Newsom is now proposing banning hemp THC in California, which would affect many businesses who’ve built a name in the community.
Governor Gavin Newsom took a decisive step on Friday against the rapidly growing hemp industry by filing emergency rules that would ban THC—an intoxicating compound found in cannabis—from hemp products in California.
Hemp products are currently sold outside of regulated cannabis stores and can be found online or at various retail locations, including gas stations.
Newsom stated that these emergency measures are essential for protecting children, saying, “We will not sit idly by as drug peddlers target our children with dangerous and unregulated hemp products containing THC.”
He emphasized the need to close loopholes and enhance enforcement to prevent minors from accessing these potentially harmful products.
Under the proposed rules, all hemp products in California would need to contain “no detectable amount of total THC,” and purchasers would have to be at least 21 years old.
These regulations still require approval from the California Office of Administrative Law before taking effect.
Hemp and marijuana are both cannabis plants, but while marijuana remains federally illegal, Congress legalized hemp in 2018.
This legalization has led to a surge in hemp products, which range from intoxicating vape pens and beverages to non-intoxicating medical tinctures.
The hemp industry has gained popularity due to its less stringent regulations, making it cheaper for companies to produce and for consumers to purchase compared to regulated cannabis.
Some licensed marijuana companies in California have even shifted focus from the legal cannabis market to hemp production.
The California Cannabis Industry, a trade organization representing licensed marijuana businesses, praised Newsom’s emergency regulations, stating they would “create a safer, more transparent marketplace”, reports SF Gate.
They commended the governor for addressing intoxicating hemp products and protecting public health while maintaining the integrity of California’s cannabis laws.
Earlier this year, the California legislature attempted to curb the hemp industry with a proposed bill, but it stalled due to concerns about restricting access to hemp products used for life-saving medical purposes.
Newsom’s emergency rules also seem poised to limit access to medical hemp products.
As of Friday, Newsom had not responded to requests for comment from SFGATE.
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Disney is now closing an iconic 20-year-old restaurant after announcing plans to open new shops and eateries in the area.
A new Avengers-themed shop is set to open in Downtown Disney as part of ongoing renovations.
Disneyland has filed a permit to demolish the two-story restaurant Tortilla Jo’s, which has served Mexican dishes and cocktails since 2004.
Located in Downtown Disney, a lifestyle center at the Disneyland Resort in Anaheim, California, Tortilla Jo’s has been a staple since the center opened in 2001.
While the restaurant will be torn down, the basement of the building will remain intact.
The timeline for the demolition is still uncertain, pending approval from the City of Anaheim.
Earlier this year, Tortilla Jo’s announced its closure, thanking customers for 20 years of support and extending its last day of service to April 7.
The restaurant officially closed on April 13.
Chef Joe Isidori will introduce two new dining options in its place: a steakhouse with a “warm and sophisticated ambiance” and a nearby barbecue restaurant offering quick-service meals.
The steakhouse will feature classic dishes like prime beef and seafood, while the barbecue spot will focus on brisket, pulled pork, and moonshine cocktails.
Isidori previously opened the Black Tap, known for its burgers and milkshakes, in Downtown Disney in May 2019.
The demolition of Tortilla Jo’s marks the beginning of a larger renovation effort aimed at revitalizing Downtown Disney.
This initiative was first announced at the Destination D23 fan convention in 2021 and is part of broader updates for the amusement park, which attracts over eight million visitors annually.
Other recent closures include the Catal restaurant and Uva Bar, which shut down in April 2023 after 22 years.
They will be replaced by a new Mexican restaurant, Paseo, and a courtyard bar called Céntrico, featuring a menu from Michelin-starred chef Carlos Gaytán.
Additionally, the popular sandwich shop Earl of Sandwich will temporarily close in 2025 to make room for Porto’s Bakery, known for its pastries and Cuban cuisine.
This winter, several new stores will open as part of the Destination D23 project.
The Avengers Reserve will feature a variety of Marvel merchandise, while Marceline’s Confectionery will reopen as Disney’s Wonderful World of Sweets, offering treats like churro toffee and caramel popcorn.
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Economy News Today – Disney Is Now Closing An Iconic 20-Year-Old Restaurant.
A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.
Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.
The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.
According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.
As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.
Many fans took to social media to express how upset they were with the loss.
“I knew it was coming, sadly,”UltraVada wrote in a post on X, formerly Twitter.
“It was inevitable,” a second person mourned.
“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.
“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”
One person revealed that they had forgotten the rental service had existed.
Some users were not surprised by the announcement.
“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.
“Also kinda remember getting into a feud with them on here.”
One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.
Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.
At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.
The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.
It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.
