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The U.S. Securities and Exchange Commission has filed a lawsuit against Patrick Orlando, the former CEO of Digital World Acquisition Corp, the company that facilitated the public listing of Donald Trump&#8216;s social media venture. The lawsuit, filed on Wednesday, alleges Orlando of committing securities fraud.
What Happened: The SEC has accused Orlando of violating securities regulations by issuing misleading and false statements during his tenure at the special purpose acquisition company, reported Reuters on Thursday. 
The lawsuit claims that Orlando deceived investors by not disclosing the company&#8217;s plans to acquire Trump Media &amp; Technology Group Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) before DWAC&#8217;s initial public offering.
Orlando&#8217;s company, Digital World, completed its merger with Trump Media &amp; Technology Group in March. This company owns Truth Social, a social media platform endorsed by Trump.
The SEC had previously charged DWAC with making &#8220;material misrepresentations&#8221; to investors in July last year. The company agreed to a cease-and-desist order and an $18 million penalty if the merger was finalized.
See Also: <a href="https://www.benzinga.com/news/24/07/39811211/as-billionaire-boys-go-all-in-for-trump-anthony-scaramucci-has-word-of-caution-tonic-they-are-prescr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As &#8216;Billionaire Boys&#8217; Go All In For Trump, Anthony Scaramucci Has Word Of Caution: &#8216;Tonic They Are Prescribing Will Be Bad For America And The World&#8217;</a>
Why It Matters: This lawsuit against Orlando comes amid a series of events surrounding Trump&#8217;s social media venture. In April, a board member of Trump Media was implicated in a hacking lawsuit, <a href="https://www.benzinga.com/news/24/04/38195241/trump-media-board-member-reportedly-hacked-truth-social-parent-executive-in-attempted-corporate-coup">alleging a corporate coup</a> aimed at removing Orlando, the original architect of the deal to take the social media company public.
Trump Media&#8217;s public debut was largely due to emergency <a href="https://www.benzinga.com/news/24/04/38083681/mary-trump-says-uncle-donald-willing-to-do-business-with-anyone-after-reports-emerge-trump-media-was">loans received in 2022</a>, preventing a potential failure to merge with Digital World Acquisition Corporation. A securities investigation into the merger in 2021 led to the rapid depletion of Trump Media&#8217;s cash reserves while awaiting its stock market debut.
Amid these legal and financial challenges, Trump&#8217;s net worth surged, pushing him into the list of the <a href="https://www.benzinga.com/news/24/03/37950053/trump-media-technology-groups-successful-listing-places-ex-president-among-the-worlds-500-richest-pe">world&#8217;s 500 wealthiest individuals</a> following the successful listing of Trump Media &amp; Technology Group in March.
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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DWAC

Trump-Linked Digital World's Former CEO Sued By SEC For Securities Fraud

The semiconductor market was jolted on Wednesday as stocks of major players like NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) took a sharp downturn. This came in the wake of reports suggesting that President Joe Biden is contemplating stricter trade restrictions with China and comments made by former President Donald Trump regarding Taiwan.
What Happened: During an interview with CNBC&#8217;s Closing Bell Overtime, Bernstein analyst Stacy Rasgon shared his insights on the situation. Rasgon pointed out that Trump&#8217;s comments on Taiwan seemed to suggest that he was not overly concerned about protecting Taiwan, possibly indicating that he expected something in return. 
Rasgon said that Trump &#8220;doesn&#8217;t sound as concerned about protecting Taiwan. It kind of suggests he doesn&#8217;t want to do it for free. I&#8217;m having flashbacks to when he was president.&#8221; 
Rasgon added, &#8220;I don&#8217;t think he was saying that protecting Taiwan is not important—it clearly is important—but it certainly did impact all of the semiconductor companies that depend on Taiwan.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Big moves in semis today with <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>, <a href="https://twitter.com/search?q=%24AMD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AMD</a>, and <a href="https://twitter.com/search?q=%24AVGO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AVGO</a> all closing sharply lower. The moves come after news reports that President Biden is considering harsher trade restrictions with China along with former President Trump&#39;s comments on Taiwan. <a href="https://twitter.com/Srasgon?ref_src=twsrc%5Etfw">@Srasgon</a> joins with his thoughts. <a href="https://t.co/3zdkzqFtov">pic.twitter.com/3zdkzqFtov</a>
&mdash; CNBCOvertime (@CNBCOvertime) <a href="https://twitter.com/CNBCOvertime/status/1813675131924774933?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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This, according to Rasgon, had a significant impact on semiconductor companies that rely on Taiwan. He also noted that companies with a larger U.S. presence, such as Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), fared better on Wednesday.
Rasgon also warned of potential increased volatility as the U.S. presidential election approaches.
See Also: <a href="https://www.benzinga.com/news/24/07/39787824/as-trumps-chances-of-presidency-improve-analysts-say-his-return-to-white-house-could-boost-these-3-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Trump&#8217;s Chances Of Presidency Improve, Analysts Say His Return To White House Could Boost These 3 Sectors</a>
Why It Matters: Trump&#8217;s comments on Taiwan have been a source of concern for the semiconductor industry. This is not the first time that Trump&#8217;s remarks have impacted the market. His comments on Taiwan had also led to a <a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares">decline in the shares</a> of Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).
The semiconductor sector has been under pressure due to the Biden administration&#8217;s potential <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39821315/ai-earthquake-semiconductors-suffer-worst-selloff-in-years-on-stricter-us-chip-expo">tightening of regulatory restrictions</a> on chip exports to China. This has led to one of the worst trading days for the sector in years, with major ETFs like the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) and the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) experiencing significant declines.
Trump&#8217;s comments on Taiwan are part of a broader pattern of criticism of the Biden administration&#8217;s China policies. This has led to concerns about China&#8217;s potential influence over the U.S. and the need for <a href="https://www.benzinga.com/news/24/06/39540840/china-is-going-to-own-us-trump-attacks-biden-over-tariffs-calls-him-the-manchurian-candidate">stronger measures against China</a>.
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Says If You Sell This Chinese EV Stock Now, &#8216;Some Clown&#8217; Will Be &#8216;Real Positive About It,&#8217; Wait Until &#8216;All That Stuff Happens&#8217;</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>

