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☆ YouTube debuts AI tool that mimics vocals of artists like John Legend, Demi Lovato
▼ + stars: | 2023-11-16 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

The new product, called "Dream Track," is a collaboration with nine musical artists including John Legend, Demi Lovato, T-Pain, and Sia, among others. It will be limited to YouTube Shorts, the platform's short-form video sharing feature which rivals TikTok, owned by Chinese technology giant ByteDance. The company also featured statements from the artists themselves, who framed the platform as a way to have a stake in the emerging AI music space. Lovato added, "The development of AI technology is rapidly changing the way we navigate the landscape and I believe as artists we need to be a part of shaping what that future looks like." In April, Universal Music Group petitioned YouTube and other music sharing sites to remove the song over copyright claims.

Persons: John Legend, Demi Lovato, Sia, Lyor Cohen, Toni Reid, —, Lovato, Drake Organizations: YouTube, TikTok, Google, Universal Music Group, CNBC Locations: U.S

☆ Sports betting, online casino boom fuels big DraftKings revenue gains as rivals vie for market share
▼ + stars: | 2023-11-03 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

The growth of online sports betting and casino gaming across the U.S. has led to soaring revenue for sportsbook companies, but an already crowded race for consumers' dollars is about to get more competitive. Its success, which sent shares more than 16% higher Friday, came not only from sports betting, but also from online versions of casino games. Revenue is expected to grow yearly by 17.3% to reach a projected market volume of $14.4 billion by 2027. Meanwhile, despite being legal in just six states, revenue in the online gaming market is projected to reach $19.1 billion in 2023, according to Statista data. Revenue for online gaming is projected to grow 12.9% yearly and hit $31.1 billion by 2027.

Persons: It's Organizations: Caesars, MGM, Walt Disney Company, ESPN BET, Revenue Locations: U.S

☆ DraftKings revenue jumps 57% as sportsbook leader grows customer base
▼ + stars: | 2023-11-02 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Sports betting company DraftKings on Thursday posted quarterly revenue that came in ahead of analysts' expectations as the company rises to the top of the highly competitive online gambling industry. DraftKings reported 2.3 million monthly unique payers in the third quarter, representing a 40% increase year over year. Last month, DraftKings overtook rival sportsbook FanDuel for the first time in market share to become the leader in the U.S. online gambling market, according to market research firm Eilers & Krejcik Gaming. DraftKings accounted for about 31% of online gambling revenue in the third quarter, through Aug. 23, while FanDuel's market share fell to 30%, according to Eilers & Krejcik. For its fiscal 2024, DraftKings expects revenue of $4.50 billion to $4.80 billion.

Persons: Stephon Gilmore, DraftKings, Jason Robins, sportsbook FanDuel Organizations: New England Patriots, Sports, DraftKings, LSEG, Revenue, Krejcik, CNBC PRO Locations: Foxborough , Massachusetts, Kentucky, Maine, North Carolina, Ontario, Canada, U.S

☆ E-cigarette use declines among high school students, FDA and CDC say
▼ + stars: | 2023-11-02 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Elf Bar disposable vape flavored vaping e-cigarette products are displayed in a convenience store on June 23, 2022 in El Segundo, California. The findings, a part of the 2023 National Youth Tobacco Survey, showed that from 2022 to 2023 e-cigarette use among high school students declined to 10% from 14.1%, a drop representing about 580,000 fewer high schoolers. Current use of any tobacco product by high school students declined by an estimated 540,000 students, to 1.97 million in 2023 from 2.51 million in 2022. E-cigarette usage has been the most commonly used tobacco product among both high school and middle school students for a decade. "The FDA remains concerned about youth tobacco product use, and we cannot and will not let our guard down on this issue," King said.

