for After.com, which is a cremation services startup.
HIPstr's investment in Sprinter could attract attention with the ready-to-drink vodka soda maker founded by Jenner. The brand uses real fruit juice, premium vodka and sparkling water in its products including several fruit flavors. &nbsp;
Jenner is the fifth most followed person on Instagram with 398 million followers and part of the well-known Kardashian/Jenner family.
Kylie Cosmetics, which was <a href="https://www.benzinga.com/news/23/08/34146037/kylie-jenner-contemplates-regaining-control-of-her-cosmetics-line-amid-coty-disappointment">founded by Jenner,</a> was sold to Coty Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COTY#NYSE">COTY</a>) previously with the beauty company owning 51% and Jenner retaining 49%.
HighPost previously raised over $500 million for its first fund in 2022 with the Jeff Bezos family among the investors. Mark Bezos was an early investor in Amazon, committing $10,000 in 1996 that could be worth over $1 billion if he has not sold any of his position since.
HighPost is the largest shareholder in Magic Spoon, a sugar-free cereal company, and owns Centr, a wellness company founded by actor Chris Hemsworth.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/04/38050032/jeff-bezos-convinced-his-siblings-to-invest-10k-each-in-his-online-startup-called-amazon-heres-h">Jeff Bezos Convinced His Siblings To Invest $10K Each In His Online Startup Called Amazon — Here&#8217;s How Much Their Investment Is Worth Now</a></li>
</ul>
Photo: Kylie Jenner<a href="https://www.flickr.com/photos/disneyabc/19548211370/in/photolist-25aK6K5-GMFFTa-GQCjns-GTD5qt-GMFGUZ-GQCj3u-GTD628-FY9dmJ-GMFHT2-Gtxo2w-FY9ezL-GTD52c-GMFF6D-MNjdod-w9hLsQ-t5ghVE-sQ8p18-QvadaN-P2dgu6-AWuj5W-Ar8gbE-BoCqn8-pTpLrZ-pdRLyu-qaSCD7-rBtPL1-w2H7BW-Mvdr52-UhaUHX-LiVAQU-MvdrEk-LiVAXs-UhaUMz-UeADKu-rEAkLq-2pKUgJw-2paXym6-Ar6u7U-Ar8fVQ-Bmpx1s-q8ySsm-v8a376-vMrhaw-vMpGc5"> via </a>Walt Disney Television via <a href="https://creativecommons.org/licenses/by-nd/2.0/">Flickr</a> Creative Commons

Financing

COTY

Jeff Bezos Brother Launches New VC Firm, Invests In Kylie Jenner Spirits Company

LNZA

LanzaTech, LanzaJet Announce New Project With Australia's Wagner Sustainable Fuels

The notes will be issued as additional notes under the indenture pursuant to which the Issuer previously issued&nbsp;$350 million&nbsp;of&nbsp;5.500%&nbsp;senior notes due 2034 (the &quot;initial notes&quot;).&nbsp;

Essex Property Trust Prices Public Offering Of $200M In Additional Senior Notes Due 2034 With Reoffer Yield Of 5.110%

