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Cresco Labs

Cresco Labs Inc is a vertically-integrated multi-state cannabis operator in the United States licensed to cultivate, manufacture and sell retail and medical cannabis products through Sunnyside, Cresco Labs' national dispensary brand and others. The company operates in one segment, the cultivation, manufacturing, distribution and sale of cannabis.

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CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

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2024年第2四半期の大部分の大麻企業の財務業績が出揃い、その結果から興味深いトレンドが浮かび上がってきた。その1つが、米国のマルチステート・オペレーター（MSO）が供給チェーンにおけるコストと効率を改善しているという点だ。

大麻関連企業の業績　供給チェーンにおけるコストと効率が改善

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令は効率的な運営者の市場占有率の増加と持続可能なプラットフォーム構築を輝かせるだろう。第２四半期の収益を見越して、Zuanic &amp; Associatesのシニアアナリスト、Pablo Zuanic氏は、大麻市場傾向について概要を提供した。

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JUSHI HLDGS INC CL B by Jushi Holdings Inc.

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ペンシルベニア州が最近承認した予算には、大麻企業であるJushi Holdings（OTC：JUSHF）およびTILT Holdings（OTC：TILT）のような企業にとって大きな打撃を与える、大麻の娯楽利用の合法化が除外されています。

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Cresco Labs Inc

Investor and entrepreneur Grant Cardone got people talking again with a tweet listing seven ways to scale passive income. The list included automated car washes, laundromats, lending, video arcades, self-storage, apartments and ATM machines. While some followers cheered him on, others raised eyebrows, laughed or called the whole thing outdated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">7 Ways to Scale Passive income. • automated car washes • Laundry mats • Lending • Video arcades • Self-storage • Apartments • ATM machines
&mdash; Grant Cardone (@GrantCardone) <a href="https://twitter.com/GrantCardone/status/1912107691637358691?ref_src=twsrc%5Etfw">April 15, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
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<h2 class="wp-block-heading">What Is Passive Income?</h2>
Passive income is money earned without putting in sustained effort. In contrast to active income, where you trade time for money through your job or services, passive income flows in with little to no regular involvement once systems are in place. It typically requires effort up front, but once running, it can offer financial independence and long-term stability.
<h2 class="wp-block-heading">Some Call It a Solid List</h2>
Supporters of Cardone&#8217;s tweet said the list featured proven ways to build long-term wealth. They argued that while these businesses require upfront effort, they can generate income with minimal daily involvement once set up. One user added that self-storage, in particular, has low overhead and high margins after the initial investment. &#8220;Self-storage is the hidden gem here. Been watching friends crush it.&#8221; Another praised car washes and apartments as strong income generators when properly managed.
Others jumped in with suggestions like vending machines, digital products, print-on-demand merch and even mobile home parks. A few noted that many new developments in their areas were car washes and self-storage units, possibly for these very reasons.&nbsp;
Trending: It&#8217;s no wonder Jeff Bezos holds over $250 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
<h2 class="wp-block-heading">Others Aren&#8217;t Buying the Hype</h2>
Critics pushed back hard, saying that most of Cardone's list isn't passive at all. They argued that these are active businesses that need constant management. If a machine breaks, it&#8217;s your responsibility. If a tenant has a problem, you have to solve it. One user summed it up: &#8220;None of these are truly passive until you've mastered 3 things: Operations, automation, delegation. You&#8217;re not buying income. You&#8217;re buying systems that free you from the work.&#8221;
&#8220;Video arcades. Thanks boomer,&#8221; another person quipped, poking fun at the outdated feel of some entries on the list.
Some even suggested the list sounded more like a blueprint for money laundering than real investment advice.
<h2 class="wp-block-heading">Ideas for Passive Income Investing</h2>
There are <a href="https://www.benzinga.com/money/passive-income-investing-the-path-to-true-wealth">many ways to invest in passive income</a>. Some are business-based, like the ideas Cardone shared, while others rely more on traditional or digital investments. Here are a few general categories:
<h2 class="wp-block-heading">Investment-Based Passive Income</h2>
<a href="https://www.benzinga.com/money/best-dividend-paying-stocks">Dividend Stocks</a>: Earn a share of company profits. Yields can be modest, but with the right picks, they offer steady income.
<a href="https://www.benzinga.com/money/how-to-buy-bonds">Bonds and Bond Index Funds</a>: Lend money to companies or governments and receive interest. Funds help spread out risk.
<a href="https://www.benzinga.com/money/best-annuity-companies">Annuities</a> and <a href="https://www.benzinga.com/money/best-mutual-funds">Mutual Funds</a>: Annuities guarantee regular payments; mutual funds offer dividends depending on performance.
<a href="https://www.benzinga.com/money/investing-in-private-equity-guide-to-getting-started">Private Equity</a> and <a href="https://www.benzinga.com/money/what-is-venture-capital">Venture Capital</a>: High risk, but potentially high reward. You invest and earn returns if the business succeeds.
See Also: Hasbro, MGM, and Skechers trust this AI marketing firm — <a href="https://www.benzinga.com/money/rad-intel">invest pre-IPO from $0.60 per share now</a>.
<h2 class="wp-block-heading">Interest-Based Passive Income</h2>
<a href="https://www.benzinga.com/money/best-savings-accounts">High-Yield Savings Accounts</a>: Lower risk and insured by the government. Pays modest interest.
<a href="https://www.benzinga.com/money/best-5-year-cd-rates">Certificates of Deposit</a>: Fixed rate for a fixed term. Less liquidity but more predictability.
Alternative Investment-Based Passive Income
<a href="https://www.benzinga.com/money/how-to-invest-in-real-estate">Real Estate</a>: Rental properties can provide consistent income. Crowdfunding and REITs are options too.
<a href="https://www.benzinga.com/money/best-reits">REITs</a>: Own shares in real estate companies that pay dividends.
<a href="https://www.benzinga.com/money/how-to-get-into-cryptocurrency">Cryptocurrency</a>: Earn through staking or lending coins. High risk but also potential for high returns.
Cardone sparked an important conversation. Whether you agree with his list or not, it got people thinking about what it really takes to build wealth that works for you, instead of the other way around.
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'Video Arcades? Thanks Boomer'—Grant Cardone Shares Seven Passive Income Ideas, And People Are Amused

President&nbsp;Donald Trump&nbsp;has excluded a range of technology products, including certain consumer electronics made in China, from the reciprocal tariffs. The list of exemptions, released by U.S. Customs and Border Protection, effectively <a target="_blank" href="https://www.benzinga.com/25/04/44784092/apple-smci-nvidia-and-amd-stocks-climb-in-monday-pre-market-whats-going-on" rel="noreferrer noopener">reduces the scope of the imposed levies</a>.
The exclusions apply to smartphones, laptops, hard drives, and computer processors and memory chips, shielding them from Trump&#8217;s proposed 125% tariff on Chinese goods and the baseline 10% global tariff on most other countries.
Pedestrians in at least three California cities were met with bizarre AI-generated voice clips mimicking Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX CEO Elon Musk and Meta Platforms Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Mark Zuckerberg after crosswalk buttons were <a href="https://www.benzinga.com/25/04/44784312/hacked-crosswalk-buttons-in-california-cities-play-ai-generated-elon-musk-zuckerberg-voice-clips-mocking-democracy-and-begging-for-friends" target="_blank" rel="noreferrer noopener">reportedly hacked over the weekend.</a>
Automotive
Rivian Automotive Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) founder and CEO RJ Scaringe has said the company boasts a "U.S.-centric" supply chain amid&nbsp;Donald Trump&#8216;s 25% <a target="_blank" href="https://www.benzinga.com/tech/25/04/44836493/rivians-us-centric-supply-chain-could-offer-edge-amid-trumps-auto-tariffs-says-ceo-rj-scaringe" rel="noreferrer noopener">tariffs on the auto industry</a>.
Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has released a cheaper, long-range version of the Model Y facelift. The new version replaces the limited-run launch edition, which is no longer <a target="_blank" href="https://www.benzinga.com/25/04/44809616/heres-how-the-new-2025-tesla-model-y-long-range-differs-from-the-limited-run-launch-edition" rel="noreferrer noopener">available for sale by the company</a>.
A&nbsp;Tesla Model Y was spotted testing in India&#8217;s Mumbai, adding to the anticipation of <a target="_blank" href="https://www.benzinga.com/tech/25/04/44833951/elon-musk-led-teslas-model-y-spotted-testing-in-mumbai-ahead-of-india-debut" rel="noreferrer noopener">the company&#8217;s debut in India</a>.
Social Media/Entertainment
Netflix Inc.&nbsp;has begun testing an artificial intelligence–powered search engine that enables subscribers to find movies and TV shows based on their emotions, <a href="https://www.benzinga.com/25/04/44778760/netflix-debuts-openai-backed-search-engine-that-lets-you-discover-movies-and-tv-shows-based-on-emotions-not-just-titles" target="_blank" rel="noreferrer noopener">preferences, or specific situations</a>.
TikTok‘s U.S. public policy chief,&nbsp;Michael Beckerman, is leaving his Washington-based role to transition <a href="https://www.benzinga.com/general/social-media/25/04/44856624/tiktoks-us-policy-chief-steps-down-as-bidding-war-heats-up-after-trump-extends-deadline-report">to a global advisory position</a>.
Technology
Nvidia Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) and&nbsp;Alphabet Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) have reportedly decided to invest in the artificial intelligence startup co-founded by former&nbsp;<a target="_blank" href="https://www.benzinga.com/25/04/44778730/nvidia-and-alphabet-to-back-openai-co-founder-ilya-sutskevers-new-ai-startup-safe-superintelligence-report" rel="noreferrer noopener">OpenAI&nbsp;</a><a target="_blank" href="https://www.benzinga.com/25/04/44778730/nvidia-and-alphabet-to-back-openai-co-founder-ilya-sutskevers-new-ai-startup-safe-superintelligence-report" rel="noreferrer noopener">chief scientist&nbsp;</a><a target="_blank" href="https://www.benzinga.com/25/04/44778730/nvidia-and-alphabet-to-back-openai-co-founder-ilya-sutskevers-new-ai-startup-safe-superintelligence-report" rel="noreferrer noopener">Ilya Sutskever</a>.
Alphabet Inc.&#8217;s&nbsp;Google&nbsp;rolled out its&nbsp;Veo 2&nbsp;model <a target="_blank" href="https://www.benzinga.com/tech/25/04/44832438/googles-veo-2-will-allow-you-to-create-high-resolution-videos-with-text-in-gemini-app-sundar-pichai-shows-off-cyberpunk-style-anime" rel="noreferrer noopener">to&nbsp;</a><a target="_blank" href="https://www.benzinga.com/tech/25/04/44832438/googles-veo-2-will-allow-you-to-create-high-resolution-videos-with-text-in-gemini-app-sundar-pichai-shows-off-cyberpunk-style-anime" rel="noreferrer noopener">Gemini Advanced</a><a target="_blank" href="https://www.benzinga.com/tech/25/04/44832438/googles-veo-2-will-allow-you-to-create-high-resolution-videos-with-text-in-gemini-app-sundar-pichai-shows-off-cyberpunk-style-anime" rel="noreferrer noopener">&nbsp;users</a>.
Alphabet Inc.&#8217;s&nbsp;Google&#8217;s DeepMind&nbsp;is diving into marine science with a new AI model designed to help <a target="_blank" href="https://www.benzinga.com/25/04/44833198/can-ai-talk-to-dolphins-googles-deepmind-creates-dolphingemma-to-explore-animal-language" rel="noreferrer noopener">researchers decode dolphin communication</a>.
Meta Platforms announced Friday it will appoint&nbsp;Dina Powell&nbsp;McCormick&nbsp;and&nbsp;Stripe&nbsp;CEO&nbsp;Patrick Collison&nbsp;to its board of directors, effective April 15. The move increased the <a target="_blank" href="https://www.benzinga.com/25/04/44782094/meta-board-shake-up-trump-era-veteran-dina-powell-and-stripe-ceo-join-as-zuckerberg-reshapes-companys-political-and-strategic-direction" rel="noreferrer noopener">board&#8217;s size to 15 members</a>.
Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) announced a research preview of &#8220;Computer Use,&#8221; a new tool within&nbsp;Copilot Studio&nbsp;that enables AI agents to perform tasks on desktop and web <a href="https://www.benzinga.com/25/04/44831264/microsoft-debuts-computer-use-tool-for-copilot-studio-ceo-satya-nadella-says-anyone-can-build-agents-that-take-action-on-the-ui-across-desktop-and-web-apps" target="_blank" rel="noreferrer noopener">applications by interacting directly</a>.
Bill Gates&nbsp;says artificial intelligence will soon wipe out chronic shortages of skilled workers like doctors and teachers, eventually forcing societies to rethink the value of <a href="https://www.benzinga.com/tech/25/04/44857520/bill-gates-says-his-kids-and-grandkids-will-live-in-a-very-changed-world-as-ai-puts-an-end-to-shortage-of-teachers-and-doctors">time and the concept of ‘work hours</a>'.
Smartphones
Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) investors breathed a much-needed sigh of relief on Friday when the Trump administration announced a decision to exempt iPhones, iPads, and Macs from the latest wave of reciprocal tariffs. This might have saved the<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44788262/apples-margins-catch-a-break-but-road-ahead-still-looks-bumpy" target="_blank" rel="noreferrer noopener"> company from a near-term cost storm</a>.
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Consumer Tech News (Apr 14-Apr 18): Trump's 125% China Tariff Sidesteps Consumer Tech, Tesla Model Y Spotted in India & More

Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Evergy, Sempra, and Philip Morris have rewarded shareholders for years and recently announced dividend increases. These companies currently offer dividend yields of over 3%.
Evergy
Evergy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVRG#NASDAQ">EVRG</a>) engages in the generation, transmission, distribution, and sale of electricity in the U.S. It generates electricity through coal, landfill gas, uranium, and natural gas and oil sources, as well as solar, wind, and other renewable sources.
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Evergy has raised its dividends consecutively for the last seven years. In its most recent dividend hike announcement on Nov. 7, the company's board increased the quarterly payout by 4% to $0.6675 per share, equal to an annual figure of $2.67 per share. The current dividend yield is 3.93%.
Evergy's annual revenue as of Dec. 31 stood at $5.85 billion. According to its most recent release on Feb. 27, it posted Q4 2024 revenues of $1.26 billion, beating the consensus estimate of $1.24 billion, while EPS of $0.35 came in below the consensus of $0.37.
Trending: It&#8217;s no wonder Jeff Bezos holds over $250 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
Sempra
Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>) operates as an energy infrastructure company in the U.S. and internationally.
The company increased its dividends consecutively for the last 15 years. In its most recent dividend hike announcement on Feb. 25, it raised the quarterly payout from $0.62 to $0.645 per share, which is equal to an annual figure of $2.58 per share. The current yield on the dividend is 3.67%.
Sempra's annual revenue as of Dec. 31 stood at $13.19 billion. In its Q4 2024 earnings announcement on Feb. 25, the company posted revenues of $3.76 billion and EPS of $1.50. Both figures came in below expectations.
Check out this <a href="https://www.benzinga.com/insights/analyst-ratings/25/04/44812332/analyst-expectations-for-sempras-future">article by Benzinga</a> for 14 analysts' insights on Sempra.
See Also: Hasbro, MGM, and Skechers trust this AI marketing firm — <a href="https://www.benzinga.com/money/rad-intel">invest pre-IPO from $0.60 per share now</a>.
Philip Morris
Philip Morris International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) operates as a tobacco company. The company offers cigarettes and smoke-free products, including heat-not-burn, vapor, and oral nicotine products under the IQOS and ZYN brands; and consumer accessories, such as lighters and matches.
Philip Morris has raised its dividends every year for the past 17 years. In the company&#8217;s most recent dividend hike announcement on Sept. 12, it increased the quarterly payout from $1.30 to $1.35 per share, equaling an annual figure of $5.40 per share. More recently, in its dividend announcement on March 6, the company maintained the payout at the same level. The current dividend yield on the stock is 3.37%.
The company&#8217;s annual revenue as of Dec. 31 stood at $37.88 billion. In its Q4 2024 earnings release on Feb. 6, it posted revenues of $9.71 billion and EPS of $1.55, both above the consensus estimates.
Evergy, Sempra, and Philip Morris are good choices for investors seeking reliable passive income. Their dividend yields of over 3% and long history of consistent hikes make them attractive to income-focused investors.
Check out this <a href="https://www.benzinga.com/personal-finance/25/04/44830336/how-kimberly-clark-txnm-energy-and-getty-realty-can-put-cash-in-your-pocket">article by Benzinga</a> for three more stocks offering high dividend yields.&nbsp;
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<li><a href="https://www.benzinga.com/money/investing-in-the-midwest-why-multifamily-real-estate-is-a-winning-strategy">This investment company boasts a 33.85% internal rate of return (IRR) for its realized projects, allowing accredited investors to earn passive returns and avoid the headaches of being a landlord.</a></li>
<li>‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a></li>
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Image: Shutterstock

Personal Finance

EVRG

Looking For Yields: Evergy, Sempra, And Philip Morris Are Consistent Moneymakers

Chocolate lovers are in for a rude awakening this Easter, with their favorite bars, cherished brands, and even the iconic Cadbury Creme Egg are significantly dearer compared to prior years.
The 370% rally in cocoa prices, from $2,600 a ton in 2023 to $12,200 in April 2024, is more than just a bitter pill for consumers. It is weighing on the entire supply chain, from farmers and traders to confectionery giants and small chocolatiers alike.
While prices have stabilized this year, they are still well above historic averages at $7,750 a ton, and analysts warn that there is little relief on the horizon.
<h2 class="wp-block-heading">Turmoil In West Africa &#8211; Poor Weather, Crop Failures &amp; Floods</h2>
The world produces nearly 6 million tonnes of cocoa beans each year, with two-thirds of them coming from the West African nations of Ghana and Ivory Coast. Starting with the 2022-23 cocoa season, however, the region has been hit by a perfect storm of floods, crop failures, and shifting weather patterns.
According to the International Cocoa Association, the global market has faced three consecutive years of deficit, the latest being a 150,000 tonne deficit during the 2024-25 season.&nbsp;
Following devastating floods that wiped out key growing regions, the extra dry Harmattan season roasted the cocoa pods, according to a <a href="https://think.ing.com/articles/cocoa-deficit-concerns-grow-chocolate-prices-record/">report</a> by ING Group analysts. Harmattan refers to dusty easterly or north-easterly winds on the West African coast that prevail between December to February. 
To make matters worse, nearly 600,000 hectares of the 1.4 million hectares of land in Ghana that is under cocoa production has been infected with Swollen Foot Virus, which affects cocoa trees, harming their yield, and ultimately killing them, according to Reuters.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="710" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/18044906/cc1_com-1024x710.png" alt="" class="wp-image-878110" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/18044906/cc1_com-1024x710.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/18044906/cc1_com-300x208.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/18044906/cc1_com-768x532.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/18044906/cc1_com.png 1500w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Chart representing Cocoa prices in USD per Tonne: source: tradingeconomics.com
Even as the dust settles on these issues, climate change-driven shifting weather patterns are threatening to destroy West Africa's cocoa industry for good.
Max Dugan-Knight, a climate data scientist at Deep Sky, a Canadian carbon capture startup, says that cocoa is grown in tropical climates, but persistent temperatures above 90°F kill cocoa trees. Both Ivory Coast and Ghana now see extended periods above these thresholds every year.
Climate change is causing more extreme heat, extreme precipitation, and larger swings between hot and cold and wet and dry. None of that is good for crops like cocoa, he adds.
<h2 class="wp-block-heading">Tariffs &amp; Other Structural Issues</h2>
While critical problems continue to persist across key areas of the supply, new structural issues have since cropped up, further adding to the complexity of this crisis.
With just two days left for Easter, the White House is planning its annual Easter Egg Roll, a time-honored tradition going back nearly 150 years. The event will use 30,000 real eggs, but for those who want to celebrate with chocolate Easter Bunnies and eggs, things aren't as festive.
Recently, the U.S. Government <a href="https://benzinga.com/25/04/44616760/donald-trump-sets-reciprocal-tariffs-on-key-trade-partners-in-historic-policy-shock">imposed reciprocal tariffs</a> of 21% on the Ivory Coast and 10% on Ghana, making cocoa more expensive for importers and chocolate producers located in the United States. To make matters worse, no region in the U.S. besides small parts of Hawaii is suitable for cultivating cocoa.
<h2 class="wp-block-heading">Shrinkflation Takes Hold of Big Chocolate</h2>
The big chocolate and confectionery companies such as Hershey Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) and Mondelez International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>), which owns Cadbury's, have come under pressure from rising raw material prices, but not to the extent that was expected.
While cocoa prices have rallied over 300%, Hershey's has raised prices by 12% to 13% for some products, Mondelez by less than 10% for its chocolate products, while other popular brands such as Lindt &amp; Spruengli AG have hiked prices by 6.5%.
According to the consumer price index, the retail price of chocolate has increased by 3% over the past year. A part of this was owing to the extensive hedging strategies and long-term contracts used by the big companies to handle volatility, but that doesn't last very long.
As cocoa prices show no signs of retreating, companies have begun employing other strategies to maintain their prices and margins in the long run.&nbsp;
This includes a reduction in product sizes, or ‘Shrinkflation,' along with changing formulations, with some products now labeled &#8220;chocolatey&#8221; or &#8220;chocolate flavored&#8221; to reflect reduced cocoa content, according to a <a href="https://www.bloomberg.com/news/articles/2024-02-29/rising-cocoa-prices-drive-mars-hersey-to-use-less-chocolate">report</a> by Bloomberg.
<h2 class="wp-block-heading">Small Craft Chocolatiers Are Doing Better</h2>
Smaller craft chocolatiers see an opportunity in this crisis and are using their unique niche positioning to pass on the costs to consumers.
According to Chaitanya Muppala, the CEO of Manam Chocolate, an Indian craft chocolate brand focused on ethical sourcing and sustainability, "Given that for many companies the cacao content is going to change to cushion the volatility, this stands as an opportunity for us to truly familiarize people with premium quality, world-class chocolate."
Muppala adds that fine flavor cacao that craft chocolatiers work with has always traded at a premium to bulk cacao, and while the gap has narrowed, it still trades at a considerable premium. "We don't bother much about spot cacao prices," he says.
According to Carla Martin, director of the Fine Cacao and Chocolate Institute at Harvard University, there are 400 specialty chocolate companies in the U.S., a number that has doubled since 2017. She now worries that the rising prices alongside the new tariffs by the Trump administration could kill this nascent industry, as <a href="https://www.marketplace.org/story/2025/01/03/climate-related-cocoa-shortages-put-strain-on-the-global-chocolate-industry">reported</a> by The Marketplace. &nbsp;
<h2 class="wp-block-heading">Easter Bunnies: More Expensive Than Ever, Not Getting Any Cheaper</h2>
Chocolate Easter bunnies, already costlier to produce due to their intricate shapes, are expected to see price increases, with German manufacturers reporting bunnies are 2 to 3 times more expensive than regular chocolate bars, according to a <a href="https://www.dw.com/en/germany-high-global-cocoa-prices-hamper-easter-bunny-output/a-72220808">report</a> by DW.&nbsp;
Cocoa's rally has turned a holiday indulgence into a bellwether for climate resilience and trade policy. Whether the industry can channel record prices into better farm incomes and sustainable replanting will determine if the current boom ends in relief, or another meltdown the following Easter.
Photo Courtesy: LenaAndPhoto via Shutterstock.com
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Commodities

Exclusives

MDLZ

Easter Candy Sticker Shock: Trump Tariffs And Climate Threaten to Make Your Chocolate Bunny A Luxury Item

<ul>
<li>Coinbase Institutional has suggested that the cryptocurrency market is at the start of a bearish cycle.</li>
<li>Bitcoin and major altcoins have fallen below a key technical level.</li>
<li>Coinbase Institutional does not expect the cryptocurrency bear market cycle to last long.</li>
</ul>
Amid <a href="https://www.benzinga.com/25/04/44830360/bitcoin-ethereum-dogecoin-match-stock-futures-decline-as-nvidia-faces-pressure-analyst-sees-signs-of-resumption-of-btcs-uptrend">declining prices and growing market uncertainty</a> over the past few months, the burning question on the minds of several cryptocurrency market participants has been: Is the bull market cycle over?
Coinbase Institutional, the institution-facing arm of the leading U.S. cryptocurrency exchange, is the latest to attempt to answer the question. The answer? Probably, especially in the short term.
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<h2 class="wp-block-heading">‘Crypto Winter'</h2>
&#8220;Several converging signals may be pointing to the start of a new &#8216;crypto winter,'&#8221; Coinbase Institutional Global Head of Research David Duong asserted in a Tuesday <a href="https://www.coinbase.com/institutional/research-insights/research/monthly-outlook/monthly-outlook-apr-2025">note</a>.
Crypto winter is an extended bear market phase characterized by falling prices, low volumes, and negative market sentiment.
Amid market uncertainty sparked by <a href="https://www.benzinga.com/government/regulations/25/04/44845141/nvidia-drags-wall-street-down-gold-defies-gravity-ahead-of-powell-remarks-whats-driving-markets-wednesday">the U.S.-led trade war</a>, Duong argues that Bitcoin has been trading in bear market territory since late March and altcoins, specifically the top 50 coins per market cap, since the end of February, citing the 200-day moving average.
The moving average is a technical indicator traders often rely on to cut through the noise from market fluctuations and identify the underlying trend. The 200DMA, in particular, is widely believed to indicate long-term market trends. If an asset&#8217;s price is above the indicator, it is considered to be in a bull market and vice versa.
Trending: BlackRock is calling 2025 the year of alternative assets. <a href="https://www.benzinga.com/money/masterworks">One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates.</a>
Bitcoin fell below the 200DMA on March 9 and has failed to hold above since.
Beyond the 200DMA, Duong highlighted significant declines in the total cryptocurrency market capitalization and venture capital funding as further evidence that cryptocurrencies were in a bear market cycle.
Specifically, he noted that the total crypto market capitalization, excluding Bitcoin, stood at $950 billion, down 41% from a December 2024 high of $1.6 trillion and 17% year-on-year.
At the same time, according to the analyst, venture capital funding in the cryptocurrency space remains over 50% below the levels observed during the height of the 2021-2022 cycle, suggesting reduced fresh capital inflows, especially for altcoins.
But Duong remains optimistic that the current cryptocurrency bear market trajectory may not last long.&nbsp;
&#8220;We still believe that crypto prices may be able to find their floor in mid-to-late 2Q25 &#8211; setting up a better 3Q25,&#8221; he wrote.
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<h2 class="wp-block-heading">Improved Global Liquidity</h2>
Speaking to Benzinga about why Coinbase Institutional is anticipating a Q3 market recovery, Duong explained that he expects global liquidity to recover in late Q2, helped by anticipated lower borrowing costs from interest rate reductions. At the same time, he asserted that secular trends like AI were likely to sustain long-term growth.
&#8220;Thus, we think it&#8217;s possible that this quarter may represent the low for crypto prices in 2025 – barring any major paradigm shifts – as tax cuts, deregulation and other stimulative fiscal policies may yet materialize later this year. That would also enable some of positive [sic] crypto regulatory developments to support markets,&#8221; he submitted.
The positive cryptocurrency regulatory developments referenced by Duong likely refer to <a href="https://www.benzinga.com/top-stories/25/04/44758705/ripple-sec-move-to-end-legal-dispute-as-both-sides-withdraw-appeals">the less combative approach</a> regulators have taken to the sector under President Donald Trump and <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44420122/donald-trump-calls-for-stablecoin-legislation-lauds-bitcoin-reserve-biden-got-a-fraction-of-their-value">the push to pass pro-cryptocurrency regulation</a> before year-end.
Citing similar factors, Cardano founder <a href="https://www.benzinga.com/personal-finance/25/04/44781236/why-cardano-founder-sees-bitcoin-hitting-250k-this-year-despite-trump-tariffs">Charles Hoskinson recently contended</a> that Bitcoin still had the potential to surge to a new price record of $250,000 this year. At the time of writing, however, the asset is struggling to hold above the $85,000 price point.
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Coinbase Institutional Says Several Signs Point To 'Crypto Winter' But Remains Optimistic About H2 2025

