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<ul class="summary-list"><li><keyword id="20475039" type="General" weightage="20" keywordseo="Tyson-Foods" source="keywords" meta.keywordsubtype="org" meta.entityname="Tyson Foods" meta.hostid="261" meta.entityid="Tyson Foods">Tyson Foods</keyword>' former CFO <keyword id="23150648" type="General" weightage="20" keywordseo="John-Randal-Tyson" source="keywords">John Randal Tyson</keyword> will not return to his position after a DWI charge.</li><li>Tyson who is an heir to the founder, was suspended following a DWI charge in June.</li></ul>Tyson Foods' chief financial officer is out of his job — but not out of the company. John Randal Tyson, an heir of founder John W. Tyson, was suspended from the company after being arrested on charges of driving while intoxicated in June. That marked <a target="_blank" class="" href="https://www.businessinsider.com/tyson-foods-cfo-embarrassed-sorry-after-arrest-wrong-home-bed-2022-11">his second alcohol-related arrest since his CFO appointment in 2022</a>. On Thursday, <a href="https://www.businessinsider.com/child-labor-tyson-foods-perdue-farms-chicken-investigation-2023-9" target="_blank">the meat juggernaut</a> announced that its longtime staffer Curt Calaway, who was the interim CFO, would take over. Tyson will stay on as an employee but will be on <keyword id="23150653" type="General" weightage="20" keywordseo="health-related-leave" source="keywords">health-related leave</keyword>, the food company said in a release. Tyson was appointed to the role in 2022 at age 32, making <a target="_blank" class="" href="https://www.businessinsider.com/tyson-foods-cfo-embarrassed-sorry-after-arrest-wrong-home-bed-2022-11">him the youngest CFO of any Fortune 500 company</a> at the time. The <a target="_blank" class="" href="https://www.businessinsider.com/who-owns-tyson-foods-history-2023-5">fourth-generation Tyson family member </a>became CFO three years after he joined the company. He previously worked in <keyword id="19939232" type="General" weightage="20" keywordseo="investment-banking" source="keywords">investment banking</keyword> at <keyword id="19967624" type="General" weightage="20" keywordseo="JPMorgan" source="keywords" meta.keywordsubtype="org" meta.entityname="JPMorgan" meta.hostid="261" meta.entityid="JPMorgan">JPMorgan</keyword> and graduated from Harvard and Stanford. Tyson Foods did not immediately respond to Business Insider's request for comment sent outside regular business hours. The company, known for its Hillshire and Sara Lee brands, is worth $23 billion, and the Tysons are worth $3.1 billion, per Forbes. <h2>Two arrests in recent years</h2>During the first incident in 2022, Tyson was found intoxicated and asleep in a stranger's bed around 2am, <a target="_blank" class="" href="https://www.businessinsider.com/tyson-foods-cfo-embarrassed-sorry-after-arrest-wrong-home-bed-2022-11">Business Insider previously reported.</a> The home where Tyson was found belonged to a woman who said she thought Tyson came through her unlocked front door. He was released later that evening after being charged with public intoxication and criminal trespass. In June, Tyson was charged with driving while intoxicated and careless driving after he misjudged a turn and rode up onto a curb. The scion's run-ins with the law are not the company's only <a target="_blank" class="" href="https://www.businessinsider.com/child-labor-tyson-foods-perdue-farms-chicken-investigation-2023-9">controversy in recent months</a>. In September 2023, The New York Times Magazine <a target="_blank" href="https://www.nytimes.com/2023/09/18/magazine/child-labor-dangerous-jobs.html">published an investigation</a> that showed children as young as 14 were knowingly employed as overnight cleaning staff at plants run by companies including Tyson Foods. Some were gravely injured on jobs that federal law prohibits children from doing. Tyson Foods did not respond to a request for comment from BI at the time. The Department of Labor subsequently investigated child labor at Tyson and Perdue Farms as part of a broader probe. No charges have been filed. In November, <a target="_blank" class="" href="https://www.businessinsider.com/tyson-recalls-frozen-chicken-nuggets-customers-find-metal-pieces-2023-11">Tyson Foods recalled</a> almost 30,000 pounds of its frozen dinosaur-shaped chicken nuggets after complaints that the nuggets contained small metal pieces, the US Department of Agriculture's Food Safety and Inspection Service <a target="_blank" href="https://www.fsis.usda.gov/recalls-alerts/tyson-foods-inc--recalls-chicken-patty-product-due-possible-foreign-matter">said</a>. Correction: August 30, 2024 — An earlier version of this story misspelled the name of Tyson Foods' new CFO. It's Curt Calaway, not <keyword id="23150652" type="General" weightage="20" keywordseo="Curt-Callaway" source="keywords">Curt Callaway</keyword>.

Tyson's finance chief is out of the job. The Tyson heir got the gig at 32, making him the youngest Fortune 500 CFO.

<ul class="summary-list"><li>Tyson Foods CFO John Tyson was arrested Sunday in Arkansas after allegedly becoming intoxicated.</li><li>He was also arrested on trespassing after a woman who didn't know him found him asleep in her bed.</li></ul>John Tyson, chief financial officer of Tyson Foods, was arrested in Arkansas after he allegedly became intoxicated and fell asleep in the bed of a woman who didn't know him.Tyson, 32, was found asleep around 2am in a stranger's home, according to a preliminary arrest report obtained by Insider. The woman, who the report notes is "college age" called police and said she believed Tyson was able to enter her home because the front door was unlocked. He was identified by his drivers license.When police tried to wake Tyson up, he sat up but was unable to verbally respond, then tried to go back to sleep. The police report said that Tyson's breath and body had the smell of alcohol, and he was "sluggish and uncoordinated."Tyson <a href="https://sheriff.washingtoncountyar.gov/res/Detainee.aspx?bn=2208677">was charged with</a> public intoxication and criminal trespass, and released Sunday evening after being held in the Washington County Detention Center.Tyson Foods did not immediately respond to Insider's request for comment. A representative for the company told KNWA and other outlets that it was aware of the incident, but has no additional comment because it "is a personal matter."Tyson <a href="https://www.wsj.com/articles/tysons-choice-of-cfo-raises-concerns-about-potential-conflicts-of-interest-11664464821">was named CFO</a> of Tyson Foods on October 2, after serving as executive vice president of strategy and chief sustainability officer. His father, John H. Tyson, is currently the board chairman for Tyson Foods, and previously served as the company's chief executive from 2000 t0 2006. He is also the great-grandson of Tyson Foods founder John W. Tyson. The company is known for tapping members of the Tyson family to lead and is largely controlled by the family, <a href="https://www.wsj.com/articles/tysons-choice-of-cfo-raises-concerns-about-potential-conflicts-of-interest-11664464821">according to The Wall Street Journal</a>.At the time of Tyson's appointment, a company spokesperson <a href="https://www.wsj.com/articles/tysons-choice-of-cfo-raises-concerns-about-potential-conflicts-of-interest-11664464821">told the WSJ</a> there was no conflict of interest. Tyson is the second C-suite food executive who has been arrested in the past two months. In September, Beyond Meat <a href="https://www.businessinsider.com/beyond-meat-exec-arrested-allegedly-bite-nose-road-rage-report-2022-9">suspended its chief operating officer</a> after he was arrested after allegedly biting "the flesh" off a man's nose during a road rage incident at a football game.Doug Ramsey was <a href="https://www.businessinsider.com/beyond-meat-exec-arrested-allegedly-bite-nose-road-rage-report-2022-9">arrested and charged with</a> 3rd-degree battery and terroristic threatening. Ramsey, who formerly worked at Tyson Foods, was <a href="https://www.businessinsider.com/beyond-meat-cuts-jobs-coo-stock-drops-2022-10">fired along with 19%</a> of Beyond Meat's workforce in October.

Tyson Foods CFO John Tyson was arrested in Arkansas after allegedly becoming intoxicated and falling asleep in the bed of a woman who didn't know him

<ul class="summary-list"><li>Tyson Foods CFO was arrested last week after he was found in the bed of a woman who didn't know him.</li><li>John Tyson, who was named CFO last month, was charged with public intoxication and criminal trespass.</li></ul>Tyson Foods CFO John Tyson told the company's investors he's "embarrassed" and takes "full responsibility" after he was arrested for allegedly becoming intoxicated and trespassing in the home of a woman who didn't know him."I'm embarrassed, and I want to let you know that I take full responsibility for my actions," he said on the company's quarterly call with investors Monday. "I also want to apologize to our investors as I have to our employees. This was an incident inconsistent with our company values as well as my personal values. I just wanted you guys to hear this directly from me and to know that I'm committed to making sure this never happens again."Tyson Foods CEO Donnie King said a "thorough review" of Tyson's actions is being done by the company's independent board of directors. Tyson, 32, was arrested last Sunday in Arkansas. He was found asleep in a stranger's bed around 2am, according to a preliminary arrest report <a href="https://www.businessinsider.com/cfo-john-tyson-arrested-allegedly-intoxicated-falling-asleep-strangers-bed-2022-11">obtained by Insider</a>.The home where Tyson was found belongs to a woman who said she didn't know him. She said she believed Tyson was able to get inside because her front door was unlocked. The report said Tyson was identified from his drivers license. He was released later that evening after being charged with public intoxication and criminal trespass. Tyson <a href="https://www.wsj.com/articles/tysons-choice-of-cfo-raises-concerns-about-potential-conflicts-of-interest-11664464821">became chief financial officer</a> on October 2 after he served as executive vice president of strategy and chief sustainability officer at Tyson Foods. He is the son of the company's current board chairman and former chief executive, and is the great-grandson of Tyson Foods founder John W. Tyson.

