Of war between inflationary pressures and the deflationary trends in china. And f and meet a company that made it their business to clean up environmental messes the ceo joins us ahead first, lets get the read on all of this with dom chu its red, but its not severe, not as much as yesterday. But still, seeing that slowing momentum ill get into that in a few seconds, kelly but if you look at the overall picture for the dow industrials, off one half of 1 , 153 points for the dow. The s p is at 4473, down 25 points, half of 1 decline there. At one point today, we were up about three points down roughly 38 at the lows. That is the trading range so far today. Again, watch the 4427 level. That represents the moving average of the s p 500 the nasdaq composite off 141 points to the downside 13,743 is the last trade there kelly mentioned some parts of slowing momentum in the market one place we are seeing it is in a red hot sector, that is computer chips, semiconductors right now, we are seeing that play out the worst performing stock on the day in the s p 500 is nvidia, down about 4 . Broadcom down 3. 5 advanced micro down 2. 5 s semiconnecter etf is down 1. 25 . If it closed here, it would close below its 50day average and then energy, as kelly points out, high levels on a relative basis for wti crude. The highest levels at one point going back to november natural gas at one point today, the highest prices going back to march. Some of the Exploration Companies outperforming the energy sector. Watch the energy trade maybe its the return to value who knows . Its going to be a pain if it stays this way my next guest has been warning for months of Higher Oil Prices and he owns several names. Lets bring in stan major. Good to see you again, stan. Welcome back thanks, kelly why do you think oil is finally responding you know, i think its a combination of a couple of things when you look at actions and words, the words were scaring the market, which was work from home, weak economy, evs impacting demand but those and those do factor in the demand. But theyre not Strong Enough to offset the demand, which has grown to which were consuming at an alltime high. So i think some of the strengths youre seeing is on the demand side, very Strong Demand and then on the supply side, discipline from opec and discipline from the United States its weird to me that we are talking about demand at the same time we are talking about deflation in china so is it that oil demand is high, including china, because of china, in spite of china . Explain these conflicting signals we seem to be getting. Sure. So i think its in spite of china. We are seeing dips in diesel demand from trucking even with those factors, were at an alltime high. So i think we have had some headwinds in terms of demand, but were seeing the underlying growth so our belief was we hadnt seen the peaks in demand, populations grow as people become wealthier, they demand more energy, which comes from hydrocarbon i remember that Global Oil Supply and demand is something in the range of like 130 versus 106 Million Barrels. How tight is the market globally sure. Its a little lower than that in terms of supply and demand but we think currently the market is a million to two Million Barrels a day. But the issue is in the short term, we have some excess inventories to be released the difficulty is the long run the World Economy is growing years from now, were going to need more than 100 Million Barrels a day. The issue is supply. Where is that going to come from where we see activity today over the next year, its hard to see any growth, which produces close to 20 of the worlds liquids. A lot of other countries are seeing decline in production theres some offsets to that, but the difficulty is really the long run so we think we got a balanced market in the short run, which is why we see prices in the 80s. Its confusing. As an energy investor, you dont want to invest in companies with declining production when exxon is making a move to get into carbon capture, and when the permian doesnt look as promising as it did, the companies you like, maybe some hidden assets. Marathon oil, youre looking at lng opportunities in west africa can you say oil will be structurally higher, i can just own an energy etf, or is that going to leave you holding the bag, so to speak you know, i dont think so. I think the nice thing is when you own these stocks, theyre generating so much Free Cash Flow even at Lower Oil Prices than where we are today so theyre generating a lot of cash theyre taking that cash and buying back stock, which isnt pricing in current prices. So we use roughly 83. Were using 75. These companies are generating 10 , 20 Free Cash Flow yields, taking that 10 to 20 of the market cap, buying back stock. So you have a lot of financial exposure as well, some of the majors like aig. So when you take a step back and look at i dont know what we would call the market at this moment, is it taking a breather, is it rotation how would you explain to our viewers or investors what you think is happening right now ive been doing this for over 25 years this is one of the most interesting markets. You have some very, very expensive stocks some of the larger type names that are relatively expensive. Whats driven the market this