Latest news for hopTo (OTC:HPTO) Stock

hopTo Inc is a developer of application software that includes application virtualization and cloud computing software for multiple computer operating systems. The company's products are sold under the brand name GO-Global, which is sold to small to medium-sized companies, departments within large corporations, governmental and educational institutions, independent software vendors (ISVs), and value-added resellers (VARs). Its GO-Global includes different product families that GO-Global for Windows, UNIX, and Client. Its geographical segments are the United States, Brazil, Japan, and Other countries.

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ALEAFIA HEALTH INC ORD by Aleafia Health Inc.

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hopTo Inc

Major U.S. indices closed lower, influenced by earnings reports from Tesla, Alphabet, and other companies. The Dow Jones Industrial Average fell by 0.1% to 40,358.09, the S&amp;P 500 dropped 0.2% to 5,555.74, and the Nasdaq edged down 0.06% to 17,997.35.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock declined by 2.04%, closing at $246.38. The stock&#8217;s intraday high and low were $255.76 and $245.63 respectively, with a 52-week range of $138.8 to $278.98. Tesla reported <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">second-quarter revenue</a> of $25.5 billion, up 2% year-over-year, exceeding estimates. Despite this, earnings per share fell 43% to 52 cents, missing expectations, and vehicle deliveries and production dropped year-over-year.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)
Alphabet&#8217;s Class A stock closed marginally higher at $181.79 in the regular session and fell 2.19% lower in the after-hours trading to $177.80. Meanwhile, the company&#8217;s Class C saw a slight increase of 0.14%, closing at $183.60 in the regular trading and declined 2.2% in the after-hours to $179.59. Alphabet reported <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">second-quarter revenue</a> of $84.742 billion, beating the consensus estimate. The tech giant also reported quarterly earnings of $1.89 per share, beating analyst estimates. 
See Also: <a href="https://www.benzinga.com/markets/24/07/39877083/elon-musk-may-have-endorsed-trump-but-tesla-would-have-done-even-worse-without-bidens-7-5k-ev-tax-cr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk May Have Endorsed Trump, But Tesla Would Have Done &#8216;Even Worse&#8217; Without Biden&#8217;s $7.5K EV Tax Credit, Says Fund Manager</a>
Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)
Lockheed Martin&#8217;s stock surged by 5.63%, closing at $501.29. The stock&#8217;s intraday high and low were $501.77 and $482.86 respectively, with a 52-week range of $393.77 to $501.77. The company reported second-quarter 2024 <a href="https://www.benzinga.com/news/earnings/24/07/39910061/lockheed-martin-outperforms-in-q2-boosts-2024-projections-on-strong-defense-sales">net sales growth</a> of 9% year-over-year to $18.12 billion, above the consensus. 
Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)
Visa&#8217;s stock dipped by 1.09%, closing at $264.79. The stock&#8217;s intraday high and low were $267.7 and $263.86 respectively, with a 52-week range of $227.68 to $290.96. Visa&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39918848/visa-shares-dip-after-slight-q3-revenue-miss-heres-the-details">third-quarter earnings</a> were $2.42 per share, matching estimates, while sales of $8.9 billion missed expectations slightly. Payments volume and processed transactions grew, but shares fell 2% after hours.
United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>)
UPS&#8217;s stock plummeted by 12.05%, closing at $127.68. The stock&#8217;s intraday high and low were $132.26 and $124.98 respectively, with a 52-week range of $124.98 to $192.98. UPS shares are trading lower after it reported second-quarter 2024 results. Revenue <a href="https://www.benzinga.com/news/earnings/24/07/39903596/ups-q2-earnings-revenue-and-eps-miss-annual-outlook-cut-restarts-stock-buyback">declined 1.1% year-over-year to $21.82 billion</a>, missing the consensus. Adjusted EPS was $1.79, down 29.5% YoY, missing the consensus. 
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39877645/mohamed-el-erian-on-bidens-withdrawal-from-presidential-race-there-is-genuine-uncer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mohamed El-Erian On Biden&#8217;s Withdrawal From Presidential Race: &#8216;There Is Genuine Uncertainty On How Markets Will &#8211; And Should- React To The News&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

GOOG

GOOGL

TSLA

Tesla, Google Parent Alphabet, Lockheed Martin, Visa, UPS: Why These 5 Stocks Are On Investors' Radars Today

