The $32 billion cannabis industry is riding high after the most significant change to U.S. drug laws in 55 years.

President Donald Trump signed an executive order Thursday to reclassify marijuana from Schedule I—reserved for illegal drugs like heroin and LSD—to Schedule III, which is used for drugs with accepted medical benefits that still have addiction potential. It’s a much-needed boost for the struggling sector, as the new classification will offer cannabis companies a less punitive tax rate, unlocking billions of dollars across the industry.

But the executive order does not equate to full-blown legalization. The patchwork of regulations across 40 states that allow medical or recreational sales still conflict with federal law.

The suspected gunman who carried out the mass shooting at Brown University was found dead with a self-inflicted gunshot wound in a New Hampshire storage unit, as Trump administration officials moved to suspend a visa lottery program which he had used to gain permanent U.S. residency. Investigators believe the suspect, a former Brown University student, acted alone and have also linked him to the killing of the former director of the Massachusetts Institute of Technology’s Plasma Science and Fusion Center.

TikTok has reached an agreement with American investors to form a new joint venture for its U.S. entity, bringing an end to a lengthy bidding war for the popular and controversial social media app nearly a year after former President Joe Biden signed a law that would have banned it if it did not find a U.S.-approved buyer. The deal is slated to close on Jan. 22, with Oracle, private equity firm Silver Lake and Abu Dhabi-based investment firm MGX owning 45% of the U.S. entity, according to Axios.

Inflation slowed in November, according to data from the Bureau of Labor Statistics, though economists questioned the report’s accuracy given the disruptions caused by the recent government shutdown.........

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