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NVDA

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Trump's Taiwan Talk, Biden's Trade Restriction Plans Trigger Nvidia, AMD And Other Semiconductor Selloff: 'I'm Having Flashbacks,' Says Analyst

Two decades after implementing the &#8220;great firewall,&#8221; Xi Jinping-led Chinese government is reportedly testing artificial intelligence systems to ensure they align with socialist values. 
What Happened: The&nbsp;Cyberspace Administration of China&nbsp;is compelling tech giants and AI startups, including&nbsp;ByteDance,&nbsp;Alibaba Group Holding Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>),&nbsp;Moonshot, and&nbsp;01.AI to participate&nbsp;in a mandatory government review&nbsp;of their AI models, <a href="https://www.ft.com/content/10975044-f194-4513-857b-e17491d2a9e9?shareType=nongift">reported</a>&nbsp;Financial Times&nbsp;on Wednesday, citing multiple people involved in the process.
It involves testing the AI&#8217;s responses to a range of questions, many related to China&#8217;s political sensitivities and President Xi. The CAC&#8217;s local branches are conducting the reviews, including examining the AI&#8217;s training data and safety procedures.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39742991/elon-musk-surprised-to-learn-tesla-influencer-earns-50-100-times-more-at-youtube-than-at-x-wow-you-r?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Surprised To Learn Tesla Influencer Earns 50-100 Times More At YouTube Than At X: &#8216;Wow, You Really Get So Much&#8230;&#8217;</a>
An employee at a Hangzhou-based AI company said that they didn&#8217;t pass CAC&#8217;s audit in the first round, but after months of &#8221; guessing and adjusting&#8221; they were able to fly through.
Chinese experts assert that TikTok-parent ByteDance has made the most significant progress in developing a large language model that effectively echoes Beijing&#8217;s official narratives, the report noted.
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: According to China's operational guidance that was published in February, AI companies must collect thousands of sensitive&nbsp;keywords and questions that violate&nbsp;&#8220;core socialist values&#8221; and update them weekly.
As a result, most Chinese chatbots reject queries about sensitive topics. In May this year, <a href="https://www.benzinga.com/markets/asia/24/05/38956682/chatgpt-meet-xigpt-china-unveils-new-ai-model-that-speaks-xi-jinpings-thoughts-spouts-official-party">China introduced a large language</a> model based on President Xi Jinping&#8217;s political philosophy.
Meanwhile, a&nbsp;survey&nbsp;conducted in July 2024 revealed that 83% of Chinese respondents are <a href="https://www.benzinga.com/news/24/07/39702149/china-dominates-global-generative-ai-adoption-as-local-startups-face-fierce-competition-from-the-lik">using generative AI</a>, significantly surpassing the global average of 54% and the 65% adoption rate in the U.S.
China has also surged ahead in the global race for generative AI patents. According to a UN report published earlier this month, <a href="https://www.benzinga.com/news/24/07/39613688/china-files-6x-more-generative-ai-patents-than-us-despite-nvidia-chip-export-ban-un-report">China has filed six times more</a> generative AI patents than the U.S.
Image made via photos on Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/07/39701948/apple-registers-largest-growth-among-global-pc-makers-shipments-surge-20-8-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Registers Largest Growth Among Global PC Makers, Shipments Surge 20.8% — Report</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.