Transatlantic container shipping volumes into the U.S. are <a href="https://www.benzinga.com/news/earnings/24/08/40439449/why-is-israel-based-cargo-shipping-company-zim-integrated-stock-surging-today">making a comeback </a>as U.S. retailers look to replenish inventories ahead of possible strike action at U.S. ports.
&#8220;There is some temptation by customers to bring in goods ahead of the labor contract expiry on Sept. 30,&#8221; Hapag-Lloyd CEO Rolf Habben Jansen said in an online news briefing, Reuters reported.
Hapag-Lloyd is the world&#8217;s fifth-largest container liner.
Freight sector analysts are closely following contract talks between cargo worker unions and port managers in case the September deadline is missed and a strike becomes imminent.
Retailers have also put in their orders sooner as they expect their goods to take longer trips around Africa to avoid Houthi-led attacks in the Red Sea, Hansen said.
Read Also: <a href="https://www.benzinga.com/government/24/03/37969025/baltimore-bridge-ship-collisions-not-uncommon-5-more-u-s-fatal-accidents">Baltimore Bridge: Ship Collisions Not Uncommon — 5 More Fatal Accidents In US</a>
This jump in ordering by U.S. retailers can be good news for several other liner operators that ship goods across the Atlantic basin to the U.S., such as Euroseas Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ESEA#NASDAQ">ESEA</a>), Global Ship Lease Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSL#NYSE">GSL</a>) and Danaos Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAC#NYSE">DAC</a>).
This good news for container shipping comes as ZIM Integrated Shipping Services Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) posted very strong second-quarter earnings on Monday by capitalizing on transpacific trade into the U.S.
The company&#8217;s average freight rate for a 20-foot container came in at $1,674 for the second quarter, up from $1,193 for the same period last year. ZIM carried 952,000 20-foot containers in the quarter, up from 860,000 such containers a year ago.
ZIM posted earnings per share of $3.08 for the quarter, blowing away analyst EPS consensus of $1.79. Second-quarter revenue totaled $1.933 billion, up from $1.31 billion a year earlier.
Price Actions: Container shipping stocks trended upward on Monday.
<ul>
<li>ZIM jumped 16.74% to close at $22.25</li>
<li>Euroseas gained 6.36% to finish the day at $47.02</li>
<li>Global Ship Lease rose 1.26% to $27.24</li>
<li>Danaos picked up 2% to $84.23</li>
</ul>
Read Now: • <a href="https://www.benzinga.com/markets/equities/24/03/37961583/tesla-gm-ford-supply-chain-concerns-baltimore-port-closure-going-to-have-an-impact">Tesla, GM, Ford Supply Chain Concerns: Baltimore Port Closure &#8216;Going To Have An Impact&#8217;</a>
Photo: Shutterstock

Global

ESEA

Transatlantic Container Shipping Volumes Rise As Possible Strike At U.S. Ports Hovers

Sidus Space, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIDU#NASDAQ">SIDU</a>) reported its second-quarter financial results Monday after the closing bell. Here's a look at the <a href="https://www.benzinga.com/pressreleases/24/08/b40449130/sidus-space-reports-second-quarter-2024-financial-results-and-provides-business-update">details from the report.&nbsp;</a>
The Details: Sidus Space reported quarterly losses of 99 cents per share and $927,570 in revenue for the second quarter. Gross profit margin decreased to negative 91% compared to 37% in the same period last year. The company said the decrease was mainly due to lower satellite-related revenue versus prior year due in large part to the timing of satellite-related payments and fixed price milestone contracts in the first half of 2024 and higher costs related to the depreciation of its first satellite asset.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40371364/whats-going-on-with-cannabis-grower-tilrays-stock">What&#8217;s Going On With Cannabis Grower Tilray&#8217;s Stock?</a>
&#8220;During the second quarter of 2024, we achieved a major milestone with the successful commissioning of our first LizzieSat&#x2122; (LS-1) which was launched on the SpaceX Transporter-10 Rideshare Mission in March. Following this critical phase, we began activating payloads and accomplished the primary objectives of several LS-1 missions,&#8221; said Carol Craig, CEO of Sidus Space.&nbsp;
Sidus Space shares climbed nearly 45% over heavy trading volume during Monday's regular session as investors anticipated the earnings release.&nbsp;
SIDU Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Sidus Space shares are down 6.82% at $3.55 after-hours Monday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/08/40380998/canoo-reports-q2-results-reduced-expenses-lower-cash-outflow">Canoo Reports Q2 Results: Reduced Expenses, Lower Cash Outflow</a></li>
</ul>
Photo: Courtesy of Sidus Space, Inc.

Earnings

SPACE

After-Hours Center

Movers

SIDU

Sidus Space Reports Q2 Results After 45% Gain Monday

GoPro, Inc. previously announced during its August 6, 2024 Second Quarter earnings call its intent to reduce operating expenses by approximately $50 million from projected fiscal 2024 expenses to $320 million +/- $5 million in fiscal 2025.
The Restructuring Plan is expected to result in an estimated aggregate charge of in the range of $5 million to $7 million. Cash expenditures will be approximately $1.0 million of the estimated aggregate charge in the third quarter of 2024 and approximately $4 million to $6 million of the estimated aggregate charges in the fourth quarter of 2024.
The Company expects to incur the majority of the restructuring and related charges in the fourth quarter of the fiscal year ended December 31, 2024.