Chain Bridge I (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBRG#NASDAQ">CBRG</a>) announced on Monday the acquisition of Phytanix Bio, a pharmaceutical company specializing in the development of therapeutics based on cannabinoid and cannabinoid-like molecules. The transaction, valued at $58 million, also includes the assumption of preferred stock and short-term debt, which will convert to preferred stock upon the deal&#8217;s closure, slated for the <a href="https://www.benzinga.com/calendars/m-a">fourth quarter of 2024</a>.
<h3 class="wp-block-heading">Phytanix Bio&#8217;s Strategic Acquisition Overview</h3>
Phytanix Bio, a company founded by former GW Pharmaceuticals leaders, holds exclusive intellectual property that has been central to the creation of FDA-approved <a href="https://www.benzinga.com/markets/cannabis/23/03/31197289/what-are-cannabinoids-their-types-and-effects">cannabinoid</a>-based medicines like <a href="https://www.benzinga.com/markets/cannabis/21/08/22302058/cannabis-based-sativex-mouth-spray-to-treat-brain-tumors-trial-gets-underway-in-england-with-bac">Sativex</a> and <a href="https://www.benzinga.com/general/biotech/18/08/12239379/sticker-shock-is-gw-pharmaceuticals-epidiolex-really-that-expensive">Epidiolex</a>. With the acquisition, the newly formed entity will be listed on the Nasdaq under the ticker &#8220;PHYX&#8221;, encapsulating a shared vision for advancing therapeutic solutions for conditions with significant unmet medical needs.
The combined company, to be named Phytanix Inc., will be spearheaded by Barrett Evans as CEO, a key figure from EMC2 Capital. Other founders, including Colin Stott and Dominic Schiller, will assume roles as COO and head of legal and IP strategy, respectively, ensuring the continuity of innovative leadership that has previously spearheaded regulatory-approved <a href="https://www.benzinga.com/topic/medical-cannabis" target="_blank" rel="noreferrer noopener">cannabinoid medicines</a>.
<h3 class="wp-block-heading">Leadership Celebrates Strategic Pharma-Cannabis Merger</h3>
"We are very happy to join forces with CBRG," <a href="https://www.globenewswire.com/en/news-release/2024/07/22/2916876/0/en/Chain-Bridge-I-to-Acquire-Phytanix-Bio-Creating-a-New-Public-Company-Focused-on-Developing-Next-Generation-Cannabinoid-and-Cannabinoid-like-Medicines.html">said</a> Evans in a press release. "Phytanix has all the necessary IP, scientific acumen and expertise, as well as management experience to create a new generation of medicines made from cannabinoid and cannabinoid-like molecules for patients with serious unmet medical needs. Our team brings a wealth of firsthand experience and executional knowledge in cannabinoid-based medicine innovation and intellectual property generation."
Furthermore, Andrew Cohen, CEO of Chain Bridge I, mirrored this sentiment, praising Phytanix's promising drug pipeline and seasoned management as pivotal for future successes: "After an exhaustive search for the right partner, we are delighted to merge with Phytanix Bio. The talented founding team has the depth of experience we were looking for in a still nascent industry of developing life-changing cannabinoid and cannabinoid-like medicines."
Real Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39549516/cannabis-extraction-company-ayurcann-to-merge-with-arogo-resulting-in-210m-entity">Cannabis Extraction Company Ayurcann To Merge With Arogo, Resulting In $210M Entity</a>
<h3 class="wp-block-heading">Innovative Cannabinoid Treatments</h3>
Phytanix&#8217;s strategy revolves around leveraging botanically inspired active pharmaceutical ingredients to innovate across various therapeutic areas, improving safety profiles and advancing drugs with known tolerability in humans. The focus is on novel treatments for resistant facial seizures and Painful Bladder Syndrome, conditions that currently have limited effective treatment options.
<h3 class="wp-block-heading">Merger Details And Legal Guidance</h3>
The transaction, which has received unanimous approval from both companies&#8217; Boards of Directors, does not hinge on a minimum cash condition but anticipates raising additional capital through convertible preferred stock post-deal. This approach aims to underpin Phytanix's clinical trials and broader drug development initiatives.
Legal guidance for the transaction is being provided by Nelson Mullins Riley &amp; Scarborough for Chain Bridge I, with Catherine Basinger Evans, Esq., advising Phytanix Bio. Additional details regarding the <a href="https://www.benzinga.com/topic/cannabis-m-a">merger's</a> final stages and governance will be disclosed following regulatory approvals and shareholder votes.
CBRG Price Action CBRG's shares were trading 0.44% lower at $11.20 per share at the time of this writing around 3:15 PM ET Tuesday.
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/05/39094250/this-cannabis-merger-will-cover-25-of-u-s-population-cansortium-riv-capital-powered-by-scottsmir">This Cannabis Merger Will Cover 25% Of U.S. Population: Cansortium &amp; RIV Capital Powered By ScottsMiracle-Gro</a></li>
</ul>
<hr class="wp-block-separator has-alpha-channel-opacity" />
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>.

