TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, May 22.
Related: Marijuana reclassified federally in major win for the legal cannabis industry
Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The Dow, Nasdaq, and S&P 500 all finished Wednesday in the red, with the Dow falling roughly 200 points. Stocks reacted poorly to the release of the most recent FOMC minutes. The notes revealed the Federal Reserve is concerned with the lack of progress on inflation.
In other news - the number of daily marijuana users now exceeds those who drink alcohol. According to a new study by Carnegie Mellon University, 17.7 million people said they used marijuana daily or near-daily in 2022. That’s compared to 14.7 million who said they drink every day or almost every day.
The report revealed that "In 2022, the median drinker reported alcohol use on 4 to 5 days in the past month, whereas the median marijuana user reported use on 15 to 16 days in the past month.”
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On top of that, the author of the study found that “A good 40% of current cannabis users are using it daily or near daily, a pattern that is more associated with tobacco use than typical alcohol use.”
Earlier in May, the Department of Justice recommended marijuana be reclassified from a schedule one narcotic to a schedule three controlled substance. According to the DEA, schedule three substances are defined as drugs with a moderate to low potential for physical and psychological dependence. That would put it in line with prescription drugs such as Tylenol with codeine and anabolic steroids.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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