The Cannabis Administration and Opportunity Act floated by Senate majority leader Chuck Schumer, finance chairman Ron Wyden and New Jersey Senator Cory Booker, would expunge federal non-violent marijuana crimes, further medical research and allow cannabis companies access to essential financial services.

While adult use of cannabis is legal in 18 states, and allowed medically in 37 states, it remains illegal under U.S. federal law, deterring banks and others from dealing with companies that sell marijuana or related products.

The draft set the minimum age required to buy cannabis at 21 and limited retail sales transactions at the state level to 10 ounces of cannabis at a time or the equivalent amount of any cannabis derivative.

The draft also states that a new definition of cannabis would be established and proposes moving cannabis oversight to the Food and Drug Administration and regulators that overlook alcohol and tobacco, away from the Drug Enforcement Administration.

States will control the possession, production, or distribution of cannabis, the draft says, while shipping marijuana into states that have not legalized it will be prohibited. However, such states can not stop shipments going to other legalized regions through their borders.

Senator Chuck Grassley, the top Republican on the Judiciary Committee, said “This new bill puts the cart before the horse.” He added that marijuana use needs more research.

A final legislative draft will be introduced later and feedback on the discussion draft can be provided until Sept. 1.

To become a law, the measure will have to pass both the Democratic-controlled Senate and House of Representatives and be signed by President Joe Biden.

“It is hard to see how this can pass, but nonetheless it is positive to see progress and momentum,” said Greg Heyman, founder of cannabis investment firm Beehouse Partners.

A major cannabis banking reform bill that was approved by the U.S. House of Representatives in April has failed to make any progress in the Senate.

“Our main concern over this current legislation (Cannabis Administration and Opportunity Act) is around the ability to get it passed in the Senate,” private equity firm Poseidon managing director Michael Boniello said, adding it may hinder other federal cannabis reforms, including the banking act, from being passed in 2021.

— Reporting for Reuters by Arathy S Nair in Bangalore.

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Good weather and higher planted area shifted corn volumes in North America to the first quarter, while the pesticides business was pressured by a strong performance last year when Latin America’s growing season started earlier, the company said.

Corteva, which had suspended its 2020 forecast in May due to uncertainty from the COVID-19 crisis, said it now expects earnings per share between $1.25 and $1.45 for the year, below analysts’ estimates of $1.40 at its midpoint (all figures US$).

It estimated sales to rise one to two per cent, which translates to a range of between $13.98 billion and $14.12 billion, also lower than analysts’ estimates of $14.2 billion.

Wednesday’s outlook was also slightly below Corteva’s original estimates for earnings between $1.45 and $1.55 per share on sales of about $14.5 billion, reflecting a weaker Brazilian real and lower corn demand.

Corteva said demand and prices for corn have not yet seen a complete rebound. A third of all U.S. corn produced is used to make ethanol, which has taken a hit as pandemic-driven travel restrictions hurt demand for gasoline into which the biofuel is blended.

The Wilmington, Delaware-based company earned $1.26 per share for the three months ended June 30, beating analysts’ estimates of $1.24, in part due to cost cuts.

The company, spun off from chemical conglomerate DowDuPont, said net sales fell 6.6 per cent to $5.19 billion, missing estimates of $5.47 billion, according to Refinitiv IBES data.

— Reporting for Reuters by Arathy S Nair in Bangalore.

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Investors cheered Corteva’s upbeat numbers, its first after separation from DowDupont in June, as they were a rare bright spot among agricultural companies that have been hard hit as floods ravaged huge swathes of western Corn Belt states.

The devastation pushed down total planted acres and demand for crop protection products like herbicides and pesticides.

Chief Executive James Collins, on a post-earnings call with analysts, said the unprecedented market backdrop for the second quarter presented considerable challenges to Corteva’s customers and in turn, to the company.

“Flooding, planting delays, prevented planting, delayed deliveries, insect pressures, trade-related market disruptions, the list is long and exceptional when viewed from the lens of history,” he added.

The weather woes are heaping more pain on the battered U.S. agricultural sector already hard hit by the prolonged U.S.-China trade tiff. The tariffs China imposed on soybean exports from the United States in retaliation for U.S. duties on Chinese goods curbed shipments of the most valuable U.S. export crop.

Net sales grew 10 percent from markets outside of North America, with Latin America rising 34 percent . Volumes from markets abroad rose 14 percent , while prices were up 3 percent .

On the other hand, sales in its home market fell 8 percent, with volumes down 5 percent and prices down 3 percent .

The former agricultural unit of chemicals giant DowDuPont, however, cut its 2019 core earnings expectation to between $1.9 billion and $2.05 billion from a prior forecast of $2.20 billion and $2.30 billion.

The company now expects net sales to be down about 3 percent , compared with its earlier forecast for sales to be flat.

Net sales in the current quarter fell 3.1 percent to $5.56 billion, but came in slightly above estimates of $5.52 billion.

