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This article was originally published on <a href="https://mgmagazine.com/cannabis-news/illicit-sales-outpace-legal-market-by-more-than-3-to-1/">MG Magazine</a>&nbsp;and appears here with permission.
WASHINGTON&nbsp;&ndash; Illicit cannabis sales exceeded $74 billion in 2022, outpacing the country&rsquo;s legal sales of $28 billion by a staggering 164 percent according to&nbsp;<a href="https://info.newfrontierdata.com/cannabis-consumers-in-america-2023-part-3" rel="nofollow noopener" target="_blank">New Frontier Data</a>&rsquo;s latest report about cannabis consumers in America. The stark gap presents clear opportunities for legal operators who can appeal to the frequent consumers who&rsquo;ve become dependent on unregulated channels and the millions of adults who&rsquo;ve shown an interest in cannabis but remain hesitant to try it.
To understand the underlying issues driving the industry&rsquo;s multi-billion-dollar problem, New Frontier Data surveyed more than 5,500 U.S. adults across all market types. The demographically representative sample was surveyed during Q1 2023 and includes consumers who rely on a broad range of sources to procure cannabis.
<h3>U.S. Cannabis Consumer In A&nbsp;Snapshot</h3>
<ul>
<li>Approximately 42 percent of U.S. consumers source cannabis from state-regulated markets.
<ul>
<li>Thirty-four percent live in adult-use markets.</li>
<li>Eight percent are registered patients in medical-only markets.</li>
</ul>
</li>
</ul>
<ul>
<li>About 24 percent of U.S. consumers have access to state-legal cannabis but do not use licensed retailers as a primary source.
<ul>
<li>Seventeen percent reside in adult-use markets but source cannabis elsewhere, usually from friends, family, or illicit dealers.</li>
<li>Seven percent live in medical-only markets but do not participate in their state&rsquo;s medical program.</li>
</ul>
</li>
</ul>
<ul>
<li>The other 34 percent of U.S. consumers do not have adequate access in their home state and would need policy reform to join the licensed cannabis market.
<ul>
<li>Twenty-three percent live in states where cannabis is illegal.</li>
<li>Eleven percent are non-medical consumers in medical states.</li>
</ul>
</li>
</ul>
<h2>Converting Illicit Consumers To Retail Customers</h2>
While most dispensaries are competing against each other to serve the same group of people who&rsquo;ve committed to legal markets, there are significant opportunities outside the current customer pool. According to New Frontier Data&rsquo;s research, four key barriers must be overcome when attempting to attract frequent gray-market customers into licensed-dispensary shoppers.
<h4>1. Price</h4>
Those who buy from gray-market sources often also tend to consume the most the most often, with 56 percent reporting cannabis use multiple times per day. They also consume the most flower, with roughly 32 percent using more than an ounce per month. While they shop frequently and consume the most, they have lower household incomes than people sourcing from friends and family, who have lower average incomes than licensed-dispensary shoppers. By most measures, high inflation&nbsp;<a href="https://www.dallasfed.org/research/economics/2023/0110" rel="nofollow noopener" target="_blank">affects low-income households the most</a>. To adequately appeal to this segment in 2024, retailers must provide products at a variety of price points with attractive promotions including bulk discounts and one-gram deals. Unfortunately, many markets deal with a level of taxation that makes competing on price alone difficult if not impossible.
<h4>2. Product Variety</h4>
Manufactured, non-flower products are the legal dispensary&rsquo;s differentiator. Even in adult-use states, fewer than half of surveyed consumers reported having access to anything but flower, pre-rolls, and edibles. As many as 25 percent of frequent consumers in adult-use markets who primarily purchase from friends, family, or dealers do visit dispensaries on occasion for non-flower products like vape cartridges, concentrates, and topicals. Licensed retailers could do a better job of retaining these customers with promotions like affordable flower bundled with non-flower products.
<h4>3. Product Quality</h4>
According to New Frontier Data, much of the illicit cannabis sold in the U.S. is high-quality flower grown in California. To compete against the gray-market, retailers in every legal market must offer&nbsp;<a href="https://mgmagazine.com/business/retail-merchandise/best-weed-strains-2023/">in-demand strains</a>&nbsp;with a level of quality that can meet or exceed what&rsquo;s being shipped from California farms. While this holds true for customers who frequently source from friends and family members, quality and freshness are especially important for frequent consumers with higher tolerances and experienced palates.
<h4>4. Accessibility</h4>
Frequent gray-market consumers disproportionately live in&nbsp;<a href="https://mgmagazine.com/business/retail-merchandise/best-dispensaries-washington-d-c/">urban areas</a>&nbsp;and may not have convenient transportation to a local licensed dispensary. Similarly, those who primarily source from friends and family disproportionately live in urban areas and may not live anywhere near a licensed dispensary. In each of these instances,&nbsp;<a href="https://mgmagazine.com/business/retail-merchandise/how-free-samples-trigger-curiosity-and-drive-brand-loyalty/">achieving loyalty</a>&nbsp;is next to impossible. Businesses will need to work with local regulators to change zoning ordinances and delivery coverage areas. In locations with a high population of senior citizens like Leisure World in Seal Beach, California, local dispensaries offer&nbsp;<a href="https://patch.com/california/longbeach-ca/directory/listing/94706/long-beach-luxury-cannabis-dispensary-offers-shuttle-service-from-leisure-world" rel="nofollow noopener" target="_blank">regular shuttle services</a>&nbsp;to bring customers into the store to address this group&rsquo;s primary barrier to retail shopping.
<h3>Converting The Curious Holdouts</h3>
While current gray-market customers may be set in their ways or dealing with barriers that are difficult to overcome, millions of other potential new adult customers are open to trying cannabis for the first time (or the first time in decades).
&ldquo;Roughly two in five (39 percent) potential consumers in adult-use states described themselves as likely to try cannabis in the next six months,&rdquo; the report states. &ldquo;And the good news is that for any of these potential consumers who choose to begin consuming cannabis, retail is a likely and attractive source of cannabis relative to the illicit market.&rdquo;
New Frontier Data&rsquo;s insights about product preferences is especially important here, with 76 percent of potential customers interested in edibles. Half of the respondents said they would be interested in trying topicals, 42 percent are interested in beverages, and 28 would like to try tinctures. Only 18 percent expressed an interest in smoking flower. Although flower may dominate retail sales across the country, dispensaries properly marketing non-flower products stand the best chance of attracting a new wave of older, suburban, canna-curious individuals with disposable income.
This article is from an external unpaid contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.
&nbsp;

Cannabis

Why Do Americans Still Buy Non-Legal Weed? Illicit Cannabis Sales 3 Times Higher Than Legal Marijuana Sales

With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings. <a href="https://pro.benzinga.com/?utm_source=insights">According to Benzinga Pro</a>, these enticing companies are scheduled to trade publicly this week.
<ul>
<li>JIADE LIMITED (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JDZG#NASDAQ">JDZG</a>) will be trading publicly starting on May 15, 2024. The company&#39;s price band is set between $4.00 and $5.00 with an insider lock-up period of 180 days. JIADE LIMITED will be offering 2,200,000&nbsp;shares at a per-share value of $4.50.</li>
<li>KindlyMD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KDLY#NASDAQ">KDLY</a>) will be trading publicly starting on May 15, 2024. KindlyMD will be offering 1,273,000&nbsp;shares at a per-share value of $5.50 with an insider lock-up period of 180 days.</li>
<li>Graphex Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GGL#NYSE">GGL</a>) will be trading publicly starting on May 14, 2024. The company&#39;s price band is set between $16.00 and $19.00 with an insider lock-up period of 180 days. Graphex Group Limited will be offering 14,500,000&nbsp;shares at a per-share value of $17.50.</li>
</ul>
<h3>What Are IPOs?</h3>
An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.
Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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A Look At Upcoming IPOs For The Week

