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Under normal market conditions, the Fund invests at least 80 percent of its assets in the component securities of the FTSE Japan Capped Index and in depositary receipts representing such securities. The FTSE Japan Capped Index is a free float-adjusted market capitalization weighted index maintained and calculated by FTSE Russell with a capping methodology applied quarterly to issuer weights so that no single issuer of a component exceeds 25 percent of the FTSE Japan Capped Index weight, and all issuers with weights above 5 percent do not cumulatively exceed 50 percent of the FTSE Japan Capped Indexs weight. The FTSE Japan Capped Index is based on the FTSE Japan Index and is designed to measure the performance of Japanese large- and mid-capitalization stocks. FTSE Russell determines eligible securities for the FTSE Japan Capped Index based on measures such as the companys place of incorporation, listing country, investor protection regulations present in the country of incorporation, tax domicile, location of headquarters/factors of production and currency of denomination.

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Japanese banks poised for windfall profits as Bank of Japan abandons negative interest rates after 8 years. Goldman Sachs predicts 30% surge in net interest margins. Warren Buffett also bullish on Japanese equities.

Warren Buffett&#39;s Prediction Comes True: Japanese Banks To Profit From BoJ&#39;s Positive Rates

A soccer team bought by podcaster Peter McCormack has added to its Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings months after announcing Cameron and Tyler Winklevoss <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38260567/bitcoin-soccer-team-adds-winklevoss-twins-as-investors-in-english-premier-league-mission-w">joined as investors.</a>
Here's the latest on the Bitcoin soccer club.
What Happened: Operating as an <a href="https://www.benzinga.com/topic/soccer">English soccer team</a> trying to reach the English Premier League, Real Bedford is one of the few sporting teams from around the world that have Bitcoin as part of its treasury.
The team's Chairman Peter McCormack recently announced the team added to its Bitcoin holdings.
"Real Bedford has acquired 66.9 BTC for $4,500,420.69 @ avg price of ~$67,220 per #bitcoin. As of today, @realbedford HODLs 82.7 $BTC acquired for ~$5.3m @ avg price of ~$64,925 per bitcoin," McCormack <a href="https://x.com/PeterMcCormack/status/1815357073430876169">tweeted</a>.
The pro-Bitcoin podcaster said 15.8 BTC is held in the float for "football matters" and the rest is held in the team's treasury to help with "the club's long-term ambitions."
The post from McCormack drew <a href="https://x.com/PeterMcCormack/status/1815166633582956700?t=rFpoHDJinVs4paT7GLoghQ&amp;s=19">praise </a>from MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) Executive Chairman Michael Saylor, who is known for buying Bitcoin with the software company's excess cash and has become one of the largest Bitcoin holders.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27865236/exclusive-michael-saylors-microstrategy-is-married-to-bitcoin-everything-else-in-the-world">EXCLUSIVE: Michael Saylor&#8217;s MicroStrategy Is Married To Bitcoin: &#8216;Everything Else In The World Is Inferior&#8217;</a>
Why It's Important: McCormack shared a post from Saylor showing Bitcoin outperforming other assets classes like the S&amp;P 500, gold, the Nasdaq, silver and bonds from the date MicroStrategy bought Bitcoin through July 19, 2024.
"Football still doesn't understand this," McCormack tweeted with the chart from Saylor.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39817792/missed-out-on-nvidia-michael-saylor-says-get-on-the-bitcoin-standard-for-even-better-retur">Benzinga recently shared </a>that Saylor also took to X highlighting MicroStrategy shares have outperformed Nvidia since the company began buying Bitcoin.
"To outperform $NVDA – get on the #Bitcoin Standard," Saylor tweeted with the chart showing the returns of MSTR, NVDA and several other widely followed technology stocks.
McCormack shared that the 82.7 Bitcoin bought for $5.37 million are currently valued at $5.57 million.
Read Next: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<li><a href="https://bzresearch.myclickfunnels.com/latest-research-webinar-redirect-evergreen?utm_source=website-content" target="_blank" rel="noreferrer noopener">Turn Trading Into The Ultimate Side Hustle Using Benzinga Tools In A Free Webinar</a></li>
</ul>
Photo: Shutterstock

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

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Winklevoss-Backed Real Bedford Soccer Club Embraces Michael Saylor Bitcoin Philosophy, Accumulates 82.7 BTC

The cannabis market saw a surge that waned by Friday, with the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) falling by 2.50% over the week, and the Global X Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>) <a href="https://www.benzinga.com/cannabis">dropping 1.73%.</a>
<h3 class="wp-block-heading">Ascend's Financial Restructuring </h3>
One notable bright spot was Ascend Wellness Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>), which experienced a robust rally of 12.18% following the announcement of its debt refinancing plan. 
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39890121/cannabis-stocks-surge-then-plummet-on-news-that-biden-is-bowing-out-of-2024-presidential-race">Cannabis Stocks Surge Then Plummet On News That Biden Is Bowing Out Of 2024 Presidential Race</a>
Jesse Redmond, an analyst from Water Tower Research, reported: &#8220;Ascend announced on Monday it successfully refinanced its debt. The new senior secured notes were priced at 94.75% of face value, have a 12.7% interest rate, and are due in 2029." 
He added that "the net proceeds of the notes, together with cash on hand, will be used to prepay $215 million of principal amounts outstanding under its existing term loan."
<h3 class="wp-block-heading">Jushi Faces Decline Amid Market Fluctuations</h3>
Conversely, Jushi Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/JUSHF#OTC">JUSHF</a>) saw the most significant loss among major cannabis stocks, dropping by 9.84%. The decline reflects broader market uncertainties and investor reactions to the latest financial reports and industry developments.
<h3 class="wp-block-heading">Cannabis Rescheduling And Political Developments</h3>
The cannabis rescheduling comment period is set to conclude on Monday, July 22, with industry stakeholders eagerly awaiting the response from the Drug Enforcement Administration (DEA). 
Jesse Redmond notes: "We are eager to find out if the DEA Administrator will grant a hearing and how long it will take to respond to comments." 
The upcoming elections and the Democratic National Convention, commencing on August 19, could play pivotal roles in the rescheduling process. Given the political dynamics, there is speculation that DEA Administrator Anne Milgram might expedite the review process.
<h3 class="wp-block-heading">Political Influences On Cannabis Legislation</h3>
In a significant political development, <a href="https://www.benzinga.com/markets/cannabis/24/07/39874209/joe-biden-drops-out-what-would-happen-with-cannabis-legalization-under-kamala-harris-or-donald-t" target="_blank" rel="noreferrer noopener">President Joe Biden announced Sunday</a> that he will not seek re-election. VP Kamala Harris will replace Biden at the top of the Democratic ticket and Ohio Senator J.D. Vance was chosen to be Donald Trump&#8217;s running mate. 
Vance, known for his support of states&#8217; rights to regulate cannabis and opposition to incarcerating individuals for minor cannabis offenses, presents a mixed record on cannabis reform.
Notably, he voted against the Secure and Fair Enforcement (SAFE) Banking Act, citing specific concerns rather than outright opposition to the bill. &#8220;Vance's SAFER objections were about a specific issue, and he does not appear to be broadly against the bill,&#8221; Redmond explains.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39890659/kamala-harris-u-turn-on-cannabis-heres-where-she-stands-on-weed-legalization-now">Kamala Harris&#8217; U-Turn On Cannabis: Here&#8217;s Where She Stands On Weed Legalization Now</a></li>
</ul>

