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Legal cannabis sales in Michigan achieved a record high of $837 million in Q2 2024, marking a 6% increase from $793 million in Q1 2024 and an 11% rise from $753 million in Q2 2023, according to a report by Beacon Securities. June&#39;s total sales were $279 million, slightly down by less than 1% from May but up 7% year-over-year from $261 million in June 2023.
<h2>Retailer Insights</h2>
The report noted a decline in the active retailer count for the second time since October 2021, decreasing by three stores. Average revenue per retailer was $343,000 in June, remaining flat month-over-month but down 6% year-over-year from $366,000 in June 2023.
<a href="https://www.benzinga.com/topic/beacon-securities-limited">Beacon&#39;s analysts</a> attributed this decline to a 16% year-over-year increase in the number of stores. Quarterly average revenue per retailer rose to $1.04 million in Q2 2024, a 2% increase from Q1 2024 but a 4% decrease from Q2 2023.
<h3>Breakdown Of Sales</h3>
Adult-use <a href="https://www.benzinga.com/markets/cannabis/24/07/39820832/michigan-top-seller-of-legal-cannabis-in-us-reports-flat-sales-in-june-colorados-marijuana-downt">cannabis sales</a> constituted the majority, with $277.4 million in June 2024, a 9% year-over-year increase from $254.2 million in June 2023. Medical use sales, however, experienced a significant decline, totaling $1.4 million in June 2024, down 78% year-over-year from $6.6 million in June 2023.
<h3>Market Analysis</h3>
<a href="https://www.benzinga.com/topic/michigan-cannabis">Michigan&#39;s cannabis market</a> is thriving, marked by <a href="https://www.benzinga.com/markets/cannabis/24/07/39758729/cannabis-concentrates-brands-with-strong-growth-acquisition-targets-amid-industry-consolidation">high-growth brands </a>and a robust market structure. The Beacon Securities report highlighted the performance of notable public companies in Michigan, including Ascend Wellness (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aawh#OTC">AAWH</a>), Grown Rogue (OTC: <a class="ticker" href="https://www.benzinga.com/stock/grusf#OTC">GRUSF</a>), TerrAscend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tsndf#OTC">TSNDF</a>), and Red White and Bloom (CNSX: RWB).
Key players such as Goodlyfe Farms, Galactic, and Society C have each exceeded $5 million in sales, positioning themselves as prime acquisition targets amid ongoing industry consolidation.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/06/39207863/michigan-beats-california-in-legal-cannabis-sales-why-is-golden-states-weed-industry-losing-its-">Michigan Beats California In Legal Cannabis Sales: Why Is Golden State&#39;s Weed Industry Losing Its Shine?</a>
A <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38282615/cannabis-brands-leading-market-expansion-in-east-midwest-a-look-at-prices-and-trend">sector analysis</a> by Pablo Zuanic of Zuanic &amp; Associates underscores that Michigan&#39;s market is highly fragmented, with Cresco&#39;s High Supply (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>) and Ascend Wellness&#39;s Ozone leading various segments, including the flower category.
Despite challenges, Michigan&#39;s legal cannabis market outpaced California in unit sales, with Michigan selling 22 million cannabis products in March compared to California&#39;s 21.3 million.
<h2>What Makes Michigan Special?</h2>
Michigan&#39;s cannabis industry hit a milestone in 2023, with licensed dispensaries recording $3.06 billion in sales, a 25% increase from the previous year. This surge boosted the local economy and generated over $457 million in <a href="https://www.benzinga.com/markets/cannabis/24/06/39174875/over-20-billion-in-green-cannabis-is-a-lucrative-harvest-for-legal-weed-states">new taxes</a>, benefiting local governments, schools
and roads.
<h3>Expansion Of Dispensaries And Licenses</h3>
The industry&#39;s growth is evident with the addition of 120 new dispensaries in 2023, bringing the statewide total to approximately 750. Detroit&#39;s recent entry into the recreational cannabis sector has notably contributed to this expansion.
<h3>Challenges In Pricing And Market Saturation</h3>
Despite booming sales, the average price of an ounce of adult-use flower dropped from $512 in January 2020 to $80 in January 2023, slightly recovering to $90.08 in December 2023. This price drop posed difficulties for dispensaries and growers.
<h3>Michigan&#39;s Market Dynamics</h3>
Michigan&#39;s<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35248283/michigans-unrestricted-but-limited-cannabis-market-surges-say-experts"> &quot;unrestricted but limited&quot; cannabis market</a>, characterized by intense competition and robust consumer growth&nbsp;continues to thrive.
Key factors include licensing, competition, pricing, and cross-border trading, with low prices and retail proximity being major drivers of consumer choice.
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36874881/key-success-states-legal-marijuana-market-weed-sales">&nbsp;EXCLUSIVE: Decoding Michigan&#39;s Cannabis Boom - Record Sales Of $3B And $457M In Taxes In 2023</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;