GPRO

On August 19, GoPro Board Approves Restructuring Plan To Entail Reduction In Force Of ~15% From Ending Q2 Headcount Of 925 Full-time Employees Beginning In Q3 2024

Vice President Kamala Harris is reportedly calling for an increase to the corporate tax rate that would roll back part of former President Donald Trump's legislation from 2017 that resulted in a <a href="https://www.benzinga.com/government/24/06/39558949/who-wins-who-loses-biden-and-trump-propose-very-different-tax-policies">significant lowering of corporate taxes</a>.
What To Know: According to an NBC News <a href="https://www.nbcnews.com/politics/2024-election/harris-proposes-raising-corporate-tax-rate-28-rolling-back-trump-law-rcna167208">report</a>, Harris campaign spokesman James Singer said Monday that Harris would push for a corporate tax rate of 28% if elected president in November.
Singer reportedly characterized the move as a &#8220;fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.&#8221;
"As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability and dignity," Singer reportedly said in an email.
The report indicates the planned Harris policy could potentially raise billions of dollars given that the nonpartisan Congressional Budget Office has projected that a 1% increase in the corporate tax rate corresponds to about $100 billion over the course of a decade. It would also roll back much of Trump&#8217;s <a href="https://www.benzinga.com/news/24/08/40403458/trump-harris-caught-in-tax-cut-one-upmanship-can-the-fiscal-deficit-handle-it">legislation from 2017</a> that saw the corporate rate cut from 35% to 21%.
See Also: <a href="https://www.benzinga.com/news/24/08/40431962/donald-trump-asks-why-are-we-having-an-election">Donald Trump Asks: &#8216;Why Are We Having An Election?&#8217;</a>
Major parts of the 2017 Trump tax cuts are set to expire at the end of 2025. The proposal from Harris&#8217; team firmly pits the vice president against Trump, who recently said he would cut taxes further if reelected.
"Instead of a Biden tax hike, I'll give you a Trump middle-class, upper-class, lower-class, business-class — big tax cut. You're going to have the biggest tax cut,&#8221; Trump reportedly<a href="https://www.nbcnews.com/politics/2024-election/biden-trump-tax-cuts-wealthy-2024-election-rcna157099"> said</a> at a rally in Wildwood, New Jersey in May.
Harris has been slowly unveiling plans for her vision as the next potential president as the Democratic National Convention kicks off this week. The 28% target is lower than what she proposed in her failed presidential campaign in 2020 and more in line with President Joe Biden&#8217;s most recent budget proposal. 
Biden is expected to headline the&nbsp;opening night of the <a href="https://www.benzinga.com/general/politics/24/08/40429245/2024-dnc-preview-democrats-to-rally-around-harris-walz-with-biden-obamas-clintons-and-more-will-">Democratic National Convention</a> on Monday with a speech on why he believes Harris&nbsp;is the right person to take the presidency. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/politics/24/08/40447975/auto-stocks-abortion-health-care-in-spotlight-at-dnc-joe-biden-uaw-president-women-affected-by-r">Auto Stocks, Abortion, Health Care In Spotlight At DNC: Joe Biden, UAW President, Women Affected By Roe V. Wade Decision Headline Night 1</a></li>
</ul>
Photo: Shutterstock.

Politics

General

Kamala Harris Wants To Raise Corporate Tax Rate To 28%, Erasing Part Of Trump's Signature Tax Cuts

Intercontinental Exchange (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>) has outperformed the market over the past 15 years by 3.33% on an annualized basis producing an average annual return of 15.26%. Currently, Intercontinental Exchange has a market capitalization of $90.30 billion. 
Buying $1000 In ICE: If an investor had bought $1000 of ICE stock 15 years ago, it would be worth $8,340.58 today based on a price of $157.27 for ICE at the time of writing.
<h3>Intercontinental Exchange's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724103017_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

Here's How Much $1000 Invested In Intercontinental Exchange 15 Years Ago Would Be Worth Today

Manhattan Associates (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) has outperformed the market over the past 20 years by 12.35% on an annualized basis producing an average annual return of 20.77%. Currently, Manhattan Associates has a market capitalization of $15.91 billion. 
Buying $1000 In MANH: If an investor had bought $1000 of MANH stock 20 years ago, it would be worth $42,320.16 today based on a price of $259.74 for MANH at the time of writing.
<h3>Manhattan Associates's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724103011_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

MANH

Here's How Much $1000 Invested In Manhattan Associates 20 Years Ago Would Be Worth Today

Mawson Infra Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIGI#NASDAQ">MIGI</a>) reported quarterly losses of $(0.55) per share. This is a 50.89 percent increase over losses of $(1.12) per share from the same period last year. The company reported $13.11 million in sales this quarter. This is a 24.26 percent increase over sales of $10.55 million the same period last year.