Cannabis

CBRG

$58M Merger: Chain Bridge I Acquires Cannabinoid Medicines Innovator, Eyes Nasdaq Listing

The deadline for public comments on the Drug Enforcement Administration&#39;s (DEA) rescheduling proposal concluded on Monday July&nbsp;22.
This marks a pivotal moment in the ongoing process of potentially reclassifying certain controlled substances, with significant administrative steps lying ahead.
<h3>Public Sentiment And Key Dates</h3>
The Department of Justice (DOJ) and DEA&nbsp;proposed reclassifying marijuana from Schedule I to Schedule III of the Controlled Substances Act (CSA) on May 21, 2024.
A Benzinga <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">analysis</a> of over 4,000 public comments submitted by May 23 reveals strong support for this move, with 75.9% positive responses. Commenters highlighted the medical advantages and urged alignment with state laws and scientific evidence.
While most support rescheduling, there are calls for complete descheduling. Some argue that rescheduling alone won&rsquo;t address all legal and research limitations.
Key dates include the end of the public comment period on July 22, 2024, with the <a href="https://www.benzinga.com/markets/cannabis/24/05/38920897/infographic-deas-proposed-rules-for-marijuana-what-you-need-to-know">final ruling expected </a>around August 20, 2024, and becoming effective 30 days after publication.
<h3>Biden Administration&rsquo;s Role</h3>
With President Joe Biden in office until January 20, 2025, the Biden administration is expected to prioritize concluding the rescheduling process before Inauguration Day. However, analyst Pablo Zuanic anticipates potential delays if the DEA must address the large volume of comments received.
While the DEA will review the 37,000 submissions, not all will require a response, and an extended review period could further delay the process.
<h3>Potential For ALJ Hearings</h3>
The decision on whether to hold Administrative Law Judge (ALJ) hearings is also pending.
Several state Attorneys General have called for hearings, arguing that they meet the criteria of affected parties. The necessity for these hearings could extend the timeline, with subsequent reports from ALJs potentially causing additional delays.
<h3>Expedited Process Possibility</h3>
Alternatively, Zuanic suggests the DOJ&nbsp;might expedite the process by forgoing hearings and directly moving to finalize the rule. Despite this possibility, hearings will likely be held, lengthening the process.
<h3>Timeline</h3>
According to <a href="https://www.benzinga.com/topic/pablo-zuanic">Zuanic</a>, to meet the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38905962/cannabis-rescheduling-when-will-it-happen-expert-lays-out-timeline-risks-and-wild-c">January 2025 deadline</a>, the final ruling must be published in the Federal Register by December 21, 2024. If Vice President Kamala Harris wins the election, her administration would complete the process. If not, the DOJ might accelerate its efforts under a different administration.
<h3>Legal And Legislative Uncertainties</h3>
Legal uncertainties remain, including the potential for judicial interventions. Additionally, legislative changes, such as those proposed by Representatives Nancy Mace and Rashida Tlaib, could influence the process by lifting restrictions on the DEA&rsquo;s ability to reschedule substances.
<h3>What If Rescheduling Takes Place?</h3>
This transition will involve the release of new regulations from the DEA, which will detail <a href="https://www.benzinga.com/markets/cannabis/24/05/38881456/bidens-greenlight-what-to-know-about-fed-regulated-marijuana-markets-legal-circuits-and-complian">prescribing and dispensing protocols</a>, aligning cannabis with <a href="https://www.benzinga.com/markets/cannabis/24/05/38905472/cannabis-meets-prescription-drugs-steroids-and-ketamine-in-schedule-iii-what-it-means-key-stocks">other Schedule III substances</a>.
Analysts expect that if rescheduled, cannabis will benefit from tax reforms and enhanced research opportunities, though the regulatory landscape will need to address challenges such as FDA approval and insurance coverage for broader access.
Read next: <a href="https://www.benzinga.com/markets/cannabis/24/07/39908970/trump-and-desantis-supporters-love-their-cannabis-is-rift-between-anti-weed-politicos-pot-users-">Trump And DeSantis Supporters Love Their Cannabis: Is Rift Between Anti-Weed Politicos, Pot Users Brewing In The Sunshine State</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.

