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Despite pouring millions into the push for adult-use cannabis legalization, Florida's cannabis market is showing signs of strain.&nbsp;
According to a recent report from <a href="https://www.benzinga.com/topic/beacon-securities-limited">Beacon Securities</a>, financial backing for the legalization campaign has surged, yet dispensary sales have slipped during the third quarter of 2024.&nbsp;
Companies like Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) and Curaleaf Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) are leading the charge with significant contributions, but the growing number of dispensaries and external factors, such as Hurricane Helene, have raised questions about whether the market's fundamentals justify the hype.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Turbocharged</h3>
The <a href="https://www.benzinga.com/markets/cannabis/24/09/41036799/desantis-provokes-outrage-over-taxpayer-funded-ads-linking-marijuana-legalization-to-car-crashes">Smart &amp; Safe Florida </a>campaign, responsible for spearheading the adult-use legalization efforts, received a significant financial push in September.&nbsp;
According to the report by analysts Doug Cooper, Russell Stanley and Donangelo Volpe, Trulieve Cannabis recently added $9.5 million to its contributions, while Curaleaf contributed $1 million. To date, the campaign has raised over $100 million, with more than $24 million still available. 
<h3 class="wp-block-heading">Diluted Growth</h3>
Per-dispensary sales in <a href="https://www.benzinga.com/markets/cannabis/24/09/41002710/your-cousins-in-florida-like-their-weed-why-hispanic-voters-could-tip-the-scale-for-cannabis-wil">Florida</a> showed signs of softening during Q3, impacted by an increasing number of dispensaries and temporary disruptions like Hurricane Helene.&nbsp;
The state saw a 4% quarter-over-quarter (q/q) rise in dispensaries, with nine companies adding a total of 26 new locations.&nbsp;
According to the report, Trulieve alone accounted for 12 of these openings.&nbsp;
Overall, flower sales volume in the state increased 3% q/q, while oil-based product sales dipped 1%, with both categories showing slower growth compared to the previous quarter.
On a per-dispensary basis, flower sales volumes slipped 1% q/q, while oil-based product sales fell 5%.&nbsp;
These figures likely reflect the increased competition from <a href="https://www.benzinga.com/markets/cannabis/24/09/40990665/cannabis-sales-bloom-in-first-north-carolina-weed-store-marijuana-footprint-in-florida-grows-as-">new dispensaries</a> and effect of storm-related closures.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40774795/trump-says-hell-reschedule-cannabis-if-elected-backs-marijuana-banking-reform-and-floridas-amend">Trump Says He&#8217;ll Reschedule Cannabis If Elected, Backs Marijuana Banking Reform And Florida&#8217;s Amendment</a>
<h3 class="wp-block-heading">Top Players See Mixed Results&nbsp;</h3>
Trulieve, the dominant player in <a href="https://www.benzinga.com/markets/cannabis/24/09/40969689/desantis-urges-gop-to-oppose-cannabis-legalization-as-party-splits-over-trump-marijuana-endorsem">Florida</a>, maintained its leadership position despite mixed results in both product categories. Its flower sales increased by 1% q/q, although the company lost 68 basis points (bps) in market share, now standing at 38%. In the oil-based product category, Trulieve&#8217;s sales remained flat, but it gained 50 bps in market share, increasing its lead to 31%.
Curaleaf, the second-largest operator in Florida, reported a strong 11% rise in flower sales volumes, boosting its market share by 79 bps to 10%. However, its oil-based product sales fell 2%, though it retained its second-place ranking with a 13% market share despite a slight loss of share.
