President Donald Trump signed an executive order reclassifying marijuana, moving it from Schedule I to Schedule III classification, citing benefits for patients with chronic conditions. The Centers for Medicare and Medicaid Services plan to launch a pilot program allowing certain seniors to access doctor-recommended CBD products for free. Cannabis stocks reacted mixed to the news, with Tilray rising and others falling. The reclassification is seen as a financial boost for the industry, opening doors to banking access and institutional capital. CBD’s popularity has surged, but FDA has not fully backed it, citing inconsistent benefits and potential risks. Trump emphasized the order does not legalize marijuana for recreational use. Reclassification could lead to more research on CBD effects.

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1. Pfizer announced that its Covid-19 vaccine is 90% effective, based on early trial results. The vaccine could be available by the end of the year, pending regulatory approval.
2. The U.S. economy added 638,000 jobs in October, beating expectations. Unemployment rate dropped to 6.9%, but concerns remain about long-term recovery.
3. Apple announced its new MacBook Air, MacBook Pro, and Mac Mini with M1 chip, promising faster performance and longer battery life. Prices start at $699.
4. Amazon reported record third-quarter sales of $96.1 billion, driven by e-commerce and cloud computing growth. Net income nearly tripled to $6.3 billion.
5. Tesla CEO Elon Musk surpassed Bill Gates as the second-richest person in the world, with a net worth of $127.9 billion. Musk’s wealth surged as Tesla stock soared.: Trump reclassifies cannabis to Schedule III, easing weed restrictions