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TSNDF

Michigan's Cannabis Market Hits $837M Record: What's Driving The Boom In The Midwest?

It's been more than three months since <a href="https://www.benzinga.com/markets/cannabis/24/04/38023610/heres-what-you-need-to-know-about-weed-legalization-in-germany-that-just-took-effect">German cannabis legalization took effect</a> and one of the biggest breakthroughs under this law is simplified medical marijuana use. David Henn, founder of pharmaceutical supplier Cannamedical told ASB Zeitung in a recent <a href="https://aussiedlerbote.de/en/will-cannabis-be-the-new-ibuprofen/" target="_blank" rel="noreferrer noopener">interview</a> exactly what this means.
Cannamedical is importing raw cannabis material from abroad and distributing it across Europe. This means that each flower is still trimmed in Germany and Cannamedical is in charge of packing and labeling.
Henn explained that before cannabis reform, medical marijuana was considered the last resort, and only a small number of doctors were able to prescribe it. "Since April 1st, Cannabis is regulated as the equivalent of Ibuprofen 600," he said. "Therefore, all 418,000 practicing doctors in Germany can prescribe it."
<h2 class="wp-block-heading">Doubling The Number Of Medical Marijuana Patients</h2>
He further highlighted that the demand has grown accordingly. "The medical market consisted of approximately 100,000 patients beforehand. In the last two to three months, this number has doubled. We assume that this growth will continue."
Niklas Kouparanis, co-founder and CEO of a Frankfurt-based medical cannabis holding company the Bloomwell Group, predicted this kind of growth in a December interview with Benzinga. "The number of medical marijuana patients will&nbsp;rapidly&nbsp;increase as it can&nbsp;be <a href="https://www.benzinga.com/markets/cannabis/23/12/36423626/this-european-country-is-expected-to-have-millions-of-medical-marijuana-patients-say-experts" target="_blank" rel="noreferrer noopener">prescribed as regular Rx medication</a>," Kouparanis said. He added that not only costs will decrease, but that the patients will be able to use only prescriptions.
"Our country of 83 million, which currently has between 200,000-300,000 medical patients, will see its number of medical cannabis patients multiply between seven and ten times, into the millions," Kouparanis pointed out at the time.
On Feb.23rd, Germany <a href="https://www.benzinga.com/markets/cannabis/24/02/37285461/breaking-germany-becomes-third-eu-country-to-legalize-cannabis" target="_blank" rel="noreferrer noopener">became the third country</a> in the European Union to legalize adult-use cannabis after <a href="https://www.benzinga.com/markets/cannabis/21/12/24601584/maltas-parliament-says-yes-to-cannabis-legalization-becoming-first-in-europe-to-legalize-weed" target="_blank" rel="noreferrer noopener">Malta</a> and<a href="https://www.benzinga.com/markets/cannabis/23/06/33063370/another-eu-country-legalizes-weed-top-gov-official-calls-cannabis-criminalization-a-failure" target="_blank" rel="noreferrer noopener"> Luxembourg</a>. Under this first pillar of cannabis legalization, adults over 18 can legally possess up to 25 grams of dried cannabis flower and cultivate up to three marijuana plants at home. The German government is working on the second pillar of its cannabis legalization law–setting up municipal five-year pilot programs for state-controlled marijuana to be sold in licensed shops.
On July 8, Germany <a href="https://www.benzinga.com/markets/cannabis/24/07/39690787/first-cannabis-club-in-germany-opens-lawmaker-says-it-will-stem-illicit-marker-cops-say-the-oppo" target="_blank" rel="noreferrer noopener">opened its first cannabis social club</a>, just one week after the law allowing these places took effect.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39730706/is-germany-poised-to-become-the-next-weed-epicenter-in-europe" target="_blank" rel="noreferrer noopener">Is Germany Poised To Become The Next Weed Epicenter In Europe?</a>
<h2 class="wp-block-heading">Stigma Exists, But Fading; Big Pharma Not A Threat</h2>
While medical marijuana across various U.S. states is indicated for a myriad of health conditions, currently in Germany most common uses include epilepsy or pain treatments. Furthermore, elderly people are starting to turn away from classical medication and towards natural options like cannabis, adds Henn.
"We receive many signals from doctors who are looking for alternative administration forms for their patients," Henn said. "We conduct training sessions, we have our own Medical Hotline, which is available to doctors." He confirms that there is still a lot of stigma and skepticism among health practitioners, but that will change with time.&nbsp;&nbsp;
When it comes to the often-mentioned concern that pharma giants might be interested in entering the industry, Henn doesn&#8217;t seem concerned. 
"I&#8217;m sure the pharmaceutical industry has thrown an eye at the therapy with medical Cannabis in Germany. Just as the tobacco industry has. But ultimately, the Cannabis market is still too small for the large pharmaceutical industry."
Continue <a href="https://aussiedlerbote.de/en/will-cannabis-be-the-new-ibuprofen/" target="_blank" rel="noreferrer noopener">reading</a> on ASB Zeitung.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39674988/11-best-countries-for-weed-consumption-and-vacation-this-summer-in-europe-no-spain-is-not-no-1-b" target="_blank" rel="noreferrer noopener">11 Best Countries For Weed Consumption And Vacation This Summer In Europe (No, Spain Is Not No.1 But It&#8217;s Close)</a></li>
</ul>
Photo: Benzinga edit with image by RDNE Stock project via Pexels and <a href="https://upload.wikimedia.org/wikipedia/commons/a/a3/Ibuprofeenitabletteja.JPG">Wikimedia Commons.</a>