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AAWH

JUSHI HLDGS INC CL B by Jushi Holdings Inc.

JUSHF

MSOS

YOLO

'Opaque Political Processes,' DEA Rescheduling Deadline, And Now A New Presidential Candidate, It's No Wonder Cannabis Stocks Are Over The Place

Despite being the father to presidential candidate, Vice President Kamala Harris, Donald J. Harris&#8216; low profile is belied by the fact that he is a <a href="https://www.benzinga.com/topic/economics">prominent economic scholar</a>.
Who is Donald J. Harris?: Harris was <a href="https://www.blackpast.org/african-american-history/donald-jasper-harris-1938/">born</a> in Jamaica in 1938, growing up in St. Ann Parish before studying at the University College of the West Indies. He earned his Ph.D. from the University of California, Berkeley in 1966 where he met his future wife Shyamala Gopalan.
Harris and Gopalan had two children: Kamala and Maya, an attorney. They divorced in 1971. Harris was separated from his daughters in the subsequent custody hearings, <a href="https://www.jamaicaglobalonline.com/kamala-harris-jamaican-heritage/">according</a> to his 2018 essay.
&#8220;Nevertheless, I persisted, never giving up on my love for my children or reneging on my responsibilities as their father,&#8221; he wrote.
Harris became the first tenured Black professor at Stanford University in 1976. He wrote several books, including &#8220;Capital Accumulation and Income Distribution,&#8221; published in 1978. He retired in 1998 and <a href="https://economics.stanford.edu/people/donald-j-harris">holds</a> the title of Professor Emeritus.
<a href="https://web.stanford.edu/~dharris/professional_career.htm">According</a> to his Stanford bio, &#8220;His research and publications have centered on exploring the analytical conception of the process of capital accumulation and its implications for a theory of growth of the economy, with the aim of providing thereby an explanation of the intrinsic character of growth as a process of uneven development.&#8221;
He was <a href="https://archives.stanforddaily.com/1976/11/03?page=4§ion=MODSMD_ARTICLE11">labeled</a> a &#8220;Marxist scholar&#8221; by the Stanford Daily in 1976. Harris is a &#8220;post-Keynesian.&#8221;
Harris&#8217; relative obscurity is perhaps due to Kamala Harris&#8217; infrequent mentions of him relative to other members of her family. The New York Times <a href="https://www.nytimes.com/article/kamala-harris-dad-don-harris.html">noted</a> that Kamala Harris did not mention her father when she formally accepted the vice-presidential nomination. She mentions her mother, Shyamala, more frequently.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/general/politics/24/07/39889666/kamala-harris-on-ai-tiktok-and-big-tech-breakups-privacy-is-not-being-compromised">Kamala Harris On AI, TikTok And Big Tech Breakups: &#8216;Privacy Is Not Being Compromised&#8217;</a></li>
</ul>
Photo: Lev Radin via Shutterstock

Economics

Who Is Kamala Harris' Father, Stanford Economist Donald J. Harris?

The cannabis sector witnessed significant movement&nbsp;today, with varied performances across key stocks and ETFs following<a href="https://www.benzinga.com/markets/cannabis/24/07/39874209/joe-biden-drops-out-what-would-happen-with-cannabis-legalization-under-kamala-harris-or-donald-t"> President Joe Biden&rsquo;s Sunday&nbsp;announcement</a> that he will not seek re-election. The news&nbsp;created ripples in the market, reflecting investor sentiment and speculation about future <a href="https://www.benzinga.com/markets/cannabis/24/07/39866755/trump-accepts-gop-nomination-as-party-begins-to-embrace-cannabis-legalization-says-republican-co">regulatory changes</a>.
<h3>Biggest Winners</h3>
<ul>
<li>Aurora Cannabis (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acb#NASDAQ">ACB</a>): Increased by 9.04% to $6.02. Positive sentiment is driven by strategic partnerships.</li>
<li>Village Farms International (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vff#NASDAQ">VFF</a>): Rose by 7.41% to $1.09. The stock benefited from operational efficiency news.</li>
<li>Tilray Brands (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlry#NASDAQ">TLRY</a>): Saw a rise of 6.70% to $1.87. Investor optimism on future growth prospects in Germany.</li>
<li>SNDL (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sndl#NASDAQ">SNDL</a>): Experienced an increase of 9.66% to $2.22. Strong earnings and cash flow, reports boosted the stock.</li>
<li>Medicine Man Technologies (OTC: <a class="ticker" href="https://www.benzinga.com/stock/shwz#OTC">SHWZ</a>): Saw a remarkable gain of 100.00% to $0.30.</li>
<li>OrganiGram Holdings (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ogi#NASDAQ">OGI</a>): Rose by 6.67% to $1.74.</li>
<li>Innovative Industrial Properties (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/iipr#NASDAQ">IIPR</a>): Gained 1.56% to $120.13. Stable financial performance attracted investors.</li>
<li>Cronos Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cron#NASDAQ">CRON</a>): Increased by 3.78% to $2.45.</li>
<li>Canopy Growth (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cgc#NASDAQ">CGC</a>): Increased by 16.7% to $7.84.</li>
</ul>
<h3>Multi-State Cannabis Operators In The USA</h3>
<ul>
<li>Curaleaf Holdings (OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>): Increased by 3.13% to $4.28.</li>
<li>Jushi Holdings (OTC: <a class="ticker" href="https://www.benzinga.com/stock/jushf#OTC">JUSHF</a>): Up by 7.27% to $0.59.</li>
<li>Green Thumb Industries (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>): Was up by 4.04% to $11.60.</li>
<li>Trulieve Cannabis (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>): Was also up, at the last minute, by 3.78% to $10.75.</li>
<li>Cresco Labs (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>): Rose by 6.42% to $1.74.</li>
</ul>
<h3>Performance Of Cannabis ETFs</h3>
<ul>
<li>AdvisorShares Pure Cannabis ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/yolo#NYSE">YOLO</a>): Rose by 4.84% to $3.58.</li>
<li>AdvisorShares Pure US Cannabis ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/msos#NYSE">MSOS</a>): Experienced a gain of 5.67% to $7.83. Increased activity and positive sentiment drove the ETF higher.</li>
</ul>
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39369432/what-is-the-trump-factor-justice-depts-impact-on-cannabis-rescheduling-stocks-and-i">What Is The Trump Factor? Justice Dept&#39;s Impact On Cannabis Rescheduling, Stocks And Investments</a>
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;
Disclosure: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Cannabis Stocks React To Biden Announcement: Monday's Closing Market Moves