year is the more expen sich stock. Then you have the expensive stocks, you know, we have companies that are Single Digits that are seven to ten times earnings, creating a lot of value for shareholders. So i think there are some major risks in the market. The sovereign debt crisis potentially, overvaluation in very Large Companies but there are parts of the market that are extremely undervalued that were taking advantage of, where you can buy things at low multiple of earnings maybe it will be their turn next to shine. Stan major, appreciate it today. All right, thanks meantime, tenyear notes just went up for auction remember when there was that strong threeyear yesterday. How did we do in the longer run . Rick santelli has the results. Rick yes, very close, it priced nice a minus today. The yield is the best auction, a whisker under 4 , 3. 999. And the metrics were very solid. Indirect, 72. 2, thats in february and even those statistics belie this trend, just scaling up a bit on many of the metrics if you look at direct bidders at 18. 3 , was the average it just didnt outperform like all the other metrics. Even the dealers, taking less than 10 since february. And if you look at the charts, you can see yields right now, making new low yields the high price of the day so investors agree with the a minus. And a couple of things should jump out, the fact that we had a big july in terms of treasury yields, going aggressively higher that seems to have stopped if you look going back to mid october, we had a high yield close at 4. 25. The fact we didnt trade above it last week, and now were moving lower, under the 3. 85 closure, you heard it from me, i would cement the 4. 25 high yield close as a significant high, whether its the high or not over the next several plus years, that always is an asterisks. Rick, thank you very much rick santelli. Despite that, one spot we see pressure on the market is on the banks. From large and small, they are trading lower today after the moodys downgrade of several banks. The Financial Times highlighting that lone losses for the banks are on the rise, hitting a threeyear rise in the Second Quarter. My next guest thinks more consolidation is needed. Here is the chairman and ceo of steeple financial. Great to have you here welcome. You know, kelly, its great to be here it reminds me of the pandemic the dog days when it would be, you know 20s, 2020 and 2021. With your firm, are employees back in the office pretty much back in the office we learned the new style of people working from home, but generally, were back at work. We have to be. Is it hydride, is it four days is there flexibility fficially, were back five days but we work with people why is it that Financial Firms like yourself, why is it so important to be back in person five days a week, where we see many others that seem comfortable to have three or fewer days like that it is we teach our people our business you dont learn it in school, you learn finance but you dont learn Investment Banking or all the things you need to do. Were a Human Capital business and we train our people at work. So lets turn back there, the Financial Sector down a half percent today. Every time you turn around, theres another headline or headwind, and the capital one in particular, it could weigh on the shares talk about what you think is going on with the economics of the business right now its a lot of bad news. But i think that financials, theyre inexpensive. The cyclicals are inexpensive. A lot of the financials are trading at single digit multiples. The Banking Industry is very well capitalized but there are headwinds. But to me, it was not like moody told me anything that i didnt know deposit costs are rising, deposits are more scarce youll get some commercial real estate losses. These are all in the market. The one thing i will tell you that people need to think about is, july 27, that Capital Increase of 19 to the biggest banks, i think thats a big deal and its going to put a crimp on lending. Talk more about that,what does it mean and for how long a period will that put a crimp on things it starts now in our business, you start phasing in immediately there is no such thing so i kind of believe that most banks are going through their lending book and deciding where the risk adjusted capital is, and frankly, its just going to make it harder for borrowers in general to find credit the fact that financials are cheap, and that they have to hold more capital, and some of the people i talked to are worried that they are going to try to shove all of this paper onto Bank Balance Sheets by requiring higher capital its financial repression in other words. So when i look at it, yeah, theyre trading at low multiples, but is that because the market is sniffing out the new normal for banks might not be one of high rois for the next period of time i think in any capital system, you need a strong, healthy bank and well have that but with the Banking System of today, its the first industry that had to rewrite things, and the economy, today the market, we think it will move sideways why would you invest in the equities today when you can get 5 risk free that basic comment is across almost any business you want to talk about its a free rate that is causing the private sponsors to