Tyson Foods CFO charged with public intoxication says he's 'embarrassed' after allegedly falling asleep in the bed of a woman who didn't know him

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.We're off tomorrow for the Juneteenth holiday, so you're getting your weekly dose of cannabis industry news on Thursday afternoon.There's a <a href="https://toddharrison.substack.com/p/random-thoughts-all-things-cannabis">rumor</a> <a href="https://twitter.com/BettingBruiser/status/1403405326284693506?s=20">floating</a> <a href="https://twitter.com/JasonGWild/status/1403538551032135680?s=20">around</a> the heavily engaged cannabis Twitter and Reddit-verse that the Toronto Stock Exchange is going to update its rules to allow listed companies to invest in the US cannabis industry. If true, that could be a watershed moment: US cannabis companies like Curaleaf, Trulieve, and Green Thumb Industries, would likely move from the CSE and over-the-counter exchanges to access deeper-pocketed investors plying the TSX.And it's possible that Canadian cannabis companies like Tilray, Canopy Growth, and Cronos Group would decamp from the Nasdaq to the TSX so they could invest in the US.But, a spokesperson for the TMX Group, which owns the TSX, told me, basically, not so fast:"We continue to monitor the evolution of the industry. Our position has not changed with respect to U.S. cannabis law. Nothing more I can add beyond that," TMX Group spokesperson Catherine Kee said in an email.We'll keep monitoring this story. If you have any info to share, please reach out to <a href="mailto:jberke@insider.com">jberke@insider.com</a>. Signal number for encrypted communication available on request. Last, it's great to see so many pitches in my inbox of cannabis companies putting their money where their mouth is ahead of the Juneteenth holiday, in terms of backing organizations, nonprofits, and companies dedicated to advancing social justice goals in cannabis. More of that, please. - Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) If you like what you read, share this newsletter with your colleagues, friends, boss, spouse, strangers on the internet, or whomever else would like a weekly dose of cannabis news. Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/weedmaps-stock-starts-trading-ceo-interview-not-afraid-of-amazon-2021-6">The CEO of $3 billion cannabis-tech company Weedmaps explains why he's not afraid of Amazon</a></h3>The CEO of Weedmaps is ready to take on Amazon - if the tech and retail giant wants to get into cannabis. Amazon recently <a href="https://www.businessinsider.com/amazon-says-its-actively-supporting-federal-marijuana-legalization-2021-6">said it supports federal cannabis legalization</a>. Some industry experts say it's only a matter of time before tech giants start to compete with incumbents like Weedmaps."What we've seen traditionally is the Googles, the Amazons, the others of the world have had difficulty dealing with areas where there are really complex products," Weedmaps CEO Chris Beals <a href="https://www.businessinsider.com/weedmaps-stock-starts-trading-ceo-interview-not-afraid-of-amazon-2021-6">told me in an interview</a>. "I watch and observe, but I don't really worry about those companies coming in because what we do is incredibly complex." <h3><a href="https://www.businessinsider.com/exclusive-trait-biosciences-closes-25-million-series-a-round-2021-6">A cannabis-chemistry upstart just raised $25 million for a new approach to one of the hottest parts of the industry</a></h3>Cannabis beverages <a href="https://www.insider.com/cannabis-seltzer-spirits-get-you-high-quicker-than-weed-edibles-2021-6">are a hot topic in the industry</a>, and a bevy of startups are working on technology to make it easier to infuse chemicals like THC and CBD into drinks. One of those startups, Trait Biosciences, on Wednesday closed a CA$31 million ($25 million) Series A funding round led by Btomorrow Ventures and Gotham Green Partners, the company told Insider. Btomorrow is the VC arm of British American Tobacco, which <a href="https://markets.businessinsider.com/news/stocks/organigram-stock-price-british-american-tobacco-invests-177-million-2021-3-1030173969">invested in</a> a Canadian cannabis producer in March.<h3><a href="https://www.businessinsider.com/cannabis-amc-meme-stocks-retail-investors-shareholders-proxy-voting-2021-6">Meme stock shareholders may have diamond hands, but they're not voting on things like exec pay and M&amp;A deals. And that's creating a big headache.</a></h3>Companies with large retail-investor bases face difficulties reaching a quorum in shareholder votes. "It's hard to get those shareholders to show up and vote," Tilray CEO Irwin Simon told me. "You know, nobody has home phones anymore. No one answers their cellphone to an unknown number. When you mail a proxy to someone's house or apartment, it goes in the garbage."The issue has led to the launch of several startups looking to redefine how public companies interact with their shareholders.<h3><a href="https://www.businessinsider.com/herve-3-million-pitch-deck-for-luxury-cannabis-infused-edibles-2021-6">We got an exclusive look at the pitch deck luxury-edibles startup Hervé used to raise $3 million in a bid to become the 'Dom Perignon' of cannabis</a></h3>Cannabis-infused edibles <a href="https://www.businessinsider.com/cannabis">are having a moment</a>. Edibles sales grew by more than 60% across seven state markets in 2020, according to data provider Headset.To capitalize on that trend, Hervé, a Toronto-based maker of what CEO and founder Sebastien Centner calls "luxury" infused edibles, closed a $3 million Series A funding round in May. Take an exclusive look at the deck Centner used to close the round. <h3><a href="https://www.businessinsider.com/decriminalize-all-drugs-cannabis-heroin-cocaine-2021-6">2 Democrats are pushing for decriminalizing possession of all drugs, including cocaine, heroin, and meth</a></h3>Two House Democrats have for the first time unveiled legislation that would decriminalize possession of all drugs including heroin, cannabis, cocaine, and LSD, and ensure that past drug use wouldn't get in the way of jobs or voting prospects.Democratic Reps. Bonnie Watson Coleman of New Jersey and Cori Bush of Missouri introduced the legislation, the <a href="https://drugpolicy.org/sites/default/files/dpra_summary_2021.06.11_v2.pdf">Drug Policy Reform Act</a>, on Tuesday.<h3><a href="https://www.businessinsider.com/cannabis-company-cronos-pharmacann-110-million-deal-new-york-2021-6">Canadian cannabis giant Cronos is making moves to enter the US. Its $110 million deal with PharmaCann would give Cronos access to New York's $7 billion market.</a></h3>New York is shaping up to be the next hot spot for cannabis M&amp;A. Canadian cannabis giant Cronos recently struck a deal with private US company PharmaCann. PharmaCann is one of the few cannabis companies operating in New York.