Raphael Stevens

Vice President Harris reaffirmed her support for legalizing cannabis on Monday.
This was the first time she spoke on the issue publicly since she became the Democratic nominee.
But industry insiders said they’re hoping for more details and concrete changes on cannabis policy.

US Vice President Kamala Harris speaks during a roundtable conversation about marijuana reform and criminal justice reform, in the Roosevelt Room of the White House on March 15, 2024 in Washington, DC. 
Kent Nishimura | Afp | Getty Images

Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast “All the Smoke” — but industry leaders aren’t convinced her administration would lead to the reform she has promised.
“I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,” Harris said during the interview. 

This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.
“I am encouraged by Vice President Harris’s support for cannabis legalization; however, we need real action, not just rhetoric,” said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. “I hope this time around, these campaign promises aren’t just soundbites but will lead to tangible change.”
Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level. Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.
But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.
“I would question the statement that Harris has been the more pro-cannabis candidate,” Cobb said. “While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.”

The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.
In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review. In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.
Cannabis investors are eager for more details on future proposals.
“We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,” said Emily Paxhia, Poseidon Investment Management co-founder.
The cannabis industry is also skeptical about former President Donald Trump’s support for legalization.
“Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,” Cobb said.
In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. He said that, if elected, his administration “will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.”
He also said he plans to vote yes on a ballot measure in Florida to legalize the use of recreational cannabis.
The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.
“The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,” said Bernstein analyst Nadine Sarwat, in a recent note.
However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.
“Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,” Sarwat said. More

A Meta employee has filed a lawsuit against the company alleging retaliation and negligence after the tech giant rehired a former staffer who had been accused of stalking and harassment.
The lawsuit comes after Facebook parent Meta gutted its talent and recruitment department amid larger efforts to restructure its business.
“I trusted that my employer would be able to keep me safe,” the employee told CNBC. “This isn’t just a hazard for me, this is a dangerous individual that was let back into the workplace.” 

A logo of US company’s Meta is displayed during the Vivatech technology startups and innovation fair, at the Porte de Versailles exhibition center in Paris, on May 22, 2024.
Julien De Rosa | Afp | Getty Images

A former Meta staffer who was placed on a “Do Not Hire” list after he stalked and harassed one of the company’s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. 
The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City’s human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.

“I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta’s internal messaging system],” Napoli, a marketing leader who works out of Meta’s New York City office, told CNBC in an interview. “I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn’t just a hazard for me, this is a dangerous individual that was let back into the workplace.” 
The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.
Meta owns Facebook, Instagram, Messenger and WhatsApp.
Although Wall Street has responded favorably to Meta’s cost-cutting plans, layoffs in the company’s customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.
In the aftermath of Meta’s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying “more heavily on hiring employees through outside contractors” and employs “far fewer recruiters to screen applicants,” which has negatively impacted their ability to properly catch red flags.

“Meta’s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta’s own employees,” the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. “Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.”
Meta has previously dealt with similar allegations that it’s employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.
Meta didn’t immediately respond to request for comment on the lawsuit filed Tuesday.

‘Do Not Hire’ list

The person accused of stalking Napoli, identified only by the initials “G.F.” in the complaint, was a member of Meta’s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. 
Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than “work acquaintances,” Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making “disturbing” comments, the filing states. 
“[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,” Napoli recalled.
Napoli “immediately” reported the incident to his manager and to HR, and says at first he was concerned for G.F.’s well-being. But over the next year, Napoli says, the situation escalated. 
G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli’s partner, friends and even his dog, Luigi, in messages. 
“I am being mind tortured with an A.I tech which I don’t know where it’s coming from and I am feeling like my love for you is being used for experiences I didn’t agree for, while I am being told by spirits that you and I are the two messengers,” G.F. wrote in one message to Napoli, according to the complaint. 
G.F. found out where Napoli lived and “personally delivered a large ream of disturbing writings and drawings” to the apartment, forcing Napoli and his partner to move, the lawsuit says. 
“It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,” said Napoli. “I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.” 
Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. 
In September 2023, Napoli informed Meta that the stalking had increased “in both frequency and severity,” and the HR department assured him that G.F. was on the company’s “Do Not Hire” list and its “No Entry” list, which identifies people who shouldn’t be permitted into company buildings.
But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.’s name popped up on Workplace, the company’s internal messaging system. Napoli says he received a message from G.F. stating that he’d been rehired and would be seeing him at meetings and events. 
“To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,” said Napoli. “I immediately went to [HR]… they let me know that they were equally stunned. They didn’t have an answer as to how it happened, and they let me know that they would investigate.” 