BABA

Xi Jinping's China Is Putting World's Most Stringent Regulations On AI — Tech Giants Alibaba, ByteDance Test Tech For Compliance With Socialist Values

Renowned statistician and pollster Nate Silver has been appointed as an advisor to the cryptocurrency-based prediction market, Polymarket. The move comes as the platform aims to broaden its forecasting around news events.
What Happened: Polymarket has enlisted Silver&#8217;s expertise to enhance its forecasts around news events, according to a <a href="https://www.axios.com/2024/07/16/nate-silver-polymarket">report </a>by Axios. The decision aligns with the growing trend of Americans turning to prediction markets to navigate through turbulent news cycles, and the increasing reference to prediction odds by news outlets for the outcomes of news events, especially elections.
Nate Silver&nbsp;founded&nbsp;FiveThirtyEight, which has been used to predict the outcomes of&nbsp;several presidential elections.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39781712/bitcoin-ethereum-dogecoin-continue-their-green-streak-but-big-test-could-come-on-a-60k-ret?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Continue Their Green Streak, But &#8216;Big Test&#8217; Could Come On A $60K Retest</a>
Launched in 2020, Polymarket is a decentralized prediction market that allows users to bet on major global events using cryptocurrencies. Users can buy or sell outcome shares, which can be redeemed for $1 if the outcome is correct, and become worthless if it's incorrect.
The platform has rapidly emerged as one of the world&#8217;s top prediction markets for U.S. elections. However, it currently does not allow U.S. users to place trades based on its predictions.
Why It Matters: His appointment to Polymarket comes in the wake of his recent predictions about the 2024 elections. Last month, Silver <a href="https://www.benzinga.com/news/24/06/39519001/donald-trump-could-secure-absolute-majority-in-2024-election-says-polling-expert-not-sure-biden-has">suggested that Donald Trump could secure an absolute majority in the 2024 election</a>. He noted that the reasons favoring Trump&#8217;s win have gradually become more compelling than those for Biden.
Meanwhile on Polymarket, the odds of President Joe Biden dropping out of the presidential race has soared from 33% to 66% in the last 24 hours, amid confirmation <a href="https://www.benzinga.com/24/07/39829417/biden-gets-covid-19-takes-a-fiesty-dig-at-tesla-ceo-im-sick-of-elon-musk-and-his-rich-buddies-trying">from the White House that he has tested positive for Covid-19</a>. Earlier today he said he&#8217;d consider dropping out if he had a &#8220;medical condition.&#8221;
Image via Shutterstock
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39825744/vitalik-vs-trump-donors-ethereum-co-founder-says-hes-against-choosing-your-political-alleg">Vitalik Vs. Trump Donors: Ethereum Co-Founder Says He&#8217;s &#8216;Against Choosing Your Political Allegiances Based On Who Is Pro-Crypto&#8217;</a></li>
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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.

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Odds of Biden Dropping Out Of Race Surge To 66% — Pollster Nate Silver Joins Crypto-Based Prediction Market Polymarket

In the lead-up to a rally of former President Donald Trump, where a <a href="https://www.benzinga.com/news/24/07/39761846/trump-left-bloodied-after-shots-fired-at-pennsylvania-rally-evacuated-by-secret-service">shooting incident</a> took place, local law enforcement had reportedly cautioned the Secret Service about their inability to provide adequate security.
What Happened: Local police had informed the Secret Service about their lack of resources to station a patrol car outside a key building where the shooter later positioned himself and fired at Trump, as confirmed by local and federal law enforcement and Secret Service spokesman Anthony Guglielmi, <a href="https://www.washingtonpost.com/nation/2024/07/17/secret-service-trump-rally-shooting-homeland-security-investigation/">reported</a> The Washington Post.
Butler County, Pa., District Attorney Richard Goldinger stated that the Secret Service was notified that the local police department was short-staffed and couldn&#8217;t assist with securing the building. The building, the Agr International building complex, had a clear view of the rally stage less than 150 yards away, where Trump would later stand.
See Also: <a href="https://www.benzinga.com/news/24/07/39764782/biden-vs-trump-post-debate-popularity-poll-reveals-unexpected-results-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Post-Debate Popularity Poll Reveals Unexpected Results For This Candidate</a>
Approximately 20 to 30 minutes before the shooting, local police inside the building warned the Secret Service security team via radio about a suspicious individual with a golf range finder and backpack. The shooter, identified as 20-year-old Thomas Matthew Crooks, managed to reach the building&#8217;s roof.
The incident has raised concerns about the Secret Service&#8217;s planning and security provisions for the high-stakes presidential campaign visit. The security lapses are currently under multiple federal investigations, and there are calls for Secret Service Director Kimberly Cheatle to step down.
Why It Matters: The shooting incident, which left Trump bloodied and was swiftly evacuated by the Secret Service, has been a source of <a href="https://www.benzinga.com/news/24/07/39779392/secret-service-failure-to-prevent-trump-shooting-under-scrutiny-by-democrats-republicans-we-cant-all">intense scrutiny</a> for the Secret Service.
Despite the criticism, Secret Service Director Cheatle has announced that she will not resign from her position. In an interview with ABC News, Cheatle acknowledged the <a href="https://www.benzinga.com/news/24/07/39784760/secret-service-director-kimberly-cheatle-says-the-buck-stops-with-me-on-trump-assassination-attempt">severity of the incident</a> and accepted responsibility, stating, &#8220;The buck stops with me.&#8221;
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/39787824/as-trumps-chances-of-presidency-improve-analysts-say-his-return-to-white-house-could-boost-these-3-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Trump&#8217;s Chances Of Presidency Improve, Analysts Say His Return To White House Could Boost These 3 Sectors</a></li>
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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>

