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Influential venture capitalist Chamath Palihapitiya proposed a radical plan on X. He suggested slashing trillions from the federal budget to fund nationwide internet access, with the cost overruns to be borne by the chosen company.
What Happened: The post comes in the wake of Donald Trump&#8217;s victory in the <a href="https://www.benzinga.com/markets/asia/24/11/41768811/donald-trump-wins-47th-presidency-us-futures-up-europe-up-asia-mixed-crude-falls-and-dollar-strength">2024 presidential election</a>. Trump during his campaign, had floated the idea of appointing Elon Musk to lead government efficiency efforts, aiming to reduce federal spending drastically. 
The SPAC King ended his post with a slogan associated with the Trump campaign — &#8216;Make America Great Again!&#8217;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Cut the federal budget by <a href="https://twitter.com/search?q=%24Ts&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Ts</a>, then take a tiny fraction of this and find a company to give EVERY American internet access even in the most remote parts of America. All or none contract &#8211; bounded by time, cost overruns borne by the company. Make America Great Again!
&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1856463263418249652?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/government/regulations/24/11/41866438/donald-trumps-second-term-could-reshape-us-healthcare-system-with-major-impacts-on-affordable-care-act-and-medicare?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Second Term Could Reshape US Healthcare System, With Major Impacts on Affordable Care Act And Medicare</a>
Why It Matters: Palihapitiya&#8217;s proposal aligns with Trump&#8217;s and Musk&#8217;s vision of <a href="https://www.benzinga.com/personal-finance/24/11/41701075/elon-musk-warns-of-hardship-for-americans-if-trump-puts-him-in-charge-of-cutting-33-trillion-deb">aggressive cost-cutting</a>. Musk had previously suggested that he could <a href="https://www.benzinga.com/startups/24/11/41704205/elon-musk-says-we-can-cut-2-trillion-out-of-the-harris-biden-budget-and-that-americans-money-is-bein">cut $2 trillion</a> from the federal budget.
However, this approach has met with criticism. Nobel laureate Paul Krugman <a href="https://www.benzinga.com/markets/equities/24/09/40743901/elon-musk-and-trumps-federal-efficiency-plans-slammed-by-paul-krugman-economist-warns-about-risk">expressed concerns</a> over the proposed spending cuts, warning about risks to Social Security, Medicare, Medicaid, and national defense.
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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>

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Chamath Palihapitiya Says Cut The Federal Budget By Trillions And Then Do This With A 'Fraction' Of The Money To 'Make America Great Again'

Wall Street is speculating on the effects of possible Donald Trump policy changes when he takes office in January 2025. JPMorgan analyst Virgina Martin Heriz weighs in on the potential impacts of a second Trump <a href="https://www.benzinga.com/news/24/11/41781921/what-does-trumps-victory-mean-for-ev-giant-tesla-and-the-big-3-automakers">presidency on sustainable investing.&nbsp;</a>
Onshoring: Heriz sees a second Trump administration modifying the Inflation Reduction Act (IRA), but doing so with a "scalpel, not a sledgehammer." 
The JPMorgan analyst sees the domestic content portions of the IRA as the "most safe incentives" due to bi-partisan support of supply chain onshoring. Heriz points to First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), SunRun, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>) and Sunnova Energy International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>) as clean tech companies particularly positioned to benefit from supply chain onshoring. 
Read More: <a href="https://www.benzinga.com/general/biotech/24/11/41822473/trumps-potential-health-czar-robert-f-kennedy-jr-rattles-vaccine-stocks-shoot-first-reaction">Trump&#8217;s Potential &#8216;Health Czar&#8217; Robert F. Kennedy Jr. Rattles Vaccine Stocks: &#8216;Shoot First Reaction&#8217;</a>
Hydrogen: Heriz also sees the 45V tax credit for clean hydrogen producers as likely to stay due to strong backing from traditional energy companies and Republican-leaning areas. Clean hydrogen companies including FuelCell Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCEL#NASDAQ">FCEL</a>) and Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) are likely safe from policy changes under a second Trump administration, according to Heriz.&nbsp;&nbsp;
EV Incentives: The analyst does expect subsidies for electric vehicles to be downsized or repealed, including the 30D clean vehicle tax credit of up to $7,500 on the purchase of a qualifying EV. Additionally, Heriz anticipates tightening EV charging incentives like the 30C tax credit that covers up to 30% of the cost of each charger. Some companies that could be negatively impacted by the repeal of EV and related charging incentives include EVgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>), ChargePoint Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NASDAQ">CHPT</a>) and Blink Charging Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>).&nbsp;
Oil &amp; Gas: Domestic oil and gas production is more influenced by market prices and global supply and demand rather than government policies, Heriz said. For this reason, the analyst expects a potentially reduced regulatory burden to be "helpful to the industry, but not life-changing in the short-term."
The Take-Away: While Heriz does expect policy changes to affect sustainable investing under the second Trump administration, she said that outflows in sustainable investing are mainly motivated by underperformance.&nbsp;
"Fund performance matters far more than politics," the JPMorgan analyst said.&nbsp;
Read Next:&nbsp;
<a href="https://www.benzinga.com/news/earnings/24/11/41914981/bitcoin-miners-hive-digital-hut-8-bitfarms-to-report-earnings-as-future-of-crypto-has-never-been-brighter">Bitcoin Miners Hive Digital, Hut 8, Bitfarms To Report Earnings As Future Of Crypto &#8216;Has Never Been Brighter&#8217;</a>
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Sustainable Investment Under Trump: 'Performance Matters Far More Than Politics,' JPMorgan Analyst Says