Persons: Patrick T, FALLON, PATRICK T, Brian King, King, we're Organizations: Juul Labs, US Food and Drug Administration, Getty, Tobacco Survey, Food and Drug Administration, Centers for Disease Control, Prevention, FDA's Center for Tobacco Products, FDA, Esco Locations: El Segundo , California, AFP

☆ Bud Light tries for a comeback with a focus on sports and concerts
▼ + stars: | 2023-10-31 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

The company's revenue fell nearly 14% from July to September in the U.S., its largest market, as Bud Light sales sank. Bud Light sales started falling in April after a conservative boycott of the brewer's partnership with transgender influencer Dylan Mulvaney. Anheuser-Busch is now trying to turn around the brand's fortunes by marketing Bud Light through platforms it considers uncontroversial. Moving forward, the company plans to promote Bud Light at events like football games and concerts, he said. "This was the result of one campaign," he said of the Mulvaney partnership, which featured her face on a Bud Light can.

Persons: Light, Bud, influencer Dylan Mulvaney, Bud Light, Bump, Michel Doukeris, Folds, Doukeris, Wall Organizations: Anheuser, Busch InBev, U.S, Bud Light, Modelo Especial, U.S . Bud, Nielsen, Bump Williams Consulting, CNBC, Busch, NFL, Stagecoach, Revenue Locations: U.S, Mulvaney

☆ Marlboro maker Altria reports declining revenue, citing competition from illicit e-vapor products
▼ + stars: | 2023-10-26 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Altria Group, the parent company of Philip Morris USA and the nation's largest tobacco company, reported third-quarter results Thursday that fell short of Wall Street's expectations as demand for its core cigarette business cools and illicit e-vapor products flood the market. The Marlboro maker said its domestic cigarette shipment volume decreased 11.6%, primarily driven by wider declines across the industry and competition from illicit e-vapor products, among other factors. In a conference call with analysts, Altria CEO Billy Gifford said the lack of regulation of illicit e-vapor products has come at the expense of legal operators and approved. Although federal crackdowns have placed more restrictions on the flavors and marketing for tobacco products, illicit operators are skirting many tobacco-related laws and are flooding the market with disposable e-cigarettes that aren't FDA-approved and are illegal to sell. Like many other tobacco companies, Altria is moving beyond traditional, combustible cigarettes and towards smoke-free products.

Persons: Philip Morris, Altria, Billy Gifford, Gifford Organizations: Marlboro, Altria, Philip Morris USA, LSEG, Anheuser, Busch InBev, FDA, NJOY's, U.S Locations: San Francisco , California, Marlboro, JUUL, Juul

☆ Jonathan Majors' assault case heads to trial
▼ + stars: | 2023-10-25 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Marvel Cinematic Universe actor Jonathan Majors will stand trial on assault charges next month after a New York judge Wednesday denied his motion to dismiss the case. Following the alleged assault, Jabbari, a choreographer, was taken to the hospital for "minor injuries to her head and neck," police said at the time. Majors has denied the claims against him and brought a misdemeanor assault counter-charge against Jabbari, alleging that she attacked him. Jabbari has since been granted a temporary order of protection against Majors, according to Variety. Additionally, Majors' defense team has filed another motion to shield certain sensitive evidence from the public to ensure Majors' right to a fair trial.

Persons: Jonathan Majors, Grace Jabbari, Disney's, Majors, Jabbari Organizations: Marvel, Manhattan, Attorney, Disney, CNBC, Police, Jabbari, Attorney's, NBC News, Majors, Variety Locations: York, New York, Chelsea, HBO's

☆ Anheuser-Busch and UFC strike multiyear partnership, as brewer tries to turn around Bud Light sales
▼ + stars: | 2023-10-24 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Anheuser-Busch InBev's Bud Light will again become the official beer sponsor for the Ultimate Fighting Championship with a six-year marketing partnership, the companies announced Tuesday. As part of the agreement, Bud Light will receive exclusive and prominent branding at UFC fights and events, as well as in-arena promotion. The agreement comes on the heels of a conservative boycott against Anheuser-Busch's Bud Light that began this spring when the brand partnered with transgender influencer Dylan Mulvaney. The partnership grants Bud Light visibility in an estimated 900 million TV households in more than 170 countries. "Anheuser-Busch and Bud Light were UFC's original beer sponsors more than fifteen years ago.

