Sponsored by Sterling Metals

Ohio votes to legalize cannabis

Ohio voters have given their approval to a ballot initiative legalizing marijuana, marking the 24th state in the U.S. to end prohibition. The Coalition to Regulate Marijuana Like Alcohol (CTRMLA) led the campaign for the initiative, which introduces a regulatory framework allowing adults aged 21 and above to purchase, possess, and cultivate cannabis. Despite opposition from the governor and GOP state lawmakers, recent surveys indicated strong support for the measure.

In the words of Tom Haren, spokesperson for the campaign, “Marijuana is no longer a controversial issue.” He added, “Ohioans demonstrated this by passing State Issue 2 in a landslide. Ohioans are being extremely clear on the future they want for our state: adult-use marijuana legal and regulated.”

The approved measure allows for the possession of up to 2.5 ounces of marijuana and the cultivation of up to six plants (or 12 if two or more adults reside in the same household), effective as of December 7. Officials are tasked with establishing rules to approve licensed retailers within nine months of the effective date.

You can read more on the matter here.

What’s going on?

• Britain Makes Carmakers Liable for Self-Driving Crashes (theDeepDive)

• TC Energy reports Q3 loss as it takes Coastal GasLink charge (BNN)

• Ivanka Trump testifies in $250 million civil fraud trial after ex-president’s angry appearance (CNBC)

• Fed Report Reveals Widespread Owner-Occupancy Fraud (theDeepDive)

• Nations Keep Upping Fossil-Fuel Production Despite Climate Pledge (WSJ)

• Credit Card Debt Surpasses $1.08 Trillion In Third Quarter (theDeepDive)

• Value of building permits shoots up 37% in B.C.: Statistics Canada (BNN)

• Liberals and Bloc Québécois Block Poilievre’s Motion, Singh Wants to Make Oil & Gas Companies to Pay for Heating (theDeepDive)

• Venezuela Is Already Violating Its Energy Sanction Deal As It Suspends Opposition Primary Vote (theDeepDive)

• Mortgage rates plunge and demand finally inches back (CNBC)

What’s the latest?

• Bleak Christmas: 78% of Canadians plan to cut back on holiday gift purchases, with 40% opting for less expensive presents, according to the BMO Real Financial Progress Index. Over half are feeling financial anxiety about the festive season, and nearly a third feel less financially secure than last year. On average, respondents expect it will take three months to pay off holiday expenses, and 24% are not confident about settling these bills promptly.

• Grocery Prices: Loblaw Companies has expressed concerns that the upcoming grocery code of conduct could inflate food prices for Canadians by over $1 billion. The company, in a letter to the committee developing the code, highlighted potential risks to product availability and pricing structures. The code, nearly complete, aims to address supplier fees and stabilize food prices, with pressure from the government for grocers to adopt it.

• EV Investments: General Motors and Stellantis are among a group of investors placing $33 million into Niron Magnetics, which has developed technology to create electric vehicle motor magnets without rare-earth metals. Niron's iron nitride magnets, which promise cost efficiency and abundant sourcing, could help GM and Stellantis secure a North American supply chain for EV components, crucial for qualifying for U.S. tax credits.

• Cruise Recall: Cruise, General Motors' autonomous vehicle subsidiary, is recalling 950 driverless cars nationwide due to software issues that may cause improper responses post-collision. The recall follows an incident where a Cruise robotaxi failed to stop in time after a pedestrian was hit by another vehicle and subsequently struck by the robotaxi.

• WeWork Reworks Leases: WeWork has already renegotiated 590 leases to save $12.7 billion in future rent and is seeking to reject or renegotiate additional leases. The renegotiations follow the company filing for bankruptcy to address over $4 billion in debt and unsustainable rent costs, and proposing a restructuring plan that could eliminate $3 billion of debt by converting it into equity.

Why Musk Regrets The Cybertruck

The stock market and stuff

• Robinhood Sees Crypto Revenue Fall 55%, Still Eyes Europe Expansion (theDeepDive)

• Warner Bros. Discovery stock sinks 15% as ad revenue falls, Zaslav warns of ‘generational disruption’ (CNBC)

• Playstation to Drop X Integration Starting Next Week (theDeepDive)

• Roblox Soars After Bookings, Revenue Beat Estimates (Bloomberg)

• Ben ‘BitBoy’ Armstrong Sues Hit Network Management To Attempt To Get Lambo Back (theDeepDive)

In the juniors

• Kodiak Copper Drills 0.17% Copper Over 337 Metres (theDeepDive)

• Terra Balcanica Intersects 1,168 g/t Silver Equivalent Over 1.35 Metres In First Hole Under 2023 Program (theDeepDive)

• Baseload Energy Hits 34.8 Metres Of 0.41% U3O8 At Hook Project (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.