The soaring price of <a href="https://www.benzinga.com/money/bitcoin-price-prediction">Bitcoin </a>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to all-time highs led to many long-time believers celebrating and sometimes dunking on the many skeptics who predicted the death of <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36338011/bitcoin-obituary-count-hits-decade-low-just-seven-reports-filed-in-2023">the leading cryptocurrency.</a>
In 2018, entrepreneur and startup investor Jason Calacanis was among the people who said there was a high probability of Bitcoin going to zero. Here's a look back.
What Happened: Entrepreneur and investor Calacanis may be best known for being a co-host on the popular<a href="https://www.benzinga.com/topic/all-in-podcast"> All-In Podcast</a>, alongside David Sacks, David Friedberg and Chamath Palihapitiya.
While Palihapitiya has <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32694893/if-you-invested-1-000-in-bitcoin-when-chamath-palihapitiya-said-to-allocate-1-heres-the-st">been pro-Bitcoin</a> over the years and encouraged people to allocate 1% of their assets to Bitcoin in 2013, Calacanis has been less receptive.
On Nov. 26, 2018, Calacanis tweeted a chart of Bitcoin at the price of $3,731 and said it was highly likely the cryptocurrency would go to zero.
"Bitcoinzero is still the likely case (60-70%) if you own Bitcoin, understand it's a highly manipulated currency, with no rules or regulations…. If you didn't get in early, you're the sucker at the table. $3,700…. Ouch," Calacanis <a href="https://x.com/Jason/status/1067225544809373696">tweeted</a>.
The tweet came after Bitcoin saw its price decline sharply in 2018 after a soaring price in 2017.
Fast forward to today and Bitcoin is now trading near $90,000.
Recently, Calacanis <a href="https://x.com/Jason/status/1855707535724175719">shared </a>his old tweet and again expressed some doubt that Bitcoin will continue trading higher, while also admitting that he or his companies own some of the crypto.
"I'm SHOCKED that Bitcoin hasn't been banned by western governments — who are going to lose a LOT of power as it becomes ubiquitous….and I'm somewhat shocked that a nation state, hacker collective, etc. hasn't figured out a way to compromise the network. Which says something about the brilliance of bitcoin's architecture…full disclosure we own a ton of it, which we bought at $100-$200 and we've never sold.
In the Nov. 10 tweet, Calacanis said it now feels that Bitcoin is "too big to fail," but said there is still a less than 5% possibility that Bitcoin goes to zero.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41896277/bitcoin-nears-90000-how-high-can-the-apex-crypto-go">Bitcoin Nears $90,000—How High Can The Apex Crypto Go?</a>
Investing $1,000 in Bitcoin: Sometimes it pays to follow famous investors&#8217; callouts on investment opportunities and other times it pays to fade them and do the opposite.
In the case of Calacanis' prediction of Bitcoin as zero, investors would have done well to bet against the All-In Podcast co-host.
Bitcoin traded between $3,643.92 and $4,107.14 on Nov. 26, 2018, when Calacanis shared the picture of the Bitcoin chart and price.
A $1,000 investment at the high price of the day could have bought 0.2435 BTC at the time.
Today that investment would be worth $21,676.86, up 2,067.7%.
Compare that to the SPDR S&amp;P 500 ETF, which tracks the S&amp;P 500 Index. A $1,000 investment in the ETF could have bought 3.73 shares on Nov. 26, 2018. The $1,000 investment would be worth $2,226.03 today, up 122.6%.
Read Next: 
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<li><a href="https://www.benzinga.com/short-sellers/24/03/37985816/investor-who-once-backed-short-selling-ban-considers-bet-against-trump-media-biggest-pump-and-dump-">Investor Who Once Backed Short Selling Ban Considers Bet Against Trump Media: &#8216;Biggest Pump And Dump Stock In History&#8217;</a></li>
</ul>
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If You Invested $1,000 In Bitcoin When All-In Podcast's Jason Calacanis Said BTC Was Going To Zero, Here's How Much You'd Have Today