Persons: Busch, Bud Light, Bud, influencer Dylan Mulvaney, Dana White, Donald Trump's, Brendan Whitworth, White Organizations: Anheuser, CNBC, UFC, Modelo Especial, U.S, Busch, Modelo, Constellation Brands, Holdings Inc, Bud Locations: Las Vegas

☆ Marlboro maker Philip Morris reports revenue miss, but strong sales of cigarette alternatives
▼ + stars: | 2023-10-19 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Philip Morris International Inc. Marlboro brand cigarettes are arranged for a photograph in Shelbyville, Kentucky, U.S., on Friday, Oct. 2, 2015. Philip Morris International on Thursday reported quarterly earnings that topped Wall Street's expectations but revenue that missed estimates, as sales for its heated tobacco and oral nicotine products remain strong. For the quarter ended September 30, Philip Morris posted revenue of $9.14 billion, compared to year-ago revenue of $8.03 billion, a 13.8% increase. He cited IQOS, its line of heated tobacco products, and its Zyn oral nicotine pouch as growth drivers. Zyn nicotine pouches are tobacco-free oral products touted by the company as a cleaner, more discreet way to consume nicotine.

Persons: Philip Morris, Jacek Olczak, Olczak, Zyn Organizations: Philip Morris International Inc, Marlboro, Philip Morris International, LSEG, Swedish Locations: Shelbyville , Kentucky, U.S

The Supreme Court on Tuesday declined to hear arguments in a case challenging the Food and Drug Administration's authority to reject approvals of flavored electronic cigarettes. The FDA issues marketing denial orders to reject product applications. A spokesperson for the FDA did not immediately respond to a request for comment on the Supreme Court's decision. In 2016, the FDA determined that e-cigarettes were subject to its regulation, like traditional tobacco products. The agency gave companies until September 2020 to submit applications for approval of each of their vape products, even if they were already on the market.

Persons: Eric Heyer Organizations: Food, 4th Circuit U.S, Appeals, FDA, CNBC

☆ Mexican liquors and beers are on the rise in the U.S. — here’s what’s driving the torrid growth
▼ + stars: | 2023-10-08 | by ( Stefan Sykes | ) www.cnbc.com time to read: +7 min

"Tequila has been such a national treasure here in Mexico," said Guilherme Espagnoli Martins, global brand director of Diageo-owned Don Julio Tequila. The Mexican beer boomIt's not just tequila and mezcal — Mexican beer is booming, too. Mexican beer imports into the U.S. are up 10.6% in 2023, according to alcohol research firm Bump Williams Consulting. watch nowA spokesperson for Constellation told CNBC that Mexican beer sales grew as Hispanic culture gained a stronger foothold around the world. Constellation on Thursday reported quarterly results that topped Wall Street estimates, driven by the surge in demand for its Mexican beer brands.

Persons: Mario Tama, Lea, Tequila, Guilherme Espagnoli Martins, Don Julio Tequila, Don Julio, George Clooney, Martins, Don, Don Julio Tequila Blanco, Bump, Bud Light, Cowen, Vivien Azer, InBev's Bud, Constellation's, Azer, Jonnie Cahill, Tecate, Cahill, Heineken's, It's, Dos Equis, Eduardo, Lalo, González, LALO Blanco Tequila, Don Julio González Organizations: Modelo Especial, Getty, U.S, Experts, Diageo, CNBC, Bump Williams Consulting, Mexico's Modelo Especial, Constellation, Modelo, Constellation Brands, Anheuser, Busch InBev, InBev's, Heineken USA, Cinco de Mayo, Dos, Corona Locations: Los Angeles , California, U.S, Mexico, The U.S, United States, British, Mexican, Modelo, Dos

☆ Constellation Brands beats on earnings as Modelo-fueled beer momentum continues
▼ + stars: | 2023-10-05 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Constellation Brands on Thursday reported earnings and revenue that topped analysts' expectations for its fiscal second quarter of 2024. The Mexican beer powerhouse, owner of the Modelo Especial and Corona Extra brands, reported double-digit sales growth in its beer business as the division continues to dominate the overall beer and high-end categories. The Modelo brand family was a particular bright spot: Modelo Especial grew nearly 9%, while Modelo Chelada brands posted growth of more than 40%. The company's wine and spirits brands, however, underperformed year over year. In its previous quarter, beer sales rose 11% year over year driven by stable consumer demand and higher pricing.