<h3><a href="https://www.businessinsider.com/cannabis-delivery-services-new-york-market-what-to-know-2021-6">The potential for cannabis delivery in New York as the market comes online - and where to keep an eye out</a></h3>New York is expected to see substantial sales when its cannabis market eventually comes online. A huge part of that growth could be delivery, but regulations still need to take shape.Experts warn activity will be mainly in urban centers and rely on fast, quality delivery service.<div type="image" title="marijuana cannabis" height="2334" width="3500" msid="83620222" hostid="261"></div><h2>Executive moves</h2><ul><li>Cannabis software firm TruTrace <a href="https://www.businesswire.com/news/home/20210616005129/en/TruTrace-Technologies-Names-Robert-Lelovic-as-Chief-Financial-Officer">has a new CFO</a>: Robert Lelovic.</li><li>Travis Goad is joining cannabis real estate fund Pelorus Equity Group as managing director.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Cronos Group <a href="https://www.globenewswire.com/news-release/2021/06/14/2246438/0/en/Cronos-Group-Announces-Strategic-Investment-in-PharmaCann-a-Leading-U-S-Cannabis-Company.html">is paying</a> $110 million for an option to buy a 10.5% stake in US cannabis company PharmaCann. The option can be exercised only when a change in cannabis' federal status in the US makes the deal permissible, <a href="https://www.businessinsider.com/canopy-growth-acreage-holdings-deal-could-spur-cannabis-ma-boom-2019-4">similar to Canopy Growth's Acreage deal</a>. </li><li>Berlin-based CBD and medical cannabis startup Sanity Group <a href="https://techcrunch.com/2021/06/16/cannabis-and-digital-health-start-up-sanity-group-closes-44-2m-series-a-led-by-redalpine/">closed a $44 million Series A funding round</a>, led by Swiss venture fund Redalpine, and including Navy Capital and SOJE Capital, among other investors. We got an <a href="https://www.businessinsider.com/european-cannabis-startup-sanity-group-29-million-pitch-deck-2021-1">exclusive look at Sanity Group's seed deck in January</a>.</li><li>US cannabis company Columbia Care is expanding in Colorado, <a href="https://www.businesswire.com/news/home/20210615006157/en/Columbia-Care-Signs-Definitive-Agreement-to-Acquire-Medicine-Man-a-Rapidly-Growing-Vertically-Integrated-Operator-in-the-Denver-Metro-Area">acquiring Medicine Man Denver</a>, which has four retail locations, for $42 million in cash and stock. </li><li>Cannabis tech company LeafLink raised $40 million from investors Nosara Capital, L2 Ventures, Founders Fund, Thrive Capital, and others. LeafLink said the new funding doubles its valuation, without providing a figure.</li><li>Brains Bioeceutical Corp., a maker of EU-GMP certified CBD, <a href="https://www.newswire.ca/news-releases/brains-bioceutical-corp-completes-a-usd-31-9-million-capital-raise-with-lead-investor-dsm-venturing-895462314.html">closed a $32 million funding round led by the venture arm of Royal DSM</a>, one of the world's largest nutrition and ingredients manufacturers. </li><li>US cannabis company <a href="https://www.globenewswire.com/en/news-release/2021/06/14/2246626/0/en/Acreage-Holdings-Announces-Sale-of-Notes.html">Acreage Holdings sold $28 million</a> in promissory notes. </li><li>Cannabis producer Flora Growth is <a href="https://www.globenewswire.com/news-release/2021/06/14/2246437/0/en/Flora-Growth-to-Acquire-Koch-Gsell-and-Enter-Europe-with-Leading-Manufacturer-of-Natural-Swiss-Hemp-Products.html">acquiring Swiss company Koch &amp; Gsell</a>, which makes hemp and blended hemp and tobacco cigarettes under the Heimat brand, in a $22 million cash and stock deal.</li><li>Jay-Z and TPCO's $10 million social equity fund has <a href="https://www.prnewswire.com/news-releases/the-parent-company-announces-the-peakz-company-as-second-social-equity-investment-301313481.html">made an investment in The Peakz Company</a>, an Oakland-based cannabis brand. </li><li>Cannabis compliance and software firm <a href="https://www.simplifya.com/">Simplifya closed a $6 billion Series B funding round</a>, led by Blue Zone Wealth Advisors, with participation from previous investors including Merida Capital and Mercury Payment Solutions Founder Jeff Katz. </li></ul><div type="image" title="cannabis" height="1333" width="2000" msid="83620228" hostid="261"></div><h2>Policy moves</h2><ul><li>Democratic Reps. Bonnie Watson Coleman of New Jersey and Cori Bush of Missouri <a href="https://www.businessinsider.com/decriminalize-all-drugs-cannabis-heroin-cocaine-2021-6">introduced legislation</a> that would decriminalize possession of all drugs including heroin, cannabis, cocaine, and LSD.</li><li>A <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> legalization bill is <a href="https://www.marijuanamoment.net/connecticut-marijuana-legalization-bill-heads-to-governors-desk/">heading to Connecticut Gov. Ned Lamont's desk</a> on Thursday after both the state House and Senate passed the bill. Lamont is supportive of the bill, and if he signs it, marijuana will be legal in Connecticut as soon as July 1, with recreational sales to begin in May 2022. </li><li>Louisiana Gov. John Bel Edwards <a href="https://www.theadvertiser.com/story/news/local/2021/06/15/louisiana-marijuana-decriminalization-bill-becomes-law/7702747002/">signed a marijuana decriminalization bill</a> into law on Tuesday. </li></ul><h2>Chart of the week</h2>Like their recreational counterparts, medical cannabis consumers still prefer smoking regular old weed over edibles, beverages, tinctures, and vaporizers, according to New Frontier Data:<div type="image" title="Chart of preferred cannabis products among medical consumers with smokeable cannabis as the top product followed by edibles, pills, vaporizers, and concentrate (respectively)" height="1040" width="1240" msid="83620231" hostid="261"></div><h2>What we're reading</h2><a href="https://theintercept.com/2021/06/06/cannabis-legalization-rhode-island-weed/">Rhode Island Coalition Pushes Most Equitable Legal Cannabis Regulations Yet</a> (The Intercept)<a href="https://www.townandcountrymag.com/society/money-and-power/a36700958/abby-rockefeller-hemp-cannabis-farm-hudson-valley/">Ms. Rockefeller's Cannabis Farm</a> (Town &amp; Country)<a href="https://www.bloomberg.com/news/articles/2021-06-14/pro-athletes-cbd-use-coming-under-scrutiny-cannabis-weekly">Pro Athletes' CBD Use Is Coming Under Scrutiny</a> (Bloomberg)<a href="https://apnews.com/article/washington-lifestyle-coronavirus-pandemic-business-government-and-politics-5b24a89f691f1760a4b16576ed22cb27">Washington's 'joints for jabs' vaccine program falling flat</a> (Associated Press)<a href="https://www.tmz.com/2021/06/15/joe-exotic-launching-own-cannabis-line-products-prison/">JOE EXOTIC LAUNCHING HIS OWN CANNABIS LINE ... Straight from the Joint!!!</a> (TMZ)