Medical Marijuana Regulated As Ibuprofen Is One Of The Biggest Breakthroughs Of Germany's Cannabis Law

Pierre Ferragu, an analyst at New Street Research and a known advocate of Tesla Inc., took a swipe at OpenAI&#8217;s ChatGPT.
What Happened: On Wednesday, in a post on X, formerly Twitter, Ferragu criticized generative AI, such as ChatGPT, saying that they often feel as ineffective as a call center representative reading from a script.
&#8220;Generative AI will do great in call centers. Chat GPT et al. regularly feel about as useless as the poor soul on the other end of the line, reading you a scripted answer,&#8221; he stated.
Despite this, he expressed optimism about the future of generative AI, predicting that it will soon outperform call centers, although the tone of post suggested that he was saying this in a sarcastic manner.
&#8220;At the same time, I am confident Generative AI will soon exceed call center capabilities. I find ChatGPT more and more capable of correcting itself, when challenged. I don't remember experiencing that with any mainstream call center!&#8221;
See Also: <a href="https://www.benzinga.com/news/24/07/39759624/meta-removes-heightened-penalties-on-donald-trumps-accounts-a-day-after-ex-president-threatens-to-pu?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta Removes &#8216;Heightened Penalties&#8217; On Donald Trump&#8217;s Accounts A Day After Ex-President Threatens To Put Mark Zuckerberg In Jail</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">At the same time, I am confident Generative AI will soon exceed call center capabilities. I find ChatGPT more and more capable of correcting itself, when challenged. I don't remember experiencing that with any mainstream call center! &#x1f602;
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1813568560981311734?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: OpenAI&#8217;s ChatGPT is a powerful AI model designed to understand and generate human-like text based on the information a user gives it. 
It has been a game-changer in various industries, especially call centers, offering 24/7 service, increased efficiency, and personalized customer interactions. 
Its capacity for understanding context and nuances, as well as its ability to generate coherent, detailed responses, makes it an excellent tool for the first line of customer service.
Ferragu has previously expressed his optimism about Elon Musk's artificial intelligence venture, xAI, highlighting several factors that he believes give <a href="https://www.benzinga.com/news/24/04/38216229/tesla-bull-pierre-ferragu-says-xai-has-a-massive-advantage-elon-musks-presence-is-killing-groupthink">xAI a competitive edge over</a> its peers.
He has also publicly favored Musk-led xAI's Grok over rival platforms, including ChatGPT, demonstrating this by sharing a collage of screenshots where Grok was the only chatbot that provided a <a href="https://www.benzinga.com/news/24/06/39220379/pierre-ferragu-lists-a-reason-why-elon-musks-chatgpt-rival-will-eventually-win-pitches-grok-against">satisfactory response to his query</a>.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39742991/elon-musk-surprised-to-learn-tesla-influencer-earns-50-100-times-more-at-youtube-than-at-x-wow-you-r?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Surprised To Learn Tesla Influencer Earns 50-100 Times More At YouTube Than At X: ‘Wow, You Really Get So Much…'</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Tech

Tesla Bull And Grok Investor Pierre Ferragu Compares ChatGPT With Predicament Facing Call Center Employees: 'Feel About As Useless As The Poor Soul On The Other End Of The Line'

