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Maine lawmakers rejected a bill proposed by Sen. Joe Baldacci to remove marijuana from the state's criminal code and expunge past convictions. The bill aimed to decriminalize marijuana possession and trafficking, eliminate mandatory minimum sentences for marijuana offenses, and order the expungement of past convictions. The Criminal Justice and Public Safety Committee voted 8–2 against the bill over concerns of lacking regulatory framework. An amended version suggests a stakeholder group review and report on potential changes to the criminal code. The bill now moves to the full legislature but faces challenges after the committee's majority voted against it.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:58 pm

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Bitcoin mining stocks and other crypto-related companies are experiencing a decline following the SEC's approval of several spot Bitcoin ETFs. The SEC's approval, while a milestone, was not an endorsement of Bitcoin, as clarified by SEC chair Gary Gensler. This has likely contributed to the drop in crypto stocks as the ETFs provide a new investment avenue for Bitcoin exposure, potentially reducing demand for stocks like Marathon Digital Holdings, Riot Platforms, and CleanSpark. Additionally, the ETFs could pose a threat to crypto exchanges such as Coinbase Global and Robinhood Markets, which offer direct crypto asset investment services.

Portfolio Pulse from Adam Eckert

January 11, 2024 | 8:53 pm

Senate Commerce Committee Chair Cantwell expressed concerns about the FAA's oversight effectiveness regarding Boeing's airplane production for safe operation.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:47 pm

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Connecticut, Maryland, and Maine have seen booming cannabis markets, with record sales in December 2023 for Connecticut ($27.5 million) and significant annual sales for Maryland ($700 million) and Maine ($200 million). Companies like Ascend Wellness Holdings, iAnthus Capital Holdings, and others are experiencing revenue growth. Maryland's market is particularly strong post-legalization, with $270 million in Q3 2023 sales. Investors are advised to watch for market saturation in Maine and potential challenges in Connecticut, such as limited testing lab capacity.

Portfolio Pulse from Nicolás Jose Rodriguez

January 11, 2024 | 8:47 pm

Senate Commerce Committee Chair Cantwell has requested a new special FAA technical audit focusing on 11 areas related to Boeing's production systems, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:47 pm

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Fed member Goolsbee acknowledges the benefits of an autopilot approach to monetary policy, while deferring to the Fed Chair on the timing of discussions about quantitative tightening adjustments. He also notes risks such as persistent housing inflation and potential supply shocks.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:44 pm

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Fed's Goolsbee expresses concerns about the risks of Fed policy overtightening and a rapid deterioration in the labor market. He also indicates a high threshold for altering the Fed's quantitative tightening approach.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:43 pm

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Fed's Goolsbee comments that the Federal Reserve is still on a 'Golden Path' with its monetary policy, balancing risks of overheating and other economic threats. He notes that compared to a year ago, the risks are now more symmetric, suggesting equal chances of various outcomes rather than just concerns about the economy overheating.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:43 pm

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Fed member Goolsbee stated that the Federal Reserve cannot decide on its actions for the March meeting without evaluating incoming data. The Fed will assess the level of policy restrictiveness needed as inflation rates decrease.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:42 pm

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Fed member Goolsbee indicates that inflation data will be the key factor in determining the timing and magnitude of any interest rate cuts. He emphasizes the importance of not committing to policy decisions prematurely, as the Fed awaits more data in the coming weeks and months.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:41 pm