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A California tech company is now cutting nearly 100 jobs after revising its sales forecast this year, according to a WARN notice.
Penumbra is set to lay off a total of 71 employees from its Immersive Healthcare division, as indicated in a Worker Adjustment and Retraining Notification (WARN) obtained by MedTech Dive.
This division, which includes virtual reality products for rehabilitation and mindfulness, was acquired by Penumbra in 2021.
In a WARN letter dated August 20, the company announced it would “permanently discontinue” this segment due to “changing business needs.”
The layoffs will commence on November 1 at Penumbra’s headquarters in Alameda, California.
The company did not provide further comments at the time of publication.
CEO Adam Elsesser mentioned in July that Penumbra was exploring “alternative avenues” for the Immersive Healthcare business.
He emphasized that while there is confidence in the long-term potential of the platform, the company’s immediate focus must shift to maximizing impact in its interventional business.
In the second quarter, Penumbra reported a $110.3 million impairment charge associated with the Immersive Healthcare segment.
The company had acquired Sixense Enterprises in 2021, having previously collaborated with them on healthcare applications for virtual reality, valuing the acquisition at $170 million.
CFO Maggie Yuen stated during an earnings call that the company anticipates reducing ongoing operating expenses by over $20 million and achieving additional savings in the next year as part of this strategic shift.
These changes are expected to positively affect Penumbra’s operating margin by 2025.
Additionally, Penumbra revised its sales forecast for 2024 downward by $60 million, projecting a range of $1.18 billion to $1.2 billion.
This adjustment is attributed to decreased business in China, delays in product launches in Europe, the discontinuation of the Immersive Healthcare segment, and revised expectations for U.S. thrombectomy growth.
The layoffs occur amid broader challenges faced by digital health technologies in the medtech sector.
Other companies, like OssoVR and AppliedVR, have also implemented layoffs recently.
In contrast, Augmedics, which focuses on augmented reality for spine surgery, acquired assets from the bankrupt company Surgalign and raised $82.5 million in funding last year.
Market News Today – A California Tech Company Is Now Cutting Nearly 100 Jobs.
Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.
First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.
Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.
That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.
The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.
US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.
Still, hiring remains strong.
Although the unemployment rate ticked up to 3.9%, it as seen the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.
Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.
“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”
“Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.
The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.
While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”
Ian Shepherdson at Pantheon Economics said in a note earlier this quarter: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”
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California is now hitting farmers up to $10k fines per day after lawmakers approved an order to increase violation fees.
California lawmakers approved significant increases in fines for water violations late Friday after ranchers defied state orders by pumping water from the drought-stricken Shasta River for eight days.
Previously, state officials imposed the maximum fine of $4,000, which amounted to about $50 per rancher, causing frustration among tribes and conservationists, per Cal Matters.
The Shasta River is crucial for salmon habitat, especially during California’s driest three-year period on record.
The new legislation, awaiting Governor Gavin Newsom’s signature, would double daily fines for minor violations and impose fines of up to $10,000 per day for those violating curtailment orders, along with an additional $2,500 for every acre-foot of water taken.
If this law had been in effect, the Siskiyou County ranchers could have faced total fines exceeding $1.2 million.
Analise Rivero from California Trout, a conservation group that supported the bill, expressed hope that increased penalties would deter future violations.
The legislation passed with little controversy, reflecting the state’s complex water rights system, which often pits agricultural interests against environmental concerns.
Assembly Bill 460 was introduced in response to a standoff with Siskiyou County ranchers.
It passed the Senate with a vote of 38 to 2 and the Assembly with 65 to 5, aiming to ensure compliance with water use regulations and prevent a “tragedy of the commons.”
California’s major agricultural organizations did not oppose the bill after amendments were made to remove provisions that would have allowed for quicker intervention by state officials to prevent environmental harm.
This change alleviated concerns from various stakeholders, including growers and urban water agencies.
The final version of the bill, according to California Farm Bureau’s senior policy advocate, Alexandra Biering, serves as a strong deterrent against illegal water use.
State officials have long criticized their limited ability to enforce water rights and monitor illegal diversions.
The bill addresses enforcement gaps highlighted during the Shasta Valley incident, where a rural water association ignored state curtailment orders to benefit their cattle, leading to a dramatic drop in river flows and jeopardizing salmon populations.
Previously, the water board had limited options for imposing fines, which were seen as insufficient by tribes and conservationists who emphasized the cultural significance of salmon to local communities.
The new legislation is seen as a necessary step toward better enforcement of water regulations.
While the legislation is celebrated, some farmers and ranchers express that the underlying curtailment rules are more pressing than the fines, arguing that they need river water for irrigation during critical growing periods.