Persons: Constellation's Meiomi, Kim Crawford, Campo, Bill Newlands Organizations: Constellation Brands, Modelo Especial, Corona, Constellation, LSEG, Modelo, Business Locations: Mexican, U.S

☆ Tilray Brands revenue jumps, losses narrow as it pivots away from cannabis
▼ + stars: | 2023-10-04 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

Cannabis producer Tilray Brands on Wednesday reported a jump in revenue as it diversifies its portfolio and moves deeper into the beer industry. The company reported $177 million in net revenue, up 15% year-over-year, for its fiscal first-quarter. Its cannabis division brought in $70 million in net revenue, reflecting a 20% spike year-over-year. It also narrowed its net loss to $55.9 million during the quarter, compared with a loss of $65.8 million a year earlier. The company said it grew cannabis revenue in Canada by 16.5%, and strengthened its leading market share position in the country to 13.4%.

Organizations: Tilray Brands Locations: Canada, U.S

☆ Landmark marijuana financing bill set to move forward in the Senate
▼ + stars: | 2023-09-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

A new bill that aims to give the marijuana industry access to banking services is expected to move forward in the Senate on Wednesday. The bill would provide legal protection to banks or other financial institutions that offer services to state-legal marijuana businesses. The Senate Banking Committee will mark up the bill Wednesday, and the panel is expected to vote to advance it to the full chamber's floor. Even as 39 states have legalized marijuana for recreational or medical use, the sector has struggled to scale. The new bill includes stricter requirements for federal regulators, such as prohibiting them from terminating any marijuana-related accounts without "valid reason," or from denying banking services based on "personal beliefs or political motivations."

Persons: Jeff Merkley, Steve Daines, Kyrsten Sinema, Cynthia Lummis, Chuck Schumer, Ian Katz Organizations: U.S, Capitol, Washington , D.C, Sens, SAFE, Democratic, Republican, GOP, Capital Alpha Partners, Republicans Locations: Oregon, Washington ,

☆ 'Taylor Swift: The Eras Tour’ concert film set for global theatrical release
▼ + stars: | 2023-09-26 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Taylor Swift performs onstage during her The Eras Tour concert at Lumen Field in Seattle, Washington, on July 22, 2023. Taylor Swift's highly anticipated concert film is getting a global release. "Been so excited to tell you all that The Eras Tour concert film is now officially coming to theaters WORLDWIDE on Oct 13!" "Taylor Swift: The Eras Tour" is set to screen in more than 100 countries, starting in most of them on Oct 13. Swift's successful foray into film comes after her The Eras Tour, along with other concert tours, filled stadiums across the country, boosting local economies.

Persons: Taylor Swift, Lumen, Taylor Swift's, Swift, Barbie, Mario, — CNBC's Sarah Whitten Organizations: AMC Entertainment, Odeon Cinemas, AMC, American, Mario Bros Locations: Seattle , Washington, U.S, Canada, Mexico, North America, Europe

☆ Philip Morris considers selling stake in pharmaceuticals unit to boost healthcare division
▼ + stars: | 2023-09-20 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Philip Morris International is considering selling off a stake in its largest pharmaceuticals unit. But more recently the division has struggled, and Philip Morris has had talks with Deutsche Bank on a range of options to try to grow its wellness and healthcare division, the WSJ first reported. In recent years, Philip Morris has also acquired Fertin Pharma, a nicotine gum maker, and OtiTopic, a respiratory drug maker. And, in the second quarter of this year, the company took a $680 million impairment charge related to its wellness and healthcare division. The news comes as the tobacco company continues to face resistance from public health groups.

Persons: Philip Morris, it's, Concordia, Philip Morris's Organizations: Philip Morris International, Marlboro, Deutsche Bank, WSJ, Fertin Pharma, PMI, Concordia, UN, Assembly Locations: New York

☆ Anheuser-Busch to stop cutting off Clydesdale horse tails after backlash
▼ + stars: | 2023-09-20 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Anheuser-Busch InBev said it will no longer cut the tails of the iconic Clydesdale horses used in its signature Budweiser commercials and at events, following extended backlash from animal rights groups. However, the practice known as "docking," which can involve cutting through a horse's tailbone, has come under scrutiny. Anheuser-Busch on Wednesday said it has stopped cutting off tails. PETA said it found some representatives for Anheuser-Busch have said they trimmed the hairs on the tails rather than cut them off. In a statement to CNBC, PETA said it's celebrating the beer maker's decision to stop cutting horse tails by "cracking open some cold ones."