not take their companies public, because the valuations have to be lower. But you can trace it back to five Percentage Points if i can get 5 for nothing, why take a Company Public for a return that might not be too much higher than that. Or in 2021, money is free so ill pay anything and that has changed its going to take some time to work that through the market we just spoke yesterday with the head of a firm that does a lot of private capital how much is private credit really are there any risks with this activity when they start to have Loan Officers and they dont have customer deposits, so its not quite the same risk. But what is the significance do you think theyre losing shares to the private credit market i dont think theres any question about that. I believe that the federal Banking System has been growing significantly. And i think it does pose some risk you dont have the same capital rules, you dont have the same liquidity. On the other hand, they have been very important participants in this market probably keeping things looking better than they might otherwise. So where are we six or nine months from now . Plenty of people say they think recession is lining up, they see pressure on the consumer just a couple of anecdotal headlines, the hardship withdrawals of 401 ks. How are you planning what do you think the economy will look like in six, nine months we have a million clients, i do talk on the consumer side a fair amount. You know whats going on people have to remember, this economy was flush, 5 trillion was put into this economy in 2021 everything was liquid. Things were flush with deposits. People had savings that they never had. All of that is just now coming down, people dont have the savings that they had. So what do i think i dont think theres a real recession on the equation, other than one thing your previous guest said, 115 oil is what im worried about. What does that mean to markets not just supply and demand, lets remember, russias got a little vote in supply of oil in the world. So i look forward, i believe that the markets and the consumers and everyone will adjust to a new rate environment. The thing that has to change, this isnt one of them everyone who thinks the rate also go back to near zero is mistaken you dont think so . No way. Good or bad what has to happen is we cant have a yield curve where the sixmonth is at 5. 50 and the tenyear is at 4 thats not good for capital formation. That will sort itself out. But were not going back to zero Interest Rates the new floor inflation is 3 . Its hard for them to get below that add 115 potential oil, and thats the thing i would be concerned with overall, the Banking System is very healthy, despite what you are hearing, very well capitalized. I think relatively cheap but we havent been through the cycle yet. If we slow down in the next couple of quarters, whatever it is, do you still think there is a shoe to drop here . I think the market has discounted a lot of that in. The banks, everyone was worried there wouldnt be a bank around after june the banks rallied 20 last month. Were getting a little bit of a pullback here. I think the market has discounted a lot of this you see it in the valuation. It is one of the cheap sectors industrials and financials are relatively inexpensive in this market if there is a pickup and consolidation like you are saying, that there will be will you be involved in that . Always. Thank you so much for joining us onset today thank you for having me good to see you, kelly still ahead, shares offed a vamsed auto parts have never recovered since late may the stock is down more than 50 this year. But valvoline is up almost 9 . They just reported earnings and announced the retirement of their ceo. Hell join us just ahead also, the big business behind cleaning up the environment. When governments need someone to step in after a major derailment or chemical issue, montros answers the call well speak with that companys ceo. And the dow is down 72, but not quite green like it was. Nasdaq down three quarters of a percent. Tenyear note back below 4 . The exchange is back after this welcome back to the exchange. Environmental disasters seem to be constantly in the headlines, with chemicals in the water supply or toxic lead cables in the ground and fixing these problems have become a big business for Companies Like montrose. They had a hand cleaning up the Train Derailment in ohio, and shares are jumping 10 today after reporting better than expected Second Quarter earnings joining me now is ceo b. J. Great to have you here welcome. Great to see you, kelly so, you know, not to give a history lesson, but this could not have been as big abusiness in the past as it seems to be now. Its taken on a lot more prominence and something thats mattered for a long time we all want clean air, clean water, clean soil. And thats something at montrose we have been focused on for a long time. But as these various disasters and regulations unfold, the opportunity set for us, and the prom naninencef the environment has increased. This could be tens of billions to clean up the lead cables i dont know if that will be a contract, but is that the kind of thing you guys get involved with more broadly, yeah. Montrose is an environmental pure play. So we have about 3500 