WM Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAPS#NASDAQ">MAPS</a>), a technology and software provider to the <a href="http://benzinga.com/cannabis">cannabis</a> industry commonly known as<a href="https://www.benzinga.com/topic/weedmaps"> Weedmaps</a>, reported a significant improvement in its third-quarter 2024 financial performance. The company announced on Tuesday afternoon a 312% year-over-year surge in net income, reaching $5.3 million and a 31% rise in cash reserves from year-end, totaling $45 million.
<h3 class="wp-block-heading">Q3 2024 Financial Highlights</h3>
<ul>
<li>Revenue was $46.6 million, up from $45.9 million in the previous quarter but slightly down from $46.7 million in the same period last year.</li>
<li>Net income was $5.3 million, up from $1.2 million in the prior quarter, reversing a net loss of $2.5 million in the prior year period.</li>
<li>Adjusted EBITDA was $11.3 million, compared to $10.1 million in the previous quarter and $10.7 million year-over-year.</li>
<li>Gross profit was not disclosed in the press release.</li>
</ul>
<h3 class="wp-block-heading">Steady Revenue Growth Despite Product Changes</h3>
Net revenues stood at $46.6 million, a slight increase from $45.9 million in the prior quarter but marginally down from $46.7 million in the same period last year. This fluctuation was attributed to the sunset of certain products in late 2023, partially offset by growth in other products.
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<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
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The company also reported an average of 5,100 monthly paying clients, a modest increase from 5,045 in the prior quarter. Average monthly net revenue per paying client rose to $3,043, up from $2,874 in the same period last year.
<h3 class="wp-block-heading">Management Commentary</h3>
&#8220;Our third quarter results mark yet another consecutive period of strong financial performance and positive cash flow, underscoring the solid foundation our team has built,&#8221; Doug Francis, CEO of WM Technology <a href="https://ir.weedmaps.com/news-releases/news-release-details/wm-technology-inc-reports-financial-results-third-quarter-2024">said</a> in a press release. He emphasized the company&#8217;s focused approach and strategic positioning for future growth.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41925096/cannabis-delivery-giant-eaze-rises-from-ashes-how-10m-funding-could-power-its-comeback">Cannabis Delivery Giant Eaze Rises From Ashes: How $10M Funding Could Power Its Comeback</a>
Achieving its eighth consecutive quarter of adjusted EBITDA profitability, the company reported $11.3 million in adjusted EBITDA, up from $10.1 million in the previous quarter and $10.7 million in the same period last year. &#8220;The fundamentals of our business continue to strengthen, as evidenced by our eighth consecutive quarter of Adjusted EBITDA profitability,&#8221; added CFO Susan Echard, highlighting the positive momentum heading into 2025.
<h3 class="wp-block-heading">Outlook For Q4 2024</h3>
WM Technology provided guidance for the fourth quarter of 2024, projecting net revenues of approximately $46 million and a non-GAAP adjusted EBITDA of around $7 million. The company expressed confidence in its strategic investments and debt-free balance sheet as it moves into the next fiscal year.
MAPS Price Action MAPS's shares were trading 2.59% lower at $0.716 per share when the market closed Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/11/41910180/exclusive-chris-christie-says-trump-will-remove-federal-restrictions-on-marijuana-find-sweet-spot-for-crypto-regulation">EXCLUSIVE: Chris Christie Says Trump Will Remove Federal Restrictions On Marijuana, Find &#8216;Sweet Spot&#8217; For Crypto Regulation (UPDATED)</a></li>
</ul>

Cannabis

Earnings

MAPS

Weedmaps Net Income Surges 312% YOY, Cash Reserves Up 31%

The Conference of the Parties (COP) 29 summit brought global leaders to Baku, Azerbaijan, for an 11-day session to address climate change, carbon market mechanisms and <a href="https://www.benzinga.com/topic/green-energy">climate finance</a>.
Hosted in a country heavily reliant on fossil fuels, the event is a mix of urgency and controversy, particularly after BBC<a href="https://www.bbc.com/news/articles/crmzvdn9e18o"> reported</a> local representatives engaging in oil and gas deals.
Still, the primary focus of its first days is establishing the rules for a global carbon market — a move aimed at helping countries meet emissions targets by trading carbon credits.
This mechanism, intended to fund projects that reduce emissions globally, allows wealthy countries to purchase credits from those with lower emissions, thus offsetting their carbon output.
The stakes are high at COP29, particularly with pressing issues such as funding for climate-vulnerable countries and updating climate targets. The attendees will discuss the succession of the annual $100 billion pledged by developing nations, as the sum may need to be raised significantly to account for the <a href="https://www.benzinga.com/markets/esg/24/10/41621596/net-zero-by-2050-might-cost-the-world-78-trillion-wood-mackenzie-estimates">increasing impact of climate change</a>. This finance component is critical for maintaining trust between rich and poor nations, especially as commitments still need to be met.
"I'm as frustrated as anyone that one single COP can't deliver the full transformation that every nation needs… [but] it is here that parties need to agree a way out of this mess. That's why here in Baku, we must agree on a new global climate finance goal,"<a href="https://unsdg.un.org/latest/stories/ambitious-new-climate-finance-goal-entirely-self-interest-every-single-nation-un"> said</a> the U.N. climate chief Simon Stiell.
The upcoming inauguration of U.S. President-elect Donald Trump in January 2025 gives participants a dose of doubt. During his previous term, Trump withdrew the U.S. from the Paris Agreement and rolled back numerous environmental regulations.
Analysts anticipate a similar approach, potentially hindering U.S. contributions to global climate finance. Trump's return could <a href="https://www.benzinga.com/news/24/11/41883635/trump-looks-to-undo-biden-climate-progress-with-burgum-as-energy-czar-report">exacerbate tensions</a>, mainly as he has been vocal about downplaying climate initiatives.
Still, greenlighting the carbon credit quality standards on the first day provides an opportunity for a U.N.-backed global carbon market that would fund critical projects.
Juan Carlos Arredondo Brun, a former climate negotiator for Mexico and now a director at a carbon market data company Abatable, noted this development &#8220;will bring us closer to operationalizing the carbon market before any single party may decide to move away from the Paris Agreement,"<a href="https://www.reuters.com/markets/commodities/cop29-countries-endorse-global-carbon-market-framework-2024-11-11/"> per</a> Reuter's report.
The carbon market, increasingly popular among corporations seeking to offset their emissions, has some of the largest buyers in the energy and automotive sectors. Shell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), Volkswagen (OTCPK: VWAGY), and Takeda (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAK#NYSE">TAK</a>) were the top three companies retiring carbon credits in 2023.
Shell led with 16 million credits, primarily from forestry projects, while Volkswagen retired eight million credits linked to renewable energy and reforestation. Pharmaceutical giant Takeda contributed nearly three million credits to reduce non-CO2 greenhouse gases.
A standardized carbon market could be a lifeline for U.S. companies committed to carbon-emission goals. Notable examples include Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), which is delaying the launch of a next-generation all-electric pickup truck and has <a href="https://www.benzinga.com/top-stories/24/08/40496864/ford-scraps-electric-suv-as-it-adjusts-to-lower-electric-vehicle-demand">scrapped the development</a> of a new three-row electric SUV. Yet, the management has confirmed it will seek to comply with emissions targets, including purchasing carbon credits as needed.
The COP29 conference will run until Nov. 22. Setting a new annual budget could significantly impact clean energy investments. Investors should watch iShares Global Clean Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NASDAQ">ICLN</a>) and sub-sector ETFs like the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and First Trust Global Wind Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FAN#NYSE">FAN</a>).
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41914599/trump-led-market-honeymoon-faces-crucial-test-with-wednesdays-inflation-data">Trump-Led Market Honeymoon Faces Crucial Test With Wednesday&#8217;s Inflation Data</a></li>
</ul>
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Urgency, Debate Mark COP29 As Leaders Push For Carbon Market Rules, Worry About Trump