Robert Kaplan, the former president of the Federal Reserve&#8217;s Dallas branch, in light of <a href="https://www.benzinga.com/news/24/07/39812270/jerome-powells-top-advisor-hints-at-feds-potential-rate-cut-plans-all-moving-in-the-right-direction">recent progress on inflation</a>, predicts a potential interest rate cut in September. However, he does not anticipate this to mark the beginning of a full-fledged rate-cut cycle.
What Happened: Kaplan, who is currently the vice chairman at Goldman Sachs Group Inc., suggested that the Fed might consider a rate cut in September, with the possibility of another in December, <a href="https://www.bloomberg.com/news/articles/2024-07-18/former-fed-official-kaplan-sees-rate-cut-likely-in-september">reported</a> Bloomberg on Thursday. 
&#8220;Its path for September is pretty clear&#8230; I think there's a good chance they could do one more cut in December,&#8221; Kaplan said.
He emphasized that this does not necessarily indicate the start of a rate-cutting cycle, given the persistently high fiscal deficits and energy prices.
His comments come in the wake of several Fed officials, including Chair Jerome Powell, acknowledging the central bank&#8217;s <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39779256/powell-praises-latest-inflation-progress-hints-at-imminent-rate-cuts-warns-hes-ve?itm_source=parsely-api">progress in reducing inflation</a>. The core consumer price index saw a modest 0.1% rise in June, the smallest monthly increase since 2021.
See Also: <a href="https://www.benzinga.com/news/24/07/39811211/as-billionaire-boys-go-all-in-for-trump-anthony-scaramucci-has-word-of-caution-tonic-they-are-prescr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As &#8216;Billionaire Boys&#8217; Go All In For Trump, Anthony Scaramucci Has Word Of Caution: &#8216;Tonic They Are Prescribing Will Be Bad For America And The World&#8217;</a>
Regarding Japan, Kaplan highlighted the country&#8217;s economic challenges due to demographic trends that are depleting the workforce.
Why It Matters: Kaplan&#8217;s prediction aligns with recent hints from other Fed officials. On Wednesday, John Williams, President of the New York Federal Reserve, suggested that a rate cut could be imminent <a href="https://www.benzinga.com/news/24/07/39812270/jerome-powells-top-advisor-hints-at-feds-potential-rate-cut-plans-all-moving-in-the-right-direction">if inflation continues to slow</a>. 
Additionally, Lisa Cook, a Federal Reserve Governor, emphasized the central bank's readiness to respond swiftly to any surge in unemployment. Speaking in Australia, Cook highlighted the Fed&#8217;s vigilance regarding <a href="https://www.benzinga.com/news/24/07/39721845/federal-reserves-lisa-cook-foresees-swift-response-to-unemployment-surge-following-jerome-powells-te">the unemployment rate</a>, which currently stands at 4.1%. 
Mohamed El-Erian, chief economic adviser at Allianz, had previously called for a rate cut in July, citing the rapid economic slowdown. However, he expressed skepticism about the Fed taking this step, given the <a href="https://www.benzinga.com/fintech/24/06/39494283/mohamed-el-erian-calls-for-july-rate-cut-by-but-says-i-dont-think-fed-will-take-this-step-we-are-liv">uncertain economic environment</a>. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39779256/powell-praises-latest-inflation-progress-hints-at-imminent-rate-cuts-warns-hes-ve?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Powell Praises Latest Inflation Progress, Hints At Imminent Rate Cuts, Warns He&#8217;s &#8216;Very Worried&#8217; About Unsustainable National Debt</a></li>
</ul>
Image created using artificial intelligence via Midjourney
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>