Verano Holdings Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>) had flat flower sales following sequential declines in Q1 and Q2, which were attributed to capacity upgrades. The company's market share in flower sales slipped by 19 bps, landing at 7%, keeping its third-place ranking. Verano's oil-based product sales dropped 8%, reducing its share by 68 bps to 9%.
Ayr Wellness Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>) experienced strong growth in flower sales, up 12% q/q, which increased its <a href="https://www.benzinga.com/markets/cannabis/24/09/40753011/ayr-wellness-conditional-approval-for-medical-marijuana-operations-in-virginia-what-it-means-for">market share</a> by 51 bps to over 6%, ranking fourth in the state. However, its oil-based product sales declined 7%, dropping its share by 72 bps, though it maintained its third-place position with a 12% market share.
<h3 class="wp-block-heading">Smaller Players </h3>
<ul>
<li>Cresco Labs Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) saw solid growth in both product categories, with flower sales volumes rising 7% q/q, raising its market share by 20 bps to 5%. The company&#8217;s oil-based product sales increased 6%, adding 23 bps in market share, taking it up to 4%.</li>
</ul>
<ul>
<li>Green Thumb Industries Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) posted mixed results, with flower sales declining by 18% q/q, lowering its market share by 45 bps to 2%. However, its oil-based product sales surged by 26%, adding 48 bps to its market share, also reaching 2%.</li>
</ul>
<ul>
<li>Planet 13 Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PLNHF#OTC">PLNHF</a>) managed to hold its ground in the oil-based products segment, with market share flat at 2% despite a 2% sales decline. However, the company's flower sales fell 12%, reducing its market share by 47 bps to just under 3%.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40712816/what-trump-learned-about-marijuana-that-desantis-did-not-and-why-the-gop-might-become-weed-frien">What Trump Learned About Marijuana That DeSantis Did Not And Why The GOP Might Become Weed-Friendly</a>
<h3 class="wp-block-heading">Florida's $100M Bet: What's At Stake</h3>
With adult-use cannabis legalization on the horizon through Amendment 3, Florida's market is set to see significant changes. According to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38470560/landing-in-floridas-cannabis-market-legal-adult-use-marijuana-could-yield-874m-in-2">BDSA data</a>, total cannabis sales in Florida are projected to grow at a 12% compound annual growth rate (CAGR) from 2023 to 2028, reaching $4.5 billion by the end of that period.
However, legislative uncertainties surrounding the expansion of adult-use licenses add unpredictability to the market, with over 600 dispensaries already in operation and medical cannabis sales hitting $2.6 billion in 2023.
<h3 class="wp-block-heading">Hype-Worthy?</h3>
Pablo Zuanic&#8216;s analysis paints an optimistic picture for Florida's cannabis market, predicting a $6 billion valuation and significant growth for operators like Cansortium and AYR Wellness<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38037571/floridas-6b-cannabis-market-anticipates-400-growth-following-court-decision-allowin"> if adult-use legalization passes in November 2024</a>.&nbsp;
Zuanic forecasts up to 400% growth for AYR and substantial upside for other major players, highlighting the potential market explosion. However, when compared to the recent Beacon Securities report, which shows slipping per-dispensary sales and slowing growth, the question remains whether the market fundamentals can sustain this anticipated boom.&nbsp;
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/09/40879364/young-republicans-break-ranks-to-back-cannabis-legalization-is-the-gop-ready-for-a-shift-in-the-">Young Republicans Break Ranks To Back Cannabis Legalization &#8211; Is The GOP Ready For A Shift In The Status Quo?</a>