General

Trump Rally Security: Secret Service Was Informed Of Police Inability To Watch Sniper Location

The White House has confirmed that President Biden has tested positive for COVID-19. Despite experiencing mild symptoms, the President will continue to fulfill his duties while self-isolating in Delaware. Biden took the opportunity, however, to take a dig at Tesla CEO Elon Musk and other billionaires for &#8220;funding&#8221; Donald Trump&#8217;s campaign
What Happened: The president said on X, &#8220;I&#8217;m Sick&#8221; and then went on to add, &#8220;of Elon Musk and his rich buddies trying to buy this election.&#8221; He also added a donate link to his post to fundraise for his own campaign.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">of Elon Musk and his rich buddies trying to buy this election. And if you agree, pitch in here.<a href="https://t.co/V93cYUUFQu">https://t.co/V93cYUUFQu</a>
&mdash; Joe Biden (@JoeBiden) <a href="https://twitter.com/JoeBiden/status/1813716534499393678?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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Biden developed upper respiratory symptoms, including a runny nose and a cough, which led to a COVID-19 test. His doctor confirmed the positive result and stated that Biden&#8217;s symptoms remain mild, with normal respiratory rate and temperature. PCR confirmation testing is pending, <a href="https://thehill.com/homenews/administration/4778560-biden-tests-positive-for-covid-19/">reported</a> The Hill.
See Also: <a href="https://www.benzinga.com/news/24/07/39764047/trump-vs-biden-one-candidate-leaps-ahead-of-another-in-latest-survey?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs Biden: One Candidate Leaps Ahead Of Another In Latest Survey</a>
Why It Matters: This week, Musk reportedly committed to <a href="https://www.benzinga.com/news/24/07/39784950/elon-musk-to-pour-45m-monthly-in-pro-trump-super-pac-joined-by-palantirs-joe-lonsdale-winklevoss-twi">allocating $45 million per month</a> to a new pro-Trump PAC, but he reacted to the Wall Street Journal&#8217;s report by sharing an image labeled &#8220;Fake Gnus&#8221; on social media, without providing an official comment.
Sen. Bernie Sanders (I-Vt.) also criticized Musk&#8217;s reported monthly donations to Trump&#8217;s campaign, emphasizing the <a href="https://www.benzinga.com/news/24/07/39807458/bernie-sanders-slams-elon-musks-reported-45m-donations-to-trump-campaign-we-need-a-government-that-r">need for public election funding</a>. Sanders stressed overturning Citizens United to prevent billionaires from dominating politics. 
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>

Biden Gets COVID-19, Takes A Fiesty Dig At Tesla CEO: 'I'm Sick …Of Elon Musk And His Rich Buddies Trying To Buy This Election'