Crypto analyst Benjamin Cowen anticipates that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) will maintain its dominance over altcoins until there are alterations in the US monetary policy.
What Happened: In a video post on Wednesday, Cowen communicated his insights to his 892,000 YouTube subscribers. He anticipates that the total market cap of altcoins, excluding Bitcoin and Ethereum, will persist in its decline against Bitcoin.
Cowen&#8217;s prediction is that Bitcoin will continue to outperform altcoins until the US Federal Reserve relaxes its monetary policy. &#8220;My base case right now for Bitcoin dominance is that it will likely go higher until quantitative tightening is over,&#8221; Cowen expressed in the <a href="https://www.youtube.com/watch?v=QMU14i4PIYk">post</a>.
The term Bitcoin dominance refers to the proportion of Bitcoin&#8217;s total market capitalization in comparison to all other crypto assets. A rise in Bitcoin dominance signifies that Bitcoin is either ascending faster than other crypto assets or its descent is less severe.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44884222/bitcoin-solana-and-pepe-show-bullish-reversal-signs-amid-market-recovery">Bitcoin, Solana and Pepe Show Bullish Reversal Signs Amid Market Recovery</a>
Regarding the timeline for the Federal Reserve to relax its monetary policy, Cowen said, &#8220;Now, I don&#8217;t know how long it&#8217;s&nbsp;going to take them to&nbsp;end quantitative tightening, it&#8217;s&nbsp;possible they end it this&nbsp;summer.&#8221;
At the time of the report, Bitcoin was trading at $84,270.
Why It Matters: The dominance of Bitcoin over altcoins has significant implications for investors and the broader cryptocurrency market. If Bitcoin continues to outperform altcoins, it could lead to a consolidation of investment in Bitcoin, potentially driving its price even higher. 
Conversely, a shift in the US monetary policy that leads to an easing of the Federal Reserve&#8217;s current stance could disrupt this trend, leading to a more even distribution of investment across different cryptocurrencies. 
This prediction by Cowen provides valuable insight for investors navigating the volatile cryptocurrency market.
Read Next
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

This Crypto Analyst Forecasts Bitcoin's Superiority Over Altcoins Until This Happens

<ul>
<li>On Monday, Meta and the FTC began a faceoff in court over monopoly claims</li>
<li>If the FTC wins, Meta will be forced to sell off apps like Instagram and WhatsApp</li>
<li>Meta CEO Mark Zuckerberg's relationship with President Donald Trump has been called into question, as many worry that it could potentially sway the outcome of the trial</li>
</ul>
The US government began a closely watched aantitrust case against Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) on Monday. The Federal Trade Commission's <a href="https://www.ftc.gov/legal-library/browse/cases-proceedings/191-0134-facebook-inc-ftc-v-ftc-v-meta-platforms-inc">suit alleges</a> that the company has illegally built a "social networking monopoly" through years of "anticompetitive conduct." Defending his company's actions, Meta CEO Mark Zuckerberg took the stand on the first day of proceedings, answering questions about the company's intentions in purchasing apps like Instagram and WhatsApp, and his oft-repeated philosophy "it's better to buy than compete," according to the <a href="https://apnews.com/article/meta-ftc-antitrust-instagram-whatsapp-facebook-f602a09e86c9eb4538949572f72e8380">Associated Press</a>.&nbsp;
If the government wins the case, Meta will be forced to sell off Instagram and WhatsApp, and other tech giants, like Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>, GOOG)) and Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), would be put on notice.
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Historically, the FTC has operated with a large degree of independence, meaning its investigators have been shielded from political pressure. But over the course of his second term, President Donald Trump seems to be bucking those norms. This could have a significant impact on the outcome of the case.
In January, <a href="https://www.nytimes.com/2025/01/30/technology/mark-zuckerberg-meta-trump.html">The New York Times</a> reported that Zuckerberg told employees, "We now have an opportunity to have a productive partnership with the United States government," and "we're going to take that." His comments came after months of private dinners with Trump and those his camp, trips to Mar-a-Lago, and policy changes on his platforms that benefited Trump. The Times reported earlier this month that Zuckerberg visited the White House to urge Trump to intervene in the case.
At the time, a Meta spokesman Andy Stone, told the Times that the company "regularly meets with policymakers to discuss issues impacting competitiveness, national security, and economic growth," essentially implying that the visit wasn't out of the norm. But still, the meeting has raised concerns that Zuckerberg and Meta have been unfairly attempting to sway the outcome in their favor.
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But the question remains, will it work? Maybe, maybe not.
The biggest hurdle will be the U.S. district judge assigned to the case, Judge James Boasberg. Described by Trump as a "Radical Left Lunatic," Boasberg has a nonpartisan record and a sterling reputation in legal circles. However, he has rejected Meta's bids to dismiss the suit once, and seems to be unswayed by Trump so far, ruling against the president's use of the Alien Enemies Act to deport alleged gang members, although he was largely overruled by the Supreme Court.
But Meta isn't giving up. Ahead of the trial, a company spokesman told <a href="https://www.cnn.com/2025/04/14/media/meta-ftc-trial/index.html">CNN</a>, "Regulators should be supporting American innovation, rather than seeking to break up a great American company and further advantaging China on critical issues like AI." And Meta reportedly plans to argue at trial that it remaining so large and expansive is critical, as it provides an American answer and competitor to foreign-owned platforms like TikTok and domestic competitors like YouTube and X, per CNN.&nbsp;
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Image: Shutterstock

AMZN

GOOGL

Meta Faces An Antitrust Lawsuit, FTC Says Company Holds A 'Social Network Monopoly'

In a surprising turn of events, the&nbsp;acting commissioner of the Internal&nbsp;Revenue Service (IRS) has been replaced, following a dispute with billionaire&nbsp;Elon Musk. The move comes amidst increasing concerns over Musk&#8217;s influence within the Trump administration.
What Happened: The interim head of the IRS, Gary Shapley, was replaced after a disagreement with Musk. The report suggests that Musk, through his Department of Government Efficiency, had pushed for Shapley&#8217;s appointment, bypassing Treasury Secretary Scott Bessent.
As per the report <a href="https://www.nytimes.com/2025/04/18/us/politics/irs-scott-bessent-elon-musk.html">by </a>New York Times, Bessent, who was reportedly unaware of Musk&#8217;s involvement, expressed his dissatisfaction to President Trump, who then approved the reversal of Shapley&#8217;s appointment.
The Deputy Secretary of the Treasury, Michael Faulkender, is expected to step in as the acting head of the IRS. He will hold the position until the Senate approves the President&#8217;s nominee for the permanent role, former congressman Billy Long.
Also Read: <a href="https://www.benzinga.com/news/25/04/44778605/elon-musk-digging-my-own-grave-by-tying-himself-to-doge">Elon Musk: &#8216;Digging My Own Grave&#8217; by Tying Himself to DOGE</a>
This leadership change at the IRS is the latest in a series of temporary appointments under the Trump administration. 
The previous interim head, Melanie Krause, resigned after the Treasury Department decided to use IRS data to assist Immigration and Customs Enforcement in deporting undocumented immigrants.
The IRS has declined to comment on the situation. However, this incident underscores the growing concern over Musk&#8217;s&nbsp;influence in the Trump administration, adding to the existing turmoil within the IRS.
Why It Matters: This incident is indicative of the ongoing power struggles within the Trump administration, particularly regarding the influence of private sector figures like Musk. 
The frequent changes in leadership at the IRS, a crucial government agency, could potentially impact its effectiveness and stability. 
Moreover, the use of IRS data for immigration enforcement has raised ethical and legal questions, adding another layer of complexity to the situation.
Read Next
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IRS Leadership Shakeup Following Clash With Elon Musk

Benzinga examined the prospects for <a href="http://www.benzinga.com/trading-ideas" target="_blank" rel="noreferrer noopener">many investors' favorite stocks</a> over the last week — here's a look at some of our top stories.
U.S. markets faced heightened volatility this week as the Trump administration intensified trade restrictions, notably imposing new export controls on Nvidia's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H20 AI chip to China. Nvidia projected a $5.5 billion revenue impact, leading to an 8.5% drop in its stock and a broader 3% decline in the semiconductor sector.
Federal Reserve Chair Jerome Powell cautioned that the tariffs could exacerbate inflation, prompting criticism from President Donald Trump. Amid these tensions, gold prices surged to a record $3,330 per ounce, reflecting increased investor anxiety.
In corporate earnings, UnitedHealth Group's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) unexpected downward revision of its full-year guidance led to a 22.4% plunge in its stock — the steepest single-day drop since 1998. Conversely, Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) reported strong performance, providing some optimism amid the market turbulence.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
The Bulls
<a href="https://www.benzinga.com/general/entertainment/25/04/44877995/netflix-crushes-q1-says-its-working-hard-to-improve-and-expand-its-offering">"Netflix crushes Q1, says it's ‘working hard to improve and expand' its offering"</a>, by Chris Katje, reports that Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) exceeded expectations with $10.54 billion in Q1 revenue, a 12.5% year-over-year increase, driven by higher subscription and ad revenue, while emphasizing plans to enhance its content lineup — including the June 27 return of Squid Game — and expand its ad tech platform globally.
<a href="https://www.benzinga.com/trading-ideas/movers/25/04/44824755/palantir-stock-is-on-fire-this-week-outpacing-broader-markets-whats-going-on">"Palantir stock is on fire this week, outpacing broader markets: What's going on?"</a>, by Adam Eckert, reports that Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) shares rose nearly 25% over five sessions after announcing a partnership with NATO Allied Command Operations to supply AI-enabled warfighting technology, a move Wedbush analyst Dan Ives called a "major win" that validates the company's platform.
<a href="https://www.benzinga.com/general/biotech/25/04/44878381/eli-lilly-rallies-over-14-notches-best-day-since-june-2000-on-oral-weight-loss-drug-results-analysts-react">"Eli Lilly rallies over 14%, notches best day since June 2000 on oral weight-loss drug results: Analysts react"</a>, by Piero Cingari, reports that Eli Lilly and Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) shares surged 14.36% — marking their best day since June 2000 — after its oral GLP-1 drug orforglipron achieved significant weight loss and blood sugar control in a Phase 3 trial, prompting analysts to dub it a potential "Ozempic in a pill."
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/trading-ideas/movers/25/04/44853443/hertz-stock-accelerates-into-the-close-shares-continue-to-move-higher-after-hours-heres-why">Hertz Stock Accelerates Into The Close, Shares Continue To Move Higher After Hours: Here's Why</a>
<a href="https://www.benzinga.com/25/04/44870886/why-nvidia-meta-and-3-more-are-this-strategists-top-buys-this-week-and-why">Nvidia, Meta And 3 More Stocks Are This Strategist's Top Buys: Here's Why</a>
<a href="https://www.benzinga.com/trading-ideas/movers/25/04/44817059/usa-rare-earth-stock-continues-to-surge-whats-going-on">USA Rare Earth Stock Continues To Surge: What's Going On?</a>
The Bears
<a href="https://www.benzinga.com/general/health-care/25/04/44860240/unitedhealth-slashes-2025-outlook-on-medicare-funding-reductions-stock-crashes">"UnitedHealth slashes 2025 outlook on Medicare funding reductions, stock crashes"</a>, by Vandana Singh, reports that UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) shares plunged over 22% after the company cut its 2025 adjusted EPS guidance to $26–$26.50, citing higher-than-expected care activity in its Medicare Advantage business and reduced reimbursement rates.
<a href="https://www.benzinga.com/25/04/44789084/starbucks-stock-brews-a-bitter-blend-of-boycotts-and-bearish-charts">"Starbucks Stock Brews A Bitter Blend Of Boycotts And Bearish Charts"</a>, by Surbhi Jain, reports that Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) shares have declined nearly 13% over the past month as the company faces political backlash from a viral #BoycottStarbucks campaign and bearish technical indicators, with the stock trading below its 8-, 20-, 50-, and 200-day simple moving averages.
<a href="https://www.benzinga.com/news/earnings/25/04/44802241/applied-digital-q3-earnings-revenue-misses-estimates-despite-strong-cloud-services-growth-shares-slide">"Applied Digital Q3 earnings: Revenue misses estimates despite strong cloud services growth, shares slide"</a>, by Adam Eckert, reports that Applied Digital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) posted third-quarter revenue of $52.9 million — falling short of analyst expectations of $63.42 million — while its Cloud Services division grew 220% year-over-year, and the company recorded an adjusted loss of 8 cents per share, beating estimates for an 11-cent loss.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/25/04/44841356/chip-stocks-are-facing-selling-pressure-wednesday-heres-why">Chip Stocks Are Facing Selling Pressure Wednesday: Here's Why</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44850301/target-under-pressure-from-discretionary-spend-slowdown-mounting-inventory-risk-goldman-sachs-downgrades-stock">Target Under Pressure From Discretionary Spend Slowdown, Mounting Inventory Risk, Goldman Sachs Downgrades Stock</a>
<a href="https://www.benzinga.com/25/04/44802015/us-electric-vehicle-sales-up-11-in-q1-as-tesla-declines-the-winners-and-losers">Tesla Loses Steam In Q1 While US EV Sales Climb: The Winners And Losers</a>
Keep up with all the latest breaking news and trading ideas by following <a href="https://twitter.com/Benzinga" target="_blank" rel="noreferrer noopener">Benzinga</a><a href="http://twitter.com/Benzinga" target="_blank" rel="noreferrer noopener"> on X</a>.
Image created using artificial intelligence via Midjourney.