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Cannabis

Market Summary

News

Retail Sales

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Economics

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AYRWF

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CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

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VRNOF

Slipping Weed Sales In Florida's Market: Is This $100M Bet Really Worth The Hype?

Marijuana Pepsi Vandyck has spent her life embracing a name that has drawn attention, often unwanted, and most always raising eyebrows.
Marijuana was given the name by her mother who was convinced it would provide notoriety and "take her around the world." What the name did was put her in the position of having to answer a million questions and fend off judgment.
Her parents were of the post-Woodstock era when cannabis was coming into its own across the country. "And they would cool off with a Pepsi," Marijuana's aunt,&nbsp;Mayetta Jackson told the <a href="http://archive.jsonline.com/news/milwaukee/40874017.html/" target="_blank" rel="noreferrer noopener">Journal-Sentinel</a>. "I thought it was crazy, but they were such fun-loving people that it suited them." Marijuana's sisters have relatively common names,&nbsp;Kimberly&nbsp;and&nbsp;Robin.
Despite the challenges, Marijuana Pepsi says she&#8217;s proud of her name and never considered changing it, <a href="https://nypost.com/2024/10/01/lifestyle/woman-named-marijuana-pepsi-from-birth-will-never-change-her-name/">wrote</a> the New York Post. Until she was about 10 years old, she thought &#8220;Marijuana was just a beautiful name.&#8221; But when she moved to a new city, she became keenly aware that her name was different.
<h1 class="wp-block-heading">Got A Nickname? Black Names In White Classrooms</h1>
"When people find out my name, they ask my nickname instead. I tell them if calling me Marijuana isn't comfortable, they can call me Dr. Vandyck." 
Indeed, Marijuana, who married Fredrick Vandyck in 2017, earned a Ph.D. in higher education leadership from Cardinal Stritch University in 2019. Her dissertation topic was "Black Names in White Classrooms: Teacher Behaviors and Student Perceptions," which looked at the effects of unique names on the educational experiences of Black students. 
Her research found that students with distinctly Black names were subject to disrespect, stereotypes and low academic and behavioral expectations. Marijuana said her own name elicited the strongest reactions from white teachers.
&#8220;A lot of other people were thinking [my mom] was smoking marijuana and drinking Pepsi,&#8221; she <a href="https://www.npr.org/2019/06/21/734839666/dr-marijuana-pepsi-wont-change-her-name-to-make-other-people-happy">told</a> NPR, neither of which was the case. &#8220;In the black community, we&#8217;re used to having names that are more cultural.&#8221;
Marijuana works at the Community College of Baltimore County, where she uses her platform to promote positive educational experiences and challenge societal norms around identity and expectations. She is also the founder and executive director of&nbsp;Action As Empowerment&nbsp;Consulting &amp; Solutions, LLC. 
People often assume, again wrongly, that she consumes weed or drinks a lot of Pepsi. In fact, she does neither and never has. 
And when weed companies come calling with offers for promotional opportunities, she declines.
"I do get hit up by marijuana companies, but I wouldn't do anything with them unless it was centered around education,&#8221; Marijuana Pepsi said.
Photo: Courtesy Action As Empowerment

Education

Politics

Marijuana Pepsi Has Always Been Proud Of Her Name, More So Now With This Honorific: 'Doctor'

Investment manager fund Chicago Atlantic recently <a href="https://www.businesswire.com/news/home/20241001828224/en/Chicago-Atlantic-and-Silver-Spike-Close-Loan-Portfolio-Acquisition-and-Joint-Venture-Transactions">acquired</a> Silver Spike Investment Corp. (NASDAD: SSIC), the only SEC-approved business development company (BDC) focused on lending to the <a href="https://www.benzinga.com/cannabis">cannabis industry</a>.
As a result, Silver Spike has been renamed Chicago Atlantic BDC, Inc., and its ticker symbol will change to $LIEN on October 2, 2024. Chicago Atlantic originates senior secured loans to state-licensed cannabis operators and has consistently traded at a premium.=
"Chicago Atlantic seeks to capitalize on opportunities in private markets by providing debt capital to lower middle-market companies, typically non-sponsor, and unique industries facing structural reasons for an insufficient supply of capital," said the company&#8217;s new CEO, Andreas Bodmeier.
<h3 class="wp-block-heading">Significant Timing For Cannabis Investors</h3>
The acquisition comes at a critical moment for the cannabis industry, as both <a href="https://www.benzinga.com/markets/cannabis/24/09/40677600/harris-campaign-slams-donald-trump-over-cannabis-shift-calls-it-brazen-flip-flop">presidential candidates </a>are signaling support for marijuana reform, rescheduling of cannabis could boost cash flow in the sector. This shift will likely benefit the company's cannabis-focused lending platform.
"We are excited about the prospects for further growth within our core activity of providing capital to high-quality operators within the cannabis ecosystem,&#8221; said Scott Gordon, executive chairman and co-chief Investment Officer. &#8220;As one of the largest direct lenders to the sector, we see significant potential to continue playing an important role in shaping the flow of much-needed debt financing to the industry."
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39320509/hedge-fund-settles-at-2-25m-with-sec-for-exposed-short-seller-deal-2-cannabis-stocks-affected">Hedge Fund Settles At $2.25M With SEC For Exposed Short Seller Deal, 2 Cannabis Stocks Affected</a>
<h3 class="wp-block-heading">Unique Market Opportunity</h3>
The merger also creates a unique opportunity for investors. 
Chicago Atlantic BDC allows access to credit alpha that differs from traditional BDCs or private credit funds. Bodmeier pointed out the value of this position, noting that "the rapidly growing cannabis sector represents a compelling example of an industry where capital is in short supply."
This acquisition and joint venture between Chicago Atlantic and Silver Spike are expected to strengthen the company's role in providing financing solutions to cannabis operators.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40506425/new-sec-filings-reveal-major-risks-in-cannabis-etfs-following-recent-volatility-but-theres-still">New SEC Filings Reveal Risks In Cannabis ETFs Following Recent Volatility — But There&#8217;s Still Room For Optimism </a></li>
</ul>
Cover: AI Generated Image