In the latest cannabis market analysis from <a href="https://www.benzinga.com/topic/beacon-securities-limited">Beacon Securities</a>, three major multi-state operators (MSOs) Village Farms, Green Thumb Industries, and Jushi Holdings—demonstrate distinct strategies for navigating the challenging landscape. 
Here's a look at how each company is betting on different recipes for growth.
<h3 class="wp-block-heading">Village Farms Leverages European Expansion To Offset Domestic Challenges</h3>
Village Farms International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>) reported a strong Q3 performance, with <a href="https://www.benzinga.com/topic/canada-cannabis">Canadian cannabis sales</a> up 20% year-over-year to $ 27 million, despite a broader market decline of 1%. The company's strategic expansion into the Netherlands could be a game-changer. VFF is one of only 10 license holders in the country's recreational cannabis pilot program. 
According to <a href="https://beaconsecurities.ca/">Beacon&#8217;s analyst</a>, VFF&#8217;s newly completed 2,000 kg facility is expected to generate USD 12.7 million in annual revenue, with a selling price of approximately $6.40 per gram. With no excise taxes applied, the <a href="https://www.benzinga.com/markets/cannabis/24/11/41805907/village-farms-quarterly-revenue-grows-20-yoy-as-the-cannabis-company-doubles-international-sales">EBITDA margin</a> is projected at over 30%, adding $4.5 million in cash flow annually. If successful, this European foothold could contribute significantly to VFF&#8217;s goal of an annualized EBITDA of $29 million by the end of FY25​.
<h3 class="wp-block-heading">Green Thumb Industries' Cash Reserves Enable Strategic Buybacks And M&amp;A Flexibility</h3>
Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) showcased its financial strength in Q3, reporting $287 million in revenue, surpassing both its internal forecast of $280 million and the consensus estimate of $283 million. <a href="https://www.benzinga.com/markets/cannabis/24/11/41832358/green-thumb-grows-revenue-to-287m-in-q3-expands-cannabis-retail-network">Operating cash flow reached</a> $48 million, beating the projected $39 million. 
The company ended the quarter with $176 million in cash after repaying $225 million in debt. GTII's $150 million credit facility, secured at SOFR + 5%, positions it well for potential acquisitions without diluting shareholder value. The elimination of 280E tax burdens through federal rescheduling could boost GTII&#8217;s free cash flow by 30%, further enhancing its financial flexibility as it targets high-margin branded products and strategic expansion.
Read Also:<a href="https://www.benzinga.com/24/11/41915099/cannabis-stocks-pop-following-chris-christies-prediction-on-trumps-policy-shift"> Cannabis Stocks Pop Following Chris Christie&#8217;s Prediction That Trump Will Deschedule Cannabis</a>
<h3 class="wp-block-heading">Jushi Holdings Bets Big On Ohio's Emerging Adult-Use Market</h3>
Jushi Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/JUSH#OTC">JUSH</a>) faced a challenging quarter, with revenue declining 6% year-over-year to $62 million, missing the $67 million forecast. Adjusted EBITDA dropped to $10 million, a 30% shortfall. However, the company is <a href="https://www.benzinga.com/markets/cannabis/24/11/41829762/cannabis-co-jushi-reports-q3-earnings-higher-margins-despite-revenue-dip-whats-driving-profitabi">doubling down on Ohio'</a>s newly legalized adult-use market, where revenue surged 77% year-over-year. Jushi plans to open up to eight dispensaries in <a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio</a>, including four pending acquisitions. 
The expansion aims to counter headwinds from increased competition in core markets like<a href="https://www.benzinga.com/topic/illinois-cannabis"> Illinois</a> and <a href="https://www.benzinga.com/topic/pennsylvania-cannabis">Pennsylvania</a>. Jushi's streamlined management approach, including the appointment of a new Chief Revenue Officer, is expected to drive annual savings of $2.2 million while the company works through operational challenges​.
Read Next: EXCLUSIVE: <a href="https://www.benzinga.com/markets/cannabis/24/11/41910180/exclusive-chris-christie-says-trump-will-remove-federal-restrictions-on-marijuana-find-sweet-spot-for-crypto-regulation">Chris Christie Says Trump Will Remove Federal Restrictions On Marijuana, Find &#8216;Sweet Spot&#8217; For Crypto Regulation</a>

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Three Paths To Cannabis Profits: Village Farms, Green Thumb, And Jushi Show Divergent Strategies—Which Will Deliver?