gm,
I&#8217;m Ivan and welcome to&nbsp;my weekly column&nbsp;Mad Crypto Alpha.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="933" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61-1024x933.png" alt="" class="wp-image-333901" style="width:289px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61-1024x933.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61-300x273.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61-768x700.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61.png 1073w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Trump Is Right&#8230;</h2>
You read that right.
Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38736514/donald-trump-says-you-better-vote-for-him-if-youre-pro-crypto-but-has-he-always-been-fine-">flip-flopped</a> on crypto last week.
And in the viral video clip documenting Trump&#8217;s <a href="https://twitter.com/IvanCryptoSlav/status/1752466242521215154">totally-not-surprising pivot</a>, Trump only says true things from second 17 onwards:
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;If you like crypto in any form, and it comes in a lot of different forms, if you&#39;re in favor of crypto you better vote for Trump.&quot;<a href="https://t.co/WAT5MYuXUC">pic.twitter.com/WAT5MYuXUC</a>
&mdash; Cory Klippsten &#x7C; Swan.com &#x1f9a2; #Bitcoin (@coryklippsten) <a href="https://twitter.com/coryklippsten/status/1789333124012441673?ref_src=twsrc%5Etfw">May 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<ul>
<li>Gary Gensler is <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38672190/crypto-an-outsized-piece-of-the-scams-and-problems-in-markets-gary-gensler">against crypto</a>.</li>
<li>The Democratic Party has <a href="https://www.standwithcrypto.org/politicians">a lot fewer</a> pro-crypto members.</li>
<li>Crypto comes in many forms (such as <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38630548/exclusive-trump-themed-maga-memecoin-plans-to-rival-dogecoin-and-shiba-inu-with-four-more-">Trump&#8217;s own meme coin</a>).</li>
<li>Thus, Trump is less likely to be against crypto. </li>
</ul>
Alright, even if Trump is right&#8230;why should you care?
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38778908/if-you-bought-your-mom-100-in-bitcoin-dogecoin-and-ethereum-last-mothers-day-heres-how-muc">If You Bought Your Mom $100 In Bitcoin, Dogecoin And Ethereum Last Mother&#8217;s Day, Here&#8217;s How Much She&#8217;d Have Today</a>
<h2 class="wp-block-heading">&#8230;And Everyone&#8217;s Losing Their Mind</h2>
As long as things go according to plan and only regulators and Congresspeople comment on crypto it&#8217;s all fine.
But as soon as Trump comments on crypto&#8230;
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="498" height="210" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12153859/image-62.png" alt="" class="wp-image-333904" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12153859/image-62.png 498w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12153859/image-62-300x127.png 300w" sizes="(max-width: 498px) 100vw, 498px" /></figure>
The following anecdote will tell you all you need to know to position yourself correctly for maximum chance of profits going into election season.
It was all nice and quiet on Crypto Twitter following Trump&#8217;s 180 until Blockworks&#8217; opinion editor Molly Zuckerman chose to poke the hornet&#8217;s nest by giving a — wait for it— different opinion &#x2A;audience gasps&#x2A;.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Crypto Twitter has been especially horrible this week in showing support for pro-crypto politicians just because they are pro-crypto Crypto is not enough to sacrifice your principles — voting crypto shouldn&#39;t be at the expense of your conscience <a href="https://t.co/p6hiwvPjiW">https://t.co/p6hiwvPjiW</a>
&mdash; Molly Jane Zuckerman (@MollyJZuckerman) <a href="https://twitter.com/MollyJZuckerman/status/1789047157909057832?ref_src=twsrc%5Etfw">May 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Molly&#8217;s point: We don&#8217;t know whether Trump&#8217;s pivot is real, and even if it is, you shouldn&#8217;t vote for a party just for one reason because there&#8217;s a good chance that&#8217;s just the sweet serenade of election season.</figcaption></figure>
[Narrator&#8217;s voice:] What Molly did not know is that one does not simply shared a different opinion.
The customary social media s&#8211;tstorm ensued. All nuance went out the window and Molly got dunked on for <a href="https://x.com/icebagz_/status/1789297073080107220">her looks</a>, her <a href="https://twitter.com/mikeinspace/status/1789365085627974046">presumed agenda</a> and everything else a good old hate mob addresses.
But you&#8217;re not here to read about Ryan Selkis, CEO of Messari and speaker at Trump&#8217;s event, trying to <a href="https://twitter.com/twobitidiot/status/1789307227951546862">calm down</a> the mob.
Or that Coindesk thinks Trump&#8217;s speech <a href="https://www.coindesk.com/policy/2024/05/11/trumps-pro-crypto-bluster-at-nft-gala-lacked-policy-substance/">lacked substance</a> (no I&#8217;m not surprised, how could you tell?).
You want to know why Trump&#8217;s pivot is bullish and for whom.
Most people&#8217;s dunks on the op-ed had a notable conservative/libertarian undertone. These people aren&#8217;t voting Democrat in the fall and most likely never were, Trump pivot or not. And these people do not like President Joe Biden, for good reason or not.
But these people do have a lot of market-moving power because they&#8217;re quite wealthy in the crypto industry.
So, what coins are conservative-leaning crypto diehards going to buy come election season?
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38776144/jpmorgan-reports-760k-spot-bitcoin-etf-holdings-even-as-ceo-jamie-dimon-called-for-shuttin">JPMorgan Reports $760K Spot Bitcoin ETF Holdings Even As CEO Jamie Dimon Called For Shutting Down Crypto Industry</a>
<h2 class="wp-block-heading">Crypto Isn&#8217;t All Conservative But Whales Probably Are</h2>
Crypto actually does skew Republican as much as it might appear.
As Alex Thorn, head of research at Galaxy, points out, it&#8217;s really a bipartisan issue and split almost evenly along party lines.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">crypto really is a bipartisan issue 20% of likely voters in swing states say it's a "major issue in the 2024 election" &amp; these voters are split on party lean 45% R, 42% D, and 13% I it's national dems who've chosen to make it partisan &amp; potentially &#x2A;lose&#x2A; votes over it. why? <a href="https://t.co/xs4bQeDR2I">pic.twitter.com/xs4bQeDR2I</a>
&mdash; Alex Thorn (@intangiblecoins) <a href="https://twitter.com/intangiblecoins/status/1788926037838987349?ref_src=twsrc%5Etfw">May 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
But that is not the case on Crypto Twitter. It has long leaned Republican, and many crypto or crypto-adjacent accounts, such as WallStreet Silver, think Trump is likely to win the election (or at least <a href="https://x.com/intangiblecoins/status/1788926037838987349">retweet</a> people that think so).
When Trump-supporting crypto whales go coin-shopping in the coming weeks and months, they&#8217;re likely to buy cryptocurrencies that are mascots for their candidate.
And political meme coins do not offer much for liberal-leaning folk anyway:
<ul>
<li>Trump is the biggest holder of MAGA Memecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>), the meme coin created in his honor.</li>
<li>Jeo Boden (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BODEN</a>) is technically a &#8220;<a href="http://jeo boden Meme Coin Clocks New All-Time High On 56% Daily Surge - Emeren Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOL#NYSE">SOL</a>) - Benzinga">Democrat meme coin,&#8221; but it makes fun of the president&#8217;s gaffes and perceived lack of mental clarity.</li>
<li>Other politicial meme coins like Tooker or Ju Rugan parody right-wing media figures, but there&#8217;s no such alternative for liberals.</li>
</ul>
Conclusion: Crypto Twitter wants Trump to win. Coins supporting Trump (or making fun of Biden) have done well and will probably be high on the list again.
But what about other cryptocurrencies? Are these coins going to outperform Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) or Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)?
No idea. If I knew that, I wouldn&#8217;t be &#8230; ah nevermind.
I&#8217;m not saying these coins are guaranteed to do well. I don&#8217;t even know whether they will outperform other meme coins. And as always, all of that is subject to big daddy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) playing ball and staying in an acceptable range over summer.
But I do know that crypto whales like Trump and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38479551/is-the-memecoin-supercycle-over-mad-crypto-alpha-with-ivan">memecoin supercycle</a> does not look like it has topped out.
So don&#8217;t @ me because that is not financial advice, but the political crypto season is just getting started.
<figure class="wp-block-image size-large"><img decoding="async" src="https://media1.tenor.com/m/tT-abFfzMy8AAAAC/grows-zoo.gif" alt="" /></figure>
<h2 class="wp-block-heading">Wrapping It Up</h2>
If you liked this column, give me a follow&nbsp;<a href="https://twitter.com/IvanCryptoSlav" target="_blank" rel="noreferrer noopener">on Twitter</a>&nbsp;and sign up to our&nbsp;<a href="https://www.benzinga.com/free-newsletters" target="_blank" rel="noreferrer noopener">"Future of Finance" newsletter</a>.
Shoot me a DM or Benzinga a mail if you have topic requests, and I'll see you back for next week's&nbsp;Mad Crypto Alpha.
gn
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38749745/if-you-invested-1-000-in-bitcoin-when-donald-trump-said-the-cryptos-value-was-based-on-thi">If You Invested $1,000 In Bitcoin When Donald Trump Said The Crypto&#8217;s Value Was &#8216;Based On Thin Air,&#8217; Here&#8217;s How Much You&#8217;d Have Now</a>
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Trump's Crypto Pivot Is Bullish...But For Whom? Mad Crypto Money With Ivan

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What's New In Consumer Tech World Last Week? News That You Should Know (May 5-May 11, 2024)

