Featured Stories
– Iowa retailers warn of unintended consequences of placing limits on THC content in hemp products
– Settlements bring transparency to the real estate market, but do not necessarily lower prices
– Clarkonomics: Caitlin Clark’s rising star brings economic shock to Iowa
Episode transcription
Welcome to The Gazette's Daily News Podcast for Monday, April 15, 2024. This podcast brings you the latest headlines from the Gazette newsroom. I'm Becky Lutgen Gardner.
First, Iowa's consumable cannabis retailers are warning that a bill recently passed by the Legislature and awaiting Governor Kim Reynolds' signature will have a devastating impact on Iowa's consumable cannabis market. There is.
Lawmakers earlier this month passed House File 2605, which limits the potency of cannabis-derived products sold in Iowa and imposes several regulations on retailers.
The bill would limit products to contain less than 4 milligrams of THC per serving and 10 milligrams per package. THC is the main active chemical in cannabis that causes the “high.”
Consumable hemp products were legalized in the 2018 Federal Farm Bill and later in the Iowa Hemp Act. The law allows the sale of hemp products containing less than 0.3 percent THC by weight.
This law was intended to address the sale of non-intoxicating compounds like cannabidiol (CBD). Still, it has also legalized the sale of cannabis-derived THC products, which have psychoactive effects similar to traditional marijuana.
Products containing THC sold in stores and bars generally range from 2.5 milligrams to 10 milligrams per serving, although some products contain higher concentrations of THC.
The law would affect not only intoxicating products, but also products sold for therapeutic purposes.
Rick Wagaman owns HW CBD in West Des Moines. In this business, he sells a variety of hemp products, including gummies, drinks, capsules, softgels, oils, balms, lotions, and creams.
Wagaman advocates lumping hemp-derived THC products with psychoactive effects under the same definition as non-intoxicating consumable hemp products. This bill would effectively restrict access to safe and legal products.
Mr Wagaman said: “It will be nearly impossible to provide our thousands of customers with the non-intoxicating, legal, consumable hemp products they have relied on for years.” “Yes, there are loopholes that need to be fixed. “We agree, but the language in this bill is like throwing the baby out with the bathwater,” he says.
If signed into law, the regulation would go into effect July 1, but Reynolds' office did not respond to a request for comment.
Second, a recent $418 million national settlement with a major real estate group is poised to reshape the way real estate agents interact with home buyers and sellers. The settlement, agreed to in a class action lawsuit against the National Association of Realtors, addresses allegations of exorbitant fees and claims that buyers were lured into more expensive properties by paying high fees.
The agreement requires court approval and requires significant changes. This eliminates the need for commission provisions and prior agreements between real estate agents and their clients regarding services and fees. This change could result in more brokers offering discounted commission rates, changing the traditional standard commission of 5% or 6%.
The national median home price is $485,000, so the savings can be significant. Buyers will be able to decide how much they will be compensated for listing their property on the multiple listing service, giving them more control over their costs.
Gavin Blair, CEO of the Iowa Association of Realtors, acknowledged that some members are uncomfortable disclosing fees upfront. But he believes increased communication and transparency will facilitate the transition. William Ball, a professor of economics at Drake University's Zimpleman College of Business, echoes this sentiment, predicting a shift in the market toward full-service discount brokers that offer homeowners more options. There is.
Buyers are expected to take advantage of this change by taking advantage of increased competition to negotiate lower fees. Boal expects this increased competition to put downward pressure on average commissions.
This landmark settlement promises to revolutionize the real estate landscape, empowering buyers and reshaping industry practices. As Blair points out, while there may be uncomfortable conversations about fees, the hope is that ultimately consumers will benefit from increased transparency and competition.
Finally, Caitlin Clark's performance in the NCAA Final Four wasn't just about her on-court stats. It also had significant economic consequences for Iowa City. Josh Shamberger, president of Think Iowa City, said Clark's name recognition has led to a significant increase in visitors, hotel reservations and meals. The Common Sense Institute attempted to quantify this and estimated the economic impact to range from $14.4 million to $52.3 million.
This impact was largely due to the fact that out-of-town attendees spent an average of $227.50 (lodging required) or $133.75 (no lodging required) per Iowa women's basketball game. Clark's growing popularity has increased Carver-Hawkeye Arena's out-of-state attendance from 10.3 percent to 14.8 percent for him, while overall attendance is twice hers.
Local businesses like Brian Flynn's Restaurant and Matt Swift's Big Grove Brewery saw a spike in foot traffic on game night, turning a dull Monday into a lively night. Swift pointed to the drastic change from sparse attendance a few years ago to today's packed house, reflecting his newfound enthusiasm for Iowa women's basketball.
Despite Clark's impending departure to the WNBA, Swift and others are optimistic about the lasting energy and financial benefits for Iowa women's basketball. Swift said while the noise may die down, she believes the excitement will continue due to the team's continued success.
As Swift aptly put it, “I think this buzz is going to continue. It might not be the hottest buzz, but I think these teams can be good for a long time.”
Monday's weather will be sunny with highs near 78 degrees. Monday night we'll see a chance of showers and thunderstorms, mainly after 2 a.m. The minimum is about 53.
Tuesday will bring a chance of showers and thunderstorms. The highest is around 71.
Links to each story featured in today's episode can be found in the episode description or on Gazette.com.
Thanks for listening to The Gazette's Daily News Podcast. I'm Becky Lutgen Gardner.