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

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LUCY

SNTI

MGOL

The Food and Drug Administration (FDA) and the Federal Trade Commission (FTC) have intensified their oversight of the <a href="http://benzinga.com/cannabis" target="_blank" rel="noreferrer noopener">cannabis</a> industry, issuing another round of warning letters to companies on Tuesday. The businesses are accused of selling products infused with <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained" target="_blank" rel="noreferrer noopener">hemp-derived cannabinoids</a>, such as delta-8 THC, in packaging deceptively resembling popular children's snacks.
This move marks the second consecutive year of such actions, signaling a tightening grip on deceptive marketing practices.
<h3 class="wp-block-heading">FTC Targets Deceptive THC Edibles Marketing</h3>
&#8220;Companies that market and sell edible THC products that are easily mistaken for snacks and candy are not only acting illegally, but they are also putting the health of young children at risk,&#8221; Samuel Levine, director of FTC's Bureau of Consumer Protection <a href="https://www.fda.gov/news-events/press-announcements/fda-ftc-continue-joint-effort-protect-consumers-against-companies-illegally-selling-copycat-delta-8" target="_blank" rel="noreferrer noopener">stated</a> in a press release. As Hemp Today <a href="https://hemptoday.net/federal-ban-on-delta-8-other-hemp-derived-intoxicants-could-come-as-early-as-october/" target="_blank" rel="noreferrer noopener">notes</a>, this regulatory spotlight aligns with concerns over delta-8 THC, delta-10 THC, THC-O-acetate, HHC, THCP, and hemp-derived THCA &#8211; substances gaining notoriety for their psychoactive effects yet slipping through legislative cracks.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today, the FDA and <a href="https://twitter.com/FTC?ref_src=twsrc%5Etfw">@FTC</a> issued warning letters to five companies for illegally selling copycat food products containing Delta-8 THC and introducing them into the marketplace in violation of the Federal Food, Drug, and Cosmetic Act. These warnings serve as part of the FDA and… <a href="https://t.co/71cmdHNk3S">pic.twitter.com/71cmdHNk3S</a>
&mdash; U.S. FDA (@US_FDA) <a href="https://twitter.com/US_FDA/status/1813259864497434910?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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Real Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39783607/how-hemp-became-americas-loophole-for-legal-highs" target="_blank" rel="noreferrer noopener">How Hemp Became America&#8217;s Loophole For Legal Highs</a>
<h3 class="wp-block-heading">Congress Debates Hemp Cannabinoid Ban</h3>
Simultaneously, a heated debate is unfolding in Congress about the future legality of consumable hemp-based cannabinoid products. Proposals in recent <a href="https://www.benzinga.com/markets/cannabis/24/07/39698531/gop-led-congressional-committee-passes-bill-to-block-cannabis-rescheduling-deny-state-protection" target="_blank" rel="noreferrer noopener">House-approved appropriations legislation</a> and the forthcoming Farm Bill <a href="https://www.benzinga.com/markets/cannabis/24/05/39006814/house-committee-approval-of-amendment-eliminating-90-of-hemp-dervied-products-could-drive-wedge-" target="_blank" rel="noreferrer noopener">hint at a potential nationwide ban</a>. These legislative actions are compounded by concerns over unregulated cannabis products that make unauthorized health claims.
<h3 class="wp-block-heading">Unknown Compounds From Hemp Conversion Found In Tests</h3>
Amidst this regulatory and legislative flux, a new concern arises from the discovery of numerous unknown compounds in marijuana testing samples, <a href="https://mjbizdaily.com/unknown-compounds-found-in-cannabis-testing-samples-lab-owners-say/" target="_blank" rel="noreferrer noopener">reported</a> by MJBizDaily. These compounds are believed to originate from the process of converting hemp-derived cannabinoids into delta-8 and delta-9 THC. &#8220;These are chemical side reactions,&#8221; explained Susan Audino, a chemist and independent consultant to chemical laboratories.
Josh Swider, CEO of Infinite Chemical Analysis Labs said, &#8220;You'll see 60 unknown compounds in there. Some of them get identified, but all of them are never found. That is telling you that you're now adding other compounds that we never found in cannabis, and now people are smoking it. It's a very common thing going on around the country.
<h3 class="wp-block-heading">FDA Faces CBD Regulation Criticism</h3>
<a href="https://www.benzinga.com/markets/cannabis/23/04/31890021/house-committee-to-investigate-fda-inaction-on-cbd-regulation-gop-chair-warns-about-dangers" target="_blank" rel="noreferrer noopener">The FDA's ongoing failure to regulate CBD</a>, criticized by stakeholders and legislators alike, adds another layer of urgency to these discussions. In a House committee hearing earlier this year, FDA commissioner Robert Califf <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38226873/analyst-reacts-to-fda-commish-comments-medical-and-recreational-cannabis-could-have" target="_blank" rel="noreferrer noopener">addressed criticisms over the agency&#8217;s inaction</a>, suggesting that resolving these issues would require additional congressional support. This legislative backdrop sets the stage for potential sweeping reforms in how hemp-derived products are marketed and regulated.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39610764/intoxicating-hemp-products-face-regulatory-crackdown-across-multiple-states" target="_blank" rel="noreferrer noopener">Intoxicating Hemp Products Face Regulatory Crackdown Across Multiple States</a></li>
</ul>
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Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

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FDA Accuses Companies Of Marketing Cannabis Products To Children Amid Debate On Hemp Cannabinoids Ban