APLD

NVDA

PLTR

SBUX

USAR

Benzinga Bulls And Bears: Netflix, UnitedHealth, Eli Lilly — And Market Volatility Continues

The U.S. and Iran&nbsp;are reportedly poised to engage in a significant round of nuclear negotiations in Rome this Saturday.
What Happened: The discussions aim to resolve the enduring conflict over Tehran&#8217;s nuclear ambitions, with President&nbsp;Donald Trump&nbsp;warning of potential military action should diplomatic efforts falter.
Iran&#8217;s Foreign Minister Abbas Araqchi&nbsp;and&nbsp;Trump&#8217;s&nbsp;Middle East envoy Steve Witkoff&nbsp;will be involved in the talks indirectly through Omani mediators, according to a Reuters report.
This follows a productive initial round held in Muscat the previous week.
Araqchi confirmed his attendance in Rome via a Telegram post, highlighting Iran&#8217;s belief in a possible agreement if the U.S. takes a realistic stance.
While some Iranian officials have speculated about a rapid lifting of sanctions, Tehran has warned against expecting a swift resolution.
Supreme Leader&nbsp;Ayatollah Ali Khamenei&nbsp;has maintained a neutral position, stating he is &#8220;neither overly optimistic nor pessimistic.&#8221;
See Also:&nbsp;<a href="https://benzinga.com/news/25/04/44886711/trump-expresses-reluctance-to-escalate-china-tariffs-hints-at-trade-deal" target="_blank" rel="noreferrer noopener">Trump Expresses Reluctance To Escalate China Tariffs, Hints At Trade Deal</a>
On Friday, Trump reiterated his commitment to preventing Iran from acquiring nuclear weapons.
The U.S. demands Iran cease highly enriched uranium production, while Tehran seeks sanctions relief and assurances against future policy reversals. Both nations remain committed to diplomacy, despite significant differences.
Why It Matters: The upcoming talks in Rome follow a series of developments in U.S.-Iran relations.
Earlier this month, Iran expressed its willingness to engage in high-level discussions with the U.S., <a href="https://www.benzinga.com/news/25/04/44758747/iran-signals-openness-to-nuclear-talks-with-us-warns-against-trumps-aggressive-theatrics">warning</a> against what it termed Trump&#8217;s "aggressive theatrics."
This openness came after Trump&#8217;s unexpected announcement of talks in Oman, a nation with a history of mediating between the West and Iran.
Additionally, Israeli Prime Minister Benjamin Netanyahu&#8217;s potential visit to the White House to discuss key geopolitical issues, including Iran, <a href="https://www.benzinga.com/markets/25/04/44657010/netanyahu-may-meet-trump-at-white-house-on-monday-with-tariffs-iran-and-gaza-on-the-table">underscores</a> the broader regional implications of these negotiations.
The stakes are <a href="https://www.benzinga.com/markets/25/04/44855903/scott-bessent-warns-of-serious-risk-to-anyone-buying-iran-oil-crude-moves-up-us-futures-and-nikkei-post-modest-gains">further heightened</a> by warnings from financial experts like Scott Bessent, who highlighted the risks associated with buying Iranian oil amid rising crude prices.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Global

US, Iran Set For Crucial Nuclear Talks In Rome Amid Tensions

A&nbsp;Boeing Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) aircraft, originally intended for delivery to China, was redirected back&nbsp;to the U.S. on&nbsp;Friday. This incident underscores the intensifying tariff dispute between Beijing and Washington.
What Happened: The jet, one of several awaiting final preparations at Boeing&#8217;s Zhoushan facility, was flown back to the U.S. without delivery. This move follows the imposition of tariffs by U.S. President Donald Trump on April 2, which has disrupted the longstanding duty-free status of the aerospace industry.
According to Reuters, the aircraft, initially slated for Xiamen Airlines, was seen returning to Seattle via Guam.
The decision comes amid reports of a potential Chinese ban on Boeing imports, although no official statement has been made by Beijing.
See Also: <a href="https://www.benzinga.com/25/04/44888445/ford-reportedly-halts-vehicle-shipments-to-china-amid-rising-tariffs">Ford Reportedly Halts Vehicle Shipments To China Amid Rising Tariffs</a>
Industry insiders have indicated that Boeing and its suppliers are preparing for a&nbsp;halt in deliveries to China, according to the report.
Despite discussions about storing undelivered jets in bonded facilities to avoid tariffs, the aircraft was repatriated.
The Air Current first reported the withdrawal of&nbsp;some undelivered jets from Zhoushan,&nbsp;noting that a Chinese airline had also backed out of leasing a Boeing plane.
Why It Matters: The decision to redirect the Boeing jet back to the U.S. is a direct consequence of the escalating trade tensions between the two economic giants.
The Trump administration recently announced tariffs <a href="https://www.benzinga.com/markets/25/04/44831287/trump-administration-imposes-up-to-245-tariff-on-chinese-imports-amid-intensifying-trade-battle">of up to 245%</a> on Chinese imports, a move that has intensified the trade battle between the nations. This has led to retaliatory measures from China, including a potential ban on Boeing aircraft, which could significantly impact the aerospace industry.
China&#8217;s decision to halt Boeing purchases could also have repercussions for its own aircraft manufacturer,&nbsp;<a href="https://www.benzinga.com/news/global/25/04/44883727/chinas-boeing-ban-could-backfire-on-its-own-aircraft-manufacturer-comac">Comac</a>, which relies heavily on U.S. technology. The move could hinder Comac&#8217;s efforts to become globally competitive, as highlighted in a report by the Wall Street Journal.
Analysts, including those <a href="https://www.benzinga.com/markets/25/04/44837703/chinas-ban-on-boeing-could-be-short-lived-but-trump-administration-cant-ignore-trade-fallout-warns-analyst">from</a>&nbsp;Bank of America, have warned that while the ban on Boeing could be temporary, the Trump administration cannot overlook the broader trade implications.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">&nbsp;following this link.</a>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Boeing Jet Returns To US Amid Escalating Tariff Tensions With China

The U.S. Supreme Court temporarily paused the <a href="https://www.benzinga.com/politics/25/04/44680699/alien-enemies-act-survives-court-challenge-trump-gains-green-light-for-swift-deportations">deportation of immigrants</a> under the Alien Enemies Act, drawing criticism from conservative justices Samuel Alito and Clarence Thomas.
What Happened: Early on Saturday morning, the Supreme Court issued a brief order halting deportations under the 18th-century law, which the Donald Trump administration had invoked to remove a group of Venezuelan immigrants in Texas, <a href="https://edition.cnn.com/2025/04/18/politics/boasberg-deportation-flights-alien-enemies-act/index.html">reported</a> CNN.
The immigrants, fearing imminent deportation, filed an emergency appeal, claiming they had not been given proper notice or a chance to challenge their removal.
See Also:&nbsp;<a href="http://benzinga.com/25/04/44888232/trumps-top-economic-adviser-kevin-hassett-says-white-house-is-exploring-options-to-fire-fed-chair-jerome-powell-the-president-and-his-team-will-continue-to-study" target="_blank" rel="noreferrer noopener">Trump's Top Economic Adviser Kevin Hassett Says White House Is Exploring Options To Fire Fed Chair Jerome Powell: ‘The President And His Team Will Continue To Study'</a>
The court did not explain its decision but directed the Trump administration to respond after a federal appeals court in Louisiana reviews the case. The court's order stated that no members of the &#8220;putative class of detainees&#8221; could be removed until further instructions from the court.
Justice Alito and Justice Thomas dissented from the order. Alito questioned the need for the court's involvement, while Thomas expressed concern over the potential implications of halting the removals.
Why It&#8217;s Important: The case stems from a challenge to the Trump administration&#8217;s use <a href="https://www.benzinga.com/25/03/44428767/trump-administration-failed-to-respond-to-court-order-on-deportation-flights-explain-non-compliance-by-tuesday-says-judge">of the Alien Enemies Act</a>, which allows the government to bypass normal immigration procedures and remove individuals from the country.
In a prior ruling, the Supreme Court had allowed the administration to proceed with deportations under the Act but required the government to provide notice and allow detainees to challenge their removal in court.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Legal

Media

Supreme Court Temporarily Halts Immigrant Deportations Under Alien Enemies Act By Trump White House: Conservative Judges Voice Dissent

Italy has joined the U.S. in opposing taxes on digital services, signaling a shift in its stance on a tax levied against major tech companies, including Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, and Facebook-parent Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>).
What Happened: On Friday, Italy and the U.S. issued a joint statement condemning &#8220;discriminatory&#8221; digital taxes, reported Reuters.
In a statement following Italian Prime Minister Giorgia Meloni's meeting with President Joe Biden, the two nations agreed that a non-discriminatory environment for digital service taxation was essential for fostering investment from innovative tech companies.
"We agreed that a non-discriminatory environment in terms of digital services taxation is necessary to enable investments from cutting-edge tech companies," said the statement released after Prime Minister Giorgia Meloni visited the White House on Thursday.
See Also:&nbsp;<a href="https://benzinga.com/tech/25/04/44882049/peter-thiels-palantir-bags-30-million-order-from-ice-for-immigrant-tracking-system" target="_blank" rel="noreferrer noopener">Peter Thiel&#8217;s Palantir Bags $30 Million Order From ICE For Immigrant Tracking System</a>
European taxes targeting major U.S. tech firms like Alphabet&#8217;s Google, Meta&#8217;s Facebook, Apple, and Amazon have long been a point of contention for U.S. administrations, including during Donald Trump&#8217;s presidency.
Italy currently imposes a 3% tax on revenue from online transactions for digital companies with global sales of at least 750 million euros ($853.35 million), though the measure generates less than 500 million euros annually for the Italian government.
Although the tax brings in a relatively modest amount of revenue in a country with total budget spending exceeding 800 billion euros, Italy's digital levy remains a politically sensitive issue for Meloni.
While the joint statement did not specify whether Italy would completely scrap its 3% tax on digital revenue, it marked a significant shift in Italy's approach. It also said that Trump will be visiting Italy in the future, the report noted.
Why It&#8217;s Important: The joint statement between Italy and the U.S. comes amid a backdrop of ongoing trade tensions between the EU and the U.S.
The EU has been considering <a href="https://www.benzinga.com/markets/25/04/44784857/eu-threatens-additional-taxes-on-us-tech-giants-amid-ongoing-tariff-war-we-are-developing-retaliatory-measures-says-von-der-leyen">additional taxes on U.S. tech giants</a> if tariff negotiations with the Trump administration do not resolve. EU Commission President Ursula von der Leyen has indicated that the EU is prepared to expand the trade war to include services, potentially taxing digital advertising revenues.
Kevin O&#8217;Leary, known for his role on "Shark Tank," previously argued that the EU's "zero-for-zero" tariff proposal on industrial goods presented a major chance for President <a href="https://www.benzinga.com/news/global/25/04/44706557/kevin-oleary-calls-eu-tariff-proposal-a-huge-opportunity-for-trump-to-find-an-off-ramp-amid-global-market-volatility">Trump to ease trade tensions</a>.
Meanwhile, the <a href="https://www.benzinga.com/news/global/25/04/44756940/europe-china-eye-ev-price-pact-to-avert-trump-tariff-escalation-after-tesla-ceo-elon-musk-pushes-for-zero-eu-tariffs-amid-declining-sales">EU and China agreed to explore</a> setting minimum prices for Chinese-made electric vehicles as an alternative to the tariffs introduced last year.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Italy Joins US To Oppose 'Discriminatory' Digital Taxes On Big Tech Giants Like Apple, Amazon, Google, And Meta