Terminated again

For the next month, Napoli says he “lived in terror of interacting with G.F. at work” until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his “stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,” the lawsuit states.
As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.
Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. 
In his complaint, Napoli is asking for damages but didn’t specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from “engaging in any further discriminatory or retaliatory acts” against Napoli. 
“I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,” said Napoli. “I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.” 
Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. 
“It doesn’t seem to me as though there are the right processes in place to stop this from happening to … me or to someone else,” said Napoli. “Everybody deserves a safe workplace.” 

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GM reported slightly better-than-expected sales during the third quarter, thanks in part to increases in sales of electric vehicles and small crossovers.
The Detroit automaker reported a 2.2% drop in third-quarter sales compared to a year earlier to 659,601 vehicles sold.
GM is one of several automakers to report third-quarter sales on Tuesday. The industry is expected to be down roughly 2% compared to a year earlier.

GM’s 2024 Chevrolet Equinox EV during a media launch event for the vehicle in Detroit, May 16, 2024.
Michael Wayland / CNBC

DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.
The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM’s sales to be down by more than 3% during that time.

GM’s third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.
GM’s sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company’s total third-quarter sales.
GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.
While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.

“We are definitely outstripping the industry in terms of growth, in terms of EVs,” Rory Harvey, GM president of global markets, including North America, told CNBC last month. “We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.”

GM’s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.
Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.
GM’s total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.
An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It’s also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.
GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:

The Hyundai brand reported total sales of 210,971 units, a 5% increase over the third quarter of 2023 and the second best third-quarter in the company’s history. Hyundai’s Genesis luxury brand reported its best-ever third quarter of 20,117 units, up roughly 4% from a year earlier.
Toyota Motor reported an 8% decrease in third-quarter sales, including a 20.3% decrease in September.
Nissan reported a sales decline of 2.2% to 212,068 vehicles sold during the third quarter.
Honda Motor reported an 8% increase in third quarter sales to 366,214 units. More

Los Angeles-based space startup Impulse, led by renowned rocket specialist Tom Mueller, raised $150 million in a new round led by Founders Fund.
Impulse is scaling a product line of orbital transfer vehicles — colloquially known as “space tugs” — and so far is building two, Mira and Helios.
The company flew its first mission in the past year, with a Mira vehicle carrying and deploying a small satellite in a flight that Mueller called “probably the most successful orbital transfer vehicle debut in history.”

An Impulse employee works on assembling a Mira vehicle.
Impulse Space

Los Angeles-based space startup Impulse, which is led by renowned rocket specialist Tom Mueller, has raised $150 million in a new fundraising round led by venture capital firm Founders Fund.
Impulse is scaling a product line of orbital transfer vehicles — colloquially known as “space tugs” — and so far is building two, the smaller Mira and the larger Helios.

While rockets get satellites and payloads into orbit, like an airplane carrying passengers to a metro area, space tugs deliver them to specific destinations, like taxis taking those passengers home from the airport.

Read more CNBC space news

Mueller, the first employee of SpaceX who spent nearly two decades developing engines for CEO Elon Musk, told CNBC that the funds will secure Impulse Space’s future. Mueller founded Impulse three years ago after leaving SpaceX and leads the company as CEO.
“This means that we’re sufficiently funded through the development of Helios and the upgraded version Mira and out past the first flights of both of these products,” Mueller said.