REIT

Press Releases

Real Estate

SSIC

SEC-Approved Cannabis Lender Acquired By Investment Giant, Changes Ticker To $LIEN

The Company&rsquo;s board of directors approved such action on August 22, 2024, and the affected employees were informed of this action beginning on October 1, 2024.
The suspension of the Company&rsquo;s operations in China will involve declaring the Company&rsquo;s wholly-owned subsidiary dormant, which is a legal entity status available under current China law. Under this legal entity status, operational activities cease for a time period not to exceed three years.
By pursuing this entity status, the Company will initiate a project to suspend current operational activities, which are estimated to cease on or before December 31, 2024. Suspension activities include disposal and shipment of certain equipment in China, the termination of 2 employees and related benefit costs, and legal entity filing fees.
In connection with this action, the Company estimates that it will incur approximately $400,000 to $500,000 of costs, primarily consisting of employee termination payments, as well as equipment disposal and shipment and legal filing fees. The Company expects that these charges will be incurred primarily in the fourth quarter of 2024.

CLIR

ClearSign Suspends Operations In China Due To Delayed Progress On Commercialization Of Its Products And As Part Of Efforts To Align Strategic Priorities And To Reduce Operating Costs - Filing

Coinciding with this decision, Kate O&rsquo;Brian, President, Scripps News, will be leaving the Company at the end of the year.
Scripps News will no longer broadcast over the air, although it will remain on streaming and digital platforms with weekday live coverage from the field. As a result of these changes, the Company expects to eliminate more than 200 jobs. We expect approximately 50 Scripps News staff members will remain to report for our local news audiences and produce streaming and digital content, all under the Scripps News brand.

E.W. Scripps To Wind Down Scripps News' 24/7 National Network Programming After November 15; To Eliminate More Than 200 Jobs - Filing

Management

SandRidge Energy Names Vincent Intrieri As Chairman, Effective October 1; Jonathan Frates To Step Down As Chairman Today To Transition To The Role Of Executive Vice President And CFO, Effective October 21

Updated Fiscal 2025&nbsp;Outlook
<ul>
<li>Reducing GAAP net income target to&nbsp;$395 million&nbsp;to&nbsp;$445 million, and Diluted EPS target to&nbsp;$2.70&nbsp;to&nbsp;$3.15</li>
<li>Targeting low-end of target ranges of Adjusted EBITDA(1)&nbsp;of&nbsp;$1,380&nbsp;million to&nbsp;$1,480&nbsp;million</li>
<li>Reducing Adjusted Net Income&nbsp;target to&nbsp;$600 million&nbsp;to&nbsp;$615 million&nbsp;and Adjusted Diluted EPS&nbsp;target to&nbsp;$4.15&nbsp;to&nbsp;$4.35</li>
<li>Reducing capital expenditures target by&nbsp;$100 million&nbsp;to&nbsp;$750 million</li>
</ul>

Guidance

Lamb Weston Reaffirms FY25 Net Sales Outlook Of $6.6B - $6.8B (Est $6.615B), Revises Adjusted EPS Target To $4.15 - $4.35 (Est $4.48)

Futu Holdings Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>) shares continued higher after-hours on Tuesday as shares of China-based companies rose following additional stimulus measures aimed at boosting China's economy were <a href="https://www.benzinga.com/news/24/09/41097864/china-stocks-jump-as-stimulus-optimism-mounts-whats-going-on">announced over the weekend. </a>
The Details: China announced additional stimulus measures including lower mortgage rates and looser real estate purchase restrictions over the weekend. The new measures follow a package of extensive stimulus measures including lower interest rates and additional liquidity for its banking system announced last week. 
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41071876/mojo-is-back-at-tesla-says-tech-analyst-dan-ives-ahead-of-q3-deliveries">Tesla &#8216;Mojo Is Back,&#8217; Tech Analyst Dan Ives Says Ahead Of Q3 Deliveries</a>
Additionally, China's central bank will set up a swap facility that would give non-bank financial institutions access to at least $71 billion (500 billion yuan) in funding to buy shares, in an effort aimed at stabilizing China's stock market. 
Futu, which operates trading platforms in China and around the world, may benefit from increased capital in the markets resulting from the intensive stimulus package. Futu shares have gained more than 40% over the past five days as investors pile into U.S.-traded Chinese stocks.&nbsp;
FUTU Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Futu Holdings shares ended Tuesday&#8217;s session up 12.43% at $107.54; shares are up 0.65% at $108.24 in after-hours trading.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41070564/amazon-prime-day-data-insights-before-october-event-apple-purchases-up-22-celsius-tops-grocery-categ">Amazon Prime Day Data Insights Before October Event: Apple Purchases Up 22%, Celsius Tops Grocery Category</a></li>
</ul>
Photo: Shutterstock

Global

Movers

FUTU

What's Going On With Futu Holdings' Stock?