President Donald Trump and Secretary of State Marco Rubio have given an ultimatum for the ongoing <a href="https://www.benzinga.com/markets/25/03/44455074/oil-rises-as-us-and-russia-begin-talks-in-saudi-arabia-for-ukraine-ceasefire-black-sea-deal">Russia-Ukraine peace talks</a>, stating that the U.S. will abandon efforts unless significant progress is made in the coming days.
What Happened: On Friday, Trump and Rubio expressed frustration over the lack of movement in the peace process between Russia and Ukraine, with Rubio stating that the U.S. would not continue its efforts for an extended period, reported Reuters.&nbsp;
&#8220;We&#8217;re not going to continue with this endeavor for weeks and months on end. So we need to determine very quickly now, and I&#8217;m talking about a matter of days, whether or not this is doable in the next few weeks,&#8221; Rubio said during a meeting in Paris with European and Ukrainian leaders.
&#8220;Quickly, we want to get it done,&#8221; Trump told reporters at the White House. &#8220;Now if for some reason one of the two parties makes it very difficult, we&#8217;re just going to say, &#8216;you&#8217;re foolish, you&#8217;re fools, you&#8217;re horrible people, and we&#8217;re going to just take a pass. But hopefully we won&#8217;t have to do that.&#8221;
Also Read:&nbsp;<a href="https://www.benzinga.com/news/25/02/43759646/russia-has-2-billion-trapped-in-us-banking-limbo-at-jpmorgan-what-happens-next" target="_blank" rel="noreferrer noopener">Russia Has $2 Billion Trapped in US Banking Limbo At JPMorgan — What Happens Next?</a>
While Trump did not provide a specific deadline for the peace talks, his comments signal growing impatience within the administration.
Why It&#8217;s Important: The U.S. has been pushing for a peace deal between Russia and Ukraine, with Trump previously stating during his campaign that he would end the war in Ukraine within 24 hours of taking office.
However, Trump administration officials have privately conceded that the likelihood of swiftly securing a peace agreement in Ukraine is fading. According to three European diplomats, Rubio's latest remarks reflect mounting frustration within the White House over Russia's refusal to compromise, the report noted.
Earlier, Kremlin spokesperson Dmitry Peskov acknowledged that some progress had been made toward a peace deal, though he described communications with Washington as challenging.
American officials also expressed irritation over Ukrainian President Volodymyr Zelenskiy&#8217;s <a href="https://www.benzinga.com/news/global/25/02/43769730/ukraine-raises-alarm-over-us-russia-talks-on-war-without-kyivs-involvement">accusation that Trump's special envoy</a>, Steve Witkoff, was "spreading Russian narratives," the report said, citing a U.S. official.
Thursday's discussions in Paris marked the first significant in-person talks involving European leaders as part of Trump's peace initiative. A U.S. official added that negotiations would continue in London next week, allowing Ukraine time to consider a proposed "term sheet" from Washington.&nbsp;
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Trump Administration Sets Ultimatum For Russia-Ukraine Peace Talks: 'Not Going To Continue With This Endeavour For Weeks And Months,' Says Secretary Of State Rubio

Hertz Global Holdings Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) CEO&nbsp;Gil West&nbsp;expressed optimism following&nbsp;Bill Ackman&#8216;s significant investment in the company.
What Happened:&nbsp;Ackman&#8217;s firm,&nbsp;Pershing Square Capital Management, revealed a substantial stake in Hertz, boosting the company&#8217;s stock price.
Ackman&#8217;s investment firm increased its position in Hertz to 19.8%, making it the second-largest shareholder. This move follows a regulatory filing that initially showed a 4.1% stake by the end of 2024.
"Let me start by saying I am humbled, and we should all feel encouraged by Bill Ackman's comments and energized by the strong support shown by him, Pershing Square Capital Management, and others who share confidence in our strategy," <a href="https://newsroom.hertz.com/news-releases/news-release-details/hertz-exits-chapter-11-much-stronger-company">said</a> West.
Ackman&nbsp;received an exemption from the&nbsp;SEC to delay filing, allowing for additional share accumulation.
West, who took the helm at Hertz in April 2024, shared his thoughts&nbsp;in an internal message to&nbsp;employees.
He emphasized the importance of Ackman&#8217;s endorsement, describing it as a testament to the company&#8217;s progress and the relentless efforts of its workforce.
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Hertz, which emerged from bankruptcy in 2021, has faced challenges, including a $2.9 billion loss in 2024. The company is now focused on its turnaround plan, including a shift from its previous electric vehicle strategy.
Why It Matters: The investment by&nbsp;Bill Ackman&nbsp;comes at a crucial time for Hertz, as the company seeks to regain its footing after significant financial setbacks.
On April 16, Hertz shares surged by 25% in pre-market trading after&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/25/04/44840772/hertz-stock-zooms-25-pre-market-bill-ackmans-pershing-square-makes-46-5m-bet">Ackman disclosed a $46.5 million investment</a>, signaling strong market confidence in the company&#8217;s potential recovery.
Moreover, Ackman <a href="https://www.benzinga.com/25/04/44878275/billionare-investor-bill-ackman-posts-hertz-investment-thesis-proposes-av-fleet-partnership-with-uber">shared</a> his investment thesis, proposing a potential partnership with Uber for an autonomous vehicle fleet. This strategic vision aligns with Hertz&#8217;s efforts to innovate and adapt in a rapidly changing market.
As Hertz continues its turnaround strategy, Ackman&#8217;s endorsement and strategic insights could play a pivotal role in shaping the company&#8217;s future trajectory, providing both financial support and visionary guidance.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: vieninsweden / Shutterstock

Hertz CEO Encouraged By Bill Ackman's Major Investment: 'We Should All Feel Encouraged'

Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) has reportedly stopped exporting certain high-end vehicles to China due to increased tariffs.
What Happened:&nbsp;The automaker has halted shipments&nbsp;of F-150 Raptors, Mustang muscle&nbsp;cars, and Bronco SUVs from&nbsp;Michigan, as well as Lincoln&nbsp;Navigators from Kentucky, according <a href="https://www.wsj.com/business/autos/china-ford-halts-shipment-3cb51285">to</a> a report by the Wall Street Journal.
This follows China&#8217;s retaliatory tariffs on U.S. imports, which have soared to as high as 150%.
A Ford spokesperson commented, &#8220;We&nbsp;have adjusted exports from the&nbsp;U.S. to China in light&nbsp;of the current tariffs,&#8221; but did not specify which models or provide a timeline.
Although Ford&#8217;s export business to China is relatively small, it remains profitable, with the company exporting its iconic models to China for nearly a decade.
Last year, Ford exported about 5,500 vehicles to China, a significant decrease from the annual average of over 20,000.
Despite halting vehicle exports, Ford continues to ship&nbsp;U.S.-built engines and transmissions to&nbsp;China.
See Also:&nbsp;<a href="https://benzinga.com/25/04/44859742/rivian-delivers-70-fleet-vehicles-to-hellofresh-after-ending-exclusive-amazon-deal" target="_blank" rel="noreferrer noopener">Rivian Delivers Vehicles To HelloFresh In First Non-Amazon Deal After Ending Its Exclusive Partnership</a>
Ford&#8217;s sales in China have been declining, affected by the rise of local Chinese car brands. The company sold approximately 400,000 vehicles in China last year, a sharp drop from 1.3 million in 2016.
Why It Matters: The halt in Ford&#8217;s vehicle shipments to China is a direct consequence of the ongoing trade tensions between the United States and China.
Recently,&nbsp;<a href="https://www.benzinga.com/news/25/04/44886711/trump-expresses-reluctance-to-escalate-china-tariffs-hints-at-trade-deal">President Donald Trump</a>&nbsp;expressed reluctance to further escalate tariffs, indicating concerns over potential trade stagnation. He also hinted at China&#8217;s attempts to negotiate a deal, suggesting a possible resolution in the future.
In response to the U.S. tariffs, China has <a href="https://www.benzinga.com/news/global/25/04/44856008/china-dismisses-trumps-tariff-numbers-game-files-wto-complaint-talks-can-only-proceed-based-on-mutual-respect">dismissed</a> what it calls a &#8220;tariff numbers game&#8221; and filed a complaint with the World Trade Organization. The Chinese government has stated that talks can only proceed based on mutual respect.
Furthermore, some Chinese firms are <a href="https://www.benzinga.com/news/global/25/04/44883166/chinese-firms-are-reportedly-using-shell-entities-to-dodge-trumps-tariffs">reportedly</a> using shell entities to circumvent the tariffs imposed by the Trump administration, potentially affecting U.S. revenue collection.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">&nbsp;following this link.</a>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tada Images / Shutterstock.com

Ford Reportedly Halts Vehicle Shipments To China Amid Rising Tariffs

On Friday, President Donald Trump's White House launched a new COVID-19 website.&nbsp;
What Happened: The newly launched website sharply criticized the pandemic response by the World Health Organization (WHO), former President Joe Biden, and Dr. Anthony Fauci, who was the nation's top health official.
The development was first reported by Reuters.
The website&#8217;s banner declares, &#8220;Lab leak – the true origins of COVID-19,&#8221; and also revisits the ongoing debate about the origins of the pandemic, specifically pointing to a <a href="https://www.benzinga.com/news/23/03/31152736/china-says-us-hurting-its-own-credibility-by-rehashing-covid-19-lab-leak-theory-respect-science-and">lab leak in China</a> as the most likely cause.
&#8220;Wuhan Institute of Virology (WIV) researchers were sick with COVID-like symptoms in the fall of 2019, months before COVID-19 was discovered at the wet market,&#8221; states one of the five points on the website.
See Also: <a href="http://benzinga.com/25/04/44888232/trumps-top-economic-adviser-kevin-hassett-says-white-house-is-exploring-options-to-fire-fed-chair-jerome-powell-the-president-and-his-team-will-continue-to-study">Trump&#8217;s Top Economic Adviser Kevin Hassett Says White House Is Exploring Options To Fire Fed Chair Jerome Powell: &#8216;The President And His Team Will Continue To Study&#8217;</a>
Why It's Important: The president's overhaul of the online resource comes against the backdrop of Trump's <a href="https://www.benzinga.com/news/25/04/44886711/trump-expresses-reluctance-to-escalate-china-tariffs-hints-at-trade-deal">intensifying trade war with China</a> and continued criticism of past administrations.
In January, a <a href="https://www.benzinga.com/news/23/02/31062926/edward-snowden-on-covid-19-origin-corporations-must-never-again-be-permitted-to-police-speech">CIA spokesperson stated</a> that the agency believes the COVID-19 pandemic is more likely to have originated from a laboratory than through natural transmission, though it holds only &#8220;low confidence&#8221; in that assessment and considers both possibilities—lab and natural origins—plausible.
The Chinese government has previously said that it supports and has participated in efforts to uncover the virus&#8217;s origins, while accusing the U.S. of <a href="https://www.benzinga.com/news/23/02/31109887/xi-jinpings-mouthpiece-warns-elon-musk-against-pushing-china-covid-19-lab-leak-theory">politicizing the issue</a>, particularly due to investigations led by American intelligence agencies.
Earlier this year, <a href="https://www.benzinga.com/25/01/43125408/trump-signs-order-to-withdraw-us-from-who-again-cites-funding-governance-concerns">Trump also signed an executive order</a> to withdraw the U.S. from the WHO, citing concerns over governance and financial practices. This decision continues his first-term efforts to end WHO membership, a move previously reversed by Biden in 2021.
Last month, the <a href="https://www.benzinga.com/government/regulations/25/03/44519638/us-department-of-health-and-human-services-aligns-with-trumps-executive-order-to-cut-10k-jobs-save-18-billion">U.S. Department of Health and Human Services</a> announced a restructuring plan aligned with Trump&#8217;s executive order, aiming to cut costs and refocus priorities.
This plan includes reducing the workforce by 10,000 employees, saving $1.8 billion annually.
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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.
Photo courtesy: Shutterstock

Trump's New COVID Website Takes Aim At WHO, Fauci, And Biden Over Pandemic Response, Calls Out China Lab Leak Theory