Weedmaps CEO isn't afraid of Amazon

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Happy Friday everyone,Well, it's finally (almost) here: New York lawmakers are set to vote on cannabis legalization as soon as next week, after three years of trying to get it done.I'll spare you our New York-centric attitude, but it really is monumental. The state would become one of the largest cannabis markets in the US, and the world, once the market is up-and-running. As the seat of global finance, it'll send a strong signal to major stock exchanges, investment banks, and corporations that cannabis is an industry that demands to be taken seriously.New York's pending legislation, however, <a href="https://www.businessinsider.com/new-york-marijuana-legalization-not-favorable-to-existing-companies-2021-3">is not so friendly to companies already in the market</a>, according to analysts. Social equity and small business advocates have cheered some parts of the legislation, namely a community reinvestment fund and the ability to grow cannabis plants at home. No legislation is perfect, and this is far from a done deal - but we'll see how things shake out.In other news, the Biden Administration found itself in continued hot water over its policy of letting go of staffers who admitted to <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> use in the past. Press Secretary Jen Psaki defended the move, saying it only applied to a few folks, but it still puts the administration at odds with its party, which is pushing for cannabis reform.On that note, the <a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">Senate's version of the SAFE Banking Act</a>, introduced this week, had 29 bipartisan cosponsors. That's a strong signal that the legislation could pass.And as an aside, I'll be out on a much-needed vacation next week. You'll be in good hands with Yeji. Let's get to it. -Jeremy (<a href="https://twitter.com/jfberke?lang=en">@jfberke</a>) and Yeji (<a href="https://twitter.com/jesse_yeji?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">@jesse_yeji</a>)Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/which-cannabis-companies-are-at-risk-of-bankruptcy-2020-12">Cannabis stocks have been on a tear this year. From Aurora to MedMen, see the risk that 13 major cannabis companies go bankrupt.</a></h3>We used data on 13 of the largest US and Canadian cannabis companies from financial risk analysis firm CreditRiskMonitor to evaluate their likelihood of bankruptcy within the next year. The good news? Most of the companies we looked at have decreased their risk of bankruptcy.The bad news? Some still remain in the "red flag" zone, meaning they have a higher risk of bankruptcy than the average company.<h3><a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">A bill that would let you use your credit card to buy marijuana has been introduced in both chambers of Congress. Here are 7 things to know about the bipartisan SAFE Banking Act.</a></h3>The SAFE Banking Act has now been introduced in both chambers of Congress. The Senate version was introduced on Tuesday while the House introduced its version last week with more than 100 sponsors. We read through the bill to find the main takeaways. <h3><a href="https://www.businessinsider.com/new-york-marijuana-legalization-not-favorable-to-existing-companies-2021-3">Top Wall Street analyst calls New York's marijuana-legalization plan 'half good' and says the reported details are 'not favorable' to existing companies</a></h3>New York lawmakers are set to vote on marijuana legalization as early as next week. But a top Wall Street analyst said in a Wednesday note that the reported details of the legislation are not favorable to the existing companies operating in the state's relatively small medical-cannabis market.<h2>Executive moves</h2><ul><li>David Lobo became the new <a href="https://www.thestar.com/business/2021/03/18/david-lobo-named-new-interim-ceo-of-ocs-will-replace-thomas-haig-this-month.html">interim president and CEO of The Ontario Cannabis Store</a>, which distributes cannabis across Canada's most populated province. Lobo replaces Thomas Haig.</li><li>TerrAscend CEO Jason Ackerman will be replaced on an interim basis by board chairman Jason Wild while the company searches for a full-time replacement. Wild <a href="https://twitter.com/JasonGWild/status/1374540972470714368?s=20">said on Twitter</a> that Ackerman was fired. </li><li>Jeffrey Lashar, formerly of West Marine and Crocs, will be <a href="https://www.prnewswire.com/news-releases/growgeneration-reports-record-fourth-quarter-and-full-year-2020-financial-results-and-raises-full-year-2021-guidance-301255402.html">taking over as CFO</a> of Grow Generation following Monty Lamirato's retirement. </li><li>Louie Reformina was promoted to <a href="https://www.businesswire.com/news/home/20210323005940/en/Turning-Point-Brands-Appoints-Louie-Reformina-as-Chief-Financial-Officer">CFO of Turning Point Brands</a>, a cannabis accessories company that owns Zig-Zag, among other notable brands. </li><li>The US Cannabis Council, an industry trade group, <a href="https://www.businesswire.com/news/home/20210325005621/en/U.S.-Cannabis-Council-Appoints-Board-of-Directors-Unified-in-the-Fight-to-Abolish-Federal-Cannabis-Prohibition">appointed a board of directors</a> including Dr. Rachel Knox, a cannabis medicine specialist, among other notable names. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li><keyword id="2874738" type="PERSON" weightage="60" keywordseo="Psychedelics">Psychedelics</keyword> company Mydecine began trading on the NEO Exchange <a href="http://www.globenewswire.com/news-release/2021/03/23/2197568/0/en/Mydecine-Innovations-Group-Announces-Migration-to-NEO-Exchange.html">on Tuesday,</a> after migrating from the Canadian Securities Exchange.</li><li>Greenrose Acquisition Corp, a cannabis SPAC, is acquiring four cannabis companies, including Shango Holdings and Theraplant, <a href="https://www.globenewswire.com/news-release/2021/03/15/2192649/0/en/Greenrose-Acquisition-Corp-to-Acquire-Four-Cannabis-Companies-Creating-a-Vertically-Integrated-and-Cash-Flow-Positive-Platform-Positioned-for-Significant-Growth.html">for a total of $210 million</a>.</li><li>Cannabis fintech startup <a href="https://www.prnewswire.com/news-releases/leaf-trade-closes-5-5m-series-a-round-led-by-artemis-growth-partners-hpa-301253460.html">Leaf Trade closed a $5.5 million</a> Series A funding round led by Artemis Growth Partners.</li><li>High Tide Holdings is <a href="https://www.newswire.ca/news-releases/high-tide-acquires-leading-e-commerce-retailer-smoke-cartel-800511142.html">acquiring cannabis e-commerce company Smoke Cartel</a> for $8 million in stock. </li></ul><h2>Policy moves </h2><ul><li>New York lawmakers <a href="https://www.businessinsider.com/new-york-marijuana-legalization-not-favorable-to-existing-companies-2021-3">reached a deal to legalize adult-use cannabis in the state</a>. A vote is expected next week. The details of the bill are not yet public, but the <a href="https://www.nytimes.com/2021/03/25/nyregion/ny-legalize-marijuana.html">New York Times and other media outlets are</a> reporting that "consumption lounges" and home grow would be permitted. </li><li>New Mexico Governor Michelle Lujan Grisham <a href="https://www.marijuanamoment.net/new-mexico-governor-plans-special-session-on-marijuana-as-legalization-bill-stalls-on-final-stretch/">announced</a> that she plans to hold a special session to pass cannabis at the end of this month after plans to pass adult-use stalled during the regular legislative session. </li><li>A Connecticut House Committee <a href="https://www.marijuanamoment.net/connecticut-lawmakers-approve-marijuana-legalization-bill-as-governor-pushes-competing-reform/">approved a bill to legalize marijuana</a>. State lawmakers are working to reconcile the bill with Gov. Ned Lamont's plan, which differs in key areas like growing cannabis at home and social equity provisions, among others.</li><li>In response to a question about why some White House staffers lost their jobs for past cannabis use, White House press secretary <a href="https://twitter.com/atrupar/status/1374771683278647303">Jen Psaki told reporters</a> that the outcome was a result of working with the security service and pointed out that the substance was "still illegal federally." A group of 30 lawmakers, including Rep. Earl Blumenauer and Rep. Barbara Lee signed a letter encouraging the Biden Administration to overhaul its practices, <a href="https://www.thedailybeast.com/30-members-of-congress-urge-biden-personnel-rule-change-after-daily-beast-marijuana-story">The Daily Beast reports</a>.</li><li>New York mayoral candidate and former Citigroup executive Ray McGuire <a href="https://www.rayformayor.com/economy/#cannabis">released a comprehensive cannabis plan for the city</a>, the first mayoral candidate to do so. The plan will prioritize job creation and capital investment for minorities and others who have been historically affected by prohibition. </li><li>The Last Prisoner Project and The National Association of Criminal Defense Lawyers are <a href="https://cannabislaw.report/last-prisoner-project-and-nations-criminal-defense-bar-establish-cannabis-justice-initiative/#:~:text=The%20Cannabis%20Justice%20Initiative%2C%20a,harsh%20sentences%20and%20the%20collateral">launching the Cannabis Justice Initiative</a>, in order to help those convicted with marijuana-related charges clear their records.</li></ul><h2>Earnings Roundup</h2><ul><li>Trulieve <a href="https://www.newswire.ca/news-releases/trulieve-reports-fourth-quarter-and-full-year-2020-results-and-announces-full-year-2021-guidance-872013155.html">released its Q4 results</a> on Tuesday, reporting $168.4 million in revenue and $3 million in net income, as well as $521.5 million in revenue for the full year. The company guided to $815-$850 million in revenue for 2021.</li><li>TerrAscend <a href="https://www.newswire.ca/news-releases/terrascend-reports-2020-financial-results-and-raises-full-year-2021-guidance-802243040.html">released its Q4 results</a> on Tuesday, reporting C$65.3 million in net sales and a C$109.3 million net loss, as well as C$198 million in revenue for the full year. The company guided to $290 million in revenue for 2021. </li><li>Charlotte's Web <a href="https://www.prnewswire.com/news-releases/charlottes-web-holdings-reports-q4-2020-results-301255640.html">released its Q4 results</a> on Thursday, reporting $26.9 million in revenue and a $14.7 million net loss.</li><li>Cresco Labs <a href="https://investors.crescolabs.com/investors/press-releases/press-release-details/2021/Cresco-Labs-Announces-Fourth-Quarter--Full-Year-2020-Results-with-Record-Revenue-Adjusted-EBITDA-and-Operating-Cash-Flow/default.aspx">released its Q4 results</a> on Thursday, reporting $162.3 million in revenue and a $23.4 million net loss, as well as $476.3 million in revenue for the full year. </li><li>GrowGeneration <a href="https://www.prnewswire.com/news-releases/growgeneration-reports-record-fourth-quarter-and-full-year-2020-financial-results-and-raises-full-year-2021-guidance-301255402.html">released its Q4 results</a> on Thursday, reporting $62 million in revenue for the quarter and $5.3 million in net income for the year. The company guided to $415-$430 million in revenue for 2021.</li></ul><h2>Chart of the week</h2>Black and Hispanic New Yorkers were disproportionately arrested for cannabis in New York City over the past decade, according to a report by the Drug Policy Alliance and CUNY's Public Science Project at the Graduate Center. Between 2010-2020, half of all cannabis-related arrestees were Black and around 35% were Hispanic.<div type="image" title="New York City marijuana arrests by race 2010-2020" height="1040" width="1240" msid="81712567" hostid="261"></div><h2>What we're reading</h2><a href="https://www.americanbanker.com/articles/banks-happy-to-let-cardholders-buy-weed-online-lawyers-say">Banks happy to let cardholders buy weed online, lawyers say</a> (American Banker)<a href="https://www.nytimes.com/2021/03/20/health/cannabis-marijuana-elderly.html">Lighting up later in life</a> (The New York Times)<a href="https://www.businessinsider.com/white-house-personnel-issues-show-absurdity-of-federal-marijuana-law-2021-3">Opinion: The White House's issues with staffers who (used to) smoke weed show the absurdity of federal marijuana law</a> (Insider)<a href="https://www.washingtonpost.com/politics/2021/03/19/losing-fight-keep-marijuana-smokers-out-federal-government/">The losing fight to keep marijuana smokers out of government</a> (The Washington Post)<a href="https://www.bloomberg.com/news/articles/2021-03-18/japan-s-marijuana-laws-are-harsh-but-gpif-holds-canopy-cgc-aurora-acb">Japan's Pot Laws Are Harsh, But Its Pensioners Invest in Growers</a> (Bloomberg)<a href="https://mjbizdaily.com/how-cannabis-companies-can-vet-celebrity-partnerships-avoid-pitfalls/">How cannabis companies can vet celebrity partnerships, avoid embarrassing pitfalls</a> (Marijuana Business Daily)

