Business

While Maryland will soon allow marijuana, the drug is still illegal federally, which can lead to confusion by employees that are required to take drug tests as a new hire, randomly and/or due to a workplace accident. Beginning on July 1, adults ages 21 and older will be allowed to use and possess up to 1.5 ounces of marijuana. Maryland will join more than 20 states and the District of Columbia that allow for the recreational use of the drug.

Tradepoint Atlantic is headed south, with plans for a $50 million-plus project at Port Tampa Bay that could significantly boost the port’s container business. Port Tampa Bay commissioners on Tuesday approved a 40-year lease on 35 acres to Tradepoint subsidiary Tradepoint Tampa, which plans to build an approximately 500,000-square-foot facility for the trans-loading of cargo between ocean containers, trucks and rail cars.

Sinclair Broadcast Group swung to a profit in the fourth quarter, but revenue plunged, missing Wall Street’s expectations. The Hunt Valley-based TV station owner reported income Wednesday of $55 million, or 79 cents per share in the October-to-December period, compared with a loss of $89 million, or loss of $1.18 per share, in the fourth quarter of 2021.

Medifast Inc.’s fourth quarter earnings were down, capping off a year of decline that the company thinks will continue into 2023. The Baltimore weight loss firm’s revenue declined from $377.83 million in the fourth quarter of 2021 to $377.25 million in the fourth quarter of 2022. The company reported profits of $26.5 million or $2.43 per share, compared to $34 million or $2.93 per share in the year-ago period, a 22% drop in profits.

Baltimore-based asset manager T. Rowe Price Wednesday announced it joined Bridgehouse Asset Managers and launched the T. Rowe Price Global Allocation Fund through Bridgehouse’s independent platform. The T. Rowe Price Global Allocation Fund seeks a combination of long-term capital appreciation and income by investing in a diverse global portfolio of stocks, bonds and alternatives diversified across interests.

When Michael Moiseyev left New York City a few months ago to run Baltimore’s finance department, he became intimately aware of a major pain point in the city’s real estate market — delays with lien sheets. Those documents, sometimes called lien certificates or lien certs, show whether a property owner owes money to the city. Moiseyev said he bought a condo in the Inner Harbor, with a nice view and in walking distance to City Hall, but it took a few weeks extra to settle all the paperwork. That was due to a backlog of lien sheet requests that has been frustrating the city’s real estate industry since last fall when a few key retirements turned a typically two-week turnaround time into a seven-to-eight-week ordeal, according to industry professionals.

About half of the Bed Bath & Beyond stores in Maryland are slated to close, including three in the Baltimore region, as the retailer adjusts to changing shopping patterns. Stores in Annapolis, Bel Air and Westminster are among dozens of locations the retailer announced it will close in a turnaround plan. Store closing sales are expected to continue over the next few weeks and months, the company said. The big box retailer plans to keep operating about 360 Bed Bath & Beyond stores and an additional 120 stores under the buybuy BABY banner across the U.S.

The Prime Rib is in historic Mt. Vernon to stay. That’s the word from owner Rebecca Dolan who late Thursday signed a 15-year lease to remain at 1101 N. Calvert St. after a couple of years of debate over whether to move the venerable restaurant to the Village of Cross Keys. Lease negotiations took months and will include an interior expansion and $4 million in upgrades and renovations expected to begin in the coming months. Gilbert Trout, principal of Trout Daniel & Associates, brokered the deal for landlord Southern Management. Southern Management owns and manages the Horizon House, a brick tower at Chase and Calvert streets with 220 apartments.