House Democrats have raised serious concerns about the Department of Government Efficiency, alleging it is building a cross-agency master database that could compromise privacy and national security.
What Happened: On Friday, Rep. Gerald Connolly (D-VA) sent a letter to the Social Security Administration's Inspector General requesting an investigation into DOGE, claiming it is collecting and consolidating massive amounts of sensitive personal data, <a href="https://www.theverge.com/tech/652215/doge-cross-agency-master-database-sensitive-information">reported</a> The Verge.
Connolly pointed to accounts from SSA whistleblowers who reported seeing DOGE engineers enter the agency's IT systems carrying backpacks loaded with laptops, each reportedly connected to different federal databases.
Their goal, according to the testimony, was to merge these systems into a single unified database.
&#8220;I have long championed efforts to improve data sharing across the government to combat improper payments and to increase government efficiency," he wrote, adding, &#8220;But any efforts to reform our current systems must be undertaken with the utmost sensitivity and concern for privacy, security, and the Social Security payments that millions of people rely on.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/general/space/25/04/44882314/tesla-ceo-elon-musk-indian-pm-modi-discuss-deeper-tech-ties-amid-model-y-test-run-in-mumbai" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk, Indian PM Modi Discuss Deeper Tech Ties Amid Model Y Test Run In Mumbai</a>
Why It&#8217;s Important: Earlier this month, Daniel Berulis, an IT employee at the National Labor Relations Board (NLRB), stated in an affidavit that the DOGE Service team was <a href="https://www.benzinga.com/25/04/44859945/whistleblower-alleges-doge-involved-in-major-cybersecurity-breach-at-us-labor-agency">granted broad access to the agency&#8217;s internal</a> systems.
The whistleblower noted that starting in March, he observed suspicious activity, including altered logging protocols and the extraction of around 10 gigabytes of sensitive material.
The data appeared to contain confidential affidavits, union-related records, and proprietary business information.
The allegations against DOGE come amid broader scrutiny of the agency.
Previously, it was reported that despite efforts to cut costs, <a href="https://www.benzinga.com/25/04/44778750/musks-government-efficiency-push-falls-short-as-treasury-data-shows-spending-up-sharply-under-trumps-second-term-report">federal spending has increased</a> by $154 billion since Donald Trump returned to office. This rise in spending contrasts with DOGE&#8217;s claims of $150 billion in savings through various cutbacks.
The <a href="https://www.benzinga.com/25/04/44787438/gao-to-probe-sec-changes-under-trump-administration-musks-department-report">U.S. Government Accountability Office (GAO)</a> is also set to investigate changes at the SEC under Musk&#8217;s leadership, focusing on staff reductions and work consolidation.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Elon Musk's DOGE Under Fire: House Democrats Say Agency Is Building Unlawful Master Database Of Sensitive US Data

The Internal Revenue Service (IRS) is undergoing a leadership change after Treasury Secretary Scott Bessent raised concerns to President Trump about the appointment of the agency&#8217;s interim head.
What Happened: Five individuals familiar with the situation revealed that Elon Musk influenced the appointment of Gary Shapley as the interim head of the IRS without consulting Bessent, according to<a href="https://www.nytimes.com/2025/04/18/us/politics/irs-scott-bessent-elon-musk.html"> a</a> New York Times report on Friday.
This move bypassed Bessent, who oversees the tax agency. Musk&#8217;s Department of Government Efficiency facilitated the appointment through White House channels.
Bessent, feeling sidelined, secured Trump&#8217;s approval to reverse the decision. The new acting head is expected to be Michael Faulkender, the deputy secretary of the Treasury, until Billy Long is confirmed by the Senate for the permanent role.
See Also: <a href="https://benzinga.com/25/04/44888254/elon-musks-tesla-delays-launch-of-affordable-model-y-by-several-months-report">Elon Musk&#8217;s Tesla Delays Launch Of Affordable Model Y By Several Months: Report</a>
The IRS has seen frequent leadership changes under Trump, with Shapley being appointed after Melanie Krause resigned.
Krause left following an agreement to use IRS data for deportations, a move she opposed. Shapley, a longtime IRS agent, was praised by conservatives for his stance on the Justice Department&#8217;s handling of Hunter Biden&#8217;s tax investigation.
The dispute between Musk and Bessent became public when Musk amplified a post by Laura Loomer questioning Bessent&#8217;s loyalty to Trump.
Loomer&#8217;s post accused Bessent of meeting with a &#8220;Trump hater,&#8221; which Musk called &#8220;troubling.&#8221; The individual in question was John Hope Bryant, CEO of Operation HOPE, who clarified that his meeting with Bessent did not involve political discussions.
Why It Matters: The appointment of Gary Shapley as interim IRS head follows his whistleblower testimony alleging<a href="https://benzinga.com/25/04/44829763/trump-to-reportedly-appoint-hunter-biden-whisteblower-gary-shapley-as-acting-irs-commissioner-hell-be-a-great-asset"> bias in the investigation of Hunter Biden</a>.
This appointment aligns with Trump&#8217;s administration&#8217;s recent moves, including the IRS&#8217;s controversial decision to<a href="https://www.benzinga.com/25/04/44706330/irs-reverses-stance-agrees-to-share-undocumented-migrant-taxpayers-information-with-ice-this-is-unprecedented"> share undocumented taxpayers&#8217; information</a> with ICE, which has been criticized as part of a mass deportation effort.
Additionally, the IRS&#8217;s leadership changes occur amid speculation about the agency&#8217;s future. Grant Cardone, a prominent critic of the IRS, has suggested that<a href="https://www.benzinga.com/personal-finance/25/03/44440924/grant-cardone-says-dont-be-surprised-when-president-trump-eliminates-the-irs"> Trump might eliminate the agency</a> altogether.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Maxim Elramsisy / Shutterstock.com

Trump Reverses Elon Musk-Influenced IRS Interim Head Appointment Following Scott Bessent's Objection: Report

Elon Musk's Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has postponed the U.S. debut of an affordable version of its Model Y SUV.
The vehicle, internally known as E41, was initially set to launch in the first half of the year.
What Happened: Three sources with knowledge of the situation revealed that the production of this lower-cost Model Y in the U.S. is now expected to start several months later than Tesla&#8217;s public plan, according to a Reuters report on Friday.
The revised timeline suggests a start from the third quarter to early next year.
While the exact cause of the delay remains unclear, two sources indicated Tesla&#8217;s goal to manufacture 250,000 units of the cheaper Model Y in the U.S. by 2026. Plans also include eventual production in China and Europe.
The delay and production targets had not been disclosed before. Tesla&#8217;s upcoming earnings report on Tuesday is expected to address these plans.
See Also: <a href="https://benzinga.com/25/04/44825160/whats-going-on-with-lucid-group-stock-on-tuesday">What&#8217;s Going On With Lucid Group Stock On Tuesday? &#8211; Benzinga</a>
Why It Matters: The delay in launching the affordable Model Y comes amidst Tesla&#8217;s plans to introduce a<a href="https://www.benzinga.com/25/02/43616177/tesla-exec-says-performance-variant-seven-seat-interior-on-new-model-y-will-launch-later-this-year"> Performance variant of the refreshed Model Y</a> later this year, as stated by company executive Lars Moravy.
The<a href="https://benzinga.com/tech/25/01/43183608/tesla-launches-refreshed-model-y-in-us-with-25-price-hike-full-self-driving-included"> refreshed Model Y</a>, launched in January, is part of Tesla&#8217;s strategy to maintain its competitive edge in the electric vehicle market.
In March, Tesla offered significant<a href="https://www.benzinga.com/tech/25/03/44064638/tesla-offers-deep-discounts-of-up-to-7950-on-the-model-y-as-the-ev-giant-gears-up-to-deliver-the-refreshed-version"> discounts on the older Model Y</a> versions, with reductions reaching up to $7,950, as the company prepared to deliver the refreshed variant. These discounts were seen as a move to clear inventory and make way for the new models.
Additionally, Tesla plans to refresh its premium<a href="https://www.benzinga.com/tech/25/02/43908919/tesla-to-launch-refreshed-model-s-x-later-this-year-says-senior-exec"> Model S and Model X</a> vehicles later this year, indicating a broader strategy to update its lineup and attract more customers.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Brandon Woyshnis / Shutterstock.com

Elon Musk's Tesla Delays Launch Of Affordable Model Y By Several Months: Report

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2024年第2四半期の大部分の大麻企業の財務業績が出揃い、その結果から興味深いトレンドが浮かび上がってきた。その1つが、米国のマルチステート・オペレーター（MSO）が供給チェーンにおけるコストと効率を改善しているという点だ。
MSOが風雲急を告げてきたことは驚くべきことではなく、かつその回復力が示されてきたのも理解できる。これまで低い卸売価格という圧力に直面し、小売業界での競争の激化と追加の課税に面してきたが、これらの大半の企業は、そのコスト業績を維持し、あるいはいくつかのケースでは改善することに成功してきたのだから。
<h3 class="wp-block-heading">財務詳細</h3>
バリディアン（Viridian）の<a href="https://dealtracker.viridianca.com/chart-of-the-week/">データ分析</a>によると、トップ8のMSOのうち6社の売上高に対する売上原価（COGS）の割合が昨年と比較して減少した。この削減は、これらの企業が課題に直面しながらも生産コストをより効率的に管理していることを示している。比較の対象には、Green Thumb Industries（OTC：<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>）、Curaleaf（OTC：<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>）、Trulieve（CSE：<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>）（OTCQX：<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>）、Verano（OTC：<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>）、Cresco Labs（OTC：<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>）、Terrascend（OTC：<a class="ticker" href="https://www.benzinga.com/stock/TRSSF#OTC">TRSSF</a>）、AYR（OTC：<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>）およびAscend Wellness（OTC：<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>） が含まれる。ただし、AYRとTerrAscendはCOGSが増加した。これは、彼らが他の企業よりもより大きな運用上の課題に直面していることを示している。
さらに、このうちの6社は、2024年第2四半期における2023年第2四半期との比較で、売上高に対する売上、一般および管理（SG&amp;A）費用が低下した。この傾向は、これらの企業が自分たちのベルトを締め直し、支出についてより規律あるものになり、供給チェーンにおいて効率的に動くことを反映している。売上費用の削減は市場状況を反映したものとみられる。オハイオ州とニューヨーク州に新しいマーケットが拡大するにつれて、これらの企業は売上の増加を期待しており、それによって年の後半にはさらに財務業績が向上するはずだ。
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" class="wp-image-490763" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/12160625/unnamed-2.png" sizes="(max-width: 630px) 100vw, 630px" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/12160625/unnamed-2.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/12160625/unnamed-2-300x194.png 300w" alt="" width="630" height="407" /></figure>
関連記事: <a href="https://www.benzinga.com/markets/cannabis/24/07/39806043/cannabis-stocks-canadian-companies-outperformed-american-counterparts-last-week">大麻株：先週、カナダ企業の方が米国企業をアウトパフォーム</a>
<h3 class="wp-block-heading">MSOと大麻業界における役割の理解</h3>
MSOは複数の州にわたる栽培、加工、小売施設を管理する会社であり、米国の独自の法的枠組みのために同国の大麻市場においてさらに重要なプレーヤーになっている。
大麻が連邦レベルで未だに違法とされているため、ビジネスは州ごとの規制、法則および<a href="https://www.benzinga.com/markets/cannabis/24/08/40176980/state-by-state-price-of-weed-across-the-u-s-in-august-2024">価格</a>といった複雑な規制網を航行せねばならない。MSOはこのような課題を処理するために設計されており、それによって彼らは異なる法律を守りながら、州をまたいでの業務展開を可能にしているのだ。この戦略により、MSOは市場拡大に伴う経済規模の利点を活かし、コストを引き下げ、効率を向上させることができる。ただし、州ごとの規制を遵守することが重要であるため、それによって大きなコストが生じてしまう。
最新のQ2の報告書は、大半のMSOがコスト削減に焦点を当てていることを示唆している。大麻の<a href="https://www.benzinga.com/markets/cannabis/24/07/39892433/dea-rescheduling-of-cannabis-could-create-over-50-000-jobs-industry-group-notes-in-public-commen">スケジューリングの可能性</a>があれば、これは全体の<a href="https://www.benzinga.com/markets/cannabis/24/05/38885460/finally-tax-refunds-these-cannabis-companies-will-get-the-most-money-back-if-rescheduling-happen">税制負担を削減する</a>ことによって、それによってそれらの財務業績を大幅に向上させる可能性がある。
<ul>
<li>次を読む: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39514459/u-s-dollar-soars-how-does-this-threaten-your-cannabis-investments-confidential-insi">米ドルが急騰：これがあなたの大麻投資に脅威を与える理由、機密情報の洞察</a></li>
</ul>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" class="wp-image-490829" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/12164248/CCC-Oct-24-Banner-1-37.gif" alt="" width="970" height="250" /></a></figure>

