President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
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WASHINGTON, Aug 26 (Reuters) - The U.S. Drug Enforcement Administration said on Monday that it will move ahead with a long-delayed expansion of its marijuana research program, in a sign that the Trump administration's hostility to the drug may be waning as a growing number of states have legalized its use.
The DEA said it would roll out new guidelines that would allow more growers to produce marijuana for scientific and medical research.
That could eventually lead to "safe and effective drug products that may be approved for marketing by the Food and Drug Administration," the agency said in a regulatory filing.
The DEA also said producers of hemp, an industrial form of marijuana that has little psychoactive effect, will not have to get a permit from the agency.
The announcement comes more than three years after the DEA first said in August 2016 that it would expand the number of licensed growers.
Only one producer at the University of Mississippi is currently licensed to produce marijuana. Researchers complain that the monopoly has limited the types of cannabis available for study, restricting their ability to learn about the more than 100 chemical compounds in the drug.
The DEA has yet to take action on the 33 applications it has received since then, as the Trump administration has threatened a crackdown on a drug that is now legal for recreational or medical use in 33 states and the District of Columbia.
Marijuana remains illegal under federal law, creating legal uncertainty and freezing many businesses out of the banking system.
Then-U.S. Attorney General Jeff Sessions told federal prosecutors in January 2018 that they could go after marijuana users and producers in states that had legalized the drug, reversing the hands-off position taken by the Obama administration.
The threat of prosecution has not slowed action at the state level, as eight states have approved marijuana for medical or recreational use since then.
The legal market is expected to reach $12.4 billion in the United States this year and nearly double in size by 2025, according to New Frontier Data.
The DEA says 542 people are now registered to conduct research on the drug, up 40 percent from January 2017, and the production quota has more than doubled over that period.
A wider variety of growers will give those researchers more opportunity, DEA Acting Administrator Uttam Dhillon said.
"We believe registering more growers will result in researchers having access to a wider variety for study," Dhillon said in a statement. (Reporting by Andy Sullivan Editing by Chizu Nomiyama, Marguerita Choy and Jonathan Oatis)