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As Election Buzz Swirls Around Biden And Harris, DEA Comment Period Ends: What's Next For Cannabis Rescheduling?

The Governor of Guam, Lou Leon Guerrero (D), recently signed into law Sen. William Parkinson&#8217;s (D) bill that allows cannabis cultivation and sale without laboratory testing. Under the new law, cannabis will be exempted from testing until there's a marijuana testing facility accredited or certified by the Americans for Safe Access Patient Focused Certification Program, or for the next two years, whichever comes first. The bill takes effect 90 days after enactment.
In Guam, a US territory, cannabis has been legal for adult use since 2019. The bill that just became law was introduced in March 2024 amid struggles to get the industry rolling, without an established testing laboratory in Guam. Prior to the testing exemption, the law demanded that all cannabis and cannabis products be tested for potency and safety before being sold, <a target="_blank" href="https://www.postguam.com/news/cannabis-testing-exemption-and-14-other-bills-now-law/article_0e656124-4805-11ef-9604-bfe7f09734ae.html" rel="noreferrer noopener">writes The</a> Daily Guam Post.
&#8220;There are benefits and safeguards to laboratory testing, but I also recognize the apprehension of investing in an expensive laboratory testing facility without knowing the value of the market," the governor stated. "Bill 260-37 finds a balance through labeling and reassurances from cannabis cultivators to ensure safety, in order to give an opportunity for these businesses to open and create a market. Once a market is established, investors will have data points to justify investing in a laboratory testing facility,&#8221; the governor added.
Read Also: <a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/07/39778288/maines-medical-marijuana-law-does-not-require-lab-testing-public-health-advocates-want-that-to-c" rel="noreferrer noopener">Maine&#8217;s Medical Marijuana Law Does Not Require Lab Testing, Public Health Advocates Want That To Change</a>
Parkinson told the outlet that the exemption doesn't just apply to marijuana plants, but to all products, such as edibles, because Guam's law defines cannabis very broadly. It includes all parts of the plant, such as seeds, resin, concentrates, etc. The law also contains marking and labeling provisions, meaning that cannabis flowers or buds must be properly labeled to reveal the amount, strain, batch number, date of harvest, and the name and address of both the cultivation and manufacturing companies.
Under the law, businesses need to put various disclaimers such as that cannabis is addictive and can impair an individual&#8217;s ability to drive, that it has not been tested for contaminants, and that should be put out of reach of children, among others.
In order to deliver and sell cannabis flower or buds, growers must attest under penalty of perjury that their flowers or buds meet the contaminant regulations found in Section 9802 (F) (2) of the Cannabis Testing Facility Standards and Testing Protocols.
<h2 class="wp-block-heading">Bill Protecting Employment</h2>
Additionally, another cannabis-related bill became law on Monday but without the governor's signature. A measure called the "Responsible Cannabis User Employment Protection Act" or Bill 6, also sponsored by Parkinson, aims to prevent any employer, landlord, college, <a href="https://www.benzinga.com/markets/cannabis/23/03/31137674/cannabis-in-guam-weed-tax-funds-in-nm-mmj-in-kentucky-pot-home-grow-delays-in-wa-state" target="_blank" rel="noreferrer noopener">or government agency from testing</a> for <a href="https://www.benzinga.com/cannabis" target="_blank" rel="noreferrer noopener">cannabis as</a> a condition of employment, housing, education, or government services.
Continue reading on <a target="_blank" href="https://www.postguam.com/news/cannabis-testing-exemption-and-14-other-bills-now-law/article_0e656124-4805-11ef-9604-bfe7f09734ae.html" rel="noreferrer noopener">The Daily Guam Post</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/asia/24/02/37249944/cannabis-banking-in-guam-home-cultivation-in-costa-rica-hemp-hits-australia-more-global-updates" target="_blank" rel="noreferrer noopener">Cannabis Banking In Guam</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39895214/cannabis-stocks-react-to-biden-announcement-mondays-closing-market-moves" target="_blank" rel="noreferrer noopener">Cannabis Stocks React To Biden Announcement: Monday&#8217;s Closing Market Moves</a></li>
</ul>
To learn more about cannabis regulation, join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">Get your tickets now before</a> prices surge by following <a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">this link</a>.
Photo: Courtesy of Michele Ursi via Shutterstock

