Good morning. The Trump administration is reclassifying marijuana as a less dangerous drug, a significant policy shift that could make it easier to buy and sell pot and reward investors in the multibillion-dollar cannabis industry.

• Schedule changes: Acting Attorney General Todd Blanche signed an order Thursday that began the process of moving marijuana out of the government’s most restrictive drug classification. Marijuana has been classified as a Schedule I drug since 1970, alongside LSD and heroin. The action downgrades marijuana to Schedule III, making it obtainable for medical reasons with a prescription.
   
• Banks still leery: Thursday’s order isn’t likely to significantly change the industry’s fraught dynamic with banks, which have long avoided cannabis companies, even in states where it is legal, because of the federal classification. Credit-card processors like Visa and Mastercard also don’t process marijuana-related transactions for the same reason. It has resulted in an industry where cash is king, which has presented a range of operational headaches and extra costs for business owners.
   
• Money-laundering concerns: Cannabis remains a controlled substance, meaning any transfer or deposit of money related to its sale could still constitute a form of money laundering under the Bank Secrecy Act. Banks must report any and all transactions, including payments and deposits, that they suspect are tied to illegal activities.

DOJ met with TV station executives as part of sports TV probe.

Justice Department officials met with broadcast-television station operators earlier this week as part of its antitrust investigation into the sports-media marketplace, according to people familiar with the matter.

Both the Justice Department and the Federal Communications Commission are investigating how sports leagues are moving more games to streaming services and how the transition is potentially harming consumers and the broadcast-television industry.

BP faces shareholder rebellion at annual meeting.

BP faced a shareholder revolt as investors used its annual general meeting to express their frustration, rejecting two of the energy major’s resolutions.

At the meeting, investors expressed frustration over the company’s approach to climate disclosures and corporate governance, rejecting two of its proposals. One proposal would have removed some climate-related disclosure requirements that investors had voted in favor of at previous meetings. Both resolutions undershot the 75% support threshold needed for approval.

• A U.S. soldier was charged with using classified information to bet on the ouster of Nicolás Maduro. The solider alleged placed well-timed bets using Polymarket.
   
• Canada issued new sanctions compliance guidance for aerospace and defense sector.
   
• PricewaterhouseCoopers has been penalized US$166 million by Hong Kong regulators over its audit of China Evergrande Group, the real-estate developer whose collapse in late 2021 triggered the country’s property crisis.
   
• The Trump administration announced criminal charges, sanctions and multimillion-dollar rewards aimed at combating online scams coming out of Southeast Asia and targeting Americans.

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Iran war complicates contingency plans to defend Taiwan, some U.S. officials say.

The U.S. has burned through so many munitions in Iran that some administration officials increasingly assess that America couldn’t fully execute contingency plans to defend Taiwan from a Chinese invasion if it occurred in the near term, U.S. officials said.

The Pentagon plans for multiple scenarios, regardless of the shifting geopolitical tides and political winds in Washington. U.S. officials say there is no sign of a conflict with China on the horizon.

• Chinese Satellites Over Mideast Battlefield Put U.S. on Edge
• Third U.S. Aircraft Carrier Arrives in the Middle East
• Trump Says Israel, Lebanon Cease-Fire to Be Extended by Three Weeks
• An Iranian Ship Tried to Slip Past the Blockade. A U.S. Destroyer Chased It Down.

EU adopts 20th sanctions package on Russia, targeting energy revenue.

The European Union adopted its 20th sanctions package aimed at Russia, targeting the country’s energy revenues, financial services sector and military-industrial complex, Risk Journal reports (free link).

In a notice issued Thursday, the EU said the package aims to “maintain and increase pressure” on Russia’s wartime economy. The measures include 36 designations targeting entities involved in both upstream and downstream aspects of the Russian energy sector, as well as additional measures aimed at Russia’s so-called shadow fleet, which it uses to bypass oil price caps.

• Canadian Prime Minister Mark Carney said officials are ready to either negotiate with the Trump administration on trade or wait it out until the U.S. addresses some of his country’s concerns.
   
• Oracle’s $300 billion megadeal with OpenAI is testing the limits of Wall Street’s appetite for debt tied to America’s data-center boom. The artificial-intelligence boom has hit a funding snag, compounding power constraints and growing public backlash against data centers. 
   
• Not every private-credit investor pulling their money is doing so out of fear. Some are simply shifting cash from one kind of debt fund to another, employing an arbitrage strategy to capitalize on the differences in how they are valued.
   
• President Trump said that the U.S. government could take over Spirit Airlines, the ailing budget carrier that has been negotiating this week for a federal bailout.

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• The first commercial nuclear-power projects in a decade are now under construction in the U.S., a potential turning point for a segment of the power industry that has been stuck in neutral for years.
   
• Billionaire Ken Griffin is appalled that New York Mayor Zohran Mamdani used his 24,000-square-foot Manhattan penthouse last week as the backdrop for a tax-the-rich video, triggering a subtle threat to re-evaluate his firm’s investment in the city.
   
• A preliminary NTSB report on a fatal LaGuardia Airport crash cited multiple breakdowns in communications and safety technology.
   
• The Justice Department’s inspector general has begun examining the government’s handling of the Epstein files, reviewing in part how officials decided to redact names and withhold materials from public release.
   
• Children born deaf because of a rare condition can now take a drug to restore their hearing after a gene therapy was approved in the U.S., ushering in a new era for the treatment of an inherited form of hearing loss.

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