Business
Inside the dealmaking that pushed Trump to reclassify pot, expand access
President Donald Trump‘s move Thursday to sign an executive order easing federal restrictions on marijuana — and clearing the way for a Medicare pilot program covering CBD — caps a coordinated, yearlong push by the cannabis industry that combined traditional lobbying, sizable political donations, data-driven messaging and direct outreach to the president’s inner circle, industry insiders told CNBC.
Despite long-standing GOP opposition to loosening drug laws — including a small wave of bills from lawmakers seeking to tighten rules after the executive order — industry advocates have claimed a victory. They see the order as a success in reframing marijuana not as a social issue, but as a pro-business policy, ultimately winning over a president famous for his sobriety.
“I’ve never been inundated by so many people as I have about” reclassifying marijuana, Trump said during a signing ceremony in the Oval Office on Thursday.
Three figures emerged as the primary architects of this policy shift, according to multiple insiders, including one CEO of a cannabis company listed on the New York Stock Exchange, who requested anonymity to speak candidly. The key players were Howard Kessler, a Palm Beach billionaire and longtime friend of the president; Kim Rivers, the CEO of cannabis giant Trulieve; and Tony Fabrizio, Trump’s longtime pollster, the people said.
The billionaire
U.S. President Donald Trump displays an executive order with Howard Kessler (R) that Trump signed in the Oval Office of the White House on December 18, 2025 in Washington, DC.
Anna Moneymaker | Getty Images
Kessler, known for pioneering affinity credit cards, has been in Trump’s orbit since at least 2005, attending Trump’s wedding to Melania Trump and appearing at Mar-a-Lago and state dinners.
A leukemia survivor, Kessler began advocating for the medical benefits of cannabis for seniors in 2019, founding The Commonwealth Project to advance the cause. In September, Trump shared a Commonwealth Project video on Truth Social that said CBD coverage was “the most important senior health initiative of the century.”
Other prominent members of the Trump administration noted Kessler’s influence on Thursday.
During the signing ceremony, Health and Human Services Secretary Robert F. Kennedy Jr. said, “We wouldn’t be here today” without Kessler.
“God bless you for being a pain in our sides,” Dr. Mehmet Oz, the head of the Centers for Medicare & Medicaid Services, joked to Kessler in the Oval Office. Oz added that Kessler had promised to finally stop calling the president about the issue once the order was signed.
Kessler did not respond to a request for comment.
The White House said Trump’s executive order would open up access for new treatments.
“The presence of several leaders from law enforcement and veterans groups at the Oval Office signing is indicative of how President Trump continues to push the envelope to support our nation’s heroes,” White House spokesman Kush Desai said in a statement.
The industry CEO
Kim Rivers, CEO of Trulieve, one of the largest U.S. cannabis companies, has also cultivated a close relationship with the Trump administration, people familiar with the matter told CNBC, specifically through a personal connection with Trump’s chief of staff, Susie Wiles.
Although Wiles was not a registered lobbyist for Trulieve, she previously worked at Ballard Partners, a Florida lobbying firm that represents the company.
“They [the Trump administration] want to see safe, regulated, tested products,” Rivers told CNBC’s “Fast Monday” Thursday night, adding that she’s interpreting the White House’s language as a signal that the administration intends to rein in a chaotic market rather than expand it unchecked.
“Millions of Americans are using medical cannabis,” Rivers said. “The president is very clear that he wants folks to be able to have access to safe, regulated, researched products in controlled environments.”
Rivers attended two pre-inauguration events, including a dinner for Vice President JD Vance, and reportedly joined a $1 million-a-plate fundraiser at Trump’s New Jersey golf club in August, where she urged him to reclassify marijuana, the Wall Street Journal first reported.
Trulieve’s campaign spending also backed Trump. Federal Election Commission filings show Trulieve donated $750,000 to Trump’s inauguration committee and $250,000 to his MAGA Inc. super PAC.
The company reportedly played a key role in securing Trump’s backing for a Florida ballot initiative to legalize recreational cannabis for adults over 21. While the initiative failed, Florida Division of Elections records show Trulieve spent more than $100 million on the election.