Cook&#8217;s Replacement: Apple&#8217;s <a href="https://www.benzinga.com/news/24/05/38723115/tim-cooks-potential-retirement-sparks-successor-search-at-apple-not-clear-how-this-all-pans-out">executive team has remained largely unchanged</a> over the past twenty years, with many members aging alongside CEO Tim Cook. Mark Gurman <a href="https://www.bloomberg.com/news/newsletters/2024-05-12/who-will-run-apple-after-cook-leaves-a-look-at-company-s-succession-challenge-lw3j2t5z?srnd=undefined">highlighted</a> this challenge in his recent &#8220;Power On&#8221; newsletter, pointing out the need for a successor once Cook steps down.
&#8220;That means Apple faces a broader succession challenge than just finding a replacement for Cook. Many of its top leaders could step down around the same time,&#8221; he said.
The Apple specialist referred to his earlier reporting about Apple&#8217;s hardware engineering chief John Ternus potentially taking over from Cook. 
&#8220;He&#8217;s become an increasingly public face of Apple,&#8221; Gurman said, adding that Ternus was set to deliver the commencement speech at UPenn&#8217;s engineering school on May 18, close on the heels of his participation at the iPad unveiling event last week.
Another factor working in Ternus&#8217; favor would be his age, given he isn&#8217;t yet 50, Gurman said.
The columnist also did not rule out Chief Operating Officer Jeff Williams taking over if Cook were to quit.
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-apple-stock">Everything You Need To Know About Apple Stock</a>
Next Leadership Rung: Gurman also assessed potential successors for key leadership roles across critical departments like engineering, marketing, services, and finance.
<ul>
<li>Operations: Williams could be replaced by his top deputy, Senior Vice President Sabih Khan, who currently oversees the entire supply chain. Khan&#8217;s role could be taken over by Priya Balasubramaniam.</li>
<li>Finance: Finance Vice President&nbsp;Kevan Parekh&nbsp;could eventually take over from CFO Luca Maestri.</li>
<li>General Counsel:&nbsp;Kate Adams, who joined Apple in 2017, could ultimately pass the baton to her deputies&nbsp;Kyle Andeer&nbsp;and&nbsp;BJ Watrous.</li>
<li>Software Engineering: Craig Federighi, Apple's top software executive since 2012, may not leave any time soon. But when he does, Jon Andrews, who runs some of Apple's underlying software technologies, could be a fit.</li>
<li>Hardware Engineering: If Ternus were to replace Cook in the CEO job, he has a host of deputies, including Kate Bergeron, Deniz Teoman and Eugene Kim, to potentially replace him in his current role. Mike Rockwell, who just launched the Vision Pro, may also make the cut.</li>
<li>Hardware Technologies: Johny Srouji, who runs the hardware technologies organization, may pass the baton to Sri Santhanam, who is responsible for the main chips that go into all of Apple's devices. There is a remote chance that Tim Millet, who introduced the M4 chip during Apple's presentation for the new iPad Pro, could also be an option.</li>
<li>Marketing: Marketing head Greg Joswiak&#8216;s no. 2 Bob Borchers, could take over from the former. Since Borchers is only slightly younger than Joswiak, Kaiann Drance, a vice president overseeing iPhone marketing, could also be in contention.</li>
<li>Artificial Intelligence: John Giannandrea, who is heading the AI initiatives, does not strictly have a top deputy, but, if a non-AI software executive were to take over, Vice President Kevin Lynch could be a good bet.</li>
<li>Retail: The replacement for Deirdre O'Brien, who has been overseeing retail operations since 2019, could be an outsider. Vanessa Trigub will likely at least run the group on an interim basis.</li>
<li>Services:  Eddy Cue&#8216;s responsibilities might be divided into entertainment and services, with Oliver Schusser taking charge of the former, while Jeff Robbin would expand his current engineering role to include applications, iCloud and Maps.</li>
</ul>
Apple ended Friday&#8217;s session down 0.69% to $183.05, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzigna Pro data.</a>
Read Next: <a href="https://www.benzinga.com/news/24/05/38774065/apple-chooses-sam-altman-led-openai-to-integrate-chatgpt-into-iphone-deal-almost-done-report">Apple Inches Closer To Choosing Sam Altman-Led OpenAI To Integrate ChatGPT On iPhones: Report</a>
Photo: Shutterstock

Equities

Media

Who Would Replace Tim Cook At Apple? Gurman Weighs In On 'Broader Succession Challenges' At The Tech Giant

Donald Trump has the support of the majority of voters in Louisiana, although the lead may be not as big as the one he had over President <a href="https://www.benzinga.com/topic/joe-biden">Joe Biden</a> in the 2020 election, poll results published on Friday showed.
The Matchups: In a head-to-head matchup, Trump came on top with 52% support compared to Biden&#8217;s 38%, a poll commissioned by The Advocate/The Times-Picayune <a href="https://www.nola.com/news/politics/poll-louisiana-prefers-trump-over-biden/article_ae5f5b4e-0d2c-11ef-b406-2fa526ee613e.html">showed.</a> The poll was conducted by Louisiana-based nonpartisan research firm Faucheux Strategies. About 800 registered voters across Louisiana were surveyed between April 22-26, with the margin of error at 3.5%.
The margin suggests that Trump could beat Biden by a smaller margin than the 18.6% difference that was in Trump&#8217;s favor in 2020. The former president took away 58% of Louisiana&#8217;s total vote in 2020 and Biden polled 40%. Louisiana, historically a red state, has consistently favored Republican candidates, polling between 57% and 59% of voters in every election since 2024, according to the newspaper. Bill Clinton was the last Democratic candidate to win the state in a presidential contest in 1996.
Adding independent candidates Robert F. Kennedy Jr. and Cornel West, along with third-party candidate Jill Stein, to the ballot resulted in 48% of Louisiana voters choosing Trump, while 33% chose Biden. Kennedy received 10% support, followed by West, with 2%, and Stein, with 1%. Another 6% of the respondents said they don't know who they'd back.
See Also: <a href="https://www.benzinga.com/24/05/38776943/donald-trump-says-nikki-haley-not-under-consideration-for-vp-role-amid-rumors-i-wish-her-well">Donald Trump Says Nikki Haley &#8216;Not Under Consideration&#8217; For VP Role Amid Rumors: &#8216;I Wish Her Well&#8217;</a>
Not So Easy: The survey revealed that Trump&#8217;s support could erode if he is convicted in one of the four criminal cases he is fighting. 
&#8220;A conviction could cost Trump between 2% and 9% of his support in Louisiana. Even then, he&#8217;d still win the state comfortably, but similar erosion in battleground states could be consequential,&#8221; the report said.
Most of Trump&#8217;s criminal cases have been delayed, with the former president&#8217;s detractors crying foul over Trump-appointed judges ruling in his favor. Legal experts suggest that the New York City criminal case involving the former president&#8217;s alleged sexual affair <a href="https://www.benzinga.com/general/politics/24/05/38749159/stormy-daniels-says-she-never-asked-for-money-in-trump-hush-money-case-former-president-declares">with adult movie star Stormy Daniels</a> and the subsequent cover-up of hush-money payments made to her is the only trial likely to reach a verdict.
Trump narrowly won the suburbs in 2020, but his advisers are now concerned about these suburban precincts, the report said. The Republicans&#8217; hard stance against abortion have also not gone down well with these voters, it added.
Read Next: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>
Photo: Shutterstock

Politics

Biden Vs. Trump Matchup In This Traditionally Red State Shows Republican Party's Lead Could Shrink Due To This Factor

These large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Teva Pharmaceutical Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>) shares surged 16.24% after the company reported mixed Q1 financial results and announced results from the efficacy portion of the Phase 3 SOLARIS trial of TEV-‘749 in adult patients with <a href="https://www.benzinga.com//node/38709408" target="_blank" rel="noreferrer noopener">schizophrenia compared to placebo</a>.</li>
<li>Toast, Inc. Class A&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>) shares increased 14.71% on strong first-quarter&nbsp;2024 financial results, with revenue of&nbsp;$1.075 billion,&nbsp;<a href="https://www.benzinga.com//node/38684417" target="_blank" rel="noreferrer noopener">beating the&nbsp;estimates&nbsp;of&nbsp;$1.041 billion</a>. Several analysts raised the&nbsp;<a href="https://www.benzinga.com//node/38710825" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Applovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) shares were up 13.28% after the company reported <a href="https://www.benzinga.com//node/38715910" target="_blank" rel="noreferrer noopener">better-than-expected Q1 financial results.</a> Multiple analysts <a href="https://www.benzinga.com//node/38735571" target="_blank" rel="noreferrer noopener">lifted price targets on the stock</a>. </li>
<li>Vistra Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) shares rose 13.25% after it announced that it would join the S&amp;P 500, and a few analysts&nbsp;<a href="https://www.benzinga.com/quote/vst/analyst-ratings" target="_blank" rel="noreferrer noopener">raised the price target on the stock</a>.</li>
<li>International Flavors &amp; Fragrances, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IFF#NYSE">IFF</a>) shares rose 11.22% after the company reported strong first-quarter results and expected FY24 revenue to trend towards the <a href="https://www.benzinga.com//node/38653308" target="_blank" rel="noreferrer noopener">higher end of its guidance range</a>. Several analysts increased <a href="https://www.benzinga.com/quote/iff/analyst-ratings" target="_blank" rel="noreferrer noopener">the price target on the stock</a>.</li>
<li>STERIS Plc (Ireland)&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STE#NYSE">STE</a>) shares grew 10.72% after the company reported better-than-expected&nbsp;Q4&nbsp;financial results. The company announced a planned restructuring of its&nbsp;<a href="https://www.benzinga.com//node/38714045" target="_blank" rel="noreferrer noopener">healthcare surgical business in Europe</a>.</li>
<li>Constellation Energy Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>) shares increased 8.56% after it reported mixed first-quarter FY24 results. Some analysts raised the&nbsp;<a href="https://www.benzinga.com/quote/ceg/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Emerson Electric Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>) shares increased 7.99% after it reported better-than-expected&nbsp;Q2&nbsp;earnings and&nbsp;<a href="https://www.benzinga.com//node/38702517" target="_blank" rel="noreferrer noopener">raised its FY24&nbsp;guidance</a>. Many&nbsp;analysts made changes to&nbsp;<a href="https://www.benzinga.com//node/38728407" target="_blank" rel="noreferrer noopener">their price targets for the stock</a>.</li>
<li>Equinix, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>) shares jumped 6.9% following&nbsp;mixed&nbsp;<a href="https://www.benzinga.com//node/38736613" target="_blank" rel="noreferrer noopener">first-quarter FY24&nbsp;earnings</a>.</li>
<li>International Paper Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IP#NYSE">IP</a>) shares upped 5.68%  following a report suggesting Suzano offered <a href="https://www.benzinga.com//node/38681160" target="_blank" rel="noreferrer noopener">to acquire the company</a>.</li>
</ol>
See Also: <a href="https://www.benzinga.com/news/24/05/38779404/last-weeks-worst-performing-stocks-are-these-10-large-cap-stocks-in-your-portfolio-may-5-may-11-2024">Last Week's Worst-Performing Stocks: Are These Large-Cap Stocks In Your Portfolio? (May 5-May 11, 2024)</a>
Photo: Shutterstock

EQIX

TEVA

TOST

These 10 Large Cap Stocks Shined Brightest Last Week (May 5-May 11, 2024): Are They In Your Portfolio?