Gilead Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) has outperformed the market over the past 20 years by 3.1% on an annualized basis producing an average annual return of 11.54%. Currently, Gilead Sciences has a market capitalization of $104.43 billion. 
Buying $1000 In GILD: If an investor had bought $1000 of GILD stock 20 years ago, it would be worth $8,831.14 today based on a price of $83.88 for GILD at the time of writing.
<h3>Gilead Sciences's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727818474_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

GILD

$1000 Invested In This Stock 20 Years Ago Would Be Worth $8,800 Today

Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) has outperformed the market over the past 20 years by 4.85% on an annualized basis producing an average annual return of 13.29%. Currently, Norfolk Southern has a market capitalization of $56.10 billion. 
Buying $1000 In NSC: If an investor had bought $1000 of NSC stock 20 years ago, it would be worth $12,247.78 today based on a price of $248.14 for NSC at the time of writing.
<h3>Norfolk Southern's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727818469_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $1000 In This Stock 20 Years Ago, You Would Have $12,000 Today

Restructuring Plan
<ul>
<li>Restructuring actions expected to generate approximately&nbsp;$55 million&nbsp;of pre-tax cost savings in fiscal 2025 and a&nbsp;$100 million&nbsp;reduction in capital expenditures in fiscal 2025</li>
<li>Key actions include closing Connell, Washington facility, temporarily curtailing production lines and schedules in North America, reducing approximately&nbsp;4%&nbsp;of global workforce, and eliminating unfilled job positions</li>
<li>Expected to record total estimated pre-tax charges of&nbsp;$200 million&nbsp;to&nbsp;$250 million</li>
</ul>

Lamb Weston Plans Reducing Approximately 4% Of Global Workforce, And Eliminating Unfilled Job Positions

Lamb Weston Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) reported quarterly earnings of $0.73 per share which beat the analyst consensus estimate of $0.71 by 2.82 percent. The company reported quarterly sales of $1.65 billion which beat the analyst consensus estimate of $1.56 billion by 6.34 percent. This is a 0.66 percent decrease over sales of $1.67 billion the same period last year.

Earnings

Earnings Beats

Lamb Weston Q1 2025 Adj EPS $0.73 Beats $0.71 Estimate, Sales $1.65B Beat $1.56B Estimate

ATCH

AtlasClear Files With SEC  A Notification Of Late Filing For Its Transition Report

Diamondback Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) shares climbed nearly 3% on Tuesday. Here&#8217;s a look at <a href="https://www.benzinga.com/pressreleases/24/10/g41128615/diamondback-energy-inc-announces-revised-third-quarter-production-and-capital-guidance">what&#8217;s going on</a>. 
What To Know: Diamondback Energy shares traded higher Tuesday as energy stocks jumped amid <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">rising Middle East tensions</a>. Iran launched an attack on Israel following the recent killing of Hezbollah leader&nbsp;Hassan Nasrallah. Iran reportedly fired between 100 and 200 missiles towards Israel on Tuesday.
Diamondback Energy may have also gotten a lift after Wells Fargo analyst Roger Read maintained an <a href="https://www.benzinga.com/analyst-stock-ratings">Overweight rating</a> on the stock Tuesday morning. Read lowered Wells Fargo&#8217;s price target from $230 to $219, but the price objective remains well above current levels.
The Wells Fargo update came on the heels of two similar moves from analysts on Monday. Evercore ISI Group maintained an Outperform rating and lowered its price target to $209, and Truist Securities maintained a Buy rating and lowered its price target to $220.
Don&#8217;t Miss: <a href="https://www.benzinga.com/news/24/10/41126631/hurricane-helene-devastation-the-latest-on-damage-companies-affected">Hurricane Helene Devastation: The Latest On Damage, Companies Affected</a>
What Else: After the market close on Tuesday, Diamondback Energy announced the closing of an acquisition and updated its guidance for the third quarter.
Diamondback subsidiary Viper Energy <a href="https://www.benzinga.com/pressreleases/24/10/g41128596/viper-energy-inc-a-subsidiary-of-diamondback-energy-inc-announces-closing-of-acquisition">completed its acquisition</a> of certain mineral and royalty interest-owning subsidiaries of Tumbleweed Royalty IV.
The acquisition had a total consideration of approximately $459 million in cash, the issuance of approximately 10.1 million OpCo units to Tumbleweed Royalty and an option granted to Tumbleweed to acquire the same number of shares of Viper&#8217;s Class B common stock as the OpCo units.&nbsp;
Diamondback Energy also updated its third-quarter guidance to reflect the Endeavor Energy Resources deal completed on Sept. 10. Diamondback now expects third-quarter oil production of 319 to 321 MBO/d. The company also anticipates capital expenditures of $675 million to $700 million for the third quarter.
Diamondback is scheduled to report <a href="https://www.benzinga.com/calendars/earnings">third-quarter financial results</a> on Nov. 4. Analysts expect the company to report earnings of $4.56 per share and revenue of $2.331 billion, according to estimates from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
FANG Price Action: <a href="http://benzinga.com/quote/fang">Diamondback Energy shares</a> closed Tuesday up 2.97% at $177.52, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Joe from Pixabay.