Persons: Dylan Mulvaney, Busch Organizations: Anheuser, Busch InBev, Clydesdale, Busch, Veterinary Medical Association, Animals, Budweiser, PETA, CNBC, American Humane

☆ New York is cracking down on illegal weed stores as legal market struggles to take hold
▼ + stars: | 2023-09-18 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

A pedestrian passes a smoke shop in New York City on June 16, 2023. New York authorities are cracking down on unlicensed smoke shops that are selling cannabis. Currently, there are just 23 legal dispensaries open across the state, with only nine in New York City. But its effort has only begun to chip away at the vendors, particularly in New York City. In addition to skirting the tax system, smoke shops operating illegally may also pose significant health risks.

Persons: Spencer Platt, We're, Daniel Haughney Organizations: New, Getty, New York, Office, of Cannabis Management, CNBC, New York state's, Cannabis Management, New York City, New York Medical Cannabis Industry Association, Cannabis Control Locations: New York City, New York, New

☆ New York expands legal marijuana licenses — but some would-be retailers feel left behind
▼ + stars: | 2023-09-14 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

A woman walks by a smoke shop in New York City that displays a marijuana leaf in the window, June 16, 2023. Coss Marte's marijuana dispensary in lower Manhattan has already cost him over $1 million, and it's not even open yet. On Tuesday, the state's Cannabis Control Board voted for new regulations that would expand New York's meager marketplace for legal weed by allowing a wider range of applicants. New York has prioritized retail licenses for people who had been convicted of marijuana offenses before weed became legal in 2021. But lawsuits by medical marijuana and veterans groups have paused the program and barred New York regulators from issuing more licenses or opening businesses for existing licenses.

Persons: it's, Marte, we've, Chris Alexander, they've Organizations: Cannabis Control, Cannabis Management Locations: New York City, Manhattan, ., York, New York

☆ Cannabis ETFs boom as HHS recommendation to ease restrictions raises hopes for federal reform
▼ + stars: | 2023-09-12 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

An employee of Aurora Deutschland GmbH, a manufacturer of medical Cannabis products, inspects a flowering Cannabis plant in a greenhouse in Leuna, Germany September 11, 2023. Marijuana-related ETFs are soaring in September as investors flood back into the sector after months of waning interest. It marked a swift turnaround for a quasi-legal industry curtailed by the anemic pace of federal reform. Last month's announcement also sent shares of several cannabis companies higher, including Canopy Growth, Tilray Brands and Cronos Group. At the time of the closure announcement, fund co-founder Morgan Paxhia told CNBC that it was not "immune to the broader macroeconomic environment and, more specifically, the dramatic shift in investor sentiment that has impacted the cannabis industry."

Persons: Canaccord, Matt Bottomley, Morgan Paxhia Organizations: Aurora Deutschland GmbH, U.S . Department of Health, Human Services, Dow Jones Industrial, Dow, Tilray Brands, Cronos Group, Marijuana, CNBC Locations: Leuna, Germany

☆ DraftKings apologizes for 9/11 sports bet promo on New York teams
▼ + stars: | 2023-09-11 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

In this photo illustration, the American daily fantasy sports contest and sports betting company DraftKings logo is displayed on a smartphone screen. Sports gambling giant DraftKings apologized Monday for a bet parlay offer that would have paid out if three New York teams won on the 22nd anniversary of the Sept. 11 terror attacks that killed almost 3,000 Americans. The parlay DraftKings was touting earlier Monday said, "Never Forget," a term frequently applied to the Sept. 11 attacks. "We sincerely apologize for the featured parlay that was shared briefly in commemoration of 9/11," DraftKings said on X, the social media site formerly known as Twitter. "Absolute clowns," one X user wrote in reply to DraftKing's apologetic tweet.