The pollster
The president also received data from his pollster, Fabrizio, who has his own ties to the issue.
American Rights and Reform, a cannabis-backed super PAC, paid six figures to the firm Fabrizio leads to run a poll that found broad voter support for rescheduling, according to FEC filings.
During the signing ceremony Thursday, Trump referenced Fabrizio’s data multiple times, highlighting a survey published in March that illustrated broad voter support for loosening restrictions. The data showed that young voters, aged 18 to 34, were the leading majority in supporting reform at about 80%.
Fabrizio’s son, AJ Fabrizio, is also a vocal figure in the cannabis industry and a CEO who has said he turned to medical marijuana to treat his own epilepsy.
AJ Fabrizio created his own cannabis extract brand called IVXX — a line of carbon dioxide-extracted hash oil made exclusively for Terra Tech Corp., a publicly traded cannabis company that owns dispensaries such as The Green Door in San Francisco and Blum in Oakland, California.
In interviews, AJ has described moving from skepticism to advocacy after cannabis stopped his seizures. He has also compared the future of cannabis to “Standard Oil” — arguing in a recent podcast interview that just as Rockefeller turned oil byproducts into a petrochemical empire, the cannabis industry is poised to revolutionize materials, medicine and nutrition.
Business
Tech oversight: Sebi to form working group on exchange technology; aim to strengthen market resilience – The Times of India
Markets regulator Sebi is planning to constitute a working group to identify the next technological frontier for stock exchanges, Sebi chairman Tuhin Kanta Pandey said on Saturday, underlining the regulator’s focus on strengthening market infrastructure amid rapid technological change, PTI reported.The proposed group will examine how exchange technology should evolve over the next five to 10 years, benchmark global best practices and suggest new approaches to enhance market systems. “We are going to constitute a working group on how it is going to be our next technological frontier in our stock exchanges,” Pandey told reporters on the sidelines of the 11th International Convention of the Commodity & Capital Participants Association of India (CPAI).Pandey explained that the technological frontier refers to the use of cutting-edge tools to improve market oversight, operational efficiency and investor protection. He stressed that technological robustness remains critical for the regulator, adding that Sebi takes every exchange-related glitch seriously.While acknowledging that disruptions can occur in a fast-evolving technology environment, he said there is a need for stronger safeguards. To address technical flaws, exchanges are required to carry out detailed root-cause analyses and submit comprehensive standard operating procedures (SOPs) along with corrective measures to the regulator.Responding to a query on the recent outage at the Multi Commodity Exchange (MCX), Pandey said Sebi follows a clearly defined process whenever a technical issue occurs at an exchange. This includes imposing strict penalties if the disruption crosses specified thresholds.He added that the regulator is also examining such incidents from a systemic perspective. “By identifying commonalities in these glitches, we aim to understand how we can better secure and strengthen our market technology,” Pandey said.
Business
Stocks Of Indian Company, With Just 2 Workers, Shot Up 55,000% Over Something That It NEVER Manufactured!
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RRP Semiconductor Ltd.’s spectacular stock rally is making headlines, but the company isn’t what its name suggests.
There is an ongoing probe on the shocking share surge. (Representative Image)
The stock market can be full of surprises, but few stories are as bizarre as this one. An Indian company, RRP Semiconductor Ltd., has seen its stock soar by a mind-blowing 55,000% in just 20 months, all this while reportedly having just two employees. What makes the story even stranger is that, despite its name, the company does not manufacture semiconductors at all.
The sheer absurdity of such a small company seeing this kind of surge makes it one of the most surreal episodes in recent Indian stock market history.
Trading Restricted By Stock Exchanges
Trading in RRP Semiconductor Ltd. has now been restricted by stock exchanges. On the BSE, the stock’s page displays the notice, “Trading Restricted – on account of Surveillance Measure.” RRP Semiconductor has been placed under Stage 1 of the Long-term Additional Surveillance Framework and Stage 0 of the GSM framework, reported CNBC-TV18.