Commodities

FANG

What's Going On With Diamondback Energy Stock?

CRGY

PRFT

Crescent Energy To Replace Perficient In S&P SmallCap 600, Effective Prior To Opening Of Trading On October 4

Offerings

F&G Annuities & Life Prices Public Offering Of $500M Of Its 6.250% Senior Notes Due 2034

Following an earlier investment of $5 million from Alumni Capital, this additional $30 million, in exchange for VCI Global common shares, will reinforce VCI Global&#39;s strategic push into its AI cloud computing business, particularly for its planned developments in the&nbsp;second quarter&nbsp;of 2025.
VCI Global retains the right, but is not obligated, to draw on this amount, providing the Company with the flexibility to access the funds as needed, while preserving the option to forgo the drawdown if other resources become available or conditions change.

VCIG

VCI Global Secures New Investment Commitment Of $30M From Alumni Capital

As previously announced, Stem will host its&nbsp;third quarter&nbsp;2024 earnings conference call on October 30, 2024 to discuss its latest financial and operating performance, the execution of its new strategy, and 2024&nbsp;guidance.

STEM

Stem Reveals Refined Go-To-Market Strategy And Leadership Structure Emphasizing Software And Services; Expands Energy Consulting Offerings

This&nbsp;strategic&nbsp;acquisition marks a significant milestone in Summit&#39;s growth strategy, increasing scale in a credit and value accretive manner.
This deal also invloves approximately 7.5 million shares of a combination of SMC Class B common stock and a corresponding number of common units of the Partnership (in an Up-C structure), representing approximately&nbsp;40%&nbsp;ownership in the pro forma Company.
The transaction is expected to close in the&nbsp;fourth quarter&nbsp;of 2024, subject to customary closing conditions, shareholder approval and regulatory approvals.
In addition, Summit will pay&nbsp;$25 million&nbsp;contingent consideration in cash over certain measurement periods through&nbsp;March 31, 2026.&nbsp;
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Summit Midstream To Acquire Tall Oak Midstream Operating, LLC And Its Subsidiaries From An Affiliate Of Tailwater Capital For $155M Upfront Cash Consideration Plus Common Stock