MAWSON INFRSTRUCTURE GRP by Mawson Infrastructure Group Inc.

MIGI

Mawson Infra Gr Q2 EPS $(0.55) Up From $(1.12) YoY, Sales $13.11M Up From $10.55M YoY

Maui Land &amp; Pineapple Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLP#NYSE">MLP</a>) reported quarterly losses of $(0.09) per share. This is a 50 percent decrease over losses of $(0.06) per share from the same period last year. The company reported $2.65 million in sales this quarter. This is a 6.96 percent increase over sales of $2.47 million the same period last year.

Maui Land & Pineapple Co Q2 EPS $(0.09) Down From $(0.06) YoY, Sales $2.65M Up From $2.47M YoY

Maui Land & Pineapple H1 EPS $(0.16), Down From $(0.13) Last Year, Sales $5.128M Up From $4.77M YoY

Bit Digital, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTBT#NASDAQ">BTBT</a>) reported its second-quarter financial results Monday after the closing bell. Here's a look at the <a href="https://www.benzinga.com/pressreleases/24/08/n40449716/bit-digital-inc-announces-second-quarter-of-fiscal-year-2024-financial-results">details from the report. </a>
The Details: Bit Digital reported quarterly losses of nine cents per share, which missed the analyst consensus estimate of losses of three cents per share. 
Quarterly revenue came in at $29 million, beating the analyst consensus estimate of $26.09 million by 11.16% and representing a 220.87% increase year-over-year. The company said the increase was primarily driven by the commencement of its high-performance computing services (HPC) business and by a higher realized Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price.
Revenue from Bitcoin mining was $16.1 million for the second quarter of 2024, an 80% increase compared to the prior year&#8217;s quarter.
The company earned 244.2 Bitcoins, a 23% decrease from the prior year. The decline was primarily driven by a reduction in block rewards following the halving event in April 2024 and by an increase in network difficulty.
Bit Digital earned 109.4 Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) from native staking in the quarter. Treasury holdings of Bitcoin and Ethereum were 585.6 and 27,226.21, respectively, with a fair market value of approximately $36.7 million and $93.5 million on June 30, 2024, respectively.
&#8220;The second quarter of 2024 was an important step in the evolution of Bit Digital. Despite the reduction in block rewards from the April &#8216;halving event&#8217;, our total revenue more than doubled from the prior year, principally aided by the first full quarter of revenue from our HPC services business. Our balance sheet remains a key strength that will enable us to withstand recent market volatility and deploy growth capital into high-return opportunities,&#8221; Bit Digital said in its earnings press release. 
The company will host a conference call at 10 a.m. E.T. Tuesday to discuss its second-quarter results.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40371364/whats-going-on-with-cannabis-grower-tilrays-stock">What&#8217;s Going On With Cannabis Grower Tilray&#8217;s Stock?</a>
What Else: Bit Digital also announced that it has signed a binding <a href="https://www.benzinga.com/pressreleases/24/08/n40449717/bit-digital-inc-announces-binding-term-sheet-with-new-hpc-customer-representing-a-more-than-700-mi">term sheet </a>with Boosteroid Inc., a new customer for its high-performance computing (HPC) business. 
Boosteroid will place an initial purchase for a starting quantity of GPU servers with a five-year service duration which is expected to generate approximately $13 million in revenue to Bit Digital over the five-year term.
The company said the entire 50,000 GPU deployment represents an aggregate revenue opportunity to Bit Digital in excess of $700 million over the five-year term, depending on the deployment plan and subject to market conditions.
BTBT Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Bit Digital shares are up 0.66% after-hours at $3.01at the time of publication Monday.
Read Also:
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<li><a href="https://www.benzinga.com/news/earnings/24/08/40380998/canoo-reports-q2-results-reduced-expenses-lower-cash-outflow">Canoo Reports Q2 Results: Reduced Expenses, Lower Cash Outflow</a></li>
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