Following urgings by the U.S. Department of Health & Human Services, DEA officials could reclassify marijuana's drug status to that of a Schedule III substance. Curaleaf (CURLF) CEO Matt Darin joins Yahoo Finance Live to discuss what new regulation could mean for the cannabis industry and certain banking system oversights. "We think this is going to be a massive catalyst," Darin describes. "The biggest impact from a financial standpoint will be the removal of the draconian 280E section of the tax code that has really become untenable for our regulated industry." Darin outlines the higher tax rates cannabis distributors incur, emphasizing the fact that the U.S. government "collects more state taxes from cannabis than they do from alcohol." He comments on the outlook and expansion of the cannabis industry on marijuana's potential reclassification.
Following urgings by the U.S. Department of Health & Human Services, DEA officials could reclassify marijuana's drug status to that of a Schedule III substance. Curaleaf (CURLF) CEO Matt Darin joins Yahoo Finance Live to discuss what new regulation could mean for the cannabis industry and certain banking system oversights.
"We think this is going to be a massive catalyst," Darin describes. "The biggest impact from a financial standpoint will be the removal of the draconian 280E section of the tax code that has really become untenable for our regulated industry."
Darin outlines the higher tax rates cannabis distributors incur, emphasizing the fact that the U.S. government "collects more state taxes from cannabis than they do from alcohol." He comments on the outlook and expansion of the cannabis industry on marijuana's potential reclassification.
Investopedia
Investing in cannabis stocks isn't for everyone, but with the green-leafed drug now fully legalized in 23 states and Washington, D.C., the sector may be ripe for growth opportunities. Despite the industry's facing ongoing legality, regulation, and banking challenges, the market is forecast to grow to $444.3 billion by 2030 from $57.2 billion in 2023 at a compound annual growth rate (CAGR) of 34%. Investors can track the cannabis sector by following the ETFMG Alternative Harvest ETF (MJ), which comprises a portfolio of leading publicly listed cannabis stocks.
AP Finance
Silicon Valley billionaires behind a secretive $800 million land-buying spree in Northern California have finally released some details about their plans for a new green city, but they still must win over skeptical voters and local leaders. After years of ducking scrutiny, Jan Sramek, the former Goldman Sachs trader spearheading the effort, launched a website Thursday about “California Forever." The site billed the project as “a chance for a new community, good paying local jobs, solar farms, and open space” in Solano, a rural county between San Francisco and Sacramento that is now home to 450,000 people.
Reuters
(Reuters) -Saudi Aramco is considering selling a stake worth as much as $50 billion through a secondary share offering on the Riyadh bourse after consultations with advisers, the Wall Street Journal reported on Friday. The sale could happen before the end of the year, the report said, adding that Aramco has been "sounding out" potential investors, such as other multinational oil companies and sovereign-wealth funds, about participating in the deal. The Kingdom has decided to host any new Aramco offering on the Riyadh exchange to avoid legal risks associated with an international listing, the report said, citing Saudi officials and other people familiar with the plan.
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