令は効率的な運営者の市場占有率の増加と持続可能なプラットフォーム構築を輝かせるだろう。第２四半期の収益を見越して、Zuanic &amp; Associatesのシニアアナリスト、Pablo Zuanic氏は、大麻市場傾向について概要を提供した。
Zuanic氏は、連邦の改革期待、<a href="https://www.benzinga.com/markets/cannabis/24/06/39560744/irs-confirms-no-federal-tax-deductions-for-marijuana-businesses-until-rescheduling-is-finalized"> 280Eに関するIRSのニュース</a>、借り換えの可能性、M&amp;A戦略が感情の主要な推進要因となると強調している。
<h3>州の業績ハイライト</h3>
<ul>
<li><a href="https://www.benzinga.com/stock/TCNNF#OTC">フロリダ</a>：ペースの鈍化と価格のデフレにもかかわらず、フロリダの医療大麻販売は2四半期に4億7900万ドル(約530億円)に達し、四半期対四半期でわずか2％の減少率だった。この州で最も多くの店舗を持つのは、Trulieve（OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>）で142店、次いでVerano（OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>）で77店である。</li>
<li><a href="https://www.benzinga.com/topic/illinois-cannabis">イリノイ</a>：2四半期に5億5000万ドルの販売を記録し、四半期対四半期で2％の増加を示したものの、1人あたりの消費額がミシガン州の333ドルに比べて158ドルとなり、 この市場は低調な成績を収めた。この州では、Ascend（OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>）、Curaleaf（OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>）、Verano、Cresco（OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>）、Green Thumb（OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>）がそれぞれ10店舗を運営している。</li>
<li><a href="https://www.benzinga.com/topic/pennsylvania-cannabis">ペンシルベニア</a>：2四半期に4億2600万ドルの売り上げを記録し、前年比で11％の増加を示した。ペンシルベニア州では、1店舗あたりの年間売上高が940万ドルに達するなど、健全な小売業の経済活動が繰り広げられている。この州で最も多くの店舗を運営するのは、Veranoで18店である。</li>
<li><a href="https://www.benzinga.com/topic/arizona-cannabis">アリゾナ</a>：2四半期に3億1000万ドルの売り上げを記録し、四半期対四半期で7％の減少を示した。この州では、栽培業者と小売業者の両方に影響を及ぼすデフレが続いている。この州で最も多くの店舗を運営するのはTrulieve（21店）とCuraleaf（16店）だ。</li>
<li><a href="https://www.benzinga.com/topic/maryland-cannabis">メリーランド</a>：2024年の第2四半期には、23年7月1日からのリクリエーショナルの売り上げを含めて、合計2億8400万ドル（約3,120億円）の売り上げを記録し、前年同期比で130％増となった。この州では、複数の店舗を運営する企業として、CuraleafとGreen Thumbが注目されている。</li>
<li><a href="https://www.benzinga.com/topic/new-jersey-cannabis">ニュージャージー</a>：1四半期の売り上げは2億2500万ドルであり、伸びているものの、1人あたりの消費額は低調である。この州では、複数の店舗を運営する企業として、Curaleaf、Verano、Green Thumbが注目されている。</li>
<li><a href="https://www.benzinga.com/topic/ohio-cannabis">オハイオ</a>：リクリエーショナルの販売が始まり、2四半期には1億2000万ドル（約131億円）の医療大麻の売り上げを記録した。価格は上昇しているものの、Cresco、Green Thumb、Columbia Care（OTC:<a class="ticker" href="https://www.benzinga.com/stock/CCHWF#OTC">CCHWF</a>）などの企業が、この州での大事な運営者となっている。今年8月の時点でオハイオ州では、医療大麻のリクリエーショナル販売が始まった。</li>
<li><a href="https://www.benzinga.com/topic/michigan-cannabis">ミシガン</a>：2四半期には8億3700万ドル（約9,210億円）の売り上げを記録し、四半期対四半期で6％、前年同期比で11％増となった。ミシガン州は、1人あたりの消費額が333ドルという数字で、大麻業界の最大の市場となっている。この州の中で、最も多くの店舗を運営するのは、Green Peak InnovationsとLume Cannabis Co.である。</li>
</ul>
次の一歩:<a href="https://www.benzinga.com/markets/cannabis/24/08/40139356/cannabis-sales-in-u-s-hit-32b-in-june-key-drivers-behind-all-time-record-revealed"> 6月における米国の大麻販売は320億ドルに達し、過去最高の記録を出した背景にある、重要な要因</a>
会議の概要

ペンシルベニア州が最近承認した予算には、大麻企業であるJushi Holdings（OTC：<a class="ticker" href="https://www.benzinga.com/stock/JUSHF#OTC">JUSHF</a>）およびTILT Holdings（OTC：<a class="ticker" href="https://www.benzinga.com/stock/TILT#OTC">TILT</a>）のような企業にとって大きな打撃を与える、大麻の娯楽利用の合法化が除外されています。
ジョシュ・シャピロ知事が支援したこの動きに対し、民主党と共和党に分かれた州議会からは<a href="https://www.spotlightpa.org/news/2024/06/pennsylvania-marijuana-recreational-legislature-passage-budget-josh-shapiro/">反対</a>が出てしまいました。規制に関する合意については、民主党が支配する州下院で合意に達しようとする一方で、大麻の娯楽利用の合法化に反対する共和党が支配する州上院は合意に達しませんでした。
新しい<a href="https://www.pa.gov/en/governor/newsroom/2024-press-releases/governor-shapiro-signs-bipartisan-2024-25-budget--investing-in-e.html">予算</a>は幅広い経済的および社会的投資に焦点を当てていますが、娯楽利用の大麻についての規定は除外しています。主な投資先は、K-12公共教育のための11.1億ドル、企業の誘致のためのサイト開発のための5億ドル、および家庭およびコミュニティを対象としたサービスのための3億5480万ドルが含まれています。
<h3>遅れの中でのJushiとTILTの戦略的動向</h3>
Jushi Holdings（OTCQB）とTILT Holdings（OTCQB）は、ペンシルベニア州での医療大麻の販売から娯楽大麻の販売への移行によって成長が促進されると予測し、大規模な投資を行っています。
Jushiの現在の企業価値は過小評価されていると見なされ、規制の透明性が与えられれば大きな上昇余力があるということを示唆しています。 Zuanic＆AssociatesのシニアアナリストPablo Zuanic氏は、「ペンシルベニア州が娯楽大麻の販売を開始すれば、Jushiの時価総額は250％以上急増する可能性がある」と述べています。
一方、TILT HoldingsはStandard Farmsを運営しており、ペンシルベニア州での事業拡大のために1050万ドルの資金調達契約を締結しました。 これらの資金は、保健省（Department of Health）の許可を受けたディスペンサリーの構築に充てられます。
「ペンシルベニア州が、TILTのStandard Farmsのような小規模な独立系栽培業者がこの新興の市場で競争できるように、我々は賞賛します」と、TILTのCEOであるTim Conder氏は<a href="https://www.benzinga.com/markets/cannabis/24/05/38741310/tilt-holdings-bold-financing-move-how-this-cannabis-companys-escalating-interest-rates-impact-it">述べています</a>。
しかし予想される娯楽市場がないとすると、6か月後にかなり高騰する拡大ローンの金利がTILTの財務モデルに圧迫を与える可能性があります。
<h3>ティム・シーモア氏は州による大麻の合法化をどう見るか</h3>
CNBS Amplify Seymour Cannabis ETF（NYSE：<a class="ticker" href="https://www.benzinga.com/stock/CNBS#NYSE">CNBS</a>）のポートフォリオマネージャーであるTim Seymour氏は、連邦政府の変化よりも州レベルでの大麻の合法化の重要性を強調しました。 「大麻セクターにおける実際の経済は、成長している消費者基盤向けに積極的に製品を販売している企業によって推進されています」と、Seymour氏は<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39344068/not-dc-but-the-states-tim-seymour-discusses-how-red-states-could-catalyze-cannabis-">語りました</a>。
彼は、ペンシルベニア州のような市場が、大麻業界の成長を促進していると指摘し、州レベルの決定が大麻産業の未来にとって重要であることを示唆しています。
関連記事：
<h3>ペンシルベニア州における大麻企業</h3>
JushiとTILTの両社は、ペンシルベニア州の予算における娯楽利用の大麻の除外がもたらす不確実な規制環境に適応しなければなりません。
予算から娯楽利用の大麻が除外されたことは、分かれた州議会での合意形成の複雑さを象徴しています。Seymour氏が指摘したように、「州レベルの法制化は、実際の産業の成長につながる製品を消費者の手に届けるものです」。
Zuanic氏は、「<a href="https://www.benzinga.com/markets/cannabis/24/02/37242307/jushi-holdings-revs-up-unleashing-torque-in-pennsylvania-and-virginias-cannabis-expansion">娯楽利用の大麻が合法化されない</a>場合、Jushi Holdingsは医療大麻市場に制限されることで成長が制約されるだろう」と述べたように、Jushiもまた州の不確実な規制環境に適応しなければなりません。
販売の勢いと利益率の面で競合他社に遅れをとっているにも関わらず、Jushiは業務を合理化し、EBITDAマージンを大幅に改善しています。 Zuanic氏は、12月2024年に支払期日を迎える約6,500万ドルの借金の<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39470114/debt-deadline-looms-how-cannabis-companies-financial-health-could-impact-your-portf">返済の取り組み</a>に加え、Jushiの財務状況は管理可能であると考えています。
<h3>予算承認後の市場動向</h3>
2024年7月15日（月）、午後12時過ぎ、Jushi Holdings（NYSE：<a class="ticker" href="https://www.benzinga.com/stock/JUSHF#NYSE">JUSHF</a>）の株価は0.592ドルで、2.8449％下落し、投資家の信頼が低下していることを示しています。取引高は8339株で、市場活動は抑制的であることを示しています。時価総額は約1億1600万ドルであり、大麻セクターの中では比較的小さな企業です。
TILT Holdingsの株価は0.02211ドルで、10.55％上昇し、これは投資家からのポジティブな評価か、または最近のニュースへの反応であると考えられます。株価は6,150で、これは中規模の取引高で、時価総額は約850万ドルであり、大麻セクターの中でマイクロキャップ株式として位置づけられています。
これらは、ペンシルベニア州で<a href="https://www.benzinga.com/topic/pennsylvania-cannabis">運営している最も重要なMSO</a>の一部です。
<ul>
<li>Curaleaf Holdings（OTC：<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>）</li>
<li>Trulieve Cannabis（OTC：<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>）</li>
<li>Cresco Labs（OTC：<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>）</li>
<li>Green Thumb Industries（OTC：<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>）</li>
<li>Ayr Wellness（OTC：<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>）</li>
<li>Verano Holdings（OTC：<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>）</li>
<li>TerrAscend（OTC：<a class="ticker" href="https://www.benzinga.com/stock/TRSSF#OTC">TRSSF</a>）</li>
<li>The Cannabist Co.（OTC：<a class="ticker" href="https://www.benzinga.com/stock/CCHWF#OTC">CCHWF</a>）</li>
</ul>
次の一手：　
これらの問題については、10月8日から9日まで開催されるベンジンガ・カンナビス・キャピタル・カンファレンス（Benzinga Cannabis Capital Conference）で大いに議論されることでしょう。大麻業界の将来における投資の意味について更に多くの見識を得るために、ぜひ私たちにご参加ください。このカンファレンスで、大手企業のトップエグゼクティブ、投資家、提唱者、立法者の皆様の素晴らしいご意見をお聞きになりませんか。　<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">チケットをお求めください</a>。
写真：AIによる生成画像。

大麻関連の企業の債務基準日にはいくつかの企業が迫っており、これによってそれらの企業の財務戦略と総合的な安定性に深刻な影響がもたらされる可能性がある。月曜日、ボーコン・セキュリティーズのアナリストであるMBAのDoug Cooper氏、CFA、CMT、MBAのRussell Stanley氏、Donangelo Volpe氏の報告が、投資家にとっての潜在的なリスクとその意味について詳しく説明している。
<h3>債務基準日の比較分析</h3>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38772876/cannabis-reports-highlight-339m-and-297-6m-revenue-insights-in-curaleaf-and-truliev">Curaleaf</a>(OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURA#OTC">CURA</a>)は、2026年12月に返済期限が切れる債務の金額が最大で、合計964百万ドルの内、 475百万ドルが金額となります。
Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>)も遅れることなく、2026年8月に4億ドルの債務の返済期限が切れ、516百万ドルの総債務のうち77％を占めます。これらの大きな債務の期限切れは、大規模な再融資リスクを浮き彫りにし、間もなく強力な現金フロー管理戦略を必要とする。
一方で、(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VEXTF#OTC">VEXTF</a>)は、2027年7月に17百万ドルの債務の返済期限が切れることになっており、合計62百万ドルの債務のうち28％を占めます。これは、同社の財務状況への影響が比較的小さい可能性を示唆しています。
VEXTと同じく、Jushi Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/JUSHF#OTC">JUSHF</a>)も2024年12月に債務の返済期限が迫っており、5,800万ドルが支払い期限が切れる予定で、275百万ドルの総債務の21％を占めます。この割合は、セクター内の他の企業と比較して比較的低いものであり、JUSHの財務健全性に与える影響がそれほど大きくない可能性を示唆しており、運営の安定した現金フローを維持するためのより管理しやすい状況を示唆しています。
Cansortium (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTC">CNTMF</a>)も、2025年4月に債務の返済期限が切れることになっており、1億5,600万ドルの債務の内、5,600万ドルが支払い期限が切れる予定です。
<h3>債務負担の課題</h3>
Green Thumb (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>)もまた重要な状況に直面しており、2025年4月に返済期限が切れる2億5,000万ドルの債務があり、これは同社の総債務の86％を占めます。この高い集中度は、短期間での多額の再融資ニーズや実質的な<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39392754/brick-and-mortar-investments-build-cash-flow-and-11-price-uptick-for-this-cannabis-">キャッシュフロー</a>の生み出しを示唆しています。
同様に、Ascend Wellness（OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>）も2025年8月に2億7500万ドルの債務の返済期限が迫っており、これは同社の総債務の89％を占めます。
投資家はこれらの進展を慎重に監視すべきで、これらの進展がこれらの企業の財務健全性と<a href="https://www.benzinga.com/markets/cannabis/24/05/38885460/finally-tax-refunds-these-cannabis-companies-will-get-the-most-money-back-if-rescheduling-happen">より広い市場の動向</a>に大きな影響を与える可能性があり、それが直接的に投資ポートフォリオにも影響を与える可能性があります。債務の返済期限が切れる前に、大麻関連の企業の財務諸表と収益報告書を定期的に確認して<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38657697/post-cannabis-rescheduling-whats-next-for-marijuana-giants-potential-1-1b-cash-flow">現金フロー管理</a>および再融資戦略を評価することが重要です。
これらの投資問題は、10月8日から9日までシカゴで開催される<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Benzinga大麻キャピタル会議</a>で話題になります。大麻の合法化の波が投資にとって何を意味するのかについての洞察を得るために、ぜひ参加してください。最高経営責任者、投資家、支持者、および政策決定者から直接お聞きください。料金が上がる前に、<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">こちらのリンク</a>をクリックしてお申し込みください。
写真：<a href="https://www.benzinga.com/markets/cannabis/24/05/38885460/finally-tax-refunds-these-cannabis-companies-will-get-the-most-money-back-if-rescheduling-happen">AIによる画像</a>