Persons: DraftKings, Bret Eagleson, Bruce, Eagelson, CNBC's Stefan Sykes Organizations: New York, Trade, New York Yankees, Mets, Jets, Trade Center, Associated Press, District of Columbia, Supreme Locations: Manhattan, U.S

☆ British American Tobacco finalizes Russia exit with sale to local managers
▼ + stars: | 2023-09-07 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

British American Tobacco has finalized its exit from Russia about 18 months after it pledged to do so in the wake of Moscow's invasion of Ukraine. However, other global tobacco giants are still doing business in the country, including Japan Tobacco International and Philip Morris International . London-based BAT is a key player in the global tobacco market with business operations in more than 100 countries. It controlled nearly 25% of Russia's tobacco market, which is the fourth largest in the world, according to Reuters. The buyer is a consortium led by members of BAT Russia's management team, which will wholly own the Russian and Belarusian businesses, BAT said.

Persons: Philip Morris Organizations: British, Tobacco, BAT, Japan Tobacco International, Philip, Philip Morris International . London, Camel, Reuters, BAT Russia's, ITMS Locations: Russia, Ukraine, Belarus, Newport, Russian

☆ Roku stock jumps after company says it will lay off 10% of workforce
▼ + stars: | 2023-09-06 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Roku said it will lay off 10% of its workforce, or about 360 people, as the streaming software company looks to slash expenses. In a regulatory filing Wednesday, the company said the cost-cutting measures aim to bring down its year-over-year operating expense growth rate. The company added that it expects adjusted third-quarter revenue of between $835 million and $875 million, up from a prior forecast of $815 million. In addition, Roku raised its third-quarter guidance for adjusted EBITDA to a range of negative $40 million to negative $20 million compared to a prior estimate of negative $50 million. Roku expects impairment and restructuring charges in the third quarter of up to $330 million, including a range of $160 million to $200 million related to office facilities, and $45 million to $65 million related to the job cuts.

Persons: Roku, Jim Cramer Locations: San Jose , California

☆ Hollywood sheds 17,000 jobs in August amid ongoing strikes
▼ + stars: | 2023-09-01 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

Actor Karen Brown walks the picket line with fellow SAG-AFRA actors and Writers Guild of America (WGA) writers in front of Paramount Studios in Los Angeles, California, July 17, 2023. Hollywood's labor pool is taking a hit as the dual strikes by actors and writers drag on. The film, TV and music sectors shed a combined 17,000 jobs in August, "reflecting strike activity," the U.S. Bureau of Labor Statistics said Friday morning. In contrast, the U.S. economy added 187,000 jobs during the month, spurred by growth in the health care, leisure and construction industries. The job losses for the motion picture and sound recording industries underscore one effect of the Writers Guild of America and SAG-AFTRA strikes, which began in May and in mid-July, respectively.

Persons: Karen Brown, Dow Jones Organizations: SAG, Writers Guild of America, Paramount Studios, U.S . Bureau of Labor Statistics, WGA, Alliance, Television Producers, Netflix, Disney Locations: Los Angeles , California, U.S

☆ U.S. health officials want to loosen marijuana restrictions. Here's what it means
▼ + stars: | 2023-08-31 | by ( Stefan Sykes | ) www.cnbc.com time to read: +4 min

Jeenah Moon | Bloomberg | Getty ImagesThis week, the Department of Health and Human Services asked the Drug Enforcement Agency to consider easing restrictions on marijuana upon a review of its classification under the Controlled Substances Act. It could be a significant catalyst for an industry hemmed in by federal regulations even as legalization picks up on the state level. Marijuana is legal in 39 states medically and 23 states recreationally. If marijuana moves down to a Schedule III substance, this will effectively ease a number of restrictions holding the sector back. While many states have legal markets within their borders, transporting Schedule I substances across state lines in illegal, resulting in a glut of marijuana in some states.

Persons: What's, Roth, Scott Fortune, Fortune, Jeff Schultz, Foley Hoag Organizations: ACB, Housing, Cannabis Co, Bloomberg, Getty, Department of Health, Human Services, Drug Enforcement Agency, Aurora, Tilray Brands, DEA, Marijuana, HHS, Regulators, Internal Revenue Locations: New York

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