employees around the world colleagues of ours serving the private sector trying to tackle some of these environmental challenges so thats the type of work we do on the assessment regulatory and testing side and treatment and solution side. So its a fantastic opportunity. Whats the mix of government customers and private sector ones we are primarily private sector the government, in australia, in Northern Europe and state governments are a slightly larger part of the portfolio that we serve. The u. S. Federal government is still a small piece of our client base. Government customers are often seen as the Gold Standard because theyre so steady and those funds flow for a very long time as we see, theres more corporate issues, as well. I live in a town that has a bad water problem. Its an older town they had a lot of industry back in the day can you give me some hope about the potential for cleaning up the water for where i live and a lot of different people live and are facing these challenges . Yeah, its something that we have been very focused on for a long time. We are fortunate in that we have proven we have technology that can remove these forever chemicals from water very effectively. And in a way thats quite sustainable. We have been doing this now for years, and doing it very successfully were excited about the opportunity to talk about things like that in forums like this. So we can serve more of these communities and get clean water back to them that would be great theres always some controversy. In your case, the critics say because your clients are often the company that there is an interest or are you down playing this so that employers dont face as much exposure would be the line of argument how does that process work of putting a dollar figure on a cleanup figure on Something Like the East Palestine derailment . Thats a fair question. Our team is not often well understood they are a team of experts,ing to kol gists, environmental toxicologists, environmental experts. So the client in this case, it includes the federal and state regulators, the communities, the first responders, epa, fema, making the decisions so the work that we do is helping assess the damages, what needs to be done and how best to do it. But its a very chaollaborative process. You raised your guidance for the year recently. Whats driving that . Its a broad based we are seeing demand across our testing, advisory and treatment solutions. Were feeling really good about what the future looks like for us so we have had a great first half of the year the rest of the year looks really good. And the 24, 26 plus time frame is looking better. So we are coming off of an optimistic outlook should we be nervous about that do you know something we dont here no, no. Just that this is something increasingly important for communities and all of us. As a business, we are trying to live up to our mission of protecting the air we breathe, the water we drink how fragmented is this industry and how much could it be consolidated in the future . You know, this is a 1. 3 trillion industry, according to third party experts. So we are early days, and we think theres a lot of opportunity to grow and bringing teams of folks in, in terms of our expertise to talk about the problems you talked about. Well, you know, unfortunately now we know who to call the next time a crisis hits maybe get some insight thank you for your time today. Thank you so much coming up, its the deal everyone is talking about today. Disneys espn teaming up with penn entertainment to launch a sports book. Well get the Details Behind the agreement and what else investors will be watching when disney reports lerodat tay the exchange is back after this together, we built something truly beautiful in the true iconic notion of what america is all about. this is our task. This is our mission. We have a clear focus, and we have the ability to be agile and innovate. It takes years of dedication to get us to this milestone. It is all because of you. Never doubt that a small group of thoughtful, committed citizens can change the world. It is the only thing that ever has. to be a woman leader, its not so easy. But its easy if the passion and the love is coming from your heart. The New York Stock Exchange is the symbol of what america is all about. The potential of capitalism, the potential of the american dream. The only way you can move a Society Forward is a true expression of freedom. sfx Stock Exchange bell ringing we planned well for retirement, but i wish we had more cash. You think those two have any idea . That they can sell their Life Insurance policy for cash . So theyre basically sitting on a goldmine . I dont think they have a clue. Thats crazy well, not everyone knows coventrys helped thousands of people sell their policies for cash. Even term policies. I cant believe theyre just sitting up there sitting on all this cash. If you own a Life Insurance policy of 100,000 or more, you can sell all or part of it to coventry. Even a term policy. For cash, or a combination of cash and coverage, with no future premiums. Someone needs to tell them, that theyre sitting on a goldmine, and you have no idea hey, guys youre sitting on a goldmine come on, guys do you hear that . I dont hear anything