Marijuana Shift & Supercharger Cuts

Heyo, reader! We hope you’re having a good Wednesday morning!

2️⃣ This Morning’s Two Reports:

• 🌿 Biden Administration to Reclassify Marijuana

• 🚗 Supercharger Growth to Decelerate

📊 Market Snapshot

• DOW: 🔽 1.49% (37,815.92)

• S&P 500: 🔽 1.57% (5,035.69)

• NASDAQ: 🔽 2.04% (15,657.82)

• BTC: 🔽 4.90% (60,717.80)

• ETH: 🔽 6.18% (3,016.72)

📎 Market Clips

• Treasury Department sets new Series I bond rate at 4.28% for upcoming six months

_{*Stock numbers as of market close, cryptocurrency as of 6:30pm EST yesterday. Source for Market Clips.}

First Report

🌿 Biden Administration to Reclassify Marijuana

In a monumental shift, the Biden administration is poised to announce a new classification for marijuana, transitioning it from the highly restrictive Schedule I to the more lenient Schedule III, akin to Tylenol with codeine and steroids. This change marks a historic move away from previous policies, recognizing marijuana's potential medical benefits for the first time in over half a century. The anticipated reclassification by the Drug Enforcement Administration (DEA), following recommendations from the Department of Health and Human Services, signifies a significant policy transformation since the inception of the Controlled Substances Act. 🍃📑

TL;DR ⏳: The reclassification of marijuana to Schedule III paves the way for legal research and eases burdens on the industry, heralding a new era in federal cannabis policy.

Second Report

🚗 Supercharger Growth to Decelerate

Tesla has recently terminated approximately 500 employees, including senior executives overseeing the Supercharger network, signaling a strategic pivot in their expansion approach. This reduction, reported by The Financial Times, aligns with Tesla's efforts to streamline operations and focus on cost management. Despite the workforce reduction, Elon Musk stated on X (formerly Twitter) that the Supercharger network will continue to expand, though at a more measured pace, emphasizing reliability and the enhancement of existing sites over the establishment of new ones. 🔋🔧

TL;DR ⏳: Tesla's significant staffing cuts mark a shift in strategy for its Supercharger network, prioritizing maintenance and upgrades over rapid expansion.

⚡ Quick Hits

1. 🏛 Columbia University plans to expel student protesters as arrests in the US climb

2. 📜 Florida abortion ban at six weeks prompts advocates to consider ballot measures

3. 💸 Trump capitalizes on fundraising following judge’s contempt ruling in hush money case

4. 🚔 Four law enforcement officers killed, four hospitalized in Charlotte, North Carolina shooting

5. 💔 Two-year-old boy killed after wind gust carries bounce house away

6. 🇺🇸 US still awaits credible Israeli plan for Rafah operation, State Dept remarks

7. 🛡 Democratic leaders vow to protect Speaker Johnson from Greene's motion to vacate

8. 💔 Sword attack in London leaves one 14-year-old dead and four injured

9. 🔥 Ukraine's 'Harry Potter Castle' destroyed in fatal Russian missile attack

10. ⚖️ Binance’s Changpeng Zhao gets four months prison term after plea agreement

Games

Fun Fact: Did you know? Every dog's nose print is as unique as a human fingerprint! That's right, Scout’s snout could be his very own ID! Imagine a world where dogs clock in for treats with a quick nose scan.