Management

CNTMF

VEXTF

CURA

大麻関連企業の債務基準日が迫る　市場への影響は

6月半ば、米国で進行中の大麻のスケジューリングについて解析するため、エクイティリサーチ企業Zuanic＆Associatesは業界の専門家を招集した。彼らは、2024年11月までに米連邦公報で最終規則が公開されることを踏まえた、スケジューリングプロセスの包括的な見通しを提供した。
MSOS ETF（NYSE：<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>）の最高値から38％下がる6.99ドルという最新の低下（38％減）からは市場での懐疑的な見方が反映されているものの、Pablo Zuanic、シニアエクイティアナリストPablo Zuanicは現在の市場状況を<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38657697/post-cannabis-rescheduling-whats-next-for-marijuana-giants-potential-1-1b-cash-flow">買いの機会</a>と見なしている。
Zuanic氏は、「技術的要因と直近の触媒の欠如が短期間の利益を制限する可能性がありますが、基本的には強い状況が続きます。」と述べた。
パネルには、KellyFair氏（Dentonsのパートナー）、DavidCulver氏（米国大麻評議会の公共課担当シニアバイスプレジデント）John Sullivan氏（Cresco Labsの公共課担当上級副社長）が参加した。
<h3>米国大麻局の予算</h3>
専門家は、大統領選挙前に必要な行政手続きが完了すると予想し、スケジューリングプロセスに対して自信を表明した。米国麻薬取締局（DEA）の初期の緊張感は<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38905962/cannabis-rescheduling-when-will-it-happen-expert-lays-out-timeline-risks-and-wild-c">意見公募期間</a>中に新しい証拠が提出されることが予想されている。
さらに、大麻は連邦法上は違法のままであるにもかかわらず、米国司法省は金融機関に対して執行からの安全保障を提供するために通知を出す可能性が高い。
「米国司法省の今後の行動は、透明性と将来の規制フレームワークにとって重要です」とZuanic氏は報告書で述べている。
<h3>トランプ氏の政治的影響</h3>
パネルはまた、6月27日の大統領選挙討論会でドナルド・トランプが大麻のスケジューリングについて取り上げるかについても議論した。2024年にトランプが選挙に勝った場合は、議会レビュー法（CRA）が発動され、議員が「不同意の決議」を求めれば不可能ではないとも推測されている。
ただし、パネリストは、多数決を取ってスケジューリングの取り消しを求める議会上院と下院の両方がこれに賛成する可能性は低い、と指摘している。また、トランプがスケジューリングを取り消したい場合は、司法長官は新しいスケジューリングを開始する必要があり、これには約2年かかり、法的および科学的な多くの課題に直面するだろう。
<h3>政治的考慮および未来の予測</h3>
パネルはまた、大統領選挙など、スケジューリングプロセスへの潜在的な政治的影響についても議論した。彼らは、大統領選挙後の<a href="https://www.benzinga.com/markets/cannabis/24/05/38885460/finally-tax-refunds-these-cannabis-companies-will-get-the-most-money-back-if-rescheduling-happen">スケジューリングの</a>取り消しを試みると、法的および科学的な多くの課題に直面し、成功する見込みは低いと予想している。
6月20日に聴聞要請の最終期限が迫る中、米国大麻局の聴聞決定について業界は注視している。これらの聴聞の結果、その後の行政レビューと規則の最終発表は、大麻関連セクターにおいて重要な瞬間を迎えることになる。
大麻のスケジューリングはまもなく解除されそうである。これが業界の未来にとってどういう意味を持つのか知りたいですか？ 19回目のベンジンガ キャピタルカンファレンスで、最高の幹部、投資家、政策立案者からダイレクトに情報を得ることができます。このカンファレンスは、10月8日から9日にシカゴで開催されます。 <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noopener noreferrer">チケットを今すぐゲットしましょう</a>  このリンクを<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noopener noreferrer">フォローする</a>ことで、価格が急騰する前にチケットの確保をしてください。
写真提供：Unsplashの<a href="https://unsplash.com/@claybanks?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText&amp;utm_campaign=auth">Clay Banks</a>

Market Summary

MSOS

トランプ・ファクター　大麻のスケジューリングを解析

DEAが大麻を<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">再スケジュール</a>すると発表し、大麻業界が新しい規制環境に適応する中、最近のViridian Capital Advisorsの報告書によると、企業結合および買収活動（M&amp;A）が大幅に増加する可能性を示唆している。
<h2>ティア1マルチステート企業の利益増</h2>
この分析は、ティア1マルチステート企業（MSO）と小規模企業との間の評価格差の重要な動向を強調しているが、これは3年ぶりの広がりとなっている。
市場価格で並べ替えられたティア1MSOには、Curaleaf Holdings（OTC：<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>）の415億ドル、Green Thumb Industries（OTC：<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>）の298億ドル、Trulieve Cannabis（OTC：<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>）の210億ドル、Cresco Labs（OTC：<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>）の7.1851億ドルなどの会社が含まれる。
この格差は、<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38386324/whos-winning-in-weed-analyst-looks-at-cannabis-markets-big-players-where-are-the-be">大企業</a>にとってM&amp;Aがますます有利になっていることを意味している。簡単に説明すると、大企業は、それらの市場価値に比べて相対的に低い価格で他の会社を買収することができるため、今後は以前よりも買収を通じて成長できるようになったということだ。
<h3>資本コストのダイナミクスが条件付けを変える</h3>
<a href="https://dealtracker.viridianca.com/chart-of-the-week/">報告書</a>は、資本コストに関する増大する差異についても言及しており、これにより大規模で公開されたティア1MSOが有利に立つようになっている。
したがって、これらの企業は、自社よりも小規模で、しばしば非公開の会社よりも、資金調達する際により低コストでやりくりができるようになった。この金融的レバレッジは、大企業のMSOの取引の交渉力を大幅に変え、彼らがより簡単に取引を成立させたり、終了させたりすることを可能にしている。
Viridianの報告書によると、これらのダイナミクスは、特に市場の長期戦によって疲れ切った小規模な競合他社が、撤退することをますます考える中、業界全体での統合のための堅牢な時期になるとのことだ。
報告書によると、公開企業の株価の上昇と<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38420095/cannabis-companies-gains-u-s-versus-canada-averages-can-be-deceiving-irrational-mar">健全な資金余力</a>を利用して、2024年の下半期と2025年の初めには明白なM&amp;A活動の上昇が予想されている。
<img decoding="async" style="height: 545px; width: 633px;" src="https://www.benzinga.com/files/u503488/viridian_capital_advisors_-_ma.png" alt="viridian_capital_advisors_-_ma.png" />
Viridianのチャートは、2021年上半期における栽培および小売りセクター内でのM&amp;A活動の顕著な減少を示しており、それは緑の縦棒が合計取引価値の減少を示しているからだ。大部分の影響は、MSOの<a href="https://www.benzinga.com/markets/cannabis/24/05/38559933/billions-on-the-move-tracking-market-cap-changes-in-top-cannabis-firms-after-dea-rescheduling-an">ETF価格</a>を示すオレンジ色の線により示されており、またMSOが拡大を追求する代わりに現金を節約するため資本市場が緊縮化したことが影響している。 しかし、報告書は、この動向が近いうちに逆転する可能性があるとの見解を示している。
<h3>取引の株式化</h3>
大手企業は、大麻を事業の一環として日課とすることに対する期待によって、株式価格がゆっくりと上昇する中、新しい資金調達を行う際には自社株を使用する方が有利であると考えるようになってきた。
この傾向は、銀行制度の改革や立法の更新が遅れているため、銀行から現金を得ることが難しく、またより高いコストがかかるためである。その結果、<a href="https://dealtracker.viridianca.com/chart-of-the-week/">報告書</a>では、M&amp;A活動を資金調達する際に、資金よりも株式が優先されるようになっているとのことだ。
<h3>プロのアドバイス</h3>
企業が株式を現金よりも優先してM&amp;Aに利用することにより、その企業の株価が堅調であり、市場条件が好調で、また株価に影響を与える投資家の信頼が高いタイミングであると、株式を利用したM&amp;A活動は最適であるとされている。
ただし、この方法は慎重に扱わないと、株主の株価の希釈を引き起こす可能性がある。この結果、市場は発行が過剰だと認識してしまい、株価が下落する原因となることがあるのだ。新株の発行によって、合計株数が増加し、<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38206489/cannabis-markets-trading-volume-surges-up-292-viridian-capital-highlights-mixed-liq">流動性が</a>向上し、それによって新たな投資家が引きつけられるかもしれないが、株価に影響を与えるリスクもあるのだ。
今読む： <a href="https://www.benzinga.com/markets/cannabis/24/05/38627339/the-cannabis-caregiver-econo[…]-these-workers-deserve-market-access-and-how-states-can-help" target="_blank" rel="noopener noreferrer">大麻介護労働経済：なぜこれらの労働者には市場アクセスが必要であり、州の支援が必要なのか</a>
大麻のM&amp;A活動とその投資機会への影響についてより深く理解しようとする皆様には、10月8日-9日にシカゴで開催される第19回Benzinga Cannabis Capital Conferenceに参加する機会を逃さないようにしてください。 産業の未来を探るために、このイベントには業界のトップエグゼクティブ、投資家、政策立案者、支援者が集結します。 <a href="https://www.benzinga.com/events/cannabis-conference/?UTM_source=article" target="_blank" rel="noopener">こちらのリンク</a>に従ってチケットを購入する前に、チケットを確保してください。

米国の大手大麻企業がM&A活動の増加傾向｜新たな報告書から明らかに

フロリダ州の知事であるロン・デサンティス（共和党）は、2024年11月の選挙でフロリダ州民が投票する大麻合法化修正案について、別の非難を浴びせた。今回は、同氏がK-12スクールの近くで大麻を吸うと考えられる人々を非難している。
「小学校のような教育機関の近くで大麻を吸う人が横切ることを認可してもいいのか？」とデサンティス氏は水曜日、マイアミで行われたイベントで記者団に語った。「フロリダ州にとってそれがいい結果を生むと思わない」と非難した。
この提案は、Amendment 3として知られており、フロリダ最高裁判所によって最近<a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">11月の投票用紙に進むことが承認された</a>。この修正案は、Smart and Safe Floridaによって組織され、その実、州がタバコの公共での消費を規制しているように、立法府に対して「屋外での大麻使用と公共での大麻使用を制限するための権限」を与えるものだ。
<h1 class="wp-block-heading">それでもデサンティス知事は批判を続ける</h1>
「この修正法はこれまでで最も幅広いものであり、フロリダ州の全地域で公然での大麻使用を許可することと同意義と捉えている」とデサンティス氏は述べた（<a href="https://floridapolitics.com/archives/670027-gov-desantis-slams-marijuana-amendment-again-warns-of-toking-up-near-schools/">Florida Politicsの報告</a>）。「これは家族にとって良いことではないし、老人にとっても良いことではない。」
そして、デサンティス知事は、自身が語っている間に数マイル先のハリウッド、フロリダの<a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> で開催されたイベントで、フロリダ州の修正案を支持する大麻企業を激怒させた。
「この法案のために数千万ドルを使用する意義を理解できない。大麻企業はこの修正案によって莫大な利益を上げることができる。」と非難的な言葉を口にした。
Trulieve Cannabis Corp（OTCQX：<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>）をはじめとする大麻会社は名前は出ていないが、これまでに少なくとも1,500万ドル以上の資金を提供して修正案を支持している。この提案に資金を提供している会社は、Verano Holdings Corp（OTCQX：<a href="https://www.benzinga.com/stock/vrnof#OTCQX">VRNOF</a>）、Curaleaf Holdings Inc（OTCQX：<a href="https://www.benzinga.com/stock/curlf#OTCQX">CURLF</a>）、AYR Wellness Inc（OTCQX：<a href="https://www.benzinga.com/stock/ayrwf#OTCQX">AYRWF</a>）、Cresco Labs Inc。（OTCQX：<a href="https://www.benzinga.com/stock/crlbf#OTCQX">CRLBF</a>）、Green Thumb Industries Inc（OTCQX：<a href="https://www.benzinga.com/stock/gtbif#OTCQX">GTBIF</a>） 、INSA, Inc。含まれている。
写真：ウィキメディア・コモンズ<a href="https://www.pexels.com/photo/close-up-photo-of-cannabis-plant-7667883/" target="_blank" rel="noreferrer noopener">Kindel Media</a>による写真

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