Net profit from continuing operations attributable to Corteva fell to $470 million, or 63 cents per share, from $963 million, or $1.29 per share, a year earlier.

Excluding items, it earned $1.42 per share compared with analysts estimates of $1, according to Refinitiv IBES data.

Shares of the company were up 8.4 percent at $31.99 in late morning trading.

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The seeds and chemical maker said improving growth in the United States, Latin American and Europe, besides steady Asia growth, would boost demand in its packaging, consumer care, electronics, automotive and agriculture businesses.

Dow’s shares rose as much as 2.38 per cent to a record high of $61.64 on Thursday (all figures US$).

“We are seeing early signs of positive economic momentum, with the United States in expansionary mode, driven by the ongoing strength of the consumer and the tailwind of a new incoming administration promising structural reforms,” CEO Andrew Liveris said in a statement.

Liveris was appointed by U.S. President Donald Trump to lead a private-sector group on manufacturing that will advise the U.S. secretary of commerce.

Dow has been targeting cost savings of $3 billion after its merger with DuPont, but jobs cuts would be needed to help meet that target, Liveris said on a post-earnings call.

“We don’t fit the presidential agenda right away,” he said, referring to Trump’s call to create more U.S. jobs. Liveris, however, expects the Trump administration “to move fast on taking out regulatory costs and give us better tax regimens.”

Dow and DuPont’s $130 billion deal, announced in December 2015, has drawn regulatory scrutiny, particularly in the European Union. The main concerns stem from an overlap in their seeds and crop protection businesses.

Liveris said the companies were confident of addressing the EU’s concerns about crop innovation.

The deal is now expected to close in the first half of 2017, compared with their previous expectation of a first-quarter close.

Dow forecast first-quarter revenue of $12.25 billion to $13.25 billion, higher than analysts’ average estimate of $11.77 billion, according to Thomson Reuters I/B/E/S.

Dow’s move to take full control of its Dow Corning venture, a silicone business that was previously a joint venture with Gorilla glass maker Corning, and its focus on consumer markets helped boost its results in the fourth quarter.

Dow swung to a net loss due to a one-time $1.1 billion charge, reflecting a change in the way the it accounts for legal costs associated with defending against asbestos claims.

But, its operating profit of 99 cents per share sailed past analysts’ average estimate of 88 cents.

Net sales rose nearly 14 per cent to $13.02 billion, also trumping expectations of $12.38 billion.

— Reporting for Reuters by Swetha Gopinath and Arathy S Nair in Bangalore.

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Shares of DuPont, which reported a higher-than-expected quarterly profit on lower expenses and higher sales volumes, were marginally lower at $69.81 in morning trading (all figures US$).

The $130 billion merger of Dow and DuPont is being scrutinized by regulators world over, with EU antitrust officials expected to decide the deal by Feb. 6.

“We continue to work constructively with regulators in key jurisdictions to close the merger as soon as possible,” CEO Ed Breen said in a statement.

“In the event that regulators in those jurisdictions use their full allotted time, closing would be expected to occur in the first quarter of 2017.”

DuPont and Dow plan to merge and then break up the combined company into three businesses focused on agriculture, material science and specialty products over 18 months after the deal closes.

The company, which is looking to cut $1 billion of costs by the end of this year on a run-rate basis, said operating costs declined by $235 million in the three months ended Sept. 30.

Strict cost control encouraged DuPont to forecast full-year operating earnings of $3.25 per share, higher than its previous estimate of $3.15-$3.20 per share.

Net sales rose marginally to $4.92 billion in the third quarter, aided by a 3 percent rise in sales volumes, helping the company top analysts’ average estimate of $4.87 billion, according to Thomson Reuters I/B/E/S.

“This reinforces our view that Breen’s management is leading to top-line improvement, not just cost-cutting,” Bernstein analyst Jonas Oxgaard wrote in a note.

Revenue in DuPont’s performance materials business rose 2.5 per cent — accounting for more than 27 per cent of the company’s total revenue — helped by increased demand in automotive markets.

Revenue in the agriculture business rose 2.4 per cent as higher volumes partially offset lower prices. The unit made up for 23 per cent of the company’s total revenue.

Net income attributable to DuPont shareholders slumped to $2 million, or breakeven on a per share basis, in the quarter, from $235 million, or 26 cents per share, a year earlier.

Excluding a $172 million net charge related to employee severance and asset writedowns, profit from continuing operations was 34 cents per share. That was much higher than the analysts’ average estimate of 21 cents per share.

— Reporting for Reuters by Arathy S Nair in Bangalore.

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The firms are presenting final bids for the unit this month and Glencore is open to selling stakes to more than one party, Bloomberg reported, citing people with knowledge of the matter.

Glencore aims to slash net debt to $17-$18 billion by the end of 2016, $1 billion more than previously planned, by offloading more assets amid a prolonged commodities rout.

Glencore declined to comment. Canada Pension Plan Investment Board and Saudi Agricultural and Livestock Investment Co were not immediately available for comment.

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