Acima seeks to halt what it contends is the CFPB&#39;s illegal attempt to expand its authority as limited by federal law and usurp the long-standing, comprehensive state regulatory framework governing the lease-to-own industry.

Legal

UPBD

Upbound Business Acima Leasing Files Lawsuit Against US Consumer Financial Protection Bureau In District Court For The Eastern District Of Texas

The registration statement for BlackRock's iShares Ethereum Trust ETF (ETHA), has been declared effective by the U.S. Securities and Exchange Commission (SEC). ETHA seeks to track the price of Ethereum's native token, ether, and is expected to begin trading on Nasdaq on July 23, 2024. ETHA carries a 0.25% sponsor fee with a one-year waiver reducing the fee to 0.12% on the first $2.5B assets under management (AUM)1.

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Blackrock's iShares Ethereum Trust ETF Set To Launch; Says ETHA Seeks To Track Price Of Ethereum's Native Token, Ether, And Is Expected To Begin Trading On Nasdaq On July 23

Macro Economic Events

President Biden Tells Campaign Staff In Phone Call "Embrace" Kamala; Says I'm Going To Be Out On The Campaign Trail For Kamala Harris; I Won't Be On The Ticket But I'm Going To Be Fully Engaged; We're Going To Keep Working To End The War In Gaza; I'll Be Doing Whatever Kamala Wants Me Or Needs Me To Do

Upon closing of the transaction, expected to occur in the&nbsp;fourth quarter&nbsp;of 2024, the combined company will be named Phytanix Inc., and its common stock is expected to be listed on the Nasdaq Capital Market under the ticker symbol &quot;PHYX.&quot;
Phytanix is pioneering a new and innovative approach in the development of cannabinoid and cannabinoid-like medicines.
<div>The transaction reflects a pre-deal valuation of&nbsp;$58 million&nbsp;for Phytanix Bio plus the assumption of&nbsp;$17 million&nbsp;of preferred stock and&nbsp;$4.4 million&nbsp;of short-term debt that will be exchanged for convertible preferred stock at deal close</div>

CBRG

Phytanix Bio, SPAC Company Chain Bridge I  Enter Definitive Business Combination Agreement; Combined Company To Be Named Phytanix Inc.

Alphabet Inc.&#8216;s (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>) Google decided to abandon its long-standing plan to eliminate cookies in its Chrome browser, citing industry <a href="https://www.benzinga.com/news/24/04/38333986/google-faces-regulatory-scrutiny-as-uk-watchdog-questions-privacy-measures">and regulatory pushback.</a>
What Happened: After four years of persistent efforts, delays, and conflicts with the advertising sector, Google made a U-turn on its decision to phase out cookies in Chrome, <a href="https://www.wsj.com/tech/google-is-keeping-cookies-in-chrome-after-all-89debea8?mod=hp_lead_pos1">The Wall Street Journal</a> (WSJ) reported. This decision comes after both digital-advertising companies and regulators expressed their objections to Google&#8217;s proposed alternative technologies.
Instead of eliminating cookies, Google will now prompt Chrome users to decide whether to enable or disable cookies, according to the U.K. privacy regulator, which has been overseeing Google&#8217;s cookie-blocking plan.
Anthony Chavez, the vice president of Google&#8217;s Privacy Sandbox, acknowledged the significant impact this transition would have on publishers, advertisers and the online advertising industry. He announced a revised approach that prioritizes user choice and stated Google is in discussions with regulators and the industry as it rolls out this new path, WSJ reported.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39865930/from-giant-to-gone-billion-dollar-cannabis-company-medmen-sells-off-its-property-under-receivers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">MedMen Property Sell-Off Under Receivership, State by State</a>
Google initially announced its plan to eliminate cookies in 2020, with the aim of enhancing user privacy while browsing the internet. However, this move was met with resistance from advertisers, who argued that Google&#8217;s proposed replacement technologies would compel them to shift their spending to the tech giant&#8217;s digital-ad products.
In 2021, UK regulators began investigating whether Google&#8217;s plan would negatively impact competition in the digital advertising space. Google agreed to cooperate with the regulator, promising to give the agency at least 60 days&#8217; notice before removing cookies for evaluation, according to the Journal.
During the ongoing investigation, Google delayed its timeline to eliminate cookies initially set for 2022. In April, the Information Commissioner&#8217;s Office of the British government declared it would release a report highlighting significant flaws in Google&#8217;s proposed replacement technologies. Following this announcement, Google stated it would further delay the end of cookies past the previously announced deadline of the end of this year.
This latest decision by Google to keep cookies in Chrome could further intensify the regulatory spotlight on the tech giant&#8217;s privacy practices.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39875607/bitcoin-ethereum-hold-steady-dogecoin-spikes-as-biden-bows-out-of-presidential-race-king-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Hold Steady, Dogecoin Spikes As Biden Bows Out Of Presidential Race</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: rafapress/Shutterstock.com

Tech

GOOG

GOOGL

Google Reverses Course On Cookie Ban In Chrome, Citing Industry, Regulatory Pressure