Techprecision (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPCS#NASDAQ">TPCS</a>) reported quarterly losses of $(0.16) per share. This is a 166.67 percent decrease over losses of $(0.06) per share from the same period last year. The company reported $7.99 million in sales this quarter. This is a 8.34 percent increase over sales of $7.37 million the same period last year.

TPCS

Techprecision Q1 EPS $(0.16) Down From $(0.06) YoY, Sales $7.99M Up From $7.37M YoY

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2F&amp;esheet=54150924&amp;newsitemid=20241112083143&amp;lan=en-US&amp;anchor=Walker+%26amp%3B+Dunlop%2C+Inc.&amp;index=1&amp;md5=8474757b21f7062001206d0c2c2d0f9c">Walker &amp; Dunlop, Inc.</a> announced today that it facilitated the $113 million acquisition financing for Franklin 299, a Class-A multifamily community in one of the most explosive growth markets in the Bay area.
The Walker &amp; Dunlop Multifamily Finance team, led by <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Fjeff-burns&amp;esheet=54150924&amp;newsitemid=20241112083143&amp;lan=en-US&amp;anchor=Jeff+Burns&amp;index=2&amp;md5=02ee5763f4a577670dda65fb0e4d25de">Jeff Burns</a>, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Fchris-botsford&amp;esheet=54150924&amp;newsitemid=20241112083143&amp;lan=en-US&amp;anchor=Chris+Botsford&amp;index=3&amp;md5=f16e48f1df9d4991b843f560522be758">Chris Botsford</a>, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Frene-alvarez&amp;esheet=54150924&amp;newsitemid=20241112083143&amp;lan=en-US&amp;anchor=Rene+Alvarez&amp;index=4&amp;md5=ad2dfb4f7de4be44b7a9c224501af7e1">Rene Alvarez</a>, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Fjeff-conahan&amp;esheet=54150924&amp;newsitemid=20241112083143&amp;lan=en-US&amp;anchor=Jeff+Conahan&amp;index=5&amp;md5=523b3f329cd3010f94463a94dd074d00">Jeff Conahan</a>, and Matt DeMarche, arranged the financing on behalf of longtime client Acacia Capital. Despite the highly competitive financing landscape, the team identified Fannie Mae as the lender willing to expedite the project with an aggressive offer. The entire process closed in an impressive 19 days with the application being signed on September 27, rate locked on September 30, and deal closing on October 16.

Walker & Dunlop Secures $113M Acquisition Financing For Class-A Property In Bay Area

XChange TEC.INC Receives Nasdaq Notice On Non-Compliance With Requirement To Maintain Minimum Bid Price

Murchinson is a significant shareholder with approximately 7.1% of the outstanding shares of Nano Dimension.

NNDM

Nano Dimension Shareholder Murchinson Urges Shareholders To Support Its Proposals And Elect Its Nominees At  2024 Annual Meeting

Rocket Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>) reported its third-quarter results after Tuesday's closing bell. Here's a look at the key f<a href="https://www.benzinga.com/pressreleases/24/11/n41918912/rocket-companies-announces-third-quarter-2024-results">igures from the quarter. </a>
The Details: Rocket Companies reported quarterly earnings of eight cents per share, which met the analyst consensus estimate. Quarterly revenue of $647 million missed the analyst consensus estimate of $1.28 billion and is a decrease from sales of $1 billion from the same period last year.
<ul>
<li>Rocket Mortgage generated $29.8 billion in net rate lock volume, a 43% increase over the same period of the prior year.</li>
<li>Rocket Mortgage generated $28.5 billion in closed loan origination volume, a 28% increase over the same period of the prior year.</li>
<li>Gain on sale margin was 2.78%, an increase of 2 bps over the same period of the prior year.</li>
<li>Total liquidity was $8.3 billion, as of Sept. 30, 2024, which includes $1.2 billion of cash on the balance sheet, $1.8 billion of corporate cash used to self-fund loan originations, $3.3 billion of undrawn lines of credit, and $2 billion of undrawn MSR lines of credit.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/news/earnings/24/11/41914981/bitcoin-miners-hive-digital-hut-8-bitfarms-to-report-earnings-as-future-of-crypto-has-never-been-brighter">Bitcoin Miners Hive Digital, Hut 8, Bitfarms To Report Earnings As Future Of Crypto &#8216;Has Never Been Brighter&#8217;</a>
&#8220;We delivered strong third-quarter results, expanding purchase and refinance market share, and increasing adjusted revenue by 32% year-over-year. Our adjusted EBITDA was the highest in two years,&#8221; said Varun Krishna, CEO and director of Rocket Companies.
&#8220;These achievements highlight the strength and resilience of the Rocket Superstack — our competitive advantage that combines our ecosystem, experience, technology and brand. We&#8217;ve demonstrated that whatever the market brings, we will drive a bright future in helping more Americans achieve the dream of homeownership,&#8221; Krishna added.
RKT Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Rocket shares are down 10.49% after-hours at $13.91 at the time of publication Tuesday.
Read More:&nbsp;
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<li><a href="https://www.benzinga.com/general/biotech/24/11/41822473/trumps-potential-health-czar-robert-f-kennedy-jr-rattles-vaccine-stocks-shoot-first-reaction">Trump&#8217;s Potential &#8216;Health Czar&#8217; Robert F. Kennedy Jr. Rattles Vaccine Stocks: &#8216;Shoot First Reaction&#8217;</a></li>
</ul>
Photo: Shutterstock

After-Hours Center

Real Estate

Rocket Shares Fall After Q3 Revenue Miss: Details

"As the RESOLVE trial advances, we are observing increasingly positive data on efficacy and safety outcomes, including no adverse events such as candidiasis, adrenal suppression or glucose derangement," said Dr. James Helliwell, Chief Executive Officer of Eupraxia.