These&nbsp;10&nbsp;large-cap stocks were the worst performers last week. Are they in your portfolio?
<ol>
<li>EPAM Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPAM#NYSE">EPAM</a>) shares tumbled 24.6% after it lowered <a href="https://www.benzinga.com//node/38732658" target="_blank" rel="noreferrer noopener">its FY24 revenue guidance</a>. Several analysts trimmed the <a href="https://www.benzinga.com/quote/epam/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares declined 24.4%&nbsp;<a href="https://www.benzinga.com//node/38703997" target="_blank" rel="noreferrer noopener">following&nbsp;first-quarter FY24&nbsp;earnings</a>. Many analysts revised the price targets on Shopify following&nbsp;<a href="https://www.benzinga.com//node/38729578" target="_blank" rel="noreferrer noopener">the earnings announcement</a>.</li>
<li>Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) shares plunged 20.5% after it <a href="https://www.benzinga.com//node/38730781" target="_blank" rel="noreferrer noopener">issued weak guidance</a>. Several analysts cut the price <a href="https://www.benzinga.com//node/38762725" target="_blank" rel="noreferrer noopener">target on the stock</a>.</li>
<li>Builders FirstSource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>) shares are down 15.7%&nbsp;&nbsp;<a href="https://www.benzinga.com//node/38676974" target="_blank" rel="noreferrer noopener">following&nbsp;first quarter&nbsp;earnings</a>. Some analysts&nbsp;<a href="https://www.benzinga.com/quote/bldr/analyst-ratings" target="_blank" rel="noreferrer noopener">cut the price target on the stock</a>.</li>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) shares were down 15.5%&nbsp;<a href="https://www.benzinga.com//node/38653781" target="_blank" rel="noreferrer noopener">following soft revenue&nbsp;guidance</a>. Many analysts revised the&nbsp;<a href="https://www.benzinga.com/quote/pltr/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) shares were down 13% after the company&nbsp;<a href="https://www.benzinga.com//node/38681326" target="_blank" rel="noreferrer noopener">reported&nbsp;Q1&nbsp;financial results</a>.</li>
<li>Suzano S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUZ#NYSE">SUZ</a>) shares decreased 13.98% following a report suggesting that it made an offer to acquire International Paper as well as <a href="https://www.benzinga.com//node/38747815" target="_blank" rel="noreferrer noopener">weak first quarter FY24 results</a>. </li>
<li>Telefonica Brasil S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIV#NYSE">VIV</a>) shares fell 11.8%&nbsp;after the company reported&nbsp;Q1&nbsp;financial results and&nbsp;<a href="https://www.benzinga.com/quote/viv/analyst-ratings" target="_blank" rel="noreferrer noopener">analysts trimmed the price target</a>.</li>
<li>Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) shares decreased 9.3% after the company <a href="https://www.benzinga.com//node/38713550" target="_blank" rel="noreferrer noopener">reported Q1 financial results</a>. Many analysts <a href="https://www.benzinga.com//node/38735131" target="_blank" rel="noreferrer noopener">revised the price target</a>.</li>
<li>Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) shares are down 7.3% following&nbsp;<a href="https://www.benzinga.com//node/38669929" target="_blank" rel="noreferrer noopener">a&nbsp;Q2&nbsp;revenue miss</a>. Several analysts cut the&nbsp;<a href="https://www.benzinga.com/quote/dis/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
</ol>
Also Read: <a href="https://www.benzinga.com/news/24/05/38779419/these-10-large-cap-stocks-shined-brightest-last-week-may-5-may-11-2024-are-they-in-your-portfolio">These 10 Large Cap Stocks Shined Brightest Last Week (May 5-May 11, 2024): Are They In Your Portfolio?</a>
Photo: Shutterstock

ABNB

ALAB

BLDR

EPAM

PLTR

RBLX

SHOP

Last Week's Worst-Performing Stocks: Are These 10 Large-Cap Stocks In Your Portfolio? (May 5-May 11, 2024)

The initiative for a bipartisan commission to address the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36464390/us-national-debt-soars-past-34-trillion-gold-bull-peter-schiff-has-just-one-questio">United States&#39; escalating $34.6 trillion debt</a> appears to be stalling in Congress.
What Happened
The bipartisan commission, an idea advocated by Speaker of the House Mike Johnson since his inauguration, has encountered resistance from both political parties, effectively halting its progress, according to the Associated Press.&nbsp;
Left-leaning Democrats and advocacy groups are concerned that the commission would suggest reductions to Social Security benefits. On the other hand, some Republicans and right-leaning organizations are opposed to the commission, fearing it would propose tax hikes.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38661979/us-pays-2m-interest-per-minute-on-national-debt-funny-peculiar-chicken-and-the-egg-type-situation">US Pays $2M Interest Per Minute On National Debt: &#39;Funny, Peculiar Chicken-And-The-Egg Type Situation&#39;</a>
&nbsp;
Sen. Joe Manchin, D-W.Va., the sponsor of the Senate&#39;s debt commission bill, expressed his disappointment, saying, &quot;No one seems to care. It&rsquo;s a shame, $34.6 trillion in debt. No one cares about it.&quot;
The proposed commission would be a 16-member panel, with the responsibility of recommending measures to balance the federal budget and enhance the long-term fiscal health of Medicare and Social Security.
Despite the grim outlook, supporters of the bill, including Rep. Scott Peters, D-Calif., maintain optimism, asserting that the commission&#39;s approval by the end of this Congress is still achievable.
Why It Matters
The impasse in Congress over the formation of a bipartisan commission to address the national debt underscores the deep political divisions over how to manage the country&#39;s fiscal health. With the national debt reaching record levels, the need for a comprehensive strategy to balance the budget and ensure the sustainability of critical social programs like Medicare and Social Security is more urgent than ever. However, the divergent views on tax increases and spending cuts present significant hurdles to reaching a consensus. The fate of the proposed commission, and its potential impact on the national debt, remains uncertain.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38628113/elon-musk-issues-stark-warning-amid-rising-national-debt-the-dollar-will-be-worth-nothing">Elon Musk Issues Stark Warning Amid Rising National Debt: &#39;...The Dollar Will Be Worth Nothing&#39;</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Government

Economics

Joe Manchin Expresses Disappointment In Congress' Inaction Over Nation's Rising $35 Trillion Debt: 'It's A Shame ... No One Cares About It'

In a recent public appearance, former President Donald Trump addressed a large audience in Wildwood, New Jersey, where he voiced criticism towards his ongoing trial and<a href="https://www.benzinga.com/news/24/05/38779139/joe-biden-calls-donald-trump-clearly-unhinged-at-private-fundraiser-when-he-lost-in-2020-something-s"> the administration of President Joe Biden</a>.
What Happened: As <a href="http://www.politico.com/news/2024/05/11/trump-rally-new-jersey-trial-fascists-00157482">reported</a> by Politico, Trump rallied his supporters on Saturday, dismissing his hush money case as a &quot;sham&quot; and attributing his legal troubles to Biden. This follows a week of witness testimonies in his New York criminal trial.
Trump refrained from commenting on the witnesses or jurors involved in the case, likely due to a gag order enforced by Justice Juan Merchan. The former president has already been penalized for breaching the order 10&nbsp;times, resulting in a $10,000 fine and a warning of potential imprisonment for future violations.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38776800/donald-trump-reacts-to-barron-trumps-role-in-rnc-misstates-sons-age-in-process-hes-pretty-young">Donald Trump Reacts To Barron Trump&#39;s Role In RNC, Misstates Son&#39;s Age In Process: &#39;He&#39;s Pretty Young&#39;</a>
The rally in Wildwood marks Trump&#39;s third public appearance since the commencement of his trial nearly a month ago. His criticism of the justice system and Biden has intensified, with accusations of Biden leading a &quot;Gestapo administration&quot; and being &quot;surrounded by fascists around the Oval Office.&quot;
Trump also expressed disapproval of Biden&#39;s promise to withhold arms from Israel if it initiates attacks on the densely populated city of Rafah. He further pledged to expel any foreign student who propagates &quot;jihadism or antisemitism&quot; on U.S. college campuses.
Despite ongoing legal proceedings, Trump remains active in political engagements, hosting events in Michigan and Wisconsin, as well as fundraising and campaign events at his private club in Florida.
Why It Matters: Trump&#39;s public criticism of his ongoing trial and Biden&#39;s administration indicates his continued engagement with his supporter base despite his legal challenges. His comments on the trial and Biden&#39;s policies reflect his ongoing political ambitions and his efforts to maintain his influence within the Republican party. His continued campaign activities in key states also suggest his potential interest in running for office in the future.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38776670/the-disparate-treatment-of-trumps-fake-electors-is-a-serious-concern-says-legal-expert-its-so-unusua">The Disparate Treatment Of Trump&#39;s Fake Electors Is A Serious Concern, Says Legal Expert: &#39;It&#39;s So Unusual To Have This Situation&#39;</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Donald Trump Dismisses Hush-Money Case As 'Sham,' Accuses Joe Biden Of Heading A 'Gestapo Administration'