Vice President Kamala Harris could face off against former President Donald Trump in the 2024 presidential election as the frontrunner to replace President Joe Biden, who<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"> withdrew from the race.</a>
Although they&#8217;re now political opponents, Trump once donated to Harris&#8217; campaigns.
What Happened: Harris has<a href="https://www.benzinga.com/general/politics/24/07/39892716/nancy-pelosi-endorses-kamala-harris-for-president-full-confidence-that-she-will-lead-us-to-victo"> gained key endorsements</a> from Democratic political leaders to win the party's nomination in the 2024 presidential election.
The vice president has also witnessed millions of dollars pour in to her campaign since Biden announced he was withdrawing from the race. While Harris could get key financial support from many voters around the country, she won't be getting a check from Trump this time around.
Records show that Trump previously supported Harris during her run for California attorney general. Business Insider <a href="https://www.businessinsider.com/trump-donated-to-kamala-harris-twice-as-private-citizen-2020-8?utm_source=briefing&amp;utm_medium=email&amp;utm_campaign=washington_am&amp;utm_content=072224">reports </a>that Trump donated $5,000 to Harris in her 2011 effort and $1,000 in 2013.  
Trump's daughter Ivanka Trump also donated $2,000 to Harris in 2014, according to records.
All the donations were done before Trump announced his intention to run for president of the United States in 2015 ahead of the 2016 presidential election.
Before serving as vice president, Harris was a member of the U.S. Senate from 2017 to 2021 and served as the attorney general of California from 2011 to 2017.
Trump acknowledged the donation in a 2019 affidavit, saying it was made at the request of then New York Attorney General Eric Schneiderman.
"Mr. Schneiderman's former transition committee leader asked my daughter Ivanka if she would arrange for me to make a contribution to a fundraising event sponsored by Mr. Schneiderman for newly elected California Attorney General Kamala Harris," Trump wrote in the affidavit, as <a href="https://www.washingtonexaminer.com/news/209710/trumps-5000-donation-to-kamala-harris-was-at-request-of-disgraced-former-ny-attorney-general/">reported</a> by The Washington Examiner.
Trump said he made the $5,000 donation to the campaign as a sponsorship listed on the invitation, and attended the event with Ivanka and some members of the Trump Organization.
Harris later donated $6,000 to a nonprofit organization to offset the amount Trump donated to her, according to a <a href="https://www.sacbee.com/news/politics-government/capitol-alert/article226975319.html">report </a>from The Sacramento Bee.
Read Next: <a href="https://www.benzinga.com/general/politics/24/07/39886916/harris-vs-trump-can-bidens-vp-defeat-former-president-head-to-head-polls-reveal-close-race">Harris Vs. Trump: Can Biden&#8217;s VP Defeat Former President? Head-To-Head Polls Reveal Close Race</a>
Why It's Important: For a businessman like Trump, donations to both Republicans and Democrats is likely not uncommon, and the contribution amounts pale in comparison to large donations made by millionaires to help candidates win an election.
With Trump and Harris now potentially battling head-to-head, the donations will likely continue to resurface and could become part of campaign attacks by Harris.
Since Biden announced he was stepping down, the Trump campaign has ramped up attacks on Harris, including Trump criticizing her "liberal, wake-on-crime record" in the state of California.
Trump told CNN that Harris will be easier to defeat in the 2024 presidential election than Biden.
Read Next:
<ul>
<li><a href="https://bzresearch.myclickfunnels.com/latest-research-webinar-redirect-evergreen?utm_source=website-content" target="_blank" rel="noreferrer noopener">Turn Trading Into The Ultimate Side Hustle Using Benzinga Tools In A Free Webinar</a></li>
</ul>
Photo: Shutterstock

Trump Vs. Harris: Former President Once Donated To Her California AG Campaign, Arranged By Ivanka — Will This Contribution Resurface In 2024 Presidential Race?

Amazon workers organizing with the Teamsters at the company&#39;s major air hub in&nbsp;Southern California&nbsp;walked off the job Sunday in an unfair labor practice (ULP) strike over retaliation workers have faced for union organizing. The KSBD warehouse in&nbsp;San Bernardino&nbsp;is a crucial cog in Amazon&#39;s logistics network and the largest air facility on the West Coast.&nbsp;

AMZN

International Brotherhood Of Teamsters: More Than 100 Amazon Workers Organizing With The Teamsters Hold Walkout Over Company's Unfair Labor Practices

Bethesda Game Studios has become the first Microsoft-owned game developer to fully unionize under the <a href="https://www.benzinga.com/general/gaming/24/06/39298491/cwa-charges-microsoft-supplier-lionbridge-with-unfair-layoffs-of-unionizing-qa-testers">Communication Workers of America (CWA). </a>
The union, consisting of 241 developers, includes artists, engineers, programmers and designers, marking a significant shift in the industry's labor dynamics, IGN <a href="https://www.ign.com/articles/bethesda-game-studios-microsoft-game-studios">reported.</a>
See Also: <a href="https://www.benzinga.com/general/gaming/24/05/38678051/microsofts-xbox-closes-4-video-game-studios-in-bethesda-restructure">Microsoft&#8217;s Xbox Closes 4 Video Game Studios In Bethesda Restructure</a>
<h1 class="wp-block-heading">A Unified Voice</h1>
The union was officially confirmed after 241 developers either signed a union authorization card or expressed their desire for unionization through an online portal. 
This milestone follows the unionization of Bethesda Game Studios Montreal in late June and approximately 300 quality assurance workers within Zenimax, Bethesda's parent company.
&#8220;We, a majority of developers at Bethesda Game Studios Dallas, Rockville, and Austin, are ecstatic to announce the formation of our union with @CWAUnion,&#8221; the group announced on X (formerly Twitter). &#8220;Together as #OneBGSUSA, we advocate for the betterment of every developer at BGS, setting the new standard for our industry.&#8221;
<h1 class="wp-block-heading">Negotiations Ahead</h1>
With Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) recognizing the union, the next step involves negotiating a contract.
Senior system designer Mandi Parker highlighted the significance of this development in a press release: &#8220;It is clear that every worker can benefit from bringing democracy into the workplace and securing a protected voice on the job. We're thrilled to get down to brass tacks and win a fair contract, proving that our unity is a source of real power to positively shape our working conditions, our lives, and the company as a whole.&#8221;
<h1 class="wp-block-heading">Industry-Wide Implications</h1>
Unionization is increasingly becoming a trend in the gaming industry as workers seek protections against issues like mass layoffs. Earlier this year, Sega Sammy Holdings Inc. &#8211; ADR&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SGAMY#OTC">SGAMY</a>) union ratified a contract, and Activision&#8217;s quality assurance workers also formed a union.
Microsoft has previously indicated it would not obstruct a potential union at Activision Blizzard, a stance that evidently extends to Bethesda Game Studios as well.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/05/38791690/xbox-exec-sarah-bond-addresses-microsofts-studio-closures-its-always-extraordinarily-hard-to-make-">Xbox Exec Sarah Bond Addresses Microsoft&#8217;s Studio Closures: &#8216;It&#8217;s Always Extraordinarily Hard To Make Decisions Like That&#8217;</a></li>
</ul>
Image created using photos from Shutterstock.