Cannabis Sales Without Lab Testing Now Legal In Guam

The stock of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) experienced a significant drop in after-hours trading following a bold statement by CEO Elon Musk <a href="https://www.benzinga.com/markets/equities/24/07/39922189/elon-musk-talks-robotaxi-delay-nvidia-clusters-and-mexican-gigafactory-postponement-amid-tariff-">regarding vehicle autonomy</a>. The stock&#8217;s plunge came despite the company&#8217;s second-quarter financial results, which were described as &#8220;impressive&#8221; by Jim Cramer.
What Happened: Gene Munster, a tech analyst at Deepwater Asset Management highlighted Musk&#8217;s statement during the second-quarter financial results call on X. 
&#8220;I recommend anyone who doesn&#8217;t believe that Tesla will solve vehicle autonomy should not hold Tesla stock. They should sell their Tesla stock. If you believe Tesla would solve autonomy should buy Tesla stock. And all these other questions are noise,&#8221; Musk said.
Musk also responded to Munster&#8217;s post on X, commenting, &#8220;Yup.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Elon said it all as when he wrapped up the call: &quot;I recommend anyone who doesn&#39;t believe that Tesla will solve vehicle autonomy should not hold Tesla stock. They should sell their Tesla stock. If you believe Tesla would solve autonomy should buy Tesla stock. And all these other… <a href="https://t.co/PLumDpss1I">https://t.co/PLumDpss1I</a>
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1815886117935444367?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Despite the stock&#8217;s decline, Cramer expressed his admiration for the conference call, particularly Musk&#8217;s insights on autonomy, humanoids, and batteries, in a post.
Cramer said, &#8220;I know that Tesla&#8217;s stock is down in after hours but, holy cow, what a terrific conference call: tutorial on autonomy, humanoids, batteries&#8230;really impressive&#8230;&#8221;<a href="https://x.com/jimcramer/status/1815921349493199155"></a>
See Also: <a href="https://www.benzinga.com/news/24/07/39883677/investors-anticipate-unraveling-of-trump-trade-as-biden-exits-presidential-race-but-analyst-says-its?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Anticipate Unraveling Of &#8216;Trump Trade&#8217; As Biden Exits Presidential Race, But Analyst Says &#8216;It&#8217;s A Bit Too Early For The Markets To Declare Victory For Trump&#8217;</a>
Why It Matters: The drop in Tesla&#8217;s stock comes on the heels of the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">second-quarter financial results</a>, which were a mixed bag. While the company&#8217;s revenue of $25.5 billion beat the Street&#8217;s consensus estimate, the EPS, operating margins, and free cash flow fell short, leading to a post-market session decline in Tesla&#8217;s stock. 
Musk also discussed various aspects of the company&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39922189/elon-musk-talks-robotaxi-delay-nvidia-clusters-and-mexican-gigafactory-postponement-amid-tariff-">operations during the call</a>, including a robotaxi delay and the company&#8217;s energy business.
Moreover, Musk has been in the news for other reasons as well. He recently initiated a poll on X (formerly Twitter) to gauge whether <a href="https://www.benzinga.com/news/24/07/39922283/elon-musk-is-polling-x-and-asking-if-tesla-should-invest-5b-in-grok-parent-xai-this-is-just-to-test">Tesla should invest $5 billion in his AI company</a> and Grok-parent, xAI.
Additionally, Musk refuted <a href="https://www.benzinga.com/news/24/07/39900117/elon-musk-denies-45m-monthly-donation-to-trump-clarifies-true-purpose-of-the-america-pac-in-intervie">claims of donating</a> $45 million monthly to former President Donald Trump&#8216;s campaign in an interview with psychologist and conservative commentator Dr. Jordan Peterson.
Price Action: Tesla's stock closed at $246.38 on Tuesday, down 2.04% for the day. In after-hours trading, the stock fell further 7.77%. Year to date, the stock has decreased by 0.82%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
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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>

Elon Musk's Strong Conviction Highlighted By Gene Munster: 'Anyone Who Doesn't Believe That Tesla Will Solve Vehicle Autonomy Should Not Hold Tesla Stock'