anymore. Find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. Good afternoon welcome back to the exchange. Special counsel jack smith got a search warrant for former president trumps twitter account as part of his criminal investigation. That is according to a newly unsealed court filing. The company, now known as x, was fined more than 300,000 for a delay in producing those records. It was also barred from telling trump about the warrant request. Meantime, Norfolk Southern has agreed to improve conditions for workers and rebuilding and the cleaning up of the site of the february Train Derailment and Chemical Spill it will also implement a medical Surveillance Program and provide Union Employees with training for future derailments google and universal music are in talks to license artist voices for ai generated songs. Thats according to the Financial Times. The Music Industry is grappling with deep fake songs made with generative ai and mimic an artiss voice without their consent often. We shall see, kelly. Back to you. Tyler, ill see you soon. Coming up, valvoline shares on pace for their ninth day of declines out of ten. But they hit an alltime high e nt ahsgo thats after the break welcome back to the exchange. Shares of valvoline down 2 today. The automotive supply Servicing Company lowered the fullyear guidance and reported 12. 5 samestore sales growth from the previous year, and a big change with longtime ceo sam mitchell retiring next month. But first, he joins me now, and a first on cnbc interview. Sam, good to see you good to see you, kelly. Good to be on the show why sail off into the sunset now . Well, ive been leading valvoline now for 21 years weve been through a big transformation, and we have a great successor in place when i think of valvoline as the oil change company, what am i mising what is it really . Not just oil changes, but making sure your car is safe and ready for the road we built our model around selecting a quick, easy, trusted experience with all of our 1800 plus stores, leading to 17 years of samestore sales growth so were proud of our track record, and were excitedabout where we are going with this business youre trying to prevent people from needing to go to auto nation. But can you talk about the Competitive Dynamics in this marketplace, where there seems to be everything got confusing during the pandemic. Huge rush for cars, prices went way up now i guess people are just trying to figure out how to hang on to them just talk to me a little about the economics these days thats right the price of new cars and used cars has gone up significantly as a result, people are hanging on to their cars longer. The average age of a car is now over 13 years. So preventative maintenance is just that much more important. So thats our sweet spot, quick, easy trusted service that people rely on us for and that demand for convenience just keeps on going, especially here in the u. S. People want to make sure theyre going somewhere, where the people are well trained and make it convenient for them thats driving the performance of our business. I think you guys can be a candidate for kind of, you know, under the radar economic indicator. I imagine when times get tough, people might hold off on preventative maintenance you have to take care of the emergency before you can prevent it are you seeing anything now . Your trends look good, you just raised guidance. Are you seeing signs that consumers are pulling back a bit . Not at all. This is what is so great about our business and being in preventative maintenance when consumers know theyre not going to buy that new car, they know its that much more important to take care of the car they have. And so were in a sweet spot where, even when the economy slows a bit or people might be pinched, it doesnt impact our performance. Its all about bringing that value to our customers each day, and thats, again, back to convenience, and getting those simple things done to keep that car ready for the road what iss the highest margin part of the business, and what has it been like dealing with labor costs and availability the last couple of years yeah, this business has very strong margins so in the mid 20 range, and continue to grow, as we grow volumes and so Crossover Services that carries a margin, yes, labor has gone up over the past few years, so its important that we manage labor efficiently, and we capture that leverage in our margins and we grow the top line. So the graphic shows here, the revenue is up 19 . Profit went up 28 , close to 28 . So the Business Performance is really slow this year, and were bullish on what we can do in years ahead. So what would you say if you had to summarize your tenyear, what was the goal for valvoline, and what do you think the next period of leadership will want the company to look like and feel like . Well, were growing a solid business back in 2016, sense then, we invested aggressively in the growth of the retail business. On the product side of the business, we generated a lot of cash that was poured into the retail business. We have taken our stores from roughly a little over 1,000 stores in 2016 to over 1800 today. We believe that number will go to 3500 stores thats close to the end of the decade thats where we are going next were continuing to build