Gaming

MSFT

SGAMY

Bethesda Game Studios Unionizes Under Communication Workers Of America

A handful of ultra-wealthy CEOs, hedge funders and venture capitalists are endorsing former President Donald Trump in <a href="https://www.benzinga.com/topic/2024-presidential-election">the 2024 presidential race</a>.
Vinod Khosla isn&#8217;t one of them.
What Happened: While Tesla CEO Elon Musk, currently the richest person in the world by more than $50 billion, pledges to donate tens of millions of dollars a month <a href="https://www.benzinga.com/news/24/07/39872015/teslas-elon-musk-recently-pledged-a-huge-donation-to-donald-trump-and-the-ex-president-returned-the">to Trump's campaign</a>, Khosla — a billionaire in his own right — refuses to hop on the &#8216;Trump Train.&#8217;
"Come on, Vinod. Trump/Vance LFG!!!" <a href="https://x.com/elonmusk/status/1815094152868298819">Musk wrote.</a>
Khosla, an OpenAI investor, <a href="https://x.com/vkhosla/status/1815096257867923740">fired</a> back: "Hard for me to support someone with no values, lies, cheats, rapes, demeans women, hates immigrants like me.&#8221;
<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">Hard for me to support someone with no values, lies, cheats, rapes, demeans women, hates immigrants like me. He may cut my taxes or reduce some regulation but that is no reason to accept depravity in his personal values. Do you want President who will set back climate by a… <a href="https://t.co/2E7FqQUjH2">https://t.co/2E7FqQUjH2</a>
&mdash; Vinod Khosla (@vkhosla) <a href="https://twitter.com/vkhosla/status/1815096257867923740?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Khosla, an Indian-American venture capitalist and investor with a net worth of nearly $10 billion, <a href="https://x.com/vkhosla/status/1815165349161292162">posted</a> his support for an open process in selecting a Democratic nominee, citing potential candidates like Michigan Governor Gretchen Whitmer and Pennsylvania Governor Josh Shapiro.
He has also defended Vice President, and now Democratic candidate, Kamala Harris, contrasting her to the <a href="https://www.benzinga.com/government/21/01/19152983/donald-trump-is-the-first-us-president-to-be-impeached-twice">twice-impeached Trump</a>.
Read 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">As &#8216;Billionaire Boys&#8217; Go All In For Trump, Anthony Scaramucci Has Word Of Caution &#8211; &#8216;Tonic They Are Prescribing Will Be Bad For America And The World&#8217;</a> 
Billionaire Boys: Trump has <a href="https://x.com/pmarca/status/1813295088254259317">support</a> from a who&#8217;s who of wealthy bros: Marc Andreessen, the co-founder and general partner of VC firm Andreessen Horowitz; Bill Ackman, the founder of Pershing Square Capital Management; Peter Thiel, former CEO of PayPal; and former Yammer CEO David Sacks.
Thiel <a href="https://www.npr.org/2024/07/17/g-s1-11654/five-things-to-know-about-jd-vances-connections-to-tech-billionaires">helped fund</a> Vice Presidential candidate J.D. Vance&#8216;s Senate campaign in 2022.
Khosla, who has racked up a fortune by backing successful startups like DoorDash and Instacart, shot down the idea that he would support Trump on Election Day.
"He may cut my taxes or reduce some regulation but that is no reason to accept depravity in his personal values,&#8221; Khosla said. &#8220;Do you want [a] President who will set back climate by a decade in his first year? Do you want his example for your kids as values?"
Harris also has <a href="https://fortune.com/2024/07/22/kamala-harris-endorsements-wall-street-billionaires-donors/">billionaire-backing</a>. Lazard CEO Ray McGuire, and Marc Lasry, billionaire CEO of Avenue Capital Group, are among her supporters.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/general/politics/24/07/39892716/nancy-pelosi-endorses-kamala-harris-for-president-full-confidence-that-she-will-lead-us-to-victo">Nancy Pelosi Endorses Kamala Harris For President: &#8216;Full Confidence That She Will Lead Us To Victory In November&#8217;</a></li>
</ul>
Image: Flickr

Startups

Legendary VC Khosla Claps Back At Billionaire Trump Ally Musk: 'Hard To Support Someone Who Lies, Cheats, Demeans Women, Hates Immigrants'

On July 19, 2024, CrowdStrike Holdings released a sensor configuration update for Falcon sensor software that resulted in outages for a number of our customers utilizing certain Windows systems.&nbsp; The event was not caused by a cyberattack.&nbsp;
Certain&nbsp;Windows&nbsp;systems&nbsp;that&nbsp;were&nbsp;online&nbsp;when&nbsp;the&nbsp;update&nbsp;was&nbsp;released&nbsp;at&nbsp;4:09&nbsp;UTC&nbsp;on&nbsp;July&nbsp;19&nbsp;were&nbsp;affected.&nbsp;The company had identified&nbsp;and&nbsp;isolated&nbsp;the&nbsp;issue&nbsp;and&nbsp;the update&nbsp;was&nbsp;reverted&nbsp;at&nbsp;5:27&nbsp;UTC.&nbsp;
It continues&nbsp;to&nbsp;work&nbsp;with&nbsp;impacted&nbsp;customers&nbsp;to&nbsp;fully&nbsp;restore&nbsp;their&nbsp;systems.&nbsp;As&nbsp;part&nbsp;of&nbsp;that&nbsp;effort,&nbsp;it has&nbsp;provided remediation&nbsp;information&nbsp;through customer&nbsp;support&nbsp;portal&nbsp;and&nbsp;published&nbsp;event-related&nbsp;updates&nbsp;accessible&nbsp;through blog&nbsp;at&nbsp;www.crowdstrike.com/blog.&nbsp;
This is an evolving situation.&nbsp; It continues&nbsp;to evaluate the impact of the event on business and operations.&nbsp;&nbsp;

CRWD

CrowdStrike Says Continues To Evaluate Impact Of Outage Event On Its Business And Operations; Says The Event Was Not Caused By Cyberattack - Filing

RBB Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RBB#NASDAQ">RBB</a>) reported quarterly earnings of $0.39 per share which beat the analyst consensus estimate of $0.34 by 14.71 percent. This is a 32.76 percent decrease over earnings of $0.58 per share from the same period last year. The company reported quarterly sales of $27.453 million which beat the analyst consensus estimate of $27.387 million by 0.24 percent. This is a 20.24 percent decrease over sales of $34.419 million the same period last year.