Kentucky Governor Andy Beshear is urging the Drug Enforcement Administration (DEA) to ease <a href="https://www.benzinga.com/markets/cannabis/24/07/39715542/biden-administration-give-us-more-insight-on-marijuana-rescheduling-decision-congressional-commi">restrictions on marijuana. </a>
In a recent letter addressed to DEA administrator Anne Milgram, Beshear advocated for the reclassification of cannabis from a Schedule I drug, which includes substances like heroin and LSD, to a Schedule III drug, where ketamine and anabolic steroids are listed, Cannabis Business Times <a href="https://www.cannabisbusinesstimes.com/news/dea-reschedule-marijuana-schedule-iii-when-kentucky-governor-andy-beshear-controlled-substances/">reported.</a>
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39277690/dea-vs-biden-fda-health-agency-over-cannabis-rescheduling-whats-up-with-that">DEA Vs. Biden, FDA &amp; Health Agency Over Cannabis Rescheduling: What&#8217;s Up With That?</a>
&#8220;The jury is no longer out on marijuana: It has medical uses and is currently being used for medical purposes,&#8221; Beshear wrote. &#8220;The recognition is overwhelming – and bipartisan. For example, I signed a medical marijuana law that passed with support from Republican legislative supermajorities and a Democratic Governor.&#8221;
<h3 class="wp-block-heading">Medical Marijuana In Kentucky</h3>
Kentucky&#8217;s approach to medical marijuana has evolved significantly under Beshear&#8217;s administration. The governor signed a medical marijuana law that passed with bipartisan support, highlighting the broad acceptance of cannabis&#8217;s medicinal benefits.
Beshear&#8217;s letter comes at a crucial time, with the new medical cannabis program set to go into effect on January 1, 2025. This program aims to provide safe, regulated medical marijuana products to improve the lives of Kentuckians with significant medical conditions.
<h3 class="wp-block-heading">The Case For Rescheduling Cannabis</h3>
The primary distinction between Schedule I and Schedule III drugs lies in their medical value and potential for abuse. Schedule I drugs are deemed to have no medical value and a high potential for abuse, whereas Schedule III drugs have accepted medical uses and a lower potential for abuse. 
According to DEA scheduling practices, marijuana is absurdly classified as more dangerous than fentanyl, oxycodone and methamphetamine. 
Beshear&#8217;s argument is bolstered by data from the Centers for Disease Control and Prevention (CDC), which estimated that 84,181 people died from opioid overdoses in 2022. In contrast, the DEA has not reported any deaths directly attributable to marijuana use.
However, a 2023 study from Florida Atlantic University highlighted that synthetic cannabinoids, which are often more potent and dangerous than natural cannabis, have been linked to 386 deaths between 2014 and 2020.
<h3 class="wp-block-heading">Potential Benefits For Kentuckians</h3>
Beshear emphasized the potential benefits of rescheduling marijuana for Kentuckians, particularly as an alternative to opioids and a means to reduce crime and illicit drug use. &#8220;
As Governor, my job is to move our state forward,&#8221; Beshear stated. &#8220;Rescheduling marijuana to Schedule III is a significant, common-sense step forward for all Kentuckians, especially those with significant medical conditions.&#8221;
<h3 class="wp-block-heading">Looking Ahead</h3>
Kentucky&#8217;s new medical cannabis program is set to launch in 2025, promising to bring relief to thousands of residents suffering from various medical conditions. 
&#8220;We look forward to seeing how safe medical marijuana products will reduce the suffering and improve the lives of tens of thousands of Kentuckians when our program launches,&#8221; Beshear wrote.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cannabis/24/05/39011156/exclusive-we-analyzed-4-000-dea-marijuana-rescheduling-comments-heres-what-americans-really-thin">EXCLUSIVE: We Analyzed 4,000+ DEA Marijuana Rescheduling Comments; Here&#8217;s What Americans Really Think</a></li>
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39617358/dea-veteran-warns-bidens-plan-to-reclassify-marijuana-will-empower-mexican-chinese-cartels"><a href="https://www.benzinga.com/markets/cannabis/24/06/39537843/applications-open-kentucky-set-to-roll-out-medical-cannabis-in-2025">Applications Are Open: Kentucky Set To Roll Out Medical Cannabis In 2025</a></a></li>
</ul>
Government photo of Andy Beshear

Kentucky Gov Andy Beshear To DEA: Reschedule Cannabis 'Marijuana Products Will Reduce Suffering'

The facilities, reportedly functioning as fronts for the distribution of cannabis other substances were shut down early Wednesday in what officials describe as one of the largest busts seen by New York Police Dept. (NYPD) and Sheriff&#8217;s Office recently.
The raid comes as part of city-wide clean-up operation, known as <a href="https://www.benzinga.com/markets/cannabis/24/05/38875243/nyc-mayor-adams-on-the-weed-warpath-6m-in-fines-75-closures-4000-illicit-shop-violations-in-firs">Operation Padlock</a>, which has been underway since May of this year.
It is believed that the total illicit cannabis selling shops functioning in <a href="https://www.benzinga.com/topic/new-york-cannabis">NYC</a> amounts to 3600. On ABC7&#8217;s Eyewitness, NYPD chief of patrol John Chell <a href="https://abc7ny.com/post/2-bronx-businesses-raided-nypd-new-york-city/15064172/">said</a> &#8220;we&#8217;ve shut down 18 percent of those stores in six weeks.&#8221;
Authorities raided a location on East Tremont Avenue where the NYPD uncovered 176 pounds of cannabis flower, 0.6 pounds of THC vape products and psilocybin mushroom edibles. The cannabis flower was hidden in various places including in compartments under a couch, covered by ceiling tiles, in filing cabinets, in luggage bags and some in plain view.
Chell said that the bust came after the police responded to a community complaint about a deli that ended up being a cover for an illegal drug distribution center.
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/05/38875243/nyc-mayor-adams-on-the-weed-warpath-6m-in-fines-75-closures-4000-illicit-shop-violations-in-firs"> NYC Mayor Adams On The Weed Warpath: $6M In Fines, 75 Closures, 4000 Illicit Shop Violations In First Week Of &#8216;Operation Padlock To Protect&#8217;</a>
&#8220;Behind the back door it was like the Cesar&#8217;s palace of illegal marijuana, vapes, psychedelic mushrooms&#8230;&#8221;
&#8220;These are all mushroom bars, cereal milk, white chocolate, birthday cake, different flavors,&#8221; explained Lt. Francesca Rosa from the NYC Sheriff&#8217;s Office. &#8220;All of these products are unregulated, unlicensed, this location is unlicensed, they should not have any of this product here.&#8221;
Just blocks away, another establishment on East Tremont Avenue was allegedly functioning as a front for illicit cannabis storage and distribution.
Two workers were arrested during the raid. 
While NYC authorities are moving aggressively to close down unlicensed cannabis shops, the legal cannabis market has been limping along at a disappointedly <a href="https://www.benzinga.com/markets/cannabis/24/07/39777553/is-the-worst-over-for-new-yorks-beleaguered-weed-market-sales-projections-optimistic-though-cann">slow</a> rhythm. As a result, the gap between issued licenses and operational dispensaries continues to <a href="https://www.benzinga.com/markets/cannabis/24/07/39694320/licensed-but-closed-new-yorks-cannabis-dream-faces-bureaucratic-nightmare">widen</a>.
Out of 1,117 licenses issued by the Office of Cannabis Management (OCM), only about 141 dispensaries are operational. This is due mainly to bureaucratic and legal struggles. Additionally, the state&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/04/38230512/its-a-green-day-in-new-york-137-cannabis-licenses-granted-new-jersey-still-in-the-lead">social equity</a> licenses, meant to support those affected by past drug laws and impacted communities, lack sufficient funding and logistical support.
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<li>Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/06/39322748/unlicensed-cannabis-sellers-fight-back-suing-nyc-for-unconstitutional-crackdowns"> Unlicensed Cannabis Sellers Fight Back, Suing NYC For &#8216;Unconstitutional&#8217; Crackdowns</a></li>
</ul>