A 55,000% Rally That Defies Fundamentals
The over 55,000% in the 20 months till December 17 is by far the biggest gain worldwide among companies with a market value above $1 billion, reported Bloomberg. This is despite the company posting negative revenue in its latest financial results.
The jaw-dropping stock market story is also doing the rounds on Instagram. According to a reel, “Rs 10,000 invested in it would have grown to Rs 55 lakhs during this window.”
Name Change Sparks Frenzy
Until 2024, RRP was a little-known real estate firm called GV Trading and Agencies. Things changed when Rajendra Chodankar, the founder of RRP, struck a deal to take over GD Trading and Agencies by repaying a Rs 8 crore loan owed to its founders. Chodankar renamed the company RRP Semiconductor. That single word, semiconductor, proved to be a powerful magnet for retail investors.
As the reel explains, “The moment the word ‘semiconductor’ entered this company’s name, retail investors went crazy.”
The timing was perfect. Global chipmakers like NVIDIA were soaring, AI was dominating headlines and India had no listed pure-play semiconductor manufacturing companies. For many investors, this stock seemed like a rare entry point into a hot global theme.
Hype, Rumours, Star Power
Fuel was added by unverified claims swirling on social media, including false rumours of cricket great Sachin Tendulkar being associated with the company and talk of 100 acres of land being allotted.
The real driver of the dizzying rally lay elsewhere. According to September shareholding data, Chodankar and a few of his close associates hold over 90% of the shares, leaving very little free float in the market.
Myths Busted
The reel also busts the biggest myths outright. “The talks of Sachin Tendulkar, 100 acres of land, all of that is completely fake.”
The episode has become a cautionary tale for investors caught in the fear of missing out. The narrator says. “NVIDIA is up, AI is everywhere and India has no semiconductor stocks. But this is a classic example of that desperation being exploited.”
SEBI Launches Investigation
The Securities and Exchange Board of India (SEBI) has launched a probe into the company. The market regulator is examining the sharp rise in RRP’s shares for possible wrongdoing.
Delhi, India, India
December 20, 2025, 14:50 IST
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New Delhi: Many bank customers are unsure whether bank branches are open or closed today, Saturday, December 20, 2025, leaving them confused about whether to step out for important work or postpone their visit. With different banking schedules on weekends and varying services available on Saturdays, people are keen to know if branches are operating today or if it’s better to wait until a regular weekday.
Bank Holiday Status Today: Are Branches Open on December 20, 2025?
Banks are open today, as December 20, 2025 falls on the third Saturday of the month. In India, bank branches remain closed on the second and fourth Saturdays, while they operate normally on the first, third, and fifth Saturdays. Since today is the third Saturday, customers can visit physical bank branches for their regular banking needs.
Banking Services Available Even on Holidays
Even if banks are closed on a holiday, you don’t have to worry about urgent transactions. Online banking and mobile banking apps continue to work, even on national holidays, unless the bank informs customers in advance about maintenance or technical issues. For cash withdrawals and payments, you can rely on ATMs, internet banking, fintech apps, and UPI services, which remain available round the clock.
December 2025 Bank Holidays: State-Wise List to Keep in Mind
Here’s a quick look at bank holidays falling in different states during December 2025, so you can plan your branch visits accordingly:
December 20, 2025 (Saturday): Banks remain closed in Sikkim on account of the Losoong and Namsoong festival.
December 22, 2025 (Monday): Banks are again closed in Sikkim to mark the Losoong and Namsoong festival.
December 24, 2025 (Wednesday): Banks will be shut in Mizoram, Nagaland and Meghalaya due to Christmas Eve.
December 25, 2025 (Thursday): Banks across India remain closed to celebrate Christmas.
December 26, 2025 (Friday): Banks are closed in Mizoram, Nagaland and Meghalaya as part of Christmas celebrations.
December 27, 2025 (Saturday): Banks remain closed in Nagaland on account of Christmas.
December 30, 2025 (Tuesday): Banks are closed in Meghalaya to observe the death anniversary of U Kiang Nangbah.
December 31, 2025 (Wednesday): Banks are shut in Mizoram and Manipur for New Year’s Eve and Imoinu Iratpa festival.
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