Global

Economics

Federal Reserve

September May Bring Rate Cut, Says Former Dallas Fed President Robert Kaplan: 'I Think There's A Good Chance...'

On Wednesday, major U.S. indices showed mixed results. The tech-heavy Nasdaq experienced its worst day since 2022, dropping 2.77% to 17,996.92. The S&amp;P 500 declined by 1.4% to 5,588.27. In contrast, the Dow Jones Industrial Average gained nearly 0.6%, closing at 41,198.08.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) Nvidia&#8217;s stock closed the day with a 6.64% decrease, ending at $117.97. The stock hit an intraday high of $121.85 and a low of $116.72. The semiconductor company&#8217;s stock was impacted by <a href="https://www.benzinga.com/government/24/07/39816230/whats-going-on-with-nvidia-amd-and-semiconductor-peer-stocks-on-wednesday">increased U.S. sanctions against China</a> and comments made by Presidential candidate Donald Trump.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) TSM&#8217;s shares fell by 7.98%, closing at $171.20. The stock&#8217;s intraday high was $176.58, and it reached a low of $170.51. The drop followed <a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares">comments made by Trump</a> suggesting that Taiwan should compensate the U.S. for its defense.
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39814553/jim-cramer-says-dont-sell-match-group-youve-just-got-a-very-very-smart-investor-in-there" target="_blank" rel="noreferrer noopener">Jim Cramer Says Don&#8217;t Sell Match Group: &#8216;You&#8217;ve Just Got A Very, Very Smart Investor In There&#8217;</a>
ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) ASML&#8217;s stock fell by 12.74%, ending the day at $932.06. The stock hit an intraday high of $979.99 and a low of $928.7. Despite the drop, the company <a href="https://www.benzinga.com/news/earnings/24/07/39808860/asml-beats-q2-earnings-expectations-with-strong-china-sales-ai-chip-demand">exceeded second-quarter earnings forecasts</a>, driven by robust sales in China and a surge in new bookings.
Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) Netflix&#8217;s stock decreased by 1.35%, closing at $647.46. The stock&#8217;s intraday high was $650.45, and it reached a low of $639.47. The company is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39819557/netflix-preps-for-q2-earnings-will-it-stream-up-or-buffer-down">preparing to report its second-quarter earnings</a> after market hours on Thursday.
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Tesla&#8217;s shares fell by 3.14%, closing at $248.5. The stock hit an intraday high of $258.47 and a low of $246.18. Despite the drop, analysts are <a href="https://www.benzinga.com/markets/equities/24/07/39815529/tesla-stock-plummets-despite-analysts-painting-a-rosy-picture-whats-going-on">painting a rosy picture</a> for the electric vehicle maker&#8217;s future.
Photo by Phongphan 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: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39779256/powell-praises-latest-inflation-progress-hints-at-imminent-rate-cuts-warns-hes-ve?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Powell Praises Latest Inflation Progress, Hints At Imminent Rate Cuts, Warns He&#8217;s &#8216;Very Worried&#8217; About Unsustainable National Debt</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