NYC Cops Raid Two Bronx Cannabis Operations, One Was Like 'The Cesar's Palace Of Illegal Marijuana'

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The Company intends to use the proceeds from the capital raised to build a diversified portfolio of senior secured U.S. corporate loans through investments in equity tranches of collateralized loan obligations (CLOs).

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Pearl Diver Credit Company Reports Pricing Of Its Upsized IPO Of 2.2M Shares At $20 Per Share

Former President Donald Trump previously tried to ban TikTok, but had a reversal of opinion on the Chinese-owned app as a potential <a href="https://www.benzinga.com/markets/equities/24/06/39470496/joe-bidens-tiktok-ban-could-adversely-impact-oracles-revenue-and-profit-tech-giant-warns">U.S. ban is nearing.</a>
What Happened: In a recent interview, Trump said that big technology companies like Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)- owned Facebook and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)-owned Google and YouTube have become too big and too powerful, something that <a href="https://www.benzinga.com/topic/tiktok">supports having TikTok</a> around for competition.
"I think they're having a huge negative impact on especially young people," Trump said of big technology companies in an interview with <a href="https://www.bloomberg.com/features/2024-trump-interview-transcript/?embedded-checkout=true&amp;sref=TBDibEcD">Bloomberg</a>.
Trump said TikTok is "very powerful."
Asked about a reversal on wanting to ban TikTok, Trump shares his opinion on the need for competition to big technology companies.
"I'm for TikTok because you need competition. If you don't have TikTok, you have Facebook and Instagram, and that's, you know, that's Zuckerberg."
Trump recalled Meta Platforms CEO Mark Zuckerberg banning him from Facebook and Instagram in the interview.
"I went from being No. 1 to having nobody."
Trump had a two-year ban from Facebook and Instagram after the Jan. 6, 2021, attack on the U.S. Capitol over concerns of civil unrest. Trump <a href="https://www.benzinga.com/news/23/02/30848473/trumps-back-on-facebook-and-instagram-for-real">was welcomed back</a> to the platforms in 2023 and recently saw all restrictions lifted.
The former president has also been welcomed back on social media platform X, formerly known as Twitter. While Trump prefers to post on his own social media platform Truth Social, which is owned by Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), he often uses Facebook to communicate with his followers.
Read Also: <a href="https://www.benzinga.com/news/24/07/39759624/meta-removes-heightened-penalties-on-donald-trumps-accounts-a-day-after-ex-president-threatens-to-pu">Meta Removes &#8216;Heightened Penalties&#8217; On Donald Trump&#8217;s Accounts A Day After Ex-President Threatens To Put Mark Zuckerberg In Jail</a>
Why It's Important: Trump <a href="https://www.benzinga.com/news/24/03/37572294/donald-trump-is-against-tiktok-ban-because-it-would-help-facebook-and-zuckerschmuck-double-their-bus">previously said he</a> is against a ban on TikTok in the U.S. as it could prove advantageous to Facebook and Zuckerberg.
"If you get rid of TikTok, Facebook and Zuckerschmuck will double their business," Trump previously said.
Trump said he doesn't want Facebook to do better as he alleged the company cheated in the 2020 election.
"They are a true Enemy of the People!"
Trump has shown strong opposition to Zuckerberg in recent months. The former president specifically named Zuckerberg as an "election fraudster" who he could<a href="https://www.benzinga.com/news/24/07/39723781/trump-threatens-to-jail-metas-mark-zuckerberg-and-election-fraudsters-if-re-elected-dont-do-it-be-ca"> put in prison</a> if he is elected to the White House.
"They have no shame! All I can say is that if I'm elected President, we will pursue Election Fraudsters at levels never seen before, and they will be sent to prison for long periods of time."
Trump's negativity towards Zuckerberg dates <a href="https://www.benzinga.com/general/social-media/24/04/38152630/if-you-invested-1-000-in-meta-platforms-stock-when-donald-trump-said-facebook-was-always-ant">back several years</a> with the former president accusing Facebook of always being "anti-Trump."
In April, Congress and President Joe Biden signed legislation to force a sale of the U.S. arm of ByteDance-owned TikTok or see the app banned in America.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/04/38368049/trump-reverses-tiktok-ban-stance-accuses-biden-of-favoring-zuckerbergs-meta-doing-it-to-help-faceboo">Trump Reverses TikTok Ban Stance, Accuses Biden Of Favoring Zuckerberg&#8217;s Meta: &#8216;Doing It To Help Facebook Friends Get Richer&#8217;</a></li>
</ul>
Photos: Shutterstock