Earnings

Earnings Beats

RBB Bancorp Q2 2024 GAAP EPS $0.39 Beats $0.34 Estimate, Sales $27.453M Beat $27.387M Estimate

AMETEK (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AME#NYSE">AME</a>) has outperformed the market over the past 10 years by 2.14% on an annualized basis producing an average annual return of 13.05%. Currently, AMETEK has a market capitalization of $40.04 billion. 
Buying $1000 In AME: If an investor had bought $1000 of AME stock 10 years ago, it would be worth $3,362.56 today based on a price of $172.97 for AME at the time of writing.
<h3>AMETEK's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721683825_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

$1000 Invested In AMETEK 10 Years Ago Would Be Worth This Much Today

United Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UTHR#NASDAQ">UTHR</a>) has outperformed the market over the past 5 years by 20.86% on an annualized basis producing an average annual return of 33.79%. Currently, United Therapeutics has a market capitalization of $14.76 billion. 
Buying $1000 In UTHR: If an investor had bought $1000 of UTHR stock 5 years ago, it would be worth $4,326.61 today based on a price of $332.63 for UTHR at the time of writing.
<h3>United Therapeutics's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721683820_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.

UTHR

Here's How Much $1000 Invested In United Therapeutics 5 Years Ago Would Be Worth Today

Brown &amp; Brown (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRO#NYSE">BRO</a>) reported quarterly earnings of $0.93 per share which beat the analyst consensus estimate of $0.88 by 5.68 percent. The company reported quarterly sales of $1.178 billion which beat the analyst consensus estimate of $1.144 billion by 2.93 percent. This is a 12.51 percent increase over sales of $1.047 billion the same period last year.

Brown & Brown Q2 2024 Adj EPS $0.93 Beats $0.88 Estimate, Sales $1.178B Beat $1.144B Estimate

