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Ohio tries to roll back voter approved pot laws

In a surprising move, an Ohio Senate committee has given initial approval to a newly unveiled proposal that would significantly alter the state’s voter-approved marijuana legalization law set to take effect later this week. The GOP-controlled chamber is advancing legislation that not only introduces several provisions previewed by Republican leaders in recent weeks but goes further, sparking concerns among advocates and Democratic lawmakers.

The proposed amendments include the elimination of the home grow option for adults, criminalization of the use and possession of marijuana obtained outside of licensed retailers, reduction of the possession limit, a hike in the sales tax on cannabis, and a shift of funding away from social equity programs toward law enforcement.

Additional changes involve THC limits, public consumption rules, and alterations to hemp-related regulations, raising alarm among stakeholders who believe these amendments would “devastate” the market.

You can read more on the matter here.

What’s going on?

• YouTuber Who Crashed A Plane For Views Gets Six Months In Prison (theDeepDive)

• US Supreme Court ponders meaning of 'income' in tax dispute (Reuters)

• Saskatchewan Moves to Support Nuclear with Carbon Tax Changes (theDeepDive)

• Scorned Ousted US Representative George Santos Tries to Retaliate Against Former Colleagues (theDeepDive)

• 300K Canadians opened First Home Savings Accounts (BNN)

• Canada’s Real Estate Losses Are Piling Up (theDeepDive)

• Is There A Link Between Corruption and Obesity? (theDeepDive)

• Surging Gold Prompts Indians to Recycle Jewelry for Wedding (Bloomberg)

• US Joins Anti-Coal Alliance, Targets to End All Coal by 2035 (theDeepDive)

• UK home secretary signs new Rwanda treaty to resurrect asylum plan (CNN)

• PlayStation Is Removing Movies and TV Shows Users Have Already Paid For (theDeepDive)

What’s the latest?

• Feds Kill O&G Exploration: A bid of $1.5 million by U.K.-based Inceptio Limited for an oil and gas exploration licence off Nova Scotia has been rejected by the provincial and federal governments of Canada. Although the Canada-Nova Scotia Offshore Petroleum Board initially approved the bid in October for a parcel on the Sable Bank of the Scotian Shelf, it required the final approval of the federal and provincial natural resources ministers. The ministers, in a joint statement, highlighted their commitment to clean energy sector opportunities as the reason for their decision.

• US Job Openings Decline: U.S. job openings in October dropped to their lowest level since March 2021, signaling a cooling labor demand amid high interest rates. The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) reported a significant decrease of 617,000 job openings, totaling 8.733 million. This decline was most notable in the healthcare, social assistance, finance, insurance, and real estate sectors.

• O&G Restrictions: Canada's Environment Minister Steven Guilbeault has proposed new regulations to significantly reduce methane emissions from the oil and gas industry. The goal is to cut methane leaks and releases by at least 75% from 2012 levels by 2030, a substantial increase from the existing target of a 40 to 45% reduction by 2025. These regulations, estimated to cost the industry about $15 billion, aim to almost entirely eliminate the controlled release or flaring of methane at production sites

• GTA Home Sales: Home sales in the Greater Toronto Area decreased by six percent in November compared to the same month in 2022, with a total of 4,236 sales. This decline also represents an 8.7 percent drop from October. The average home price remained relatively stable at $1,082,179 compared to November 2022. Despite the drop in sales, the market saw a significant increase in new listings, which rose by 16.5 percent to 10,545 compared to 9,053 in November last year.

• RBC Fine: Royal Bank of Canada has been handed a $7.4 million fine. The fine was issued by Canada’s financial intelligence agency over administrative violations performed by the bank.

The Guyana - Venezuela border dispute

The stock market and stuff

• Binance might be peak for U.S. crypto enforcement cases, says CFTC official (Reuters)

• Amazon Employees Share Concerns On Q Chatbot: “Severe Hallucinations, Leaking Confidential Data” (theDeepDive)

• FTC Investigating Exxon’s $60 Billion Deal for Pioneer' (WSJ)

• China’s EV carmaker Nio jumps 4% after reporting narrower-than-expected losses (CNBC)

In the juniors

• IAMGOLD To Acquire Nelligan Project Joint Venture Partner Vanstar Mining For $31.1 Million (theDeepDive)

• Surge Battery Metals Hits 4,718 ppm Lithium Over 25 Metres At Nevada North (theDeepDive)

• Brunswick Exploration Hits 2.57% Li2O Over 25.8 Metres In James Bay Under Inaugural Drill Program (theDeepDive)

FULL DISCLOSURE: Sterling Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Sterling Metals. The author has been compensated to cover Sterling Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.