Federal departments observe job reductions initiated by Trump
Last year witnessed record-breaking sales within the cannabis industry. However, the federal landscape remains unclear as cannabis is legal in some capacity in most states, yet regulatory matters remain complicated.
Currently, a significant change to cannabis legislation, one not seen in over fifty years, is on hold. The Biden Administration had proposed reclassifying cannabis, which would have granted cannabis businesses the right to claim tax deductions for business expenses. A new bill introduced in the Senate, however, aims to thwart this on federal tax returns. If passed, this bill would be detrimental to cannabis businesses, as they currently face an effective tax rate between 40% and 70%, depending on the state.
Despite the challenges, some in the cannabis industry remain optimistic. In November, they were cautiously optimistic about a potential second Trump presidency.
Also in the news, fourteen states filed a lawsuit against the DOGE agency, alleging Elon Musk's "virtually unchecked authority" is unconstitutional. The lawsuit argues that his power has undermined federal agencies and caused widespread disruption.
On a separate note, TikTok returned to Apple's App Store after being briefly removed due to a federal ban. The company received a letter from the Justice Department, which assured them of no immediate enforcement of the ban.
Now, let's delve into the world of Bitcoin. Fourteen states sued the DOGE agency, claiming Elon Musk's "virtually unchecked authority" is unconstitutional. Criticism of the agency is growing as its power becomes increasingly pronounced.
On a different front, TikTok made a comeback on Apple's App Store last month after being removed due to a federal ban. The company received a letter from the Justice Department, which assured them of no immediate enforcement of the ban.
Turning our attention to the business world, President Trump signed a memo directing the administration to conduct a country-by-country review to determine reciprocal tariffs. Economists warn that these tariffs will increase prices for American consumers.
Investors, however, are better equipped than ever before to combat the erosion of their savings. Real interest rates are high, and investors can secure a guaranteed 2.4% return on a 30-year Treasury Inflation Protected Security.
Optometrist billionaire Herbie Wertheim and his wife Nicole Wertheim divorced in October, but their ongoing court battle over a $4.5 billion fortune is creating a unique power struggle for wealthy couples going through divorce.
Tesla Board Chair Robyn Denholm has seen significant financial gains in the past year, largely due to selling off most of her shares in the electric car company. She unloaded over 65% of her shares and options in the past 12 months, yielding a $168 million profit before taxes.
Billionaire Elon Musk and OpenAI CEO Sam Altman are embroiled in an escalating feud over the potential sale of OpenAI. Musk submitted an unsolicited bid to buy the nonprofit, but the offer was rejected by Altman.
The State Department removed mention of Musk's Tesla from a potential $400 million contract to buy armored Cybertruck vehicles. The billionaire has denied these reports, and the State Department states the inquiry was made before President Trump took office.
The Senate confirmed Robert F. Kennedy Jr. as Health and Human Services secretary, one of President Trump's most controversial cabinet picks. Despite skepticism regarding his vaccine views, Kennedy secured enough votes to be appointed to the position.
The Trump Administration has started mass layoffs at several federal agencies, part of an effort to cut budgets by 30% to 40% at most agencies and dismantle others entirely.
Air travelers experienced another day of flight delays and cancellations due to a major winter storm system. Nearly 23% of scheduled flights were disrupted as a result.
The world's eighth most valuable crypto, dogecoin, has experienced significant growth in the last 12 months. According to recent SEC filings, Robinhood's customers own about 24% of the memecoin's entire circulating supply, worth approximately $8.8 billion today and $16.4 billion in December 2024. This has made Robinhood the leading traditional brokerage firm in digital assets.
Robinhood's appeal to young, inexperienced investors is evident in their courtship of gamification within their platform. Approximately 75% of their 25 million active accounts are held by Millennial and Gen Z investors.
Hard work alone won't guarantee a promotion. Employers are seeking employees who can think like leaders before they have the title. Cultivating curiosity is a powerful way to demonstrate growth potential. Ask insightful questions, seek feedback, and show your willingness to act on it. Take on high-profile projects to demonstrate your leadership aptitude.
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Sources:[1] Daily Newsletter, Our Website[2] "IRS Cannabis Tax Rules and How to Comply," The Green Organic Dutchman, 2021[3] "Biden administration to propose rescheduling marijuana under federal law," Politico, 2022[4] "DEA postponed hearing on rescheduling marijuana," Marijuana Moment, 2024
- The cannabis industry witnessed robust sales last year, but the legislative landscape remains unclear due to complex regulatory matters.
- A proposed change to cannabis legislation, not seen in over half a century, is currently on hold in the Biden Administration.
- A new bill in the Senate aims to prevent cannabis businesses from claiming tax deductions for business expenses on federal tax returns.
- If passed, this bill could negatively impact cannabis businesses, which currently face high effective tax rates depending on the state.
- Optimism persists within the cannabis industry despite the challenges, as some individuals remain hopeful about potential changes in legislation.
- In a separate development, TikTok returned to Apple's App Store after being temporarily banned due to federal scrutiny.
- The DOGE agency faced criticism for its increasing power, prompting fourteen states to file a lawsuit against it, alleging Elon Musk's unchecked authority is unconstitutional.