The bill is part of a series of legislative efforts aimed at reforming California’s water priority system, with ongoing discussions about the need for enhanced enforcement of water rights.
Water advocates hope that the collaboration between various stakeholders can lead to further improvements in managing California’s water resources.
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Political News Today – California Is Now Hitting Farmers Up To $10K Fines Per Day.
Are you wondering where layoffs are now affecting the most people? Job cuts in the US have risen drastically this year.
However, there are some states where people have been affected more than others.
Franknez.com provides Americans with the latest layoff news so you can stay up-to-date on which businesses are letting go of their workforce in your state.
Can a layoff be wrongful termination?
In some cases, it can be.
For example, there are laws put in place that require an employer to notify employees in advance of upcoming job cuts and workforce reductions.
Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
In many cases, someone might experience a ‘layoff for a lack of work’, meaning company trends and demands have shifted.
Layoff and severance packages go hand in hand, depending on the company.
A severance package is compensation and benefits offered to an employee when their employment is terminated, typically in a layoff situation.
Severance packages often include:
A lump sum payment, typically based on the employee’s tenure and salary Continuation of health insurance coverage for a period of time.
Outplacement services to help the employee find a new job.
The purpose of a severance package is to provide financial and transitional support to the laid-off employee.
The specifics of a severance package can vary greatly depending on the company, the employee’s position, and local labor laws.
Which State Has The Most Layoffs?
The state of California has historically had the most layoffs in United States, and is usually followed by Texas, per WarnTracker.
For example, in 2024 alone, California has tracked at least 20,730 WARN layoffs across a total of 513 companies.
Which businesses are currently laying off in the Golden State?
Penumbra, Inc. 71 job cuts by 11/1.
V2X dba Vertex Aerospace, LLC. 46 job cuts by 10/31.
Cuberg, Inc. 196 job cuts by 10/19.
Five9, Inc. 33 job cuts on 8/20.
ITC Federal. 31 job cuts by 10/18.
Canoo. 185 job cuts by 10/15.
GRAIL, Inc. 179 job cuts by 10/14.
Northrop Grumman. 430 job cuts by 10/14.
Pitney Bowes Inc. 112 job cuts by 10/8.
Save Mart Supermarkets LLC dba Roseville Distribution Center. 273 job cuts by 10/12.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Thousands of unexpected layoffs now hit California as more companies file WARN notices, advising of upcoming job cuts in the state.
It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
This federal law is intended to give workers time to seek alternative employment or retraining opportunities.
Despite profiting billions, the company is laying off a total of 53 staff at one of its locations in San Jose, California this October.
“Cisco is laser focused on growth, consistent execution, and resetting our cost structure as we invest in AI, cloud, and cybersecurity,” a company spokesperson said.
However, Cisco isn’t the only company laying off in the Golden State.
Below is a list of other businesses who recently announced layoffs in California:
On October 8, Genentech will let go of 93 staff in San Francisco.
Mama’s Ladera Ranch is permanently closing, and all staff will lose their jobs in October.
Menzies Aviation is letting go 91 staff in Los Angeles on October 31.
AT&T is terminating 20 employees in San Ramon.
Fermented Sciences will cut 50 staff in Ventura.
Bright Innovations Lab is closing a facility in Santa Clarita in October, leading to mass layoffs.
Hybrid Apparel is closing a location in Huntington Beach, resulting in layoffs on October 4.
Paramount Global is laying off 288 employees in Los Angeles on October 12. Paramount, the parent company of CBS, Nickelodeon and MTV, is beginning a series of job cuts that would cut staff by roughly 15 percent in the United States.
ITC Federal also announced layoffs. They will be cutting 31 staff in Laguna Niguel on October 18.
Fastly is laying off 52 staff in San Francisco.
Adventist Health is cutting staff in Simi Valley.
Pitney Bowes is laying off 348 staff across two facilities in Stockton and Bloomington.
Texas Scenic Company is laying off 23 staff in the City of Industry.
Vytalogy Wellness is laying off 33 staff in Santa Ana.
Vir Biotechnology is laying off 141 staff in San Francisco.
Ajinomoto Bio-Pharma Services is laying off 127 staff in San Diego on September 30.
Illumina is laying off 49 staff in San Diego on October 1.
Fibro Gen is laying off 127 staff in San Francisco.
Market News Today – Thousands of Unexpected Layoffs Now Hit California.
Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.
First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.
Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.
That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.
The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.
US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.
Still, hiring remains strong.
Although the unemployment rate ticked up to 3.9%, it as seen the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.
Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.
“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”
“Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.
The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.
While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”
Ian Shepherdson at Pantheon Economics said in a note earlier this quarter: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”
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