Coronavirus live updates: Almost half of NYCs patients are under 45, cannabis industry seeing sales boom

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 428,400
  • Global deaths: At least 19,120
  • US cases: At least 55,225
  • US deaths: At least 802

The data above was compiled by Johns Hopkins University. 

Steven DeAngelo has seen it all. As the so-called “father of the legal cannabis industry,” he co-founded one of the largest vertically integrated licensed cannabis businesses in California, called Harborside, with four stores and $60 million in annual revenues.

But what’s happened in the last month is something new. “We had our largest sales day ever,” he says. “Sales are up 20-25% at all locations.”

Across the country, sales are sky-high in states where legal cannabis has been declared “essential medicine” during state shutdowns, allowing stores to stay open. —Jane Wells

BMW announced that it plans to close its plant in Spartanburg, South Carolina, through April 12. The plant is the company’s largest in the world by volume, producing over 411,600 vehicles in 2019 and employing over 11,000 people.

BMW said the move was sooner than anticipated due to shelter-in-place orders in individual states and will adjust its plans as circumstances dictate. – Noah Higgins-Dunn, Phil LeBeau

Amazon may be the ultimate beneficiary in the post-coronavirus world, CNBC’s Jim Cramer said, suggesting the company’s cloud unit and e-commerce business are both positioned nicely to thrive.

“I think Amazon could go to $3,000 in this market,” Cramer said on “Squawk on the Street.” That would represent a more than 37% increase over last month’s all-time high.

Since its Feb. 11 record, Amazon has dropped 11% as of Tuesday’s close of $1,940 per share. While lower, the stock has held up much better than that S&P 500, which has seen a nearly 28% decline from last month’s highs. —Kevin Stankiewicz

The coronavirus crisis has brought another first to U.S. financial markets — negative yields on government debt.

Yields on both the one-month and three-month Treasury bills dipped below zero, a week and a half after the Federal Reserve cuts its benchmark rate to near-zero and as investors have flocked to the safety of fixed income amid general market turmoil. —Jeff Cox

Source: https://www.cnbc.com/2020/03/25/coronavirus-latest-updates.html

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