Tom Mueller delivering the commencement speech at the University of Idaho in 2018.
University of Idaho

Impulse flew its first mission, called LEO Express-1, with a Mira vehicle carrying and deploying a small satellite. Launched in November, Impulse declared full mission success in July after a variety of additional demonstrations, with Mueller arguing it was “probably the most successful orbital transfer vehicle debut in history.”
“That success really helped with this raise, as well as all the customer engagement that we’re getting,” Mueller said.

The company has a backlog of contracts from both commercial and government customers — ranging from standard satellite deliveries to building the propulsion system for a private space station to demonstrating the capabilities of its Helios vehicle in the distant geosynchronous orbit for the U.S. Space Force.
A wide swath of venture investors joined the company’s $150 million round including: Airbus Ventures, Alumni Ventures, Balerion Space Ventures, Lux Capital, RTX Ventures, Spring Tide, Tamarack Global, 137 Ventures, DCVC, Elysium, First Principles Group, Island Green, Overmatch and Trousdale Ventures. The new round brings Impulse’s total fundraising to $225 million to date, the company said.

A Mira vehicle in orbit during the LEO Express-1 mission that launched November 2023, with several pairs of its Saiph thrusters visible.
Impulse Space

Impulse’s next mission, LEO Express-2, is set to launch later this year. Then it plans to launch an updated version of its Mira vehicle in late 2025, perform a demo mission with Helios by mid-2026 and debut its “GEO Rideshare” missions by 2027, according to the company.

Tapping reusable rockets, Starship or not

In Mueller’s view, while SpaceX reduced the cost to launch mass to orbit, the in-space delivery systems on the market are lacking. And there’s more launch capacity coming, with large reusable rockets in development by Rocket Lab, Blue Origin, Relativity and others.
“There’s a lot of cost and efficiency to be gained … [with] a reliable solution for any customer who wants to move things around in space,” Mueller said.

A Mira vehicle at the company’s Redondo Beach headquarters.
Impulse Space

While he said he started Impulse “really based on what I thought Starship could do commercially,” Mueller noted that “now we’re finding out that [SpaceX is] probably not going to fly commercially for maybe another five years and there’s not a lot of information yet on what the arrangements will be.”
SpaceX continues to develop its monstrous Starship rocket system, with increasingly ambitious test flights by prototypes. The rocket is crucial for the company’s future, whether that’s deploying its own Starlink satellites or flying high-profile moon missions for NASA.
“For now, [we’ll be] flying on Falcon 9 and the medium launch vehicles,” Mueller added. 
Headquartered in Redondo Beach, California, Impulse currently has about 140 employees and plans to expand to more than 200 next year as it scales Mira and Helios production. The company does most of its design, manufacturing, assembly and even engine test firing at its 60,000-square-foot facility. 
Mueller noted that the current Impulse facility allows the company to scale to producing at least 10 of its Mira spacecraft a year before it needs to expand.
“We feel good right now. Got that [fundraising] behind us, so it’s head down and make progress now,” Mueller said. More

Tom Brady is putting his valuable watch collection up for sale at Sotheby’s.
The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.
Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.

Tom Brady.
Mike Ehrmann | Getty Images Sport | Getty Images

Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.
The seven-time Super Bowl champion’s collection will be available this December through auction house Sotheby’s as part of “The GOAT Collection: Watches and Treasures from Tom Brady.”

The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.
“I’ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,” Brady said in a statement. “I’m excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.”
Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.
“Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,” said Richard Lopez, Sotheby’s senior specialist of luxury watches.
It wasn’t until Brady’s first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.

Tom Brady’s Audemars+Piguet watch up for auction at Sotheby’s.
Source: Sotheby’s

The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, “Greatest Roast of All Time.” It is expected to fetch in the range of $400,000 to $800,000.
He will also be parting with his Richard Mille 35-03 “Baby Nadal.” The blue quartz-encased timepiece could sell for as much as $500,000.
Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot’s Watch Top Gun edition “SFTI” model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League’s Tampa Bay Buccaneers.
“The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,” said Brahm Wachter, Sotheby’s head of modern collectables.

Arrows pointing outwards

Watches owned by former NFL player Tom Brady up for auction at Sotheby’s.
Source: Sotheby’s

Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.
According to EveryWatch, the world’s largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year’s total sales.
The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.

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