Iowa beverage manufacturers are embroiled in a legal battle with the state over a new law that restricts THC levels in adult beverages. The companies claim the state knowingly approved 12-ounce cans with up to 10 servings of THC each, contradicting the new law&#39;s limits.
Local media reported ten Iowa companies have filed a federal lawsuit to block the enforcement of the new hemp law, which restricts THC levels in consumables.
The companies <a href="https://iowacapitaldispatch.com/2024/07/16/companies-claim-state-approved-thc-drinks-with-10-servings-per-12-ounce-can/?fbclid=IwZXh0bgNhZW0CMTEAAR30NfpGcnYXmqJoVt2Z2OsSMuaq9JOo9bp1gilMAYw7aVngbJO4_t-xvN8_aem_JCH7qEOxnUSTiRKuXShu9w">argue</a> that House File 2605 and House File 2641, passed this year, are preempted by federal law. They allege that the new law needs to be more specific, leaving them uncertain about what constitutes lawful business practices.
<h3>Unofficial &ldquo;Shadow-Banned&rdquo; By Retailers</h3>
The <a href="https://www.benzinga.com/news/23/02/31004589/iowa-dems-present-bill-to-legalize-recreational-cannabis-expand-mmj-while-republicans-fight-for-deat">Iowa</a> Attorney General&#39;s office argues that no state defines serving sizes for food and beverages because federal law requires companies to determine and label serving sizes.
&quot;To know how many servings are in their products, (the companies) need only look to the side of their cans,&quot; the office stated.
The companies argue that the law&rsquo;s vagueness has led to their products being unofficial &ldquo;shadow-banned&rdquo; by retailers. They claim state regulators have refused to clarify which products are legal.
<h3>Public Safety And Regulatory Changes</h3>
The state&#39;s attorneys argue that the litigation stems from the companies&rsquo; opposition to <a href="https://www.benzinga.com/markets/cannabis/24/05/38917867/iowa-gop-governor-signs-bill-limiting-thc-content-in-hemp-derived-consumable-products">public safety measures</a>.
The law limits THC in consumable hemp products to four milligrams per serving. Federal law defines a serving as &quot;an amount customarily consumed,&quot; typically 12 ounces for beverages. The companies argue that the state needs to consistently apply this standard, as it previously allowed manufacturers to determine serving sizes.
U.S. District Court Chief Judge Stephanie M. Rose recently denied an initial motion for a preliminary injunction but expressed concerns about the law&#39;s vagueness. The companies have incorporated these concerns into their <a href="https://www.benzinga.com/markets/cannabis/24/06/39460763/iowa-beverage-companies-file-lawsuit-challenging-state-changes-to-thc-potency-restrictions">renewed push</a> for an injunction.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39781066/libertarians-back-florida-cannabis-legalization-5m-from-hemp-execs-to-gop-green-waves-in-red-sta">Libertarians Back Florida Cannabis Legalization, $5M From Hemp Execs To GOP: Green Waves In Red States</a>
These issues will be a hot topic&nbsp;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;

Shadow-Banned By Retailers, Iowa Beverage Manufacturers Sue State Regulators Over New THC Law