By <a href="https://www.benzinga.com/author/todd-harrison" target="_blank" rel="noreferrer noopener">Todd Harrison</a> via <a href="https://substack.com/@toddharrison" target="_blank" rel="noreferrer noopener">Cannabis Confidential</a> (July 22)
With U.S. President Joe Biden stepping aside for the presidential race and endorsing Vice President Kamala Harris, her potential candidacy for the 2024 election against Donald Trump brings attention to her stance on multiple issues, including cannabis.
Although Harris was once a prosecutor, she publicly shifted her position several years ago and supported legalization, and she has since endeavored to champion cannabis. If she gets the Democratic nod, she's widely expected to maintain her policy stance.
<ul>
<li><a href="https://substack.com/@toddharrison" target="_blank" rel="noreferrer noopener">Click here</a> to get Cannabis Confidential delivered to your inbox daily.</li>
</ul>
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7383e053-253e-4ce4-8943-dd4781cf022a_1179x524.jpeg" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7383e053-253e-4ce4-8943-dd4781cf022a_1179x524.jpeg" alt="" /></a></figure>
PA System
Despite earlier reports that recreational cannabis legalization in Pennsylvania may have to wait until next year after being left out of the state budget, the spokeswoman of a pro-marijuana coalition said there's still a window this coming fall for a bill to get through to Gov. Josh Shapiro's desk.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"The pieces are aligned and teed up right now in a way that makes a fall session passage of adult use very likely." Brit "da cramper" Crampsie of Responsible PA.
</blockquote>
Buck-eyed
Ohio's adult-use cannabis market is officially up and running—well sorta, with four cultivators and six processors now online.
Another 31 cultivators, 36 processors, seven testing laboratories and 133 dispensaries are in the provisional licensing queue for certificates, pending final requirements.
<a href="https://www.youtube.com/watch?v=5Ktk39ZtPMU">Tha Shiznit &#x1f3b6;</a>
A new poll found that more Americans smoke cannabis on a daily basis than drink alcohol every day—and alcohol drinkers are three times more likely to say they would benefit from limiting use than cannabis consumers are.
Stocks &amp; Stuff
The D.C. drama drew fresh attention to Cannaland as the presidential race just shifted the political calculous around issues that appeal to young and/ or minority voters.
U.S. canna ETF MSOS finished the session +5%, albeit still under technical resistance.
Below, we'll top-line today's reaction to yesterday's news, explore a few analyst takes on the implications, finger the level of lore for holders galore, update the size of the respective Florida war chests, and continue to sniff at potential CPG involvement.
All that and more, just scroll down.
<a target="_blank" rel="noreferrer noopener" href="https://substack.com/discover/stocks/SPY">SPY 0.95%↑</a> <a target="_blank" rel="noreferrer noopener" href="https://substack.com/discover/stocks/QQQ">QQQ 1.33%↑</a> <a target="_blank" rel="noreferrer noopener" href="https://substack.com/discover/stocks/IWM">IWM 1.56%↑</a> <a target="_blank" rel="noreferrer noopener" href="https://substack.com/discover/stocks/MSOS">MSOS 2.09%↑</a> ETF Notional: $88M
Top Stories
<ul>
<li><a href="https://www.forbes.com/sites/dariosabaghi/2024/07/22/where-does-kamala-harris-stand-on-marijuana/">Where Does Kamala Harris Stand On Marijuana?</a></li>
<li><a href="https://www.marijuanamoment.net/more-americans-smoke-marijuana-every-day-than-drink-alcohol-on-a-daily-basis-poll-shows/">More Americans Smoke Cannabis Every Day Than Drink Alcohol Daily</a></li>
<li><a href="https://www.cannabisbusinesstimes.com/news/ohio-recreational-marijuana-licenses-certificates-start-sales-market-cultivation-dispensary-when-where-buy/">Ohio Issues 1st Batch of Adult-Use Cannabis Certificates, Igniting the Market</a></li>
<li><a href="https://www.greenmarketreport.com/pennsylvania-cannabis-coalition-says-theres-still-a-path-for-adult-use-legalization/?utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=Newsletter-MorningRise-20240722">Pennsylvania cannabis coalition says there's still a path for adult-use legalization</a></li>
<li><a href="https://www.marijuanamoment.net/marijuana-rescheduling-would-create-over-50000-new-jobs-industry-group-tells-dea-on-last-day-of-public-comment-period/">Marijuana Rescheduling Would Create Over 50,000 New Jobs, Industry Group Tells DEA On Last Day Of Public Comment Period</a></li>
<li><a href="https://www.marijuanamoment.net/state-marijuana-regulators-push-feds-to-explain-how-rescheduling-will-impact-enforcement-banking-research-and-more/">State Marijuana Regulators Push Feds To Explain How Rescheduling Will Impact Enforcement, Banking, Research And More</a></li>
<li><a href="https://abc7ny.com/post/bronx-marijuana-bust-nypd-nyc-sheriffs-office-seize-millions-illegal-cannabis-products-mott-haven-nyc/15077346/">Officials seize $10 Million in illegal cannabis products in Bronx bust</a></li>
<li><a href="https://norml.org/blog/2024/07/18/american-nurses-association-provides-public-comments-to-dea-in-support-of-reclassifying-cannabis/">American Nurses Association Provides Public Comments to DEA in Support of Reclassifying Cannabis</a></li>
<li><a href="https://www.marijuanamoment.net/senators-push-va-to-create-medical-marijuana-standard-of-care-as-rescheduling-process-finishes/">Senators Push VA To Create Medical Marijuana ‘Standard Of Care' As Rescheduling Process Finishes</a></li>
<li><a href="https://www.reuters.com/legal/judge-wont-halt-new-york-city-crackdown-unlicensed-cannabis-sales-2024-07-18/">Judge won&#8217;t halt New York City crackdown on unlicensed cannabis sales</a></li>
</ul>
Industry Headlines
<ul>
<li><a href="https://finance.yahoo.com/news/glass-house-brands-announces-court-113000862.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAAc3I94APN0mj3qcWqxBOtCUD5ctDjOBqmB_wB10kKNMsoFQtDwVxdDdz_VbbqQDnbJSJXAMwtm7D1uPz-eN3o1Q-nwzy1t3wqHKfJ2lNmSgMxN59c3auvR3a59UYfyPjftvIlwm8s89877TYTF3j3lr6FEw6ueXrhaqRUfycIPr">Glass House Brands Announces Court Dismissal of Catalyst Lawsuit</a></li>
<li><a href="https://www.globenewswire.com/en/news-release/2024/07/22/2916431/0/en/Tilray-Receives-First-New-Cannabis-Cultivation-License-in-Germany-Under-New-Regulations.html">Tilray Receives First New Canna Cultivation License in Germany Under New Regs</a></li>
<li><a href="https://www.cannabisbusinesstimes.com/news/marimed-hagerstown-maryland-cultivation-facility-expandsion-flower-concentrates-edibles/">MariMed Doubles Cannabis Cultivation Flower Capacity in Maryland Facility</a></li>
</ul>
Pregame (<a href="https://x.com/todd_harrison/status/1815357303421272563">written 8:00 AM</a>).
We fire up this five-session set on the heels of President Joe Biden stepping down and V.P. Kamala Harris the odds-on fave (84%) to assume the top of the ticket.
Investors are understandably <s>angry as f&#x2A;ck</s> wary but this shake-up should help canna remain front and center for the next three months. Ditto the VP pick (there are some genuine advocates (Shapiro, Beshear, et al) and, lest you forgot, today is the final day of the comment period, which ushers in the next phase of rescheduling (ALJ decision).
Technically, the song remains the same. MSOS has to reclaim $8—bc Eight is Enough, already—if it is to begin a second-half rally or, at the very least, continue it&#8217;s bipolar stroller of &#8220;so hot&#8221; (Q1) to &#8220;so not&#8221; (Q2), before the mood flips, again.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26276f90-c9a1-4696-89f6-6902f5cf833f_736x530.gif" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F26276f90-c9a1-4696-89f6-6902f5cf833f_736x530.gif" alt="" /></a></figure>
MSOS coming into the week
Between the Bells (→ real-time market updates are now offered daily on <a href="https://x.com/todd_harrison">X-subs</a><a href="https://x.com/todd_harrison">).</a>
There was a fair amount of reflexive trepidation early as our &#8216;abbreviated&#8217; market digested the news. I preferred that to a low volume gap higher but either way and no matter what, the bulls need to earn the market&#8217;s respect and there's only one way to do that, via higher prices.
Earnings are approaching, which will likely continue the recent trend of meh reports with muted growth given a dearth of capex (in response to an onerous tax regime). We expect continued bifurcation (winners vs. sinners) but we also know that, with the comment period coming to an end today, <a href="https://toddharrison.substack.com/p/seismic-shifts?utm_source=publication-search">seismic shifts</a> are also in play.
Kamala has been extremely vocal on cannabis (both <a href="https://toddharrison.substack.com/p/in-too-veep?utm_source=publication-search">rescheduling in this term</a> and &#8216;<a href="https://toddharrison.substack.com/p/dc-dogs-and-ponies?utm_source=publication-search">finishing the job</a>&#8216; in 2.0) but of course, there&#8217;s the matter of 1. her securing the top of the ticket and 2. the election in 105 days, where <a href="https://www.predictit.org/markets/detail/7456/Who-will-win-the-2024-US-presidential-election">current odds</a> favor Trump 60-40.
From here to there, Kamala must show the world she has in fact changed her stripes from her days as a prosecutor—where she locked people up for cannabis—and the space should better reflect those potential implications if her numbers are able to lift.
And then there's the GOP candidate, and the potential for <a href="https://toddharrison.substack.com/p/unlikely-allies">Unlikely Allies</a>.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e6aa30c-e34b-495a-a918-4a86823d2ade_1281x2173.jpeg" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e6aa30c-e34b-495a-a918-4a86823d2ade_1281x2173.jpeg" alt="" /></a></figure>
Around 2PM, we saw a Pelosi pop take MSOS to session highs ($7.82, +5.5%)…
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b9c379b-760d-49fa-b02f-7a23bef56ff6_1479x1635.jpeg" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b9c379b-760d-49fa-b02f-7a23bef56ff6_1479x1635.jpeg" alt="" /></a></figure>
…but with volumes so anemic, and all of $88M notional trading by the end of the day, the market, as a shadow of its former pre-custody f&#x2A;ckery self, continued to more or less trade by appointment and as a public reflection of private equity.
Random Thought
We focus on <a href="https://advisorshares.com/etfs/msos/">the ETF</a> a lot because it&#8217;s the dog with 25 tails and the driver of price in the absence of custody. Two names we own away from the MSO space are $VFF (<a href="https://toddharrison.substack.com/p/it-takes-a-village">big fan</a>) and <a target="_blank" rel="noreferrer noopener" href="https://substack.com/discover/stocks/MAPS">MAPS 8.33%↑</a>, as a listed and liquid trading vehicle.
AGP on U.S. cannabis
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">We view one of the most important takeaways from VP Harris being endorsed by President Biden as the new Democrat nominee as things staying status quo as it relates to cannabis reform, given VP Harris is part of the current administration.
As a reminder, the comment period for the proposed rule to reschedule cannabis to a Schedule III drug ends today, and we expect there to be building speculation as to when a final rule comes heading into the election.
While there could have been some risk to a shift in priorities with a different Democratic candidate, VP Harris increases the likelihood of priorities remaining – and we believe that includes a final rule on rescheduling.
This view is due to the fact of rescheduling allowing VP Harris to demonstrate 1), her ability to drive reform regarding an issue she has been supportive of (before Biden), 2) demonstrating the ability of the administration to deliver on a priority issue, and 3) that current efforts will continue with Biden "passing the baton" to VP Harris.
For these reasons, we view VP Harris as the Democratic nominee as favorable for the prospect of a final rule on rescheduling ahead of the election.
</blockquote>
Beacon on U.S. cannabis:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">&#8220;We believe [JB&#8217;s] final months will be focused on policy wins designed to support other Democrats. Pushing Rescheduling across the finish line will now be part of Biden's legacy. Absent a hearing, we could see a final rule by September/October.&#8221;
</blockquote>
Beacon on Florida cannabis:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">The political action committee supporting the Florida adult-use legalization measure on this November's ballot has now raised over $61M, following $314k in additional donations during the week ending July 12th.
The opposition PAC started by Governor DeSantis had received $129k in donations as of the same cutoff date, though the state's hemp producers have reportedly pledged $5M to the Republican Party to help defeat the measure.
</blockquote>
Jefferies on U.S. cannabis:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><a href="https://www.businesswire.com/news/home/20231106603579/en/Organigram-Announces-C124.6-Million-Investment-from-BAT-and-Creation-of-%E2%80%9CJupiter%E2%80%9D-Strategic-Investment-Pool">The OGI + BAT relationship</a> shows that an appetite for U.S. exposure among broader CPG is building, potentially influenced by the reform momentum at the federal level, and specifically plans to reschedule cannabis this year. If that happens, along with other potential measures like SAFER and a Garland Memo, we think it is very possible we see other CPG looking to get exposure over the next 12 months.
</blockquote>
Stems &amp; Seeds
<a href="https://www.sciencedirect.com/science/article/abs/pii/S1568163724002046">A review concluded that CBD shows various clinical benefits against various neurological and neurodegenerative diseases.</a>
<a href="https://www.marijuanamoment.net/cannabis-is-more-effective-in-treating-musculoskeletal-pain-than-traditional-medications-are-patients-say-in-new-study/">Cannabis More Effective For Musculoskeletal Pain Than Traditional Medications</a>
Housekeeping
I&#8217;ll be heading to Nashville late Wednesday (through Friday) for <a href="https://karate.com/events/kc48">The Karate Combat Championships</a> sponsored by <a href="https://tempters.us/">Tempters</a>.
I've never been to an event like this—or Nashville, for that matter—so I look forward to supporting our port-co/ client and experiencing something new with an investor/ pal who I've known since high school in Woodland Hills, CA. It&#8217;s the little things.
ICYMI, all payments to Cannabis Confidential have been <a href="https://toddharrison.substack.com/p/america-the-beautiful">halted until further notice</a> but (as you can see) I'll continue to write gratis when there is something to say.
Have a safe night and please <a href="https://joelpollack.com/">enjoy responsibly</a>.
If you'd like to help Mission [Green] change federal cannabis policies, please <a href="https://www.projectmissiongreen.org/donate">click here.</a>
CB1 has positions in / advises some of the companies mentioned and nothing contained herein should be considered advice
This article is from an external unpaid contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.
Cover image made with AI