This article was originally published on <a href="https://cannabis.net/blog/news/what-are-the-best-states-for-starting-a-cannabis-business-in-2024-marijuana-legal-experts-weigh">Cannabis.net</a> and appears here with permission.
Have you ever pondered the landscape of cannabis regulations across the United States? Amid a shifting legal terrain where nearly half of the states have embraced recreational cannabis and&nbsp;<a href="https://cannabis.net/blog/locations/a-state-by-state-guide-to-cannabis-legalization-updated-with-decriminalization">38 have legalized medical marijuana</a>, the complexities abound. Despite federal law maintaining cannabis as an illegal substance, each state charts its course with unique rules and regulations. Deciding on the optimal cannabis state involves considering various factors, such as whether the state permits medical, recreational, or both cannabis programs, the presence of non-profit entities, and regulations surrounding commercial licenses.
Addressing this intricate question,&nbsp;<a href="https://markets.businessinsider.com/news/stocks/10-best-states-for-cannabis-businesses-ranked-by-legal-experts-the-winner-will-surprise-you-1032893503">according to Businees Insider</a>, the Missouri-based law firm Thompson Coburn has undertaken the task of creating an updated state-by-state ranking of cannabis regulations. Their 2023 guide offers a glimpse into how 2024 rankigns will stack up and offers a&nbsp;<a href="https://cannabis.net/blog/news/which-states-have-medical-marijuana-in-2022-the-guide-to-the-rules-and-regulations-of-medical-m">comprehensive overview of cannabis laws</a>, encompassing every state, DC, and U.S. territories. The rankings range from states with the most favorable regulations for cannabis businesses to those with the most restrictive. In a surprising turn of events, Michigan claimed the top spot in the 2023 rankings, attributed to its low taxes and minimal entry barriers at the state level. According to Michael Rosenblum, a partner at Thompson Coburn, Michigan&#39;s success serves as a potential case study for regulators nationwide grappling with market challenges.
For those interested in exploring further, here&#39;s a glimpse into the first four marijuana states leading the pack with the most business-friendly cannabis laws:
<h3>1. Michigan</h3>
<a href="https://cannabis.net/blog/news/michigan-legalizes-recreational-weed-on-december-6-heres-what-you-need-to-know">Michigan legalized adult-use cannabis in 2018</a>, becoming the 10th state and the first in the Midwest to do so. The Michigan Regulation and Taxation of Marijuana Act (MRTMA) governs the possession and cultivation of cannabis, allowing individuals aged 21 and older to possess up to 2.5 ounces and cultivate 12 plants for personal use. The state&#39;s regulatory framework is business-friendly with a 6% sales tax and a 10% excise tax. However,&nbsp;<a href="https://cannabis.net/blog/news/get-an-ounce-of-legal-weed-in-michigan-for-122-the-race-to-the-bottom-continues-across-america">market saturation has led to challenges</a>&nbsp;for businesses, resulting in closures and financial struggles. Medical-use cannabis is regulated under the Medical Marihuana Facilities Licensing Act (MMFLA), with licenses varying based on activities. Cannabis sales in Michigan surpassed $2.3 billion in 2022, driven by a record monthly sales of $276 million in July 2023. The state&#39;s per capita sales exceed California&#39;s, partly due to neighboring states prohibiting adult-use cannabis.
<h3>2. Illinois</h3>
In 2019,&nbsp;<a href="https://cannabis.net/blog/opinion/the-cannabis-cannonball-run-illinois-becomes-11th-state-to-legalize-recreational-cannabis">Illinois became the first state to legislatively legalize adult-use cannabis</a>&nbsp;with the Illinois Cannabis Regulation and Tax Act. The law permits residents aged 21 and older to possess specified amounts of cannabis for recreational use, but home cultivation is restricted for adult users. Social equity applicants, residing in disproportionately impacted areas with qualifying convictions, can access a $30 million loan program to support startup costs. Recreational sales commenced on January 1, 2020, but faced challenges, leading to forgivable loans and expungement of low-level marijuana charges.&nbsp;<a href="https://cannabis.net/blog/news/illinois-rakes-in-nearly-20-million-in-revenue-in-first-12-days-of-legal-recreational-marijuana">Illinois sold over $1 billion in marijuana in 2021</a>, increasing to $1.5 billion in 2022. Governor Pritzker emphasized equity in the&nbsp;<a href="https://cannabis.net/blog/opinion/illinois-going-recreational-cannabis-will-create-the-biggest-black-market-in-us-history">cannabis ecosystem</a>, with 50 social equity licensees operating by September 2023. Changes in 2023 include altered application processes for social equity licensees, though regulatory developments, especially concerning delta-8 THC, have faced delays.
Illinois hosts prominent multi-state operators (MSOs) on a national scale, featuring key players such as Green Thumb Industries (GTBIF), Verano Holdings (VRNOF), PharmaCann, Cresco Labs (CRLBF), and Ascend Wellness (AAWH).
<h3>3. Arizona</h3>
Both&nbsp;<a href="https://cannabis.net/blog/news/arizona-sells-over-1400000000-worth-of-cannabis-in-the-first-12-months-of-legalization">medical and adult-use marijuana have been legal in Arizona since 2010</a>, with physicians prescribing up to 2.5 ounces every two weeks for qualifying conditions. As of August 2023, 149,000 residents are registered for medical marijuana, down from 278,000 in 2020 due to increased recreational purchases. Medical patients enjoy employment protection. In 2020, voters approved Proposition 207, allowing recreational use. The Act permits possession of up to 1 ounce and home cultivation of six plants. Recreational sales, marked by a 16% excise tax, began on January 22, 2021. The Arizona Department of Health Services oversees licensing, with dual licensees operating retail locations for both medical and adult-use marijuana. Sales reached $1.4 billion in 2021 and 2022, with a shift from medical to recreational dominance in 2022. As of September 2023, 148 facilities operate, including major players like 4Front Ventures and Trulieve. Trulieve, a Florida-based operator, acquired Harvest Health &amp; Recreation in 2021 and expanded its cultivation facilities in Arizona in 2022.
<h3>4. California</h3>
<a href="https://cannabis.net/blog/opinion/california-is-the-worlds-biggest-legal-cannabis-marketplace-but-problems-are-here">California pioneered medical cannabis</a>&nbsp;legalization in 1996 with the Compassionate Use Act, followed by the 2016 Medical and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA). By 2022, its legal cannabis market accounted for 20% of the national industry,&nbsp;<a href="https://cannabis.net/blog/news/marijuana-sales-in-america-hit-1.4-billion-over-the-last-90-days-which-state-sold-the-most-weed">generating $5.3 billion in sales</a>. The complex licensing framework, overseen by the Department of Cannabis Control (DCC), offers over 20 classifications, with no defined limits on licenses but stringent requirements. Challenges include a flourishing illicit market, high taxes, and regulatory complexities. Recent legislation addresses employment discrimination, cannabis delivery bans, and potential interstate trade. Despite a sales downturn in 2022 and ongoing credit concerns, California continues legislative efforts, such as allowing cannabis cafes, reflecting the state&#39;s dynamic cannabis landscape.
The ranking further continues like this:
5. Nevada
6. Massachusetts
7. Missouri
8. New York
9. New Jersey
10. Oregon
<h3>Some Of The Worse States But With&nbsp;Little Business Promise</h3>
Within the list of the 10 least favorable states for cannabis, South Carolina, North Carolina, Wyoming, Kansas, Tennessee, Indiana, South Dakota, the U.S. Virgin Islands, Iowa, and Wisconsin stand out.
Despite its current 43rd ranking, the U.S. Virgin Islands displays considerable potential. Rosenblum notes it&#39;s a budding marijuana state, especially since it embraced adult use just this year.
&quot;The U.S. Virgin Islands emerges as a recently legalized state with significant potential, not only due to its substantial tourist influx (1.6 million day tourists annually) but also because of the enticing tax incentive program offered by the territory&#39;s Economic Development Authority. This program could lead to a 90% reduction in corporate income tax for MSOs establishing a back office in the territory,&quot; Rosenblum concluded.
<h3>Bottom Line</h3>
The 2023 state-by-state ranking of cannabis regulations by Thompson Coburn sheds light on the diverse and evolving landscape of cannabis legislation in the United States. Michigan&#39;s unexpected claim to the top spot underscores the intricate considerations businesses face, including taxes, entry barriers, and market saturation. The rankings not only highlight leading states like Illinois, Arizona, and California but also draw attention to the challenges within the industry, such as regulatory complexities, evolving market dynamics, and the perpetual tug-of-war between state and federal laws. As the cannabis sector continues to mature, these insights provide valuable perspectives for businesses navigating the complex web of regulations and seeking optimal environments for sustainable growth.
This article is from an external unpaid contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Regulations