Thailand&#8217;s Deputy Prime Minister and Bhumjaithai (BJT) party leader, Anutin Charnvirakul, confirmed Tuesday that Prime Minister Srettha Thavisin agreed that proper regulation is a better solution than reclassification. It's still not clear how both medical and recreational cannabis use will be regulated, but the announcement suggests a step back from proposed reclassification,&nbsp;&nbsp;<a target="_blank" href="https://theedgemalaysia.com/node/719998" rel="noreferrer noopener">writes</a> Bloomberg.
In June, the Thai government decided to reverse its 2022 marijuana decriminalization decision by <a href="https://www.benzinga.com/markets/asia/24/06/39298781/thailand-unveils-proposals-making-cannabis-illegal-again-and-reduce-meth-possession-limits" target="_blank" rel="noreferrer noopener">relisting parts of the cannabis plant as a narcotic</a>, starting January 1, 2025. While Thailand became the first country in Southeast Asia to allow legal recreational use of marijuana, it has never been properly regulated, resulting in a proliferation of cannabis shops across the country.
According to Tuesday's statement by Charnvirakul, whose party was instrumental in the decriminalization, Thavisin is now reversing course.
&#8220;I thank the prime minister for considering this matter and deciding on issuing an act,&#8221; Charnvirakul said, <a href="https://www.usnews.com/news/world/articles/2024-07-23/thailand-to-legislate-marijuana-for-medical-use-deputy-pm-says" target="_blank" rel="noreferrer noopener">reported</a> Reuters.
Read Also: <a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/06/39140255/japan-could-become-first-to-allow-cbd-in-food-thailands-medical-marijuana-costs-increase-6x-trig" rel="noreferrer noopener">Thailand&#8217;s Medical Marijuana Costs Increase 6X Triggering Recriminalization</a>
<h2 class="wp-block-heading">Hunger Strike, Political Party Influence?</h2>
What led to the Prime Minister's change of heart?
Shortly after the Thai government issued draft legislation to reclassify cannabis, marijuana enthusiasts <a href="https://www.benzinga.com/markets/cannabis/24/07/39694786/video-cannabis-advocates-in-thailand-protest-reclassification-stressing-need-for-scientific-revi" target="_blank" rel="noreferrer noopener">called for a scientific review</a> and for cannabis to be regulated under a special law to address any issues of concern. Pro-cannabis activists quickly took things even further and began <a href="https://www.benzinga.com/markets/cannabis/24/07/39817884/thai-cannabis-advocates-on-hunger-strike-to-protest-recriminalization-of-marijuana-health-minist" target="_blank" rel="noreferrer noopener">a hunger strike on July 10 </a>to demand that the government listen to their views. The hunger strike ended after 10 days, and the organization behind it, Cannabis Future Network, announced the formation of a people&#8217;s committee with representatives from all relevant parties to study and analyze marijuana&#8217;s impact on society. The report is meant to be completed in two months and presented to the public and authorities in charge of marijuana regulation.
Charnvirakul also recently <a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/07/39875683/deputy-prime-minister-of-thailand-speaks-out-against-govs-decision-to-recriminalize-cannabis-adv" rel="noreferrer noopener">expressed opposition to cannabis reclassification</a>, saying that the government's decision lacks convincing evidence to justify changing the status of marijuana. He also pointed out that politicians from his party have the right to vote against the proposal.
On the other hand, people supporting recriminalization of the plant also voiced their support. Last week, the Youth Network Against Cannabis (YNAC) and several other health advocacy groups gathered at the NCB&#8217;s headquarters to submit a petition for the change in status. According to the report, the petition was co-signed by 200,000 people.
<h2 class="wp-block-heading">Economic Benefits, Impact On Tourism</h2>
Since cannabis decriminalization more than 1.1 million people registered for licenses to grow and tens of thousands of pot shops opened their doors, the industry is projected to be worth $1.2 billion by 2025, unless new laws restrict it.
With so many cannabis operations, there's no doubt that re-criminalization would have an economic impact. Somkiat Nitiketkosol, owner of the "Suan Fah Yim" marijuana farm stressed that if the government proceeds with its plan it must offer assistance to farmers who are licensed to cultivate marijuana.
Furthermore, Thailand's Tourism Ministry reported Tuesday that it had 19.6 million foreign tourist arrivals from January to July 21 period, which is 34% more than in the same period a year earlier. The target for this year is 40 million foreign arrivals. Tourism is one of the biggest employers and contributors to the country's economy. Would cannabis reclassification impact Thailand's tourism industry, which is recovering from the pandemic?
It's possible, considering that the country is a popular destination for medical tourism and wellness travel and numerous wellness brands jumped on the opportunity quickly after decriminalization by <a target="_blank" href="https://www.benzinga.com/markets/asia/22/02/25844248/marijuana-and-exotic-destinations-will-thailand-become-the-next-cannabis-tourism-hotspot" rel="noreferrer noopener">upgrading its offers</a>.
While there are no government figures on how many tourists come specifically to consume cannabis, Kueakarun Thongwilai, manager of a Bangkok pot shop, projects at least 70%-80% of his customers are foreigners, primarily from Asian countries like Japan, Malaysia, China and the Philippines, and some from Europe, <a href="https://apnews.com/article/thailand-cannabis-tourism-asia-ad54d1ff0ba57ecaadf75aa48072f8db" target="_blank" rel="noreferrer noopener">writes</a> the Associated Press. Singapore's Central Narcotics Bureau announced plans to randomly test people returning from Thailand. China's embassy in Thailand also cautioned Chinese tourists that consuming cannabis abroad could lead to penalties upon their return, as such actions are considered domestic violations.
It's hard to say if the protests against cannabis recriminalization, the Bhumjaithai (BJT) party's opposition, and potential impacts on the economy and tourism were responsible for the Prime Minister's decision to regulate, but they must have had some effect.
Read Next:
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</ul>
To learn more about cannabis regulation at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">this link</a>.
Photo: Courtesy of Nelson Antoine via Shutterstock

Thailand Will Not Re-Criminalize Cannabis, Prime Minister Agrees To Regulate Industry Instead - What Made Him Change His Mind?