EPRX

Eupraxia Reports Additional Clinical Data From Its RESOLVE Phase 1b/2a Trial; Says Higher Dosing Levels Are Yielding Improved Patient Responses

Rumble Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>) shares are trading lower in Tuesday&#8217;s after-hours session on the heels of the company&#8217;s third-quarter financial results. Here&#8217;s a <a href="https://www.benzinga.com/pressreleases/24/11/g41918800/rumble-reports-third-quarter-2024-results">rundown of the report</a>.
<ul>
<li>Q3 Revenue: $25.1 million, versus <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $29.25 million</li>
</ul>
<ul>
<li>Q3 Adjusted EPS: Loss of 15 cents, versus estimates for a loss of 12 cents</li>
</ul>
Revenue was up 39% on a year-over-year basis. Average global monthly active users climbed to 67 million in the quarter, up from 53 million in the second quarter. The video-sharing platform company said the jump was likely due to increased interest in political content. Average revenue per user was 33 cents in the third quarter, down from 37 cents in the second quarter. 
Rumble ended the quarter with $132 million in cash, cash equivalents and marketable securities. 
&#8220;It has been two years since we made our public debut, and I can honestly say that I have never been more optimistic about the opportunity in front of us. We broke records on Election Night,&#8221; said Chris Pavlovski, chairman and CEO of Rumble.
&#8220;The American people have spoken. Cancel culture is dead. Free speech is now mainstream, and Rumble is in the driver&#8217;s seat with the best lineup of independent creators with the best economics.&#8221;
Check This Out: <a href="https://www.benzinga.com/markets/equities/24/10/41562072/inside-trumps-inner-circle-how-jd-vance-backed-tech-magnate-pavlovski-is-shaping-up-right-wing-p">Inside Trump&#8217;s Inner Circle: How JD Vance-Backed Tech Magnate Pavlovski Is Shaping Up Right-Wing Politics</a>
Outlook: Rumble said it continues to expect revenue growth for the remainder of 2024. The company also continues to expect to &#8220;move materially towards&#8221; adjusted EBITDA breakeven in 2025.
RUM Price Action: Rumble shares were down 12.88% in after-hours, trading at $5.95 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Social Media

Guidance

Rumble Q3 Earnings: Revenue Miss, EPS Miss, Monthly Active Users Jump To 67M, Election Night 'Broke Records'

California&#8217;s largest cannabis delivery service Eaze is making a comeback.
<h3 class="wp-block-heading">What Happened</h3>
Eaze Technologies Inc., which recently announced it will be <a href="https://www.benzinga.com/markets/cannabis/24/10/41236050/californias-largest-cannabis-delivery-service-closes-down-lays-off-500-workers">ceasing operation</a> by the end of 2025 will reorganize as Eaze Inc.
The company announced a $10 million in series B funding on Tuesday following the acquisition of select assets from Eaze Technologies Inc.
<h3 class="wp-block-heading">Why It Matters</h3>
The investment will fund the reopening of 70 Eaze and Green Dragon locations across California, Colorado, Florida and Michigan, including 57 retail stores, 11 delivery hubs and two production facilities, the company wrote in a press release.
Led by Cory Azzalino, who earlier confirmed the company's closure in a <a href="https://www.linkedin.com/posts/cory-azzalino-87b11322_eazes-assets-were-sold-at-auction-on-august-activity-7248802826854825984-vrpu/?utm_source=share&amp;utm_medium=member_desktop">letter</a> shared on LinkedIn, the new Eaze Inc. will use the $10 million capital injection to "strengthen our supply chain, enhance the customer experience, and set the foundation for long-term success.&#8221;
<ul>
<li>Get Benzinga's exclusive analysis and top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41283230/epic-cannabis-fails-you-should-know-about-medmen-eaze-and-others-go-down-in-california-meltdowns">Epic Cannabis Fails You Should Know About MedMen, Eaze And Others Go Down In California Meltdowns</a>
<h3 class="wp-block-heading">What's Next</h3>
The company outlined several key initiatives to be supported by its Series B funding, including:
<ul>
<li>Hiring over 1,000 operational staff across four states</li>
<li>Doubling production capacity in Florida, expanding from 32,000 to 64,000 square feet of flowering canopy</li>
<li>Opening new dispensaries and increasing delivery capabilities across Florida, California, Colorado, and Michigan</li>
<li>Rolling out updated brand marketing campaigns to promote Eaze&#8217;s newly launched scheduled delivery service and product innovations at all Green Dragon locations</li>
<li>Establishing new brand partnerships and developing market-specific product offerings across all territories</li>
</ul>
Eaze was first founded in 2014 and has expanded following the 2018 legalization of recreational cannabis in the Golden State.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40756333/gov-newsom-proposes-emergency-rules-to-severely-restrict-hemp-products-this-will-destroy-our-bus">Gov. Newsom's Total Ban On Hemp THC Could Crush California's Billion-Dollar Industry, Say Stakeholders</a></li>
</ul>

Entrepreneurship

Cannabis Delivery Giant Eaze Rises From Ashes: How $10M Funding Could Power Its Comeback