MAPS

Did Pot Just Pivot? Cannabis Preps For Possible Presidential Run

SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) reported its second-quarter financial results Monday. Here's a look at the <a href="https://www.benzinga.com/pressreleases/24/07/n39892941/sap-announces-q2-2024-results">details from the report.&nbsp;</a>
The Details: SAP reported quarterly earnings of 82 cents per share which missed the analyst consensus estimate of $1.19 by 31.26%. Quarterly sales came in at $8.92 billion which missed the analyst consensus estimate of $8.96 billion by 0.42% and represents an 8.81% increase over sales from the same period last year.
Cloud revenue grew 25%, underpinned by 33% Cloud ERP Suite revenue growth, all at nominal and constant currencies, and the company reported its current cloud backlog increased by 28%, both at nominal and constant currencies. IFRS cloud gross profit grew 29% and non-IFRS cloud gross profit grew 28%. 
Read Also: <a href="https://www.benzinga.com/news/24/07/39891006/sunpower-stock-attempts-to-bounce-back-whats-going-on">SunPower Stock Attempts To Bounce Back: What&#8217;s Going On?</a>
&#8220;Our cloud growth momentum remained strong in Q2, with Business AI enabling many deals. We continue to execute on our transformation with great discipline, leading to an increase in our operating profit ambition for 2025. At the same time, we continue to invest into our transformation to be the leader in Business AI. Given our progress and strong pipeline, we are confident to achieve accelerating topline growth through 2027,&#8221; said Christian Klein, SAP&#8217;s CEO. 
Outlook:&nbsp;SAP reiterated its fiscal year 2024 outlook and sees cloud revenue in a range of $18.5 billion and $18.84 billion and non-IFRS operating profit between $8.28 billion and $8.6 billion. The company expects fiscal year 2025 cloud revenue of more than $23.41 billion and non-IFRS operating profit of approximately $11.11 billion. 
SAP Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, SAP shares are up 4.80% after-hours at $210.10 at the time of publication Monday.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39891755/whats-going-on-with-coinbase-shares-today">What&#8217;s Going On With Coinbase Shares Today?</a></li>
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Image: Courtesy of SAP

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