Entrepreneurship

The Best States To Launch Your Cannabis Business In 2024 - According To Marijuana Legal Experts

Mitch McConnell's Cannabis Gambit: How The Farm Bill Unwittingly Fueled A THC Boom

Elon Musk&#39;s artificial intelligence startup, xAI, is poised to reach a valuation of $20 billion, surpassing initial expectations, <a href="https://www.benzinga.com/startups/24/05/38593193/elon-musks-xai-valued-at-18-billion-in-latest-funding-round-as-musk-looks-to-take-on-80-billion-open">as investor interest continues to surge</a>.
What Happened: As <a href="http://nypost.com/2024/05/10/business/elon-musks-xai-could-be-valued-at-higher-than-expected-20b-as-investor-demand-surges-sources/">reported</a> by The New York Post, Musk&#39;s xAI, the technology behind the Grok chatbot, is projected to raise between $7 billion and $8 billion. This valuation surpasses Bloomberg&#39;s earlier report of $6 billion at an $18 billion valuation this week.
The founder of Tesla Inc., SpaceX, Neuralink&nbsp;and Boring, Musk has urged investors to transfer funds by the end of Friday, marking the conclusion of the first funding round. The investment demand has been substantial, leading some investors to request a second close to contribute additional funds.
See Also: <a href="https://www.benzinga.com/news/24/05/38778728/tesla-ceo-elon-musk-criticizes-biden-administrations-spending-efficiency-on-ev-charging-infrastructu">Tesla CEO Elon Musk Criticizes Biden Administration&#39;s Spending Efficiency On EV Charging Infrastructure: &#39;Government Is &hellip; Not Efficient At Spending&#39;</a>
A key factor propelling this demand is Musk&#39;s persuasive argument that he can harness Tesla&#39;s computing power to support xAI. Reportedly, the electric vehicles utilize only 10% of their computing power. While some funding has originated from the Middle East, Musk has abstained from accepting money from China, including Hong Kong.
Despite previous denials of capital raising for xAI, Musk disclosed plans for a fundraiser in a regulatory filing last year, indicating xAI&#39;s intention to raise at least $1 billion through an equity offering.
Why It Matters: The higher-than-expected valuation of xAI is a testament to Musk&#39;s reputation as a tech visionary and the potential of AI technology. The overwhelming investor interest underscores the market&#39;s confidence in Musk&#39;s ability to leverage Tesla&#39;s underutilized computing power for xAI&#39;s benefit. However, Musk&#39;s decision to reject funding from China, a major global player in AI, could have implications for xAI&#39;s future growth and global market reach.
Read Next: <a href="https://www.benzinga.com/news/24/05/38759440/elon-musk-gets-another-vote-of-confidence-from-twitter-co-founder-jack-dorsey-elon-made-the-right-ch">Elon Musk Gets Another Vote Of Confidence From Twitter Co-Founder Jack Dorsey: &#39;Elon Made&hellip;The Right Choice&#39;</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Startups

Elon Musk's AI Startup Could Reach A Whopping $20 Billion Valuation, Exceeding Initial Expectations

In a recent private fundraiser, President Joe Biden has characterized his predecessor, Donald Trump, as &quot;clearly unhinged&quot;, attributing this change to <a href="https://www.benzinga.com/news/24/05/38702573/biden-vs-trump-an-emerging-trend-among-this-demographics-could-severely-handicap-one-candidate-poll">Trump&#39;s loss in the 2020 election.</a>
What Happened: According to a <a href="https://www.cnn.com/2024/05/11/politics/biden-trump-unhinged-seattle/index.html">CNN report</a>, Biden made these comments at a private fundraiser in Seattle. &quot;It&#39;s clear that &hellip; when he lost in 2020, something snapped in him,&quot; Biden expressed to his supporters. &quot;He&#39;s not only obsessed with losing in 2020, he&#39;s clearly unhinged.&quot;
Despite Biden&#39;s evaluation, he predicts a tight competition in the forthcoming November election. &quot;We feel good about the state of the race, but we know the race is close,&quot; Biden stated, citing recent polls.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38776544/trumps-niece-says-this-could-be-a-big-blow-to-ex-presidents-narcissistic-need-for-attention-right-no">Trump&#39;s Niece Says This Could Be A Big Blow To Ex-President&#39;s &#39;Narcissistic Need For Attention&#39;: &#39;Right Now The Only Thing We Can Really Do...&#39;</a>
A poll conducted by SSRS for CNN last month indicates Trump maintaining a steady lead over Biden, with 49% support among registered voters in a direct contest.
Amid Trump&#39;s hush money trial, Biden has maintained&nbsp;a busy schedule with policy speeches and campaign events, frequently targeting the former president.
The fundraiser took place at the residence of former Microsoft executive Jon Shirley in Medina, Washington, just outside Seattle. Biden wrapped up his remarks by promising donors, &quot;I&#39;ll try my best not to disappoint you.&quot;
Why It Matters: This incident underscores the ongoing tension between the two political figures. Biden&#39;s remarks highlight his perception of Trump&#39;s mental state following the 2020 election loss. The upcoming election is expected to be a close race, and these comments could potentially impact voter sentiment. Furthermore, Trump&#39;s ongoing legal issues and Biden&#39;s active campaign schedule could also influence the election outcome.
Read Next:&nbsp;<a href="https://www.benzinga.com/24/05/38776943/donald-trump-says-nikki-haley-not-under-consideration-for-vp-role-amid-rumors-i-wish-her-well">Donald Trump Says Nikki Haley &#39;Not Under Consideration&#39; For VP Role Amid Rumors: &#39;I Wish Her Well&#39;</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Joe Biden Calls Donald Trump 'Clearly Unhinged' At Private Fundraiser: 'When He Lost In 2020, Something Snapped In Him'

If you're struggling with what to get your mom for Mother's Day this year, a <a href="https://www.benzinga.com/money/how-to-give-stock-as-a-gift">gift of stock </a>is one item to consider.
What Happened: Mother's Day is being celebrated today, May 12. While many will get their mom flowers and a card, another option could be buying shares of some of the most valuable and <a href="https://www.benzinga.com/markets/equities/24/01/36701851/s-p-500-shatters-records-the-top-performing-stocks-in-january-2024">most well-known companies.</a>
Mother's Day was <a href="https://www.history.com/topics/holidays/mothers-day" target="_blank" rel="noreferrer noopener">designated</a> an official holiday by then President Woodrow Wilson in 1914 and is celebrated on the second Sunday of May. Last year, Mother's Day was celebrated on May 14, 2023. Here's a look at how an investment in three of the largest publicly traded companies at that time would be worth now. 
Related Link: <a href="https://www.benzinga.com/news/24/05/38775035/mothers-day-2024-heartfelt-ways-to-make-moms-day-special-no-matter-the-distance">Mother&#8217;s Day 2024: Heartfelt Ways To Make Mom&#8217;s Day Special, No Matter The Distance</a>
Investing $100 Each In Apple, Microsoft And Tesla:&nbsp;Investing $100 in each of the three popular stocks during Mother&#8217;s Day 2023 could have bought the following share amounts:
Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>): 0.5745 shares
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>): 0.3219 shares
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): 0.5638 shares
The three investments would be worth the following values today based on the closing share prices from Friday, May 10, 2024. The totals do not include dividends.
Apple: $105.16
Microsoft: $133.50
Tesla: $94.98
The total investment in those three stocks on Mother's Day last year would be worth $333.64 today, representing a return of 11.2%. This marks an increase from <a href="https://www.benzinga.com/general/education/23/05/32376023/if-you-bought-your-mom-100-in-apple-microsoft-and-tesla-stocks-for-mothers-day-last-year-heres-">the 7% gain</a> on the same three stocks from Mother's Day 2022 to Mother's Day 2023. It trails the <a href="https://www.benzinga.com/news/22/05/27062809/if-you-bought-your-mom-100-in-apple-microsoft-and-tesla-stock-for-mothers-day-last-year-heres-how-mu">return of 17.8%</a> on the same stocks from Mother's Day 2021 and Mother's Day 2022.
Of course, if your mother pays attention to the stock market or has caught wind of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37288423/nvidia-spikes-to-2-trillion-market-cap-as-fomo-drives-traders-into-stock-the-journe">gains in artificial intelligence stocks, </a>she might be wondering why you didn't buy her NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock for Mother's Day last year.
A $100 investment in Nvidia stock last Mother's Day could have bought 0.3475 shares. That same investment would be worth $312.33 today and up 212.3%. The $100 investment would be worth nearly as much as $100 investing in Apple, Microsoft and Tesla over the same time period combined.
While flowers might not last forever,&nbsp;stock investments for your mom can often hold or gain value over time.
This article was previously published by Benzinga and has been updated.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/05/38599545/apple-q2-earnings-beats-muted-forecast-on-services-mac-strength-installed-base-at-fresh-record-cupe">Apple Q2 Earnings Beat Muted Forecast On Services, Mac Strength: Installed Base At Fresh Record, Cupertino Announces Massive $110B Buyback</a>
Photo: Shutterstock