New York's legalization deal

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Happy Friday readers,Never a dull week in the cannabis (and psychedelics industry). The biggest headline news this week is Atai's monstrous $157 million raise. CEO Florian Brand told Yeji the company is "doubling down" on its strategy - <a href="https://www.businessinsider.com/psychedelics-company-atai-raised-157-million-record-round-2021-3">you can read her report here</a>. Beyond that, I asked Jason Wild of JW Asset Management for his top cannabis picks for 2021. In short, <a href="https://www.businessinsider.com/jw-asset-management-shares-cannabis-stocks-to-buy-now-2021-3">he's bullish on US cannabis</a>. And last, I had the chance to chat with five-time NBA All-Star Chris Webber about his new $100 million cannabis equity fund and his push to make cannabis more inclusive from the start. "I don't know of any other industry where this type of vested interest has been made to make change," Webber told me. "It hasn't been in tech - tech is lucrative. It damn sure wasn't in cotton, it wasn't in transportation."<a href="https://www.businessinsider.com/chris-webber-jw-asset-management-launching-100-cannabis-impact-fund-2021-3">You can read more from him here</a>. -Jeremy (<a href="https://twitter.com/jfberke?lang=en">@jfberke</a>) and Yeji (<a href="https://twitter.com/jesse_yeji?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">@jesse_yeji</a>)Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/psychedelics-company-atai-raised-157-million-record-round-2021-3">The biggest private psychedelics company in the world just raised a record $157 million, pushing psychedelics further into the mainstream</a></h3>Just months after breaking the record for the largest funding round in the psychedelics field, Atai Life Sciences has raised another $157 million to continue to develop treatments for mental illnesses like depression, addiction, and anxiety. CEO Florian Brand told Insider the money will be used to "double down" on the company's strategy.<h3><a href="https://www.businessinsider.com/jw-asset-management-shares-cannabis-stocks-to-buy-now-2021-3">A hedge-fund manager who returned 146% last year shares the 6 cannabis stocks he's betting on now and why he's bullish on the industry</a></h3>Jason Wild had a pretty good year last year.His hedge fund, JW Asset Management, returned over 146% in 2020 - buoyed by significant investments in the cannabis industry. In an interview, Wild shared the six cannabis stocks he's betting on, including Trulieve and TerrAscend, Green Thumb Industries, and more. <h3><a href="https://www.businessinsider.com/chris-webber-jw-asset-management-launching-100-cannabis-impact-fund-2021-3">Former NBA All Star Chris Webber is launching a $100 million fund to help minority entrepreneurs get ahead in cannabis. He told why it's crucial to build an inclusive industry from the start.</a></h3>Former five-time NBA All-Star Chris Webber has a new mission: Helping minority entrepreneurs access the economic boom created by the wave of cannabis legalization sweeping the US.Webber is launching a $100 million fund to invest in Black and other minority cannabis entrepreneurs. He told Insider he has a unique opportunity to ensure that the cannabis industry is inclusive from the start.<h2>Executive Moves</h2><ul><li>Private MSO Parallel <a href="https://www.prnewswire.com/news-releases/parallel-appoints-jeremy-kunicki-as-chief-financial-officer-301237092.html">announced on Monday</a> that Walgreen's veteran Jeremy Kunicki would be coming aboard as the company's new CFO.</li><li>California cannabis distributor HERBL <a href="https://www.globenewswire.com/news-release/2021/03/03/2186392/0/en/HERBL-California-s-Largest-Cannabis-Distributor-and-Supply-Chain-Solutions-Company-Appoints-Josh-Held-as-Chief-Strategy-Officer.html">said on Wednesday</a> that it had appointed Chemistry Holdings founder Josh Held as chief strategy officer.</li><li>Psychedelics company <a href="https://novamind.ca/2021-03-03-novamind-expands-leadership-team-accelerating-m-and-a/">NovaMind has appointed Joseph Braganza</a> as an SVP in charge of the company's M&amp;A strategy.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Atai Life Sciences is reportedly making plans to go public as early as Q2 of this year, per <a href="https://www.bloomberg.com/news/articles/2021-03-03/thiel-backed-magic-mushroom-firm-atai-hits-2-billion-valuation">Bloomberg</a>.</li><li>The Valens Company <a href="https://www.prnewswire.com/news-releases/the-valens-company-closes-acquisition-of-lyf-food-technologies-inc-and-enters-edibles-category-with-launch-of-soft-chews-301241228.html">announced</a> that it has acquired LYF Food Technologies Inc. through a C$24.9 million cash and stock transaction. </li><li>CBD company Charlotte's Web <a href="https://www.prnewswire.com/news-releases/charlottes-web-positions-to-enter-us-cannabis-wellness-market-301239203.html">announced a five-year strategic purchase option</a> on Stanley Brothers USA for $8 million. The move positions Charlotte's Web to enter the US market.</li><li>Green Thumb Industries is <a href="http://www.globenewswire.com/news-release/2021/03/03/2186075/0/en/Green-Thumb-Industries-and-California-s-1-Cannabis-Infused-Beverage-Cann-Announce-Partnership-to-Expand-Nationally.html">partnering with Cann</a>, a startup that makes low dose THC and CBD beverages, to distribute Cann products in legal states across the US.</li><li>Canopy Growth is <a href="https://www.canopygrowth.com/investors/news-releases/canopy-growth-launches-cbd-beverage-brand-quatreau-in-the-u-s/">launching its line of CBD-infused beverages</a>, Quatreau, in the US.</li><li>OTC-listed cannabis company MariMed closed <a href="https://www.newswire.ca/news-releases/marimed-secures-new-funding-from-long-term-capital-partner-897441206.html">a $46 million financing facility</a> with Hadron Healthcare Fund to help repay the company's debt, among other goals. </li><li>Comedian Seth Rogen's cannabis company, Houseplant, <a href="https://www.prweb.com/releases/seth_rogen_and_evan_goldberg_launch_houseplant_a_lifestyle_brand_rooted_in_cannabis/prweb17761355.htm">launched in the US</a> this week with a line of stylish houseware goods and a selection of strains <a href="https://twitter.com/Sethrogen/status/1366425890058461184?s=20">he says were "handpicked" or "hand-smoked" by him</a>. </li><li>Canadian cannabis company <a href="https://www.globenewswire.com/news-release/2021/03/02/2185442/0/en/MediPharm-Labs-Announces-Increase-to-Bought-Deal-Equity-Financing-to-29-Million.html">MediPharm Labs raised $29 million</a> through a bought deal. </li><li>Jay-Z's cannabis company, Monogram, <a href="https://adage.com/creativity/work/jay-zs-cannabis-brand-monogram-challenges-hypocrisies-weed-legislation-references-bestiality/2317686">launched an eye-catching ad campaign</a> developed by the agency Mischief @ No Fixed Address. </li></ul><h2>Policy moves</h2><ul><li>Virginia lawmakers on Saturday <a href="https://www.npr.org/2021/02/28/972272178/virginia-lawmakers-sign-off-on-bill-legalizing-recreational-marijuana">approved a bill</a> that would legalize adult-use cannabis in 2024.</li><li>New Mexico's House <a href="https://drugpolicy.org/press-release/2021/02/new-mexico-house-representatives-passes-cannabis-legalization-bill-centers">passed a cannabis legalization bill</a> that activists say puts social justice and equity first. </li><li>A powerful Washington, DC council <a href="https://drugpolicy.org/press-release/2021/03/dc-council-introduces-new-sweeping-bill-tax-and-regulate-cannabis-and">committee passed a bill that would establish a legal cannabis market</a> in the city.</li><li>Legalization in South Dakota appears in trouble after facing opposition from Gov. Kristi Noem and other lawmakers. In February, South Dakota's attorney general abandoned his effort to defend the voter-approved bill. On Thursday, the state's House State Affairs Committee <a href="https://www.newscenter1.tv/sd-house-state-affairs-committee-kills-marijuana-framework-bill/">voted to kill the current version of the bill</a>. </li></ul><h2>Science and research</h2><ul><li>A new study from GemmaCert, an Israeli cannabis testing lab, found <a href="https://www.prnewswire.com/il/news-releases/gemmacert-global-data-shows-that-45-of-thc-dominant-flowers-are-mislabelled-301238343.html">that up to 45% of legal cannabis strains had THC potency mislabelled</a>. </li><li><keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">Marijuana</keyword> and methamphetamine seizures <a href="https://www.sciencedirect.com/science/article/abs/pii/S0376871621000752?via%3Dihub">plummeted in the early part of the pandemic</a>, according to a study in the journal Drug and Alcohol Dependence. Those seizures peaked in August 2020, pointing to how the illicit drug supply chain shifts. </li></ul><h2>Chart of the week</h2>Psychedelics companies saw a rush of private funding in 2020, according to data from CB Insights. In 2020, private psychedelics startups raised $448 million globally, compared to just $95 million in 2019. Insider rounded up <a href="https://www.businessinsider.com/list-top-psychedelics-companies-by-funding-2021">the 14 psychedelics startups that raised the most capital</a> in 2020:<div type="image" title="Capital flooded into the psychedelics space in 2020" height="1040" width="1240" msid="81356762" hostid="261"></div><h2>What we're reading</h2><a href="https://mjbizdaily.com/medmen-co-founders-bierman-modlin-return-to-cannabis-industry/">MedMen co-founders Bierman, Modlin return to cannabis industry with different California company </a>(Marijuana Business Daily)<a href="https://www.barrons.com/articles/pot-or-alcohol-barrons-has-never-favored-prohibition-51614853803">Pot or Alcohol, Barron's Has Never Favored Prohibition</a> (Barron's)<a href="https://www.barrons.com/articles/pot-or-alcohol-barrons-has-never-favored-prohibition-51614853803">Merrick Garland, cannabis policy, and restorative justice</a> (Brookings)<a href="https://mjbizdaily.com/how-aphria-tilray-cannabis-merger-developed/">Aphria-Tilray cannabis merger talks overcame pandemic pause, rival bidder and other hurdles, proxy reveals</a> (Marijuana Business Daily)<a href="https://www.forbes.com/sites/chrisroberts/2021/03/04/should-marijuana-legalization-limit-thc-probably-not-but-its-happening/?sh=701533bc765e">Should marijuana legalization limit THC? Probably not, but it's happening</a> (Forbes)