The value of&nbsp;Neuralink, the brain implant company founded by Elon Musk, has skyrocketed&nbsp;<a href="https://www.benzinga.com/news/24/05/38955288/neuralink-patient-looks-to-monetize-himself-on-social-media-gets-elon-musks-support-for-streaming-ra">following its first human trial</a>, leading some employees to reportedly gear up for a possible stock sale. 
What Happened: Neuralink might initiate a tender offer as soon as next month to repurchase shares from staff looking to sell, reported Reuters, citing two people briefed on the matter.
The company&#8217;s shares&nbsp;are not publicly traded, and&nbsp;selling them without Neuralink&#8217;s approval involves intricate procedures on specialized private market exchanges.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39879895/if-youre-a-lawyer-for-crowdstrike-youre-probably-not-going-to-enjoy-the-rest-of-your-summer-say-dan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;If You&#8217;re A Lawyer For Crowdstrike, You&#8217;re Probably Not Going To Enjoy The Rest Of Your Summer&#8217;: Microsoft-Crowdstrike Outage Could Top $1B In Costs, Analyst Says</a>
Neuralink&#8217;s valuation has reportedly climbed&nbsp;to as much as $8&nbsp;billion, over twice its value last year, based on secondary market trades. 
The brain implant company&#8217;s inaugural human trial was deemed a success, and Neuralink is gearing up for additional&nbsp;trials in Britain and Canada.
Musk has traditionally created a scarcity of shares in his startups, including SpaceX and xAI, making them highly coveted, according to the report.
This scarcity is evident in recent trades, with buyers on private exchanges paying&nbsp;a premium of between 84% and 137% to <a href="https://www.benzinga.com/news/23/06/32859330/people-are-lining-up-for-elon-musks-neuralink-brain-implant-heres-how-you-can-invest-in-brain-techno">Neuralink&#8217;s valuation</a> in its last private fundraising round in November, the report noted.
Neuralink did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Why It Matters: This surge in Neuralink&#8217;s valuation comes amidst <a href="https://www.benzinga.com/news/24/06/39432738/elon-musks-neuralink-rival-paradromics-gears-up-for-human-trials-of-brain-implant">increasing competition in the brain-computer</a> interface market, with rivals like Paradromics gearing up for human trials of their own brain implants.
In May, Noland Arbaugh, <a href="https://www.benzinga.com/news/24/05/38955288/neuralink-patient-looks-to-monetize-himself-on-social-media-gets-elon-musks-support-for-streaming-ra">the first Neuralink patient</a>, reached the 100-day milestone since having the chip implanted in his brain. &#8220;I would like to find some way to provide for myself long-term, build a house for me and my family if I can, and not be a burden on those around me any longer,&#8221; Arbaugh stated at the time.
Earlier this month, during a video update, Musk said that <a href="https://www.benzinga.com/news/24/07/39722865/elon-musks-neuralink-aims-to-boost-brain-implant-patients-to-high-single-digits-by-year-end-the-idea">Neuralink aims to increase</a> the number of brain implant patients to high single digits by the end of the year. He has also spoken about his <a href="https://www.benzinga.com/news/24/07/39728003/elon-musk-says-over-1-000-neuralink-chip-implantations-achievable-in-2026">ambitious goal of achieving</a> 1,000 Neuralink chip implantations by 2026.
Photo courtesy: Shutterstock
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<li><a href="https://www.benzinga.com/news/24/07/39873131/apple-skips-tsmcs-2nm-chip-for-iphone-17-unveils-first-ios-18-public-beta-and-more-this-week-in-appl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Skips TSMC&#8217;s 2nm Chip For iPhone 17, Unveils First iOS 18 Public Beta And More: This Week In Appleverse</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Elon Musk's Brain Chip Company Neuralink Employees Eye Stock Sale After Valuation Surge: Report

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