Education

If You Bought Your Mom $100 In Apple, Microsoft And Tesla Stock For Mother's Day Last Year, Here's How Much She'd Have Now

The stock trading activity of members of Congress continues to be a hot topic in the world of investing with potential conflicts of interest and inside information <a href="https://www.benzinga.com/topic/congress-trading">leading to outsized gains.</a>
One member of Congress is advocating for a ban on stock trading by members of Congress while also disclosing dozens of trades. So what gives?
What Happened: <a href="https://www.benzinga.com/topic/ro-khanna">Representative Ro Khanna</a> (D-Calif.) recently disclosed multiple stock purchases and sales in a filing on May 7.
The trades, which occurred in April, mostly involve transactions ranging from $1,000 to $15,000, with some trades listed at higher ranges., <a href="https://unusualwhales.com/politics/insider_trades?ticker=&amp;search=KHANNA">according </a>to Unusual Whales.
A sale of the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) valued at $250,000 to $500,000 was the largest reported in the filing. GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) was another large transaction with a sale valued at $50,000 to $100,000.
The big question mark is what the transactions are and who made them.
"Are @RepRoKhanna calls to ban stock trading genuine? He disclosed 25 pages worth of stock trading today to include covid vaccine makers, big banks, FOX, and Tesla. He would probably claim his portfolio is ‘managed by outside advisors' if questioned as many members of Congress do," <a href="https://twitter.com/congresstrading/status/1788275846576308394">tweeted</a> CongressTrading.
The tweet received a response from Khanna.
"Thanks for engaging and happy to chat. My wife and I do not trade and those disclosures are part of a diversified trust managed by a third party like an index fund. I am for banning members from trading," Khanna said.
CongressTrading followed up with a comment for the congressman.
"Congress has access to non-public information and the ability to make laws. Despite your claim you don't direct trading, you can still propose laws that benefit the individual stocks you own, which is a conflict, and damages public trust."
Khanna replied to the comment, elaborating more about his investments.
"My wife's holdings prior to marriage are so diversified it is effectively like an index fund. But I agree with you on a ban &amp; pushing for a vote on the Trust Act. My votes against defense budgets &amp; for holding corporations accountable show my independence."
Benzinga reached out to Khanna but did not hear back.
Related Link: <a href="https://www.benzinga.com/general/politics/24/01/36459015/10-best-stock-traders-in-congress-in-2023-spoiler-nancy-pelosi-is-back-on-the-list">10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)</a>
Why It's Important: Khanna recently <a href="https://twitter.com/RepRoKhanna/status/1785764621091061849">called</a> for a vote on a ban of stock trading by members of Congress with a message to his colleagues.
"Don't come to Congress if you want to make a profit," Khanna said.
Khanna added that Americans are frustrated with members of Congress because too many are trading stocks. He urged House Speaker Mike Johnson to bring a bipartisan bill to ban members of Congress from trading stocks for a vote.
The congressman also referenced the efforts of several websites that track congressional trading, including Unusual Whales, Quiver Quant, and Capitol Trades.
"Let's ban members of Congress from trading stock."
Khanna's latest stock filing was shared on Unusual Whales and <a href="https://www.capitoltrades.com/politicians/K000389">Capitol Trades.</a> Quiver Quant <a href="https://www.quiverquant.com/congresstrading/politician/Ro%20Khanna-K000389?">shows</a> no trading activity for the congressman.
Whether the trades disclosed by Khanna are part of a trust managed by a third party, the timing could play into the hands of anyone speaking out about Congress being allowed to trade while in office. Some may find it challenging to take the congressman&#8217;s call for a ban seriously, given that he is still reporting trades himself. 
Photo: Shutterstock

Congressman Calls For Ban On Stock Trading In Congress, Yet Discloses 25 Pages Of Trades. What Is Going On?

Roses are red, violets are blue, flowers are overrated, does Mom want crypto from you?
If you're struggling with what to get your mom for Mother's Day, a <a href="https://www.benzinga.com/crypto">gift of cryptocurrency</a> is an option.
Here's a look back at the historical returns of several cryptocurrencies on Mother's Day last year.
What Happened: The <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36514679/wall-street-enters-the-crypto-age-sec-issues-historic-approval-of-spot-bitcoin-etfs">approval of Bitcoin ETFs</a> by the SEC earlier this year has brought more attention to the cryptocurrency sector and led to rebounding prices.
This means that, if you bought you mom crypto for Mother's Day last year, she might be extra happy to see you this year.
Certainly, flowers and a card are always a thoughtful option for Mother&#8217;s Day and offer a more stable gift choice compared to the periods of high volatility often seen in the cryptocurrency market.
Mother's Day was designated an official holiday by President Woodrow Wilson in 1914 and is celebrated on the second Sunday of May. Last year, Mother's Day was celebrated on May 14, 2023. Here's a look at how an investment and gift in three leading cryptocurrencies at that time would be worth now.
Related Link: <a href="https://www.benzinga.com/news/24/05/38775035/mothers-day-2024-heartfelt-ways-to-make-moms-day-special-no-matter-the-distance">Mother&#8217;s Day 2024: Heartfelt Ways To Make Mom&#8217;s Day Special, No Matter The Distance</a>
Investing $100 in Bitcoin, Dogecoin, Ethereum: Here's how much a $100 investment in each of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) could have bought on May 14, 2023.
Bitcoin: 0.0037 BTC
Dogecoin: 1,377.75 DOGE
Ethereum: 0.0548 ETH
Investing $100 in each cryptocurrency last Mother's Day would be worth the following based on prices at the time of writing:
Bitcoin: $226.33
Dogecoin: $199.60
Ethereum: $160.67
A $300 gift consisting of the three well-known cryptocurrencies would be worth $586.60 today, a gain of 95.5%.
Compare that return to a <a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32380160/if-you-bought-your-mom-100-in-bitcoin-dogecoin-and-ethereum-last-mothers-day-heres-how-muc">loss of 33.4%</a> from Mother's Day 2022 to Mother's Day 2023 and a <a href="https://www.benzinga.com/markets/cryptocurrency/22/05/27062747/if-you-bought-your-mom-100-in-bitcoin-dogecoin-and-ethereum-for-mothers-day-last-year-here">loss of 51%</a> from Mother's Day 2021 to Mother's Day 2022.
Of course those who bought their moms cryptocurrency back on Mother's Day 2020 would have a different story to tell.
A $100 investment each in Bitcoin, Dogecoin and Ethereum on Mother's Day 2020 would have been able to buy the following amounts and now would be worth the following:
Bitcoin: 0.0104 BTC, $636.16
Dogecoin: 38,270.19 DOGE, $5,544.28
Ethereum: 0.4727 ETH, $1,385.89
The $300 investment or gift to mom on Mother's Day 2020 would be worth $7,566.33 today and up 2,422.1%. 
This article was previously published by Benzinga and has been updated.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38749745/if-you-invested-1-000-in-bitcoin-when-donald-trump-said-the-cryptos-value-was-based-on-thi">If You Invested $1,000 In Bitcoin When Donald Trump Said The Crypto&#8217;s Value Was &#8216;Based On Thin Air,&#8217; Here&#8217;s How Much You&#8217;d Have Now</a>
Photo: Shutterstock

$ETH

If You Bought Your Mom $100 In Bitcoin, Dogecoin And Ethereum Last Mother's Day, Here's How Much She'd Have Today

Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) shares have been on a broad consolidation move since bottoming in late October 2022. The company is still reeling from <a href="https://www.benzinga.com/news/21/11/24212220/chinese-regulators-at-it-again-tech-stalwarts-including-alibaba-tencent-and-baidu-fined-3-4m-for-vio">the impacts of regulatory clampdowns</a> and lackluster domestic economic growth. As the Jack Ma-founded company prepares to release its fourth-quarter results Tuesday before the markets open, here&#8217;s a look at how the company is positioned for the near- and medium-term.
Protracted Downturn: From a peak market cap of $858.50 billion in late October 2022, Alibaba&#8217;s valuation has plummeted. As of Friday&#8217;s close, its market cap was at $194.79 billion. The decline began when the Chinese government initiated a crackdown on mega-cap tech companies, citing concerns that their significant growth granted them monopolistic power.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="468" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12054620/image-60-1024x468.png" alt="" class="wp-image-333832" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12054620/image-60-1024x468.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12054620/image-60-300x137.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12054620/image-60-768x351.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12054620/image-60.png 1185w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: Y Charts
It all started with Ma taking on the Chinese Communist regime by criticizing banking regulations, a day after Alibaba&#8217;s sister concern Anti Financial priced its initial public offering. Repercussions soon followed. The company was slapped with a hefty $2.8 billion in fine on the grounds of engaging in monopolistic practices and the Ant IPO was soon shelved. Ma entered a self-imposed exile, leaving his trusted lieutenant Daniel Zhang to manage affairs in his absence.
What started as an onslaught on Alibaba spread to other big techs as well.
To make matters worse, despite the re-opening after the COVI-19 pandemic, the Chinese economy continued to reel under subpar economic growth and a deflationary environment.
Alibaba also faced competition from a breed of smaller social commerce companies, which integrate social interactions and e-commerce, offering personalized content recommendations, user-generated content and influencer endorsements.
See Also: <a href="https://www.benzinga.com/money/best-chinese-stocks">Best Chinese Stocks</a>
Resuscitation Efforts: Alibaba&#8217;s turnaround efforts included a decision in March 2023 to splinter the company into six businesses: its core Alibaba domestic e-commerce business, Cainiao logistics business, Aliyun cloud computing business, international e-commerce, a digital-services business and a small media group.
In June, however, the company&#8217;s leadership baton was passed on to Eddie Wu, one of the co-founders. Zhang was relegated to the role of heading the company&#8217;s cloud business. Subsequently, in September, Zhang stepped down from all his roles in Alibaba. Under the new leadership, this splintering strategy was reversed. The plan to IPO the cloud business was abandoned in November, and earlier this year, the company also scrapped the Cainiao IPO plan, opting instead to acquire the remaining 36% stake it did not already own.
Q4 Expectations: Analysts, on average, expect the company to earn $1.41 per share on revenue of $30.42 billion. This compares to the year-ago&#8217;s $1.50 per share and $29.15 billion.
Alibaba&#8217;s Taobao online shopping and Tmall B2C online retail platforms may have seen a strong sequential increase in gross merchandise value, <a href="https://www.bloomberg.com/news/articles/2024-05-10/tencent-alibaba-steam-ahead-after-shaking-off-regulatory-restraints?embedded-checkout=true&amp;sref=TBDibEcD">reported</a> Bloomberg.
China reported a year-over-year growth rate of 5.3% for the March quarter, surpassing the consensus estimate, although consumer spending did not show significant improvement.
Alibaba recently intensified its focus on generative AI, a cutting-edge technology that has seen widespread adoption. Last week, <a href="https://www.benzinga.com/news/24/05/38732816/alibabas-new-ai-model-claims-to-beat-openais-gpt-4-in-language-skills">the company released Qwen2.5, the latest iteration of its family of large-language models</a> called Tongyi Qianwen. 
&#8220;The Qwen family has been deployed by over 90,000 enterprise users via Model Studio since the AI development platform launched in June last year,&#8221; Ali Cloud said in a statement.
Alibaba&#8217;s NYSE-listed ADRs ended Friday&#8217;s session up 0.73% at $80.02, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/news/24/05/38732816/alibabas-new-ai-model-claims-to-beat-openais-gpt-4-in-language-skills">Alibaba&#8217;s New AI Model Claims to Beat OpenAI&#8217;s GPT-4 in Language Skills</a>
Photo: Shutterstock

Earnings

Previews

BABA

Alibaba Q4 Earnings Due Tuesday: Spotlight On E-Commerce Business, Cloud Business, AI Initiatives

Tesla Inc CEO Elon Musk, on Friday, criticized the Biden administration&#8217;s spending efficiency, after reports that the government&#8217;s $7.5 billion capital allocation to help <a href="https://www.benzinga.com/news/24/05/38541246/tesla-ceo-elon-musk-says-supercharger-network-will-still-grow-but-at-a-slower-pace-for-new-locations">build EV charging stations</a> across the country resulted in only seven operational ones as of March.
What Happened: The Washington Post, in March, <a href="https://www.washingtonpost.com/climate-solutions/2024/03/28/ev-charging-stations-slow-rollout/">reported</a> that only seven EV charging stations are operational across four states despite the administration allocating $7.5 billion to help build 500,000 EV charging stations in the country by 2030 more than two years ago.
In November 2021, Biden signed the Bipartisan Infrastructure Law. The law included $7.5 billion in EV charging infrastructure, of which $5 billion was allocated to individual states. 
&#8220;Wow. I'm starting to think that the government is … not efficient at spending,&#8221; Musk responded to the report on Friday. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I'm starting to think that the government is … not efficient at spending &#x1f4a1;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1789081244988489906?ref_src=twsrc%5Etfw">May 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Musk&#8217;s Tesla has its own fast charging network. As of the end of the first quarter, the company had over 6000 supercharger stations around the globe and over 57,000 connectors. Earlier this year, the company also opened over 15,000 of its superchargers across North America to non-Tesla EV owners.
Earlier this week, Musk said that the company would spend over<a href="https://www.benzinga.com/news/24/05/38757383/elon-musk-announces-500m-investment-in-teslas-supercharger-network-expansion-in-2024"> $500 million to expand its network this year</a>, not including operation costs, and create thousands of new chargers. This is despite the <a href="https://www.benzinga.com/news/24/04/38516190/elon-musk-cracks-whip-harder-2-more-senior-tesla-execs-reportedly-exit-as-ceo-demands-absolutely-har">departure of the supercharger segment&#8217;s head </a>Rebecca Tinucci last month on the heels of the company&#8217;s decision to lay off over 14,000 of its global workforce. The company also intends to lay off about 500 people from Tinucci&#8217;s supercharger group and reassign others. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/38774207/elon-musk-says-tesla-was-the-only-car-company-attacked-after-16-protesters-were-taken-into-custody-i">Elon Musk Says &#8216;Tesla Was The Only Car Company Attacked&#8217; After 16 Protesters Were Taken Into Custody In Berlin: &#8216;There Is More To This Than Meets The Eye&#8217;</a>
Photo: Shutterstock

Tesla CEO Elon Musk Criticizes Biden Administration's Spending Efficiency On EV Charging Infrastructure: 'Government Is … Not Efficient At Spending'

The week has been a whirlwind of tech news, with major developments in augmented reality (AR), artificial intelligence (AI), and stock market trends. From Stanford&#8217;s groundbreaking AR glasses to Palantir&#8217;s impressive earnings report, let&#8217;s dive into the top stories of the week.
Stanford&#8217;s Slimmer AR Glasses
Researchers at Stanford University have made waves in the world of AR with their new prototype glasses. These glasses, unlike the bulky Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Vision Pro, are slim and light, resembling an everyday pair of glasses. The team has developed an AI-assisted holographic imaging technology that projects realistic, full-color, moving 3D images at varying depths. <a href="https://www.benzinga.com/news/24/05/38760802/stanford-researchers-unveil-ar-glasses-prototype-resembling-everyday-pair-of-glasses-contrasting-bul">Read the full article here.</a>
Palantir&#8217;s &#8216;Golden Buying Opportunity&#8217;
Despite a pullback after Q1 earnings, Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) has caught the attention of bullish analyst Daniel Ives of Wedbush. Ives lauded Palantir&#8217;s performance, which exceeded revenue expectations for the second quarter, and saw the pullback as a golden buying opportunity. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38668003/wedbushs-dan-ives-smells-golden-buying-opportunity-in-palantirs-pullback-after-q1-e">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/05/38698828/elon-musk-gets-community-noted-on-x-after-claiming-there-are-known-vulnerabilities-in-signal-messagi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Gets Community Noted On X After Claiming There Are &#8216;Known Vulnerabilities&#8217; In Signal Messaging</a>
AI&#8217;s Threat to Jobs and the Economy
Sam Altman, CEO of OpenAI and creator of ChatGPT, has expressed serious concerns about the potential economic upheaval that AI can cause. Altman emphasized the need for more serious discussions about AI's impact on the economy, particularly in terms of potential job displacement. <a href="https://www.benzinga.com/news/24/05/38725610/chatgpt-creator-sam-altman-feels-its-a-massive-massive-issue-that-we-dont-take-ais-threat-to-jobs-an">Read the full article here.</a>
The &#8216;Fourth Industrial Revolution&#8217;
Wedbush analyst Dan Ives has reiterated his belief that the world is in the early stages of a fourth industrial revolution, led by NVIDIA Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang, the &#8216;Godfather of AI&#8217;. Ives highlighted that AI investment is accelerating under Huang&#8217;s leadership. <a href="https://www.benzinga.com/news/24/05/38720217/wedbush-analyst-dan-ives-says-the-world-is-in-early-stages-of-a-fourth-industrial-revolution-and-it">Read the full article here.</a>
Nvidia: The &#8216;De Facto AI Standard&#8217;
Goldman Sachs has revised its 12-month price target for Nvidia Corporation, citing the company&#8217;s sustained demand for AI servers and an improving supply chain landscape. Nvidia&#8217;s significant year-to-date outperformance has led analysts to praise it as the &#8216;de facto AI standard for the foreseeable future&#8217;. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38670071/nvidia-is-de-facto-ai-standard-for-the-foreseeable-future-goldman-sachs-analyst-rev">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38696261/prominent-apple-bull-reveals-surprise-takeaway-from-apples-ipad-launch-tim-cooks-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Prominent Apple Bull Reveals Surprise Takeaway From Apple&#8217;s iPad Launch: Tim Cook&#8217;s AI Ambitions</a>
Photo courtesy: Shutterstock
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Stanford's Apple Vision Pro Challenger AR Glasses, AI's Economic Impact And More: This Week In Artificial Intelligence