Top cannabis stock picks for 2021

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Happy Friday readers,This week was dominated by the news that <a href="https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11">New Jersey finally legalized cannabis</a>, months after over two-thirds of New Jerseyans voted to legalize. The state's difficulty in passing overwhelmingly popular legislation offers a cautionary tale to other states that are hoping to legalize to pave over budget deficits and spur criminal justice reform. It's a lot easier said than done. And it may take years to actually see the promised tax revenue from a fully established cannabis market.In other news, there was a flurry of deals in the cannabis sector this week. Yeji and I have <a href="https://www.businessinsider.com/new-york-legalize-cannabis-marijuana-stocks-deals-m-a-2021-2">a look at what that means for New York</a> - a key market for cannabis companies - <a href="https://www.businessinsider.com/top-cannabis-lps-and-msos-on-merger-acquisition-2021-1">as well as what that means for the US more generally</a>. We don't have a crystal ball, but we outlined some specific acquisition targets in our story. We're already being proven correct.Last, I moderated a pair of panels at <a href="https://www.benzinga.com/events/cannabis/virtual/">Benzinga's Cannabis Capital Conference</a> with Louie Reformina, of Turing Points Brands, and Andrew Thut, of 4Front. We touched on a number of issues including M&amp;A trends in cannabis, ironing out the kinks of state legalization, and more.Let's hit it. -Jeremy (<a href="https://twitter.com/jfberke?lang=en">@jfberke</a>) and Yeji (<a href="https://twitter.com/jesse_yeji?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">@jesse_yeji</a>)Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/new-york-legalize-cannabis-marijuana-stocks-deals-m-a-2021-2">New York is pushing to legalize marijuana. Here are the prime acquisition targets and the types of deals you can expect.</a></h3>As New York lawmakers push hard to legalize cannabis this year, cannabis companies are eyeing acquisitions as a way to enter the state. Experts told Insider that private companies and struggling MSOs looking to sell off assets to stabilize their balance sheets, are likely to be acquisition targets. <h3><a href="https://www.businessinsider.com/top-cannabis-lps-and-msos-on-merger-acquisition-2021-1">The world's largest cannabis companies are jockeying to dominate the lucrative US market. 7 top CEOs and executives break down the deals you can expect.</a></h3>The US cannabis industry is set for a flurry of deals as Democrats on Capitol Hill make cannabis reform a core issue and new state markets open. Insider spoke with CEOs and execs at seven of the top US and Canadian cannabis companies who said they're focused on expanding to dominate the lucrative US market. <h3><a href="https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11">Meet the 13 power players shaping the future of New Jersey's potentially $1 billion market for recreational marijuana</a></h3>Governor Phil Murphy signed legislation to legalize cannabis in the Garden State on Monday. Meet the 13 power players, from lawmakers to executives, shaping the future of New Jersey's cannabis industry.<h3><a href="https://www.businessinsider.com/new-york-cannabis-deals-medmen-ascend-wellness-holdings-awh-2021-2">New York cannabis M&amp;A is already heating up</a></h3>Struggling cannabis companies with licenses in New York are likely acquisition targets. Ascend Wellness said it would take a majority stake in MedMen's New York assets.There may be other deals to come as New York moves toward cannabis legalization<h2>Executive Moves</h2><ul><li>Terry Booth, the former CEO of Aurora Cannabis, will <a href="https://www.newswire.ca/news-releases/australis-completes-definitive-agreement-to-acquire-51-stake-in-alps-850298543.html">be taking over as CEO of Australis Capital</a>. </li><li>Clever Leaves <a href="https://www.globenewswire.com/news-release/2021/02/22/2179519/0/en/Clever-Leaves-Strengthens-Leadership-Team-and-Appoints-Hank-Hague-as-Chief-Financial-Officer.html">announced</a> that Hank Hague would be joining the company as chief financial officer </li><li>Acreage Holdings <a href="https://www.globenewswire.com/news-release/2021/02/23/2180341/0/en/Acreage-Announces-Management-Change.html">announced</a> that CFO Glen Leibowitz is leaving the company. Steve Goertz, former CFO of sgsco and a partner at Bespoke Capital Partners, will be taking over as CFO starting April 2.</li><li>Agrify <a href="https://ir.agrify.com/news-releases/news-release-details/agrify-announces-formation-strategic-advisory-board">announced</a> the formation of its new advisory board on Wednesday, including Rosie Mattio, CEO of MATTIO Communications, and Matthew Kressy, founding director of the MIT Integrated Design &amp; Management program. </li><li>Fyllo <a href="https://www.prnewswire.com/news-releases/twitters-katie-ford-joins-fyllo-as-chief-operating-officer-301235327.html">announced</a> it would be bringing on Twitter veteran Katie Ford as the company's new COO.</li><li>New Jersey has <a href="https://mjbizdaily.com/new-jersey-fills-remaining-slots-on-marijuana-oversight-commission/">filled the remaining spots on its Cannabis Regulatory Commission</a>, including Maria Del Cid, director of policy at New Jersey Department of Health, William Wallace of the United Food and Commercial Workers International Union, and Sam Delgado a former VP at Verizon. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Ascend Wellness Holdings announced on Thursday that it is <a href="https://www.businesswire.com/news/home/20210225006313/en/MedMen-Announces-Investment-from-AWH-into-MedMen%E2%80%99s-New-York-Operations">investing $73 million in MedMen's New York assets</a>, pending state approval. Read our story from this week where <a href="https://www.businessinsider.com/new-york-legalize-cannabis-marijuana-stocks-deals-m-a-2021-2">we outlined why MedMen's New York assets are a potential acquisition target</a>.</li><li>Acreage Holdings <a href="https://www.globenewswire.com/news-release/2021/02/25/2182283/0/en/Acreage-Announces-Sale-of-Florida-Operations-To-Red-White-Bloom-Brands.html">announced</a> it would sell its Florida operations to Red White &amp; Bloom Brands for $60 million in a cash and stock deal. </li><li>Indus Holdings is acquiring <a href="https://www.globenewswire.com/news-release/2021/02/25/2182686/0/en/Indus-Holdings-Inc-Announces-the-Acquisition-of-Lowell-Herb-Co.html">Lowell Herb Co., for $39 million in cash and stock</a>. The combined company will operate under the name Lowell Farms Inc.</li><li>Parallel, the cannabis company run by Beau Wrigley, Jr., <a href="https://www.prnewswire.com/news-releases/parallel-and-ceres-acquisition-corp-announce-business-combination-to-create-a-publicly-traded-us-cannabis-well-being-company-301232236.html">went public on Tuesday via a combination with Ceres Acquisition Corp., a cannabis SPAC</a>. The transaction values the combined company at $1.84 billion. <a href="https://www.businessinsider.com/investors-poured-3-billion-into-cannabis-spacs-deadlines-loom-2020-12">Read our story about the hot cannabis SPAC market</a>. </li><li>Verano Holdings Corp. announced that it <a href="https://www.newcannabisventures.com/verano-holdings-raises-c100-million-at-c28-50-in-private-placement/">raised C$100 million</a> in a private placement. The company also <a href="https://www.globenewswire.com/news-release/2021/02/24/2181428/0/en/Verano-Holdings-Enters-into-Agreement-to-Expand-Arizona-Footprint.html">announced</a> this week an acquisition that would expand the company's footprint in Arizona to four dispensaries. </li><li>Green Thumb Industries raised $56 million through a sale of subordinate voting shares. </li><li>Cannabis packaging company KushCo <a href="https://ir.kushco.com/news-events/press-releases/detail/273/kushco-holdings-inc-prices-40-0-million-registered">raised $40 million in a direct stock offering</a>.</li><li>The Rainbow Real Estate Group raised $47 million to target real estate in areas where cannabis is legal for recreational and medical use. The round included $10 million from CrowdStreet, a crowdsourced investing platform.</li><li>GrowGeneration continues its acquisition tear, this week <a href="https://ir.growgeneration.com/news-events/press-releases/detail/117/growgeneration-acquires-san-diegos-leading-hydroponics">scooping up a chain of four hydroponics centers</a> in the San Diego area for $10 million.</li><li>The Scotts Miracle-Gro Foundation <a href="https://investor.scotts.com/news-releases/news-release-details/hawthorne-gardening-company-announces-hawthorne-social-justice">announced on Monday</a> it launched a new $2.5 million fund to "spark social change and help address the racial injustice and systemic inequality related to the enforcement of existing cannabis laws in the United States," with Hawthorne Gardening Company.</li><li>Terra Vera, an ag-tech company focused on the cannabis industry, <a href="https://www.businesswire.com/news/home/20210225005214/en/Terra-Vera-Raises-2-Million-in-Seed-Funding-Round">closed a $2 million seed funding round</a> led by Will Raap, the founder of Gardener's Supply Company. </li></ul><h2>Policy moves</h2><ul><li>New Jersey officially legalized cannabis on Monday after Governor Phil Murphy signed legislation that he and lawmakers had been negotiating for weeks. <a href="https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11">Read our list of the top power players of New Jersey cannabis</a>.</li><li>State lawmakers in Maryland this week proposed a plan to legalize and tax the sale of cannabis in the state, <a href="https://www.baltimoresun.com/politics/bs-md-ci-marijuana-legalization-maryland-20210224-lfhanznaojcv5k5lr3srbow72m-story.html">The Baltimore Sun reports</a>.</li><li>Morocco is legalizing cannabis production for medical use, <a href="https://www.reuters.com/article/us-morocco-cannabis/morocco-set-to-legalise-cannabis-production-for-medical-use-idUSKBN2AP24U">Reuter reports</a>. </li><li>President Biden's attorney general nomination Merrick Garland said federal law enforcement officials <a href="https://www.marijuanamoment.net/marijuana-enforcement-is-a-perfect-example-of-racial-discrimination-biden-ag-pick-garland-says/">should not go after</a> those who are complying with laws in states that have legalized cannabis.</li></ul><h2>Science and research</h2><ul><li>A <a href="https://www.nber.org/papers/w28471">new report from the National Bureau of Economic Research</a> found that legalized <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> is associated with a decline in worker's compensation claims.</li><li>A <a href="https://www.globenewswire.com/news-release/2021/02/24/2181557/0/en/U-S-Legal-Cannabis-Water-Use-to-Almost-Double-by-2025.html">new report from the Resource Innovation Institute and Berkeley Cannabis Research Center in conjunction with New Frontier Data</a> found that illegal cannabis crops accounted for 83% of the overall industry's water use in 2020. The report's authors expect that to decline to 69% by 2025, but that the illicit market will be the primary driver of the industry's water use.</li></ul><h2>Earnings roundup</h2><ul><li>The Valens Company <a href="https://thevalenscompany.com/press-releases/the-valens-company-reports-financial-results-for-the-fourth-quarter-and-fiscal-year-ended-november-30-2020/">released its fiscal Q4 earnings</a> on Wednesday, reporting adjusted EBITDA of C$4.3 million for Q4.</li><li>Innovative Industrial Properties <a href="http://investors.innovativeindustrialproperties.com/press-releases/2021/02-24-2021-211642895">released its Q4 and full year 2020 results</a> on Wednesday, reporting $37.1 million in revenue for the quarter, and $21 million in net income.</li><li>Cronos released its <a href="https://ir.thecronosgroup.com/news-releases/news-release-details/cronos-group-reports-2020-fourth-quarter-and-full-year-results">2020 Q4 and full year results</a> on Friday, reporting an adjusted EBITDA loss of $53.1 million in Q4 and losses of $147.3 million for the year.</li><li>Next week EnWave, Indus, High Tide, and 48North will report earnings.</li></ul><h2>Chart of the week</h2>Cannabis software and media companies raised $518.8 million in 2020, according to Viridian Capital Advisors, more than double what they raised in 2019. Read <a href="https://www.businessinsider.com/investors-poured-57-million-into-cannabis-tech-startups-2020-9">our story about the cannabis tech boom</a> last year.<div type="image" title="Capital raises by cannabis software and media companies" height="652" width="1240" msid="81236574" hostid="261"></div><h2>What we're reading</h2><a href="https://www.forbes.com/sites/willyakowicz/2021/02/10/billionaire-beau-wrigley-says-his-cannabis-company-will-be-bigger-than-the-family-candy-business/?sh=43e8bd43451c">Billionaire Beau Wrigley Says His Cannabis Company Will Be Bigger Than The Family Candy Business</a> (Forbes)<a href="https://www.gothamgazette.com/opinion/10185-legalizing-marijuana-new-york-the-right-way">Opinion: Legalizing Marijuana The Right Way</a> (Gotham Gazette)<a href="https://www.bloomberg.com/news/articles/2021-02-21/teen-use-mental-health-spur-talk-of-pot-curbs-cannabis-weekly">Teen Use, Mental Health Spur Talk of Pot Curbs</a> (Bloomberg)<a href="https://www.foxbusiness.com/markets/powerful-house-dem-bought-cannabis-stocks-after-pushing-decriminalization">Powerful House Dem bought cannabis stocks after pushing decriminalization</a> (Fox Business)