New Jersey&#8217;s Cannabis Regulatory Commission (CRC) announced Monday the enforcement of a statewide ban on certain hemp products following a federal ruling. The law, <a href="https://www.benzinga.com/markets/cannabis/24/10/41301488/new-jersey-hemp-law-faces-setback-as-federal-judge-blocks-out-of-state-product-ban">which took effect on October 12</a>, aims to curb the sale of psychoactive hemp items not derived from naturally occurring chemicals. Sellers violating this law face fines starting at $100 for a first offense, escalating to at least $10,000 for subsequent violations.
<h3 class="wp-block-heading">CRC Targets Synthetic Cannabinoids</h3>
The enforcement had been initially halted due to a federal judge&#8217;s ruling in Loki Brands LLC et al. v. Platkin et al., which prevented immediate action on most provisions. However, the CRC <a href="https://www.nj.gov/cannabis/news-events/approved/20241108.shtml">stated</a> in a press release that prohibitions on sales to individuals under 21 and on non-naturally derived THC products are now enforceable.&nbsp;
This move targets <a href="https://www.benzinga.com/markets/cannabis/23/03/31197289/what-are-cannabinoids-their-types-and-effects">synthetic cannabinoids</a> like delta-10 and THC-O, which industry experts agree pose <a href="https://www.benzinga.com/markets/cannabis/24/07/39915334/a-nasty-high-experts-sound-alarm-over-soup-of-unknown-compounds-in-hemp-derived-thc-products">risks to consumers</a>. Beau Huch, a cannabis and hemp attorney with Porzio Governmental Affairs, <a href="https://newjerseymonitor.com/briefs/cannabis-agency-announces-new-statewide-hemp-ban-will-be-enforced">told</a> Sophie Nieto-Munoz from the New Jersey Monitor that the CRC is &#8220;sending a message&#8221; to deter bad actors in the industry. &#8220;They&#8217;re testing the waters,&#8221; he said, suggesting that broader enforcement may follow once legislative issues are resolved.
Read Also: <a href="https://www.benzinga.com/government/regulations/24/11/41908034/ohio-lawmaker-moves-to-ban-hemp-products-citing-youth-safety-concerns">Ohio Lawmaker Moves To Ban Hemp Products, Citing Youth Safety Concerns</a>
<h3 class="wp-block-heading">Frustration Mounts Over Cannabis Lounge Approval Delays</h3>
Simultaneously, while the CRC ramps up enforcement against synthetic hemp products, the state&#8217;s cannabis consumption lounges face significant delays. Despite <a href="https://www.benzinga.com/markets/cannabis/24/01/36766959/bring-your-own-marijuana-new-jerseys-2024-cannabis-lounge-rules-approved-amid-price-challenges">rules being approved nearly ten months ago</a>, the CRC has yet to open applications for retailers.&nbsp;
Entrepreneurs like Alyza Brevard-Rodriguez, who plans to convert an apartment above her Jersey City dispensary into a lounge, are in limbo. &#8220;I can&#8217;t even smartly invest in doing the build-out without having confidence in the state, because it would just be another period of me wasting money without really knowing what would come on the other side,&#8221; she said, <a href="https://newjerseymonitor.com/2024/11/11/retailers-still-waiting-for-cannabis-officials-to-move-forward-with-consumption-lounges/">according</a> to the New Jersey Monitor.
<h3 class="wp-block-heading">Legal Loopholes Fuel Unregulated Events</h3>
The lack of progress has led to frustration among retailers and has spurred unregulated events that exploit legal loopholes. &#8220;There's really nothing that anybody can do about it, and that's the problem, and that's been the problem all along … we see how people just do the workaround,&#8221; said Scott Rudder, president of the New Jersey CannaBusiness Association.
Furthermore, cannabis attorney Jessica Gonzalez pointed out that the scarcity of approved consumption areas limits options for consumers, especially those whose landlords prohibit smoking or vaping. She emphasized the need for state officials to educate municipalities on the benefits of consumption lounges, as fewer than a dozen have passed ordinances allowing them.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
The CRC attributes the delay to prioritizing the <a href="https://www.benzinga.com/markets/cannabis/24/01/36557985/new-jerseys-cannabis-boom-dispensary-count-nearly-triples-in-2023">licensing of retailers</a>, cultivators and other operators. Spokeswoman Toni-Anne Blake mentioned that without a legislative deadline, the process is not considered delayed. However, industry stakeholders are concerned about the financial strain and uncertainty this causes for businesses ready to invest in consumption spaces.
As New Jersey navigates these regulatory challenges, the cannabis industry watches closely. The enforcement of <a href="https://www.benzinga.com/government/regulations/24/11/41851368/hemp-market-surge-how-new-regulations-could-impact-growth">hemp product</a> bans and the holdup of <a href="https://www.benzinga.com/markets/cannabis/23/08/33524119/wu-tang-clans-raekwon-will-open-a-cannabis-lounge-in-the-heart-of-new-jersey">consumption lounge</a> applications reflect broader issues of regulation, <a href="https://www.benzinga.com/markets/cannabis/23/10/35221499/new-jerseyites-dont-mind-smelling-weed-in-public-state-regulators-launch-cannabis-safety-campaig">consumer safety</a> and economic opportunity within the state&#8217;s <a href="http://benzinga.com/topic/new-jersey-cannabis">cannabis landscape</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/11/41775784/hemp-vs-marijuana-industry-tensions-rise-amid-rejection-of-cannabis-legalization-in-florida-the-">Hemp Vs. Marijuana: Industry Tensions Rise Amid Rejection Of Cannabis Legalization In Florida, The Dakotas</a></li>
</ul>