our network. Were only reaching about 5 share of the preventative maintenance Business Today our stores reach about 30 of the households within a tenmile driving distance so thats got a lot of room for growth so it is a really strong business model, and thats the challenge is to keep that momentum going and deliver on the opportunity. I did take a straw poll of our team a lot of people still just go to the dealer for that service. The big difference between valvoline and going back to the dealership is one of time and convenience. And i think value, too so there is weve got market share growth we know were taking both, not just from competing, but also the dealership, those diyers. Listen, im thinking of defecting, to be honest. Sam, ill never look at a valvoline the same, now that i understand the business a little better thanks for joining us today. And congratulations. Thanks again, kelly sam Mitchell Still ahead, bob iger saying that disneys linear tv business may not be core to the entertainment giant. Now, espn is moving its Sports Betting, teaming up with penn entertainment. What exactly is disney up to well talk about that when the exchange comes right back after this please dont go please dont go please dont go please dont go dont gooo dont go away preorder now and get a free storage upgrade. please dont go welcome back a bombshell Sports Betting deal and a big move for espn and disney what does this reveal about ceo bob igers larger plans for the struggling media giant and will earnings reports provide any more clues julia, hello i think this espn deal to launch its first sports book really indicates that bob iger is looking for new Revenue Streams and is willing to go into unchartered territory in order to generate some new revenue. I think he sees the Sports Betting business as the way to go oh, i thought she was throwing to a sound bite so all of this said, the larger question is, where is he going from here . Is he prepping the company for a sale hes clearly stripping away a lot of these different, i dont know what you would call it, distractions the theory is hes trying to make it more palatable for someone like apple down the road perhaps. Theres been a lot of speculation. Am lists have speculated that disney would be a great acquisition target for apple down the road. But i dont think thats what is going on hes seen the fact that espn has stayed away from engaging in Sports Betting until now but now that so many states are have legal Sports Betting, there is a huge financial opportunity. He wants to make sure its not just draft kings that is benefiting from Sports Betting, that espn is, as well. So theyll have 150 million in revenue every year over the next ten years that is going to flow to the bottom line with penn entertainment. And to create the sports book. Just understanding that hes generating new Revenue Opportunities from the assets they already have. This does raise the question of what he will do with espn. He said they would be interested in having some potential minority investors we reported that disney and bob iger talked to all the major sports teams, nba, nhl, nfl, mlb, and the question is whether they can get them come in and benefit to bringing espn both direct to consumer, as well as espn have a linear platform on linear tv. I think theres a lot that still has to be figured out about espn, but i think hes looking for more opportunities to monetize the assets that they already have i also think its interesting that investors dont like their hulu plans i dont know if you have a backtrack on that. It seems like theyre on the path of buying out the remaining stake in hulu that disney doesnt own, that is currently owned by comcast, cnbcs parent company. Unclear how much they will have to pay to buy out the remaining stake in hulu. And this is all to make sure disney to say youre getting so much content, you cant just cancel it when your favorite show is over for now so its about generating that ongoing value and seeing the general entertainment and hulu is part of that. We dont know what that will look like, but it is set to happen this fall so there is a lot to learn about the goal for hulu and what hulu looks like when its owned by disney, which we expect to be the case julia, thank you. Well get the resulting a of the bell speaking of media, her first sitdown interview. 10 00 a. M. Eastern tomorrow, set your dvr and whatever you have to do, dont miss it still ahead, diversifying away from craft beer and mastercard, why is this one industry fortune clouded well ask th industrys fortune recently clouded. We will ask the question of a company that still processes billions of dollars of cannabis transactions next. This thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. Weve got your back, road warriors. Because we know youre picking up the pace, steering life at 10 and 2. Youre hitting the road. And were helping you get there with confidence. So skip the counter without missing a beat. Choose any car in the aisle. And be the boss of you. Go national. Go like a pro. Nice footwork. Go national. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes thats what im talking about. [ cheers ] running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Welcome back to the ex chang. It has been a tough year nor cannabis sales cronos group and cure leave down 3 tilray is the low name in the green up 4 this year but is it really a cannabis play anymore its up 24 thanks to the recent acquisition of eight weir and drink offerings. In another blow to the cannabis industry mastercard banned the purchase of marijuana on its debit cards. Lisa ellis tells us the move wont make too much of a dent in mastercards bottom line but our next guest says banking and access to capital is critical to Cannabis Companies here is the ceo of green check, a Company Helping institutions navigate the cannabis space. Welcome. Thank you for having me. Is it getting harder . Why the sudden kind of turn of fortune . I think really, you know, mastercard and visa had done this previously where they looked at the volume of transactions in certain pockets of those transactions and there is no merchant category code available for cannabis and they discover it and decide, okay, thats enough, were going to contact the banks and providers and tell them they have to shut the programs down. Its happened before, it will happen again. So the larger question is were people expecting that by now we would have kind of a federal move to legalize cannabis perhaps under the Biden Administration and thats just not panning out . There have been a lot of expectations, i think, what has gone through the house seven or eight times and always has gotten stalled out in the senate and there are constant debates and theres a significant amount of lobby dollars that go after this and the descheduling of cannabis as well to get the safe banking act passed the safe banking act in and of itself is not going to be the Silver Bullet or the single answer that a lot of people think it should be, even when it passes. So where is were showing the map actually right now how many parts of the country is cannabis legal where is it illegal . And what does that mean for firms who are trying to do business the state guidelines are pretty clear as to what type of products you can sell, you know, its federally illegal across the country, but there are 38 different state programs that are out there for medicinal and or adult use, combination programs, and then you have the cbd and the hemp markets so its a big industry and there will be more states coming online just this next month and in the ballot session in november. There will, though . This feels like the kind of moment where weve seen a reversal of the unrelenting progress of social movements whether its abortion or controversial issues where they are now being rolled back. Would you put cannabis in that territory of something where, you know just explain what you think kind of the grassroots s or is it just not as good a business ive read plenty of stories saying black market pot is still as popular as ever and mainstream cannabis products havent cracked with the consumer yet. I dont think it gets rolled back primarily because you hear the stories of the things that arent going well, but there are thousands of stories where businesses are being run properly and within the state guidelines for the program also you have to remember and this is a big part of what safe banking act will be and descheduling, et cetera, the amount of tax dollars that the states are picking up to these programs is significant and cannabis is now bigger than alcohol sales tax revenue collected in certain states. So i dont think any state is going to back down from that and the federal government is going to want their piece of the pie once they decide what they want to do. So would you describe yourself as a fintech . What is it that your firm helps clients do yeah, with were 100 a fintech. We sit in the middle of a webbased platform that connects Financial Institutions and Services Providers to the cannabis businesses. We have over 7,000 cannabis businesses on the platform to 140 different Financial Institutions, banks and Credit Unions and we process over 750 million in deposits last month. You are not worried about going out of business . No. We are not worried about going out of business. The cannabis industry is still growing and the real challenge in the future opportunities the way weve always seen this and we predicted is when you have interstate and International Commerce its going to become even more complicated as a fintech for the rules and regulations, how Financial Institutions are putting money in and keeping the bad money out to the elicit market that you referenced. All right kevin hart, not that kevin hart, thank you so much no i get those phone calls. Could have some fun with that thank you for joining us today to explain t we appreciate it. My pleasure thank you. Ceo of green check and founder. That does it for the exchange next on power lunch were waiting on the president s executive order on restricting investments in china tiler is prepping for that and i will join him after a break. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . sfx people cheering sfx Stock Exchange bell ringing sfx people celebrating sfx people celebrating sfx Stock Exchange bell ringing welcome to power lunch, alongside kelly evans im Tyler Mathisen coming up we have media mania, some huge headlines in that space today. 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