New Jersey finally legalizes

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Wondering how AI can finally impact your life in a positive way? Here's a step-by-step guide to how you can easily (sort of) <a target="_blank" href="https://www.businessinsider.com/manage-school-calendar-pdf-with-ai-google-chatgpt-2024-8">add your kid's school calendar to your Google Calendar</a>.In today's big story, Big Tech wants in on OpenAI.What's on deck:<ul><li>Markets: A hedge fund just got one step closer to building <a target="_blank" href="https://www.businessinsider.com/hedge-fund-balyasny-analyst-research-generative-ai-2024-8">the AI equivalent of a senior analyst</a>.</li><li>Tech: Nvidia's growth trajectory is starting to mirror <a target="_blank" href="https://www.businessinsider.com/nvidia-growth-slowdown-apple-jensen-huang-ai-earnings-2024-8">another high-profile tech company</a>.</li><li>Business: MrBeast can't lawyer his way <a target="_blank" href="https://www.businessinsider.com/mrbeast-jimmy-donaldson-hiring-celebrity-lawyer-wont-help-reputation-experts-2024-8">through his current crisis</a>.</li></ul>But first, can I get in on that round too?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="6b55417b-9b93-4690-85a5-7a36518b5444">The big story</h3><h2 id="c137e301-d5ac-43d0-b98a-8002fa4e134a">Apple and Nvidia have OpenAI fever</h2><div type="image" title="Photo illustration of Apple with bite taken on top of OpenAI logo" height="900" width="1200" msid="112926381" hostid="261" sizebytes="56492"></div>Who isn't interested in investing in OpenAI?Two of the biggest tech companies in the world are reportedly looking to join the startup's newest funding round, which values it at more than $100 billion.The Wall Street Journal first reported <a target="_blank" rel="noopener" href="https://www.businessinsider.com/apple-microsoft-rivalry-deepens-with-openai-funding-round-talks-2024-8">Apple's interest in the round</a>, which was quickly followed just over an hour later by a Bloomberg story that <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-talks-invests-openai-microsoft-apple-100-billion-valuation-reports-2024-8">Nvidia, too, would like in on the action</a>.And let's not forget Microsoft. The longtime OpenAI backer, which has poured roughly $13 billion into the startup, is also reportedly involved in the latest round.The news comes a day after the initial report of the funding <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-100-billion-club-2024-8">being led by Josh Kushner's Thrive Capital</a> with a $1 billion investment. (It's been a busy month for Kushner, who also spent almost $30 million <a target="_blank" href="https://www.businessinsider.com/wave-house-harry-gesner-rod-stewart-malibu-homes-for-sale-2023-6">on a legendary Malibu beach house</a>.)It's not just money coming in. The WSJ also reported some OpenAI investors are looking to sell their shares.The reports show how tech's biggest players are picking sides and placing bets on the companies they view as the future in an AI ecosystem bound to consolidate.Apple already has ties to OpenAI with ChatGPT <a target="_blank" href="https://www.businessinsider.com/apple-wwdc-event-live-updates-keynote-announcements-2024-6">being incorporated into its products</a>. But it also seemed open to partnering with other players in the space. (In March, it was rumored to be <a target="_blank" href="https://www.businessinsider.com/google-apple-partnership-rumors-ai-industry-gemini-model-iphone-2024-3">mulling a deal with Google</a>.)Investing in OpenAI doesn't necessarily mean Apple can't work with other players. Microsoft is building its own AI model <a target="_blank" href="https://www.businessinsider.com/microsoft-training-ai-model-rivals-openais-gpt-4-2024-5">separate from OpenAI</a>. But an investment makes clear there is a financial incentive for Apple to see <a target="_blank" href="https://www.businessinsider.com/openai-competition-investor-anxiety-talent-retention-microsoft-meta-google-2024-8">OpenAI remain at the top</a>.<div type="image" title="Sam Altman photo illsutration." height="1480" width="2960" msid="112926374" hostid="261" sizebytes="133678"></div>The three biggest companies in the world want to invest in your company. What could possibly go wrong?Adding so much firepower to one's balance sheet is obviously good, but it's also bound to draw Washington's attention.Everyone is already on edge about <a target="_blank" href="https://www.businessinsider.com/california-assembly-passes-ai-safety-bill-artificial-intelligence-big-tech-2024-8">the threat of AI</a>. And OpenAI and <a target="_blank" href="https://www.businessinsider.com/openai-sam-altman-new-era-tech-villian-chatgpt-safety-2024-5">CEO Sam Altman</a> haven't done a great job of calming nerves. Add in the fact regulators have started <a target="_blank" href="https://www.businessinsider.com/google-monopoly-antitrust-ruling-should-make-apple-meta-amazon-nervous-2024-8">cracking down on Big Tech</a> for what they view as monopolistic tendencies, and you can see where this is going.A minority investment isn't the same as an outright acquisition, so there is some legal wiggle room. But investments like these will raise eyebrows as some lawmakers will likely want to avoid more consolidation of power.Meta, Amazon, Anthropic, and, most notably, Google <a target="_blank" href="https://www.businessinsider.com/ai-models-microsoft-openai-meta-google-2024-6">all remain in the AI race</a>. But Apple and Nvidia's interest in OpenAI makes clear it's time to start picking sides.<h3 id="431da80a-8d04-4aa8-b160-f32aa33f421a">News brief</h3><h2 id="e31c83d2-cf38-4460-a5b3-0440fd09e759">Top headlines</h2><ul><li>A Kroger exec reportedly testified that the supermarket giant <a target="_blank" href="https://www.businessinsider.com/kroger-milk-eggs-prices-increased-beyond-inflation-executive-testifies-report-2024-8">raised prices of milk and eggs beyond inflation costs</a>.</li><li>Nvidia is in for a fight to <a target="_blank" href="https://www.businessinsider.com/groq-cerebras-challenge-nvidia-booming-ai-inference-market-2024-8">maintain dominance in this area of AI computing</a> as the field crowds with contenders.</li><li>Tyson's finance chief is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/john-tyson-heir-cfo-replaced-suspended-chief-financial-officer-2024-8">out of the job</a>. The Tyson heir got the gig at 32, making him the youngest Fortune 500 CFO.</li><li>A top CIA official said Taylor Swift's Austria concert was targeted by people who plotted to <a target="_blank" href="https://www.businessinsider.com/cia-taylor-swift-thousands-of-fans-in-danger-austria-concert-2024-8">kill 'tens of thousands'</a> in a terror attack.</li><li>Putin and Kim Jong Un's new alliance is <a target="_blank" href="https://www.businessinsider.com/russia-alliance-north-korea-proving-to-be-a-win-win-2024-8">proving to be a win-win</a>.</li><li>Signal president says she spent 2 sleepless days <a target="_blank" href="https://www.businessinsider.com/signal-security-concerns-elon-musk-meredith-whittaker-2024-8">dealing with the fallout of Elon Musk's criticism</a>.</li></ul><h2 id="738dac66-7143-40a3-a4bc-ebf4318b9fcf">3 things in markets</h2><div type="image" title="Image of trader crying" height="1374" width="2000" msid="112926384" hostid="261" sizebytes="130622"></div><ol><li>Everyone's favorite high-rate environment trade is about to end. The "T-bill and chill" trade was the go-to bet for investors looking to cash in on high interest rates. A looming rate cut will diminish those returns, but JPMorgan <a target="_blank" href="https://markets.businessinsider.com/news/bonds/fed-rate-cuts-treasury-bond-yields-money-market-outlook-jpmorgan-2024-8">has some ideas on how to reposition your portfolio</a>.</li><li>Speaking of trades that won't last… The small-cap stocks rally — fueled by future rate cuts, rotation out of Big Tech, and a potential soft landing — could be winding down. If the US economy continues to cool, <a target="_blank" href="https://www.businessinsider.com/small-cap-rally-where-to-invest-quality-stocks-cooling-economy-2024-8">the sector will likely start underperforming</a>.</li><li>Balyasny dreams of AI analysts. The hedge fund wants to build an AI equivalent of a senior analyst. Thanks to <a target="_blank" href="https://www.businessinsider.com/hedge-fund-balyasny-analyst-research-generative-ai-2024-8">a recent breakthrough</a> by its Applied AI team, it's one step closer to that goal. A new tool can scan tens of thousands of documents and provide detailed reports in a fraction of the time it would take a human researcher.</li></ol><h2 id="3d1ff5a6-4887-4e2b-a2d0-cc75d3ce82e5">3 things in tech</h2><div type="image" title="Jensen Huang" height="975" width="1300" msid="112926378" hostid="261" sizebytes="80972"></div><ol><li>Nvidia is extraordinary, but it isn't otherworldly. The chipmaker's stock dipped on Wednesday after it reported earnings, despite blowing past expectations for Q2. Although Nvidia is still growing, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-q2-earnings-results-nvda-outlook-jensen-huang-2024-8">it can't keep pace with investors' loftiest dreams</a>. Its growth is starting to look more <a target="_blank" href="https://www.businessinsider.com/nvidia-growth-slowdown-apple-jensen-huang-ai-earnings-2024-8">like another notable tech company's</a> — but Wall Street <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-buy-q2-earnings-decline-wall-street-2024-8">still thinks it's a good time to buy</a>.</li><li>When will ServiceTitan go public? The startup, which makes software for service workers like plumbers and electricians, filed confidential paperwork to go public in 2022. Now, execs are waiting until after the election to make any decisions. <a target="_blank" href="https://www.businessinsider.com/servicetitan-waiting-until-after-the-election-to-go-public-2024-8">The move could push its IPO into 2025</a>.</li><li>Wait, Apple has a sports app? Launched in February, the Apple Sports app has yet to garner a meaningful following. And while it just announced some new features, the <a target="_blank" href="https://www.businessinsider.com/apple-sports-app-mystery-eddy-cue-limited-scores-2024-8">actual purpose of Apple Sports still remains murky</a>.</li></ol><h2 id="9baed1f1-1f1a-4e58-a0b8-f27f73536b54">3 things in business</h2><div type="image" title="Kamala with a hard hat on, smiling." height="898" width="1198" msid="112926376" hostid="261" sizebytes="85718"></div><ol><li>Thanks to Kamala Harris, it's YIMBYs' time to shine. Pro-housing advocates, known as the "yes-in-my-backyard" or "YIMBY" camp, are having a moment thanks to the Democratic Party's sudden shift in policy. A quickly organized group, YIMBYs for Harris, <a target="_blank" href="https://www.businessinsider.com/yimbys-harris-housing-policy-walz-lower-home-prices-affordability-2024-8">raised more than $100,000</a> at a virtual fundraiser.</li><li>Dollar General just showed how bad things are for budget-conscious shoppers. The store's stock plummeted 30% after reporting worse-than-expected Q2 results. It warned that its <a target="_blank" href="https://www.businessinsider.com/dollar-general-shows-how-bad-economy-is-for-some-shoppers-2024-8">low-income shoppers have pulled back their spending</a> — and that it could get even worse.</li><li>MrBeast's PR crisis won't be solved in court. Jimmy Donaldson, the YouTuber known as MrBeast, is in hot water over a string of controversies regarding his associates and the conditions on his gameshow. He's hired a super lawyer to muscle through it — but PR experts say that won't help him win back fans. <a target="_blank" href="https://www.businessinsider.com/mrbeast-jimmy-donaldson-hiring-celebrity-lawyer-wont-help-reputation-experts-2024-8">Here's what they think he should do instead</a>.</li></ol><h2 id="f86efd3c-9c8f-4c5d-a900-e375f9842255">In other news</h2><ul><li>Sleep in this weekend — <a target="_blank" href="https://www.businessinsider.com/sleep-in-longer-healthier-life-according-to-science-2024-8">it may help you live longer and avoid heart disease</a>.</li><li>I was scammed out of $300K in a <a target="_blank" href="https://www.businessinsider.com/scammed-out-of-family-savings-in-three-months-painful-2024-8">3-month government impersonation scam</a>.</li><li>A nutrition coach to elite athletes helps clients boost their longevity. <a target="_blank" href="https://www.businessinsider.com/how-elite-athlete-nutrition-coach-clients-boost-longevity-2024-8">He focuses on 3 key things</a>.</li><li>First, he banned WFH. Now, this billionaire wants to stop <a target="_blank" href="https://www.businessinsider.com/billionaire-banned-working-from-home-wants-to-stop-coffee-runs-2024-8">his staff from going on coffee runs</a>.</li></ul><h2 id="b44deeea-8079-4891-b6fc-d69e0ae01f5b">What's happening today</h2><ul><li>Telluride Film Festival begins in Colorado.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Apple considers investing in OpenAI, joining rival Microsoft in AI race