New Jersey Enforces Hemp THC Ban, Delays Cannabis Lounge Approvals

Chegg, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHGG#NYSE">CHGG</a>) shares are down after the company reported its third-quarter results after Tuesday's closing bell. Here's a look at the <a href="https://www.benzinga.com/pressreleases/24/11/b41918921/chegg-reports-2024-third-quarter-earnings">details from the report. </a>
The Details: Chegg reported quarterly earnings of nine cents per share, which beat the analyst consensus estimate of eight cents. Quarterly revenue came in at $136.59 million, which beat the analyst consensus estimate of $134.11 million and a decrease from sales of $157.85 million from the same period last year.
<ul>
<li>Total net revenues of $136.6 million, a decrease of 13% year-over-year</li>
<li>Subscription Services revenues of $119.8 million, a decrease of 14% year-over-year</li>
<li>Gross Margin of 68%</li>
<li>Non-GAAP gross margin of 70%</li>
<li>Adjusted EBITDA was $22.3 million</li>
<li>3.8 million Subscription Services subscribers, a decrease of 13% year-over-year</li>
</ul>
Chegg announced additional restructuring efforts, effective immediately, to impact all groups across the company:
<ul>
<li>Chegg will reduce headcount by an additional 21%.</li>
<li>Chegg anticipates that these actions, along with additional operating expense savings, will result in annualized non-GAAP cost savings of $60-$70 million in 2025.</li>
<li>The cost savings from the restructuring announced in June, coupled with the restructuring announced today, will result in a combined non-GAAP savings of $100-$120 million in 2025.</li>
</ul>
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&#8220;While the global education industry continues to experience tremendous change, in the third quarter, we showed early progress against our strategic plan and delivered better-than-expected revenue and adjusted EBITDA. However, recent technology shifts and generative AI have created significant headwinds, and as a result, we are undertaking an additional restructuring,&#8221; said Nathan Schultz, CEO of Chegg.
&#8220;There continues to be a market of students looking for the high-quality, proven, and differentiated learning expertise Chegg provides, and we believe our brand and product experience are resilient and will endure,&#8221; Schultz added. 
Outlook:&nbsp;Chegg sees fourth-quarter total net revenue of between $141 million and $143 million, versus the $161.46 million estimate and subscription services revenue in a range of $126 million to $128 million with adjusted EBITDA of between $32 million and $34 million. 
CHGG Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Chegg shares are down 14.12% after-hours at $1.52 at the time of publication Tuesday.
Read More:&nbsp;
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<li><a href="https://www.benzinga.com/general/biotech/24/11/41822473/trumps-potential-health-czar-robert-f-kennedy-jr-rattles-vaccine-stocks-shoot-first-reaction">Trump&#8217;s Potential &#8216;Health Czar&#8217; Robert F. Kennedy Jr. Rattles Vaccine Stocks: &#8216;Shoot First Reaction&#8217;</a></li>
</ul>
Photo: Shutterstock

CHGG

Chegg Stock Slips After Q3 Results, 21% Workforce Reduction, Weak Q4 Guidance

Phoenix New Media (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FENG#NYSE">FENG</a>) .

FENG

Phoenix New Media Expected Q4 2024 revenue: RMB 197.9 - 212.9 million.

Nauticus Robotics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KITT#NASDAQ">KITT</a>) reported quarterly losses of $(4.24) per share. This is a 72.57 percent increase over losses of $(15.46) per share from the same period last year. The company reported $370.19 thousand in sales this quarter. This is a 76.78 percent decrease over sales of $1.59 million the same period last year.

KITT

Nauticus Robotics Q3 EPS $(4.24) Up From $(15.46) YoY, Sales $370.19K Down From $1.59M YoY

SKYX Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYX#NASDAQ">SKYX</a>) reported quarterly losses of $(0.08) per share which beat the analyst consensus estimate of $(0.09) by 11.11 percent. This is unchanged from the same period last year. The company reported quarterly sales of $22.17 million which missed the analyst consensus estimate of $23.41 million by 5.30 percent. This is a 2.55 percent increase over sales of $21.62 million the same period last year.

Earnings Beats

Earnings Misses

SKYX

SKYX Platforms Q3 EPS $(0.08) Beats $(0.09) Estimate, Sales $22.17M Miss $23.41M Estimate

KORE

KORE Group Rescheduling The Release Of The Company's Financial Results For Q3 2024 And Live Webcast To Discuss Those Results From Previously Scheduled November 13, 2024 At 5pm ET To November 19, 2024 At The Same Time

ProSomnus (OSAP) has shared an announcement. ProSomnus, Inc. has voluntarily initiated a restructuring process through a Restructuring Support Agre...

ProSomnus Initiates Restructuring to Secure Financial Future

OSAP

Press Releases

ProSomnus Sleep Technologies Takes Strategic Action to Position Company for Long-Term Success

Four Independent Scientific Abstracts at the American Academy of Dental Sleep Medicine Annual Meeting Feature ProSomnus Intraoral Medical Devices

ProSomnus Contributes Two Scientific Abstracts Accepted for Presentation at the 2024 American Academy of Dental Sleep Medicine Annual Meeting

ProSomnus Announces Strong First Quarter 2024 Revenue Growth

ProSomnus Contributes Two Scientific Abstracts for Presentation at SLEEP 2024, A Joint Meeting of the American Academy of Sleep Medicine and the Sleep Research Society

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