After several short hospital stays, former President Jimmy Carter began receiving <a href="https://www.benzinga.com/news/23/08/33955259/former-president-jimmy-carter-and-first-lady-rosalynn-carter-in-final-chapter-of-life-grandson-revea">hospice care in&nbsp;February 2023</a>.
During that time, observers noted how prolific his life was, not only as the 39th U.S. president but as a young man in the Navy up to his becoming a centenarian.&nbsp;
In honor of Carter&#8217;s turning 100 years old on Tuesday, here are five standout moments from his remarkable career.
<ol>
<li>Carter pulled a Spock. Recall 1982&#8217;s &#8220;The Wrath of Khan,&#8221; when Mr. Spock sacrificed his life to save the Enterprise by restoring warp power in a radiation-filled room. Well, 30 years earlier, when a Canadian nuclear reactor malfunctioned and was melting down for real, a young Navy lieutenant named James Earl Carter Jr. volunteered to help despite the risks. He endured 90 seconds of exposure and <a href="https://www.washingtonpost.com/history/2023/02/20/jimmy-carter-nuclear-reactor-navy/" target="_blank" rel="noreferrer noopener">turned off the valve</a>. </li>
<li>Wounds didn&#8217;t hold him down. In 2019, at age 95, Carter broke his hip. Later that same year, he fell at home. He got a black eye and needed 14 stitches. The following day, he kept his commitment to build homes for Habitat for Humanity to&nbsp;help<a href="https://www.cbsnews.com/news/jimmy-carter-habitat-for-humanity-history-the-carter-work-project/" target="_blank" rel="noreferrer noopener"> </a>families in need. &#8220;He&#8217;s funny and one hard worker,&#8221; CEO of Habitat for Humanity New York City and Westchester County Karen Haycox <a href="https://www.cbsnews.com/news/jimmy-carter-habitat-for-humanity-history-the-carter-work-project/">told</a> CBS News. &#8220;He&#8217;s the first on the site in the morning and very often the last one to leave at the end of the day.&#8221; </li>
<li>Carter: the Grammy winner. Carter has three Grammy Awards in the Spoken Word Album category (he was nominated nine times). The audio recordings that <a href="https://www.grammy.com/artists/jimmy-carter/7405">won</a> are of his books "Faith: A Journey for All" (2019), "A Full Life: Reflections at Ninety" (2018), and "Our Endangered Values: America's Moral Crisis" (2006). </li>
<li>Carter the charmer. Carter once <a href="https://theuijunkie.com/jimmy-carter-joke/">told</a> a joke during a speech in Japan. The audience roared with laughter. Later, he asked what the interpreter said to get the crowd to guffaw. &#8220;President Carter told a funny story; everyone must laugh,&#8221; the interpreter responded. </li>
<li>Rock &amp; Roll President. Carter counts Bob Dylan among his closest friends. Gregg Allman and the &#8220;Godfather of Soul&#8221; James Brown both<a href="https://www.theguardian.com/music/2012/oct/30/jimmy-carter-president-interview" target="_blank" rel="noreferrer noopener"> supported Carter&#8217;s run</a> for presidential office. In fact, Carter&#8217;s White House <a href="https://www.cnn.com/2020/12/29/us/gallery/jimmy-carter-rock-and-roll-president-cnn-films/index.html">served</a> as &#8220;a popular stop&#8221; for musicians on tour. One famous songwriter even hung out on the roof and enjoyed <a href="https://www.benzinga.com/markets/cannabis/23/07/33142215/cocaine-in-the-white-house-willie-nelson-smoked-weed-on-the-wh-roof-with-pres-jimmy-carters-son">cannabis with Carter&#8217;s son</a>.</li>
</ol>
<figure class="wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Jimmy Carter: Rock &amp; Roll President &#x7C; Official Trailer" width="500" height="281" src="https://www.youtube.com/embed/AfFF-PP78iA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
<h3 class="wp-block-heading">Honorable Mention</h3>
<ul>
<li>Carter: Devoted husband. Carter and his wife, former First Lady Rosalynn Carter, were married for 77 years until her death in November 2023. Their families lived next door to each other. When Carter was three years old, his mother helped bring Rosalynn into the world.</li>
</ul>
Now Read: <a href="https://www.benzinga.com/news/23/08/33600052/jimmy-carter-the-oldest-living-president-redefines-hospice-care-with-his-95-year-old-wife-as-they-en">Carter, The Oldest Living President, Redefines Hospice Care And Enjoys Ice Cream With Wife For Their Anniversary</a>
Image: Shutterstock

Jimmy Carter At 100: 5 Things You Didn't Know About The Rock & Roll President

Levi Strauss says it may take longer to reach $10B sales target - report

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This week, several major companies will be reporting earnings. Among them are Nike (NKE), Carnival (CCL), Constellation Brands (STZ), Conagra Brand...

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Levi Strauss Q3 2024 Earnings Preview

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Levi Strauss & Co. Renews Commitment to the Bay Area With Proposed 10-Year Extension of Levi's® Stadium Naming Rights and 49ers Partnership

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Lulus Teams With Levi's® to Bring Even More Iconic Styles to Shoppers Everywhere in Lulus Loves: Levi's® Capsule

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