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Trump 'For TikTok,' Competition To Mark Zuckerberg: 'If You Don't Have TikTok, You Have Facebook And Instagram'

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Alaska Airlines To Begin Rolling Out Additional First Class And Premium Class Seating Across More Than 200 Of Its Aircraft

Governor Ron DeSantis went there at the<a href="https://www.benzinga.com/topic/rnc"> Republican National Convention</a> (RNC) in Milwaukee on Wednesday: He used his platform to rail against Florida's upcoming vote to <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d" target="_blank" rel="noreferrer noopener">legalize recreational marijuana</a> telling his comrades that if weed is legalized, people will be able to possess practically limitless amounts of the stuff.    
"It gives you a limitless constitutional right to possess and smoke. I think it's up to like, what, 40 joints, is that the three ounces would be 40? More than that, 80 joints. Something like that," he said. 
In fact, he noted that if the cannabis legalization ballot wins, marijuana rights will surpass the constitutional guarantees of the First and Second Amendments concerning free speech and gun ownership, respectively. And that&#8217;s a statement he&#8217;s already made in the past.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39492507/desantis-says-cannabis-legalization-amendment-will-protect-weed-rights-better-than-1st-2nd-amend">DeSantis Says Cannabis Legalization Amendment Will Protect Weed Rights Better Than 1st, 2nd Amendments Protect Free Speech, Gun Rights</a>
<h2 class="wp-block-heading">Counting Joints</h2>
The language in the legalization initiative, known as Amendment 3, would allow people to possess three ounces of flower or five grams of concentrate, which translates to roughly 27 joints per ounce according to the Governor's math.
"I think you're going to see people, you will be able to bring 20 joints to an elementary school. Is that really going to be good for the state of Florida? I don't think so," DeSantis <a href="https://www.benzinga.com/markets/cannabis/24/06/39311053/desantis-blasts-cannabis-legalization-amendment-says-people-will-be-able-to-bring-20-joints-to-a">said</a> in June.
The governor has issued similar warnings about the dangers of cannabis legalization, but the number of joints he references seems to increase with each tirade, noted Florida Politics, which first <a href="https://floridapolitics.com/archives/684696-ron-desantis-now-says-weed-legalization-would-let-people-have-80-joints-at-a-time/">reported</a> this story from the RNC.
<h2 class="wp-block-heading">Smoky Restaurants</h2>
DeSantis went on to paint a scenario of unchecked public weed consumption, including in private businesses such as restaurants, which he claimed would be difficult to regulate due to the amendment&#8217;s broad language.
"I think you're talking about going downtown somewhere, going to restaurants, all this —you are going to see this. And law enforcement's not going to want to police it at all," he said. "I've had some restaurant guys [say], ‘Well, I won't let them use it in my restaurant,&#8217;" DeSantis continued. "Well, I'm not sure you're going to be able to do that, given how broad it is."
DeSantis also repeated a <a href="https://www.benzinga.com/markets/cannabis/24/06/39346531/desantis-cant-get-past-the-odor-of-weed-to-smell-the-flowers-specifically-430m-annually-in-canna">complaint</a> that seems to have become the bane of his existence: the smell.
"You go to places like Denver. It smells like marijuana," he told the crowd. "It's not been good for quality of life. So that's just the reality. We've seen in in practice in a lot of places. It hasn't delivered what they said it would deliver."
During his speech, DeSantis also linked marijuana legalization with another initiative, Amendment 2, on expanding abortion access. He called on Florida Republicans assembled in Milwaukee to oppose both measures in order to maintain conservative values. 
Now Read:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39760907/ron-desantis-floridas-gop-and-hemp-industry-pile-on-to-defeat-marijuana-legalization">Ron DeSantis, Florida&#8217;s GOP And Hemp Industry Pile On To Defeat Marijuana Legalization</a></li>
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Photo: Benzinga edit with images by&nbsp;<a href="https://en.wikipedia.org/wiki/Ron_DeSantis#/media/File:Ron_DeSantis-crop.jpg" target="_blank" rel="noreferrer noopener">Wikimedia Commons&nbsp;</a>and&nbsp;<a href="https://www.pexels.com/photo/close-up-photo-of-cannabis-plant-7667883/" target="_blank" rel="noreferrer noopener">Kindel Media</a>&nbsp;on Pexels