According to Forbes, the government funding bill signed by President Donald Trump on Wednesday night effectively bans most hemp-derived THC products currently on the market, threatening a $28 billion industry that exploded after the 2018 Farm Bill. The prohibition won’t take effect for another year, but businesses are already calling it an “extinction-level event” for CBD and hemp beverage companies. Meanwhile, the U.S. stopped producing pennies after 231 years, saving taxpayers $56 million annually since the Mint was losing 3.69 cents on every penny produced. In other developments, Disney is losing $4.3 million daily in its carriage dispute with YouTube TV, the NFL is limiting prop bets after MLB scandals, and Apple is rolling out digital IDs for domestic air travel stored in Apple Wallet.
Hemp industry crisis
Here’s the thing – this isn’t just about niche cannabis shops. We’re talking about products you can find at Target and Circle K generating about $1 billion in annual sales. Jim Higdon from Cornbread Hemp isn’t exaggerating when he calls this an extinction-level event. The timing is brutal – this industry has been building momentum for seven years since the Farm Bill opened the floodgates. Now businesses have exactly one year to either pivot completely or face being wiped out. And honestly, how many can realistically reinvent themselves that quickly?
Penny production ends
So after 231 years, we’re finally saying goodbye to the penny. Honestly, it’s about time. The economics were insane – losing nearly 4 cents to make 1 cent? That’s government efficiency at its finest. But here’s where it gets messy: we’ve got an estimated 250 billion pennies still in circulation, and at least 10 states have cash laws that prevent rounding transactions. Basically, we’re heading for a confusing transition period where cash transactions become unnecessarily complicated. And while most of us use cards anyway, this still affects pricing, sales tax calculations, and anyone who prefers cash.
business-shakeups”>Other business shakeups
The Disney-YouTube TV fight is turning into a real standoff. $4.3 million per day in lost revenue? That’s not pocket change even for Disney. Meanwhile, the NFL’s prop bet crackdown shows how seriously sports leagues are taking gambling integrity after those MLB scandals. And Apple’s digital ID rollout? It’s convenient for travelers, but privacy experts have legitimate concerns about putting your passport in your phone. Oh, and four cofounders of AI coding tool Cursor just became billionaires – because apparently everyone needs AI to write their code now.
What’s next
Look, the hemp industry has a year to fight this or adapt, but the clock is ticking. We’ll likely see legal challenges and lobbying efforts ramp up immediately. As for the penny phase-out? It’s going to be a slow fade rather than an overnight change. Those 250 billion pennies won’t disappear quickly, but we’ll gradually see more rounding at registers and potentially some retail pricing adjustments. The real question is whether other industries facing similar regulatory threats are watching this unfold and thinking “we could be next.”