ASML

NFLX

NVDA

TSLA

Nvidia, TSMC, ASML Holding, Netflix, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Leading cryptocurrencies retreated Wednesday as investors booked profits on recent advances.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9: 15 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.07%</td>
<td>$64,476.03</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-2.24%</td>
<td>$3,414.76</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-2.88%</td>
<td>$0.1232</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin temporarily breached $66,000 during Asia trading hours but failed to sustain its gains as markets opened in Europe and the U.S. Profit-taking pulled King Crypto to the mid-$64,000s.
Ethereum also dipped below $3,500, even as the stage was <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39784783/ethereum-spot-etfs-likely-to-start-trading-by-july-23-provided-no-unforeseeable-last-min-i">set for the final approval of ETFs</a> tracking the price of the second-largest cryptocurrency.
In the past 24 hours, liquidations worth $125.76 million were recorded, with long liquidations accounting for 68% of the total.&nbsp;
Bitcoin's Open Interest dropped by 1.97% in the last 24 hours, indicating forced closing of longs.&nbsp;
That said, the number of traders placing bullish leveraged bets on Bitcoin exceeded those taking downside bets, as seen by the Longs/Shorts Ratio.&nbsp;
The Cryptocurrency Fear &amp; Greed Index dropped to 61 due to the pullback. However, the dominant market sentiment remained one of &#8220;Greed.&#8221;&nbsp;
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Helium (HNT)</td>
<td>+6.58%</td>
<td>$4.22</td>
</tr>
<tr>
<td>XRP (XRP)</td>
<td>+6.13%</td>
<td>$0.6172</td>
</tr>
<tr>
<td>Internet Computer (INP)</td>
<td>+5.74%</td>
<td>$10.28</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stands at $2.36 trillion, down 1.40% in the last 24 hours.
Stocks pulled back Wednesday after gains in the first two days of the week. The broader market index, the S&amp;P 500 slipped 1.39% to end at 5,588.27. The tech-focused Nasdaq Composite shed 2.77% to end at  17,996.92, its worst performance since December 2022. The Dow Jones Industrial Average defied the slump, gaining 0.59%, to close at a record high of 41,198.08.
Investors, optimistic about interest rate cuts by the Fed, have started to rotate capital from large-cap technology shares to small-cap companies. The Russell 2000 index has jumped 10% since the beginning of July.
According to CME's FedWatch tool, traders anticipate a 93% chance of a rate cut in September.&nbsp;
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency trader Rekt Capital said that Bitcoin isn't ready to retest the $65,000 level as a new support successfully.
The trader stated that a retest is imperative to confirm a move into the $65,000-$71,500 region.
<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"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support Bitcoin will need a similar retest like in the not-so-distant past (blue circle) to confirm a break back into the $65,000-$71,500 region<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/Ct0P7qzTmS">https://t.co/Ct0P7qzTmS</a> <a href="https://t.co/HylRSusUTG">pic.twitter.com/HylRSusUTG</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1813633249627050288?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another well-known trader, Roman, predicted additional drops into the $60,000-$63,000 range as confirmation of the bullish bias.&nbsp;
"Not seeing continuation so far so we're keeping both scenarios in mind. Gut still says we revisit $55,000-$58,000, " the trader opined.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> So far so good. Expecting either 63 or 60 to hold if we want to continue higher. Not seeing continuation so far so we're keeping both scenarios in mind. Gut still says we revisit 55-58k,<a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw">#cryptocurrency</a> <a href="https://twitter.com/hashtag/cryptonews?src=hash&amp;ref_src=twsrc%5Etfw">#cryptonews</a> <a href="https://t.co/18vC03OZ3e">https://t.co/18vC03OZ3e</a> <a href="https://t.co/3Ihv2cgcux">pic.twitter.com/3Ihv2cgcux</a>
&mdash; Roman (@Roman_Trading) <a href="https://twitter.com/Roman_Trading/status/1813730710261580012?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by stockphoto-graf on Shutterstock
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Bitcoin, Ethereum, Dogecoin Decline Amid Tech Stock Bloodbath: Analyst Says King Crypto 'Not Quite Ready Just Yet' For This Price Level

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

Social Media

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DWAC

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

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

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

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

BABA

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

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

Politics

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

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

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

The White House has confirmed that President Biden has tested positive for COVID-19. Despite experiencing mild symptoms, the President will continue to fulfill his duties while self-isolating in Delaware. Biden took the opportunity, however, to take a dig at Tesla CEO Elon Musk and other billionaires for &#8220;funding&#8221; Donald Trump&#8217;s campaign
What Happened: The president said on X, &#8220;I&#8217;m Sick&#8221; and then went on to add, &#8220;of Elon Musk and his rich buddies trying to buy this election.&#8221; He also added a donate link to his post to fundraise for his own campaign.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">of Elon Musk and his rich buddies trying to buy this election. And if you agree, pitch in here.<a href="https://t.co/V93cYUUFQu">https://t.co/V93cYUUFQu</a>
&mdash; Joe Biden (@JoeBiden) <a href="https://twitter.com/JoeBiden/status/1813716534499393678?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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Biden developed upper respiratory symptoms, including a runny nose and a cough, which led to a COVID-19 test. His doctor confirmed the positive result and stated that Biden&#8217;s symptoms remain mild, with normal respiratory rate and temperature. PCR confirmation testing is pending, <a href="https://thehill.com/homenews/administration/4778560-biden-tests-positive-for-covid-19/">reported</a> The Hill.
See Also: <a href="https://www.benzinga.com/news/24/07/39764047/trump-vs-biden-one-candidate-leaps-ahead-of-another-in-latest-survey?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs Biden: One Candidate Leaps Ahead Of Another In Latest Survey</a>
Why It Matters: This week, Musk reportedly committed to <a href="https://www.benzinga.com/news/24/07/39784950/elon-musk-to-pour-45m-monthly-in-pro-trump-super-pac-joined-by-palantirs-joe-lonsdale-winklevoss-twi">allocating $45 million per month</a> to a new pro-Trump PAC, but he reacted to the Wall Street Journal&#8217;s report by sharing an image labeled &#8220;Fake Gnus&#8221; on social media, without providing an official comment.
Sen. Bernie Sanders (I-Vt.) also criticized Musk&#8217;s reported monthly donations to Trump&#8217;s campaign, emphasizing the <a href="https://www.benzinga.com/news/24/07/39807458/bernie-sanders-slams-elon-musks-reported-45m-donations-to-trump-campaign-we-need-a-government-that-r">need for public election funding</a>. Sanders stressed overturning Citizens United to prevent billionaires from dominating politics. 
Image via Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/general/politics/24/07/39805974/trumps-big-mistake-fivethirtyeight-now-shows-biden-as-favorite-to-win-election-following-j-d-van?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Big Mistake? FiveThirtyEight Now Shows Biden As Favorite To Win Election Following J.D. Vance VP Pick, Despite Polling Data</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>

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

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

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

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