<ul class="summary-list"><li><keyword id="12055629" type="UNKNOWN" weightage="60" keywordseo="microstrategy" source="Orion">MicroStrategy</keyword> continued its buying spree by purchasing another 660 bitcoins for roughly $25 million.</li><li>The firm now has 125,051 bitcoins as of January 31, acquired for around $3.78 billion.</li><li>Despite <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>'s price slump, CEO <keyword id="11939144" type="UNKNOWN" weightage="60" keywordseo="michael-saylor" source="Orion">Michael Saylor</keyword> has said his firm will continue to hold its crypto assets.</li></ul><a href="https://markets.businessinsider.com/stocks/mstr-stock?utm_medium=ingest&amp;utm_source=markets">MicroStrategy</a> is continuing its bitcoin buying spree.CEO and bitcoin proponent Michael Saylor <a href="https://www.microstrategy.com/en/investor-relations/financial-documents/microstrategy-acquires-additional-660-bitcoins_2-1-2022">announced</a> via Twitter on Tuesday that his enterprise software company purchased another 660 bitcoins for roughly $25 million in cash at an average price of $37,865 per coin, inclusive of fees and expenses.The latest purchase boosts MicroStrategy's holdings to 125,051 bitcoins, acquired for around $3.78 billion at an aggregate purchase price of $30,200 per coin. MicroStrategy purchased the additional bitcoins between December 30 and January 31, according to the company's <a href="https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/financial-document-archive/form-8-k-2-1-2022.pdf">filing</a> with the Securities and Exchange Commission. It follows the acquisition of 1,914 bitcoins in <a href="https://markets.businessinsider.com/news/currencies/microstrategy-94-million-bitcoin-1914-cryptocurrency-michael-saylor-mstr-markets-2021-12">December</a>. <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> in January had its worst month to start the year since its 2018 <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-winter-crash-slump-interest-rates-regulation-ubs-2022-1">crypto winter</a>. The asset lost 18% for the month to trade around the $38,000, well below its nearly $69,000 all-time high in November 2021.Still, bitcoin and the broader cryptocurrency market's wild ride at the start of 2022 did not deter Saylor, a <a href="https://www.businessinsider.com/inside-michael-saylor-second-act-worlds-biggest-bitcoin-bull-2021-9?utm_medium=ingest&amp;utm_source=markets">noted bitcoin bull</a>, from buying the crypto asset, even in the face of an extended <a href="https://www.businessinsider.com/what-is-a-bear-market?utm_medium=ingest&amp;utm_source=markets">bear market</a>."Never. No. We're not sellers," he told Bloomberg in an <a href="https://www.bloomberg.com/news/videos/2022-01-20/studio-1-0-microstrategy-chairman-ceo-michael-saylor-video">interview</a> on January 20. "We're only acquiring and holding bitcoin, right? That's our strategy."MicroStrategy CFO Phong Le recently <a href="https://markets.businessinsider.com/news/currencies/microstrategy-keep-buying-bitcoin-despite-crypto-rout-bitcoin-bonds-2022-1">told Insider</a> that the company is even considering other ways to invest in bitcoin, like bitcoin-backed bonds, though he declined to name which ones.Thus far, the Tysons Corner, Virginia-based firm has taken on billions in debt to buy up thousands of bitcoins.Recently, the SEC has asked the company to <a href="https://www.sec.gov/Archives/edgar/data/0001050446/000000000021014605/filename1.pdf">revise</a> its crypto accounting practices, which means MicroStrategy can't strip out bitcoin's price swings from its unofficial non-GAAP accounting measures it presents to investors.

MicroStrategy just bought 660 more bitcoins, boosting its stake to $3.78 billion

<ul class="summary-list"><li><keyword id="12055629" type="UNKNOWN" weightage="60" keywordseo="microstrategy" source="Orion">MicroStrategy</keyword> posted a $146.6 million <keyword id="13089811" type="UNKNOWN" weightage="60" keywordseo="impairment-charge" source="Orion">impairment charge</keyword> for its <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> holdings for the fourth quarter of 2021.</li><li> This resulted in a net loss for the enterprise software company.</li><li>An impairment charge represents a drastic depreciation in the value of a specific asset on the balance sheet. </li></ul><a href="https://markets.businessinsider.com/stocks/mstr-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">MicroStrategy</a> posted a $146.6 million impairment charge related to its bitcoin holdings for the fourth quarter of 2021, rising six-fold compared to the same period last year and resulting in a net loss for the enterprise software company.This loss contributed to the company's operating expenses, which jumped by 125% to $248 million in the fourth quarter compared to the same period last year, based on the company's <a href="https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/events-presentations/Q4-2021_microstrategy-earnings-presentation.pdf">latest earnings statement</a> Tuesday.An impairment charge represents a drop in the carrying value of a specific asset on a firm's balance sheet.In MicroStrategy's case, the non-cash digital asset impairment charge reflected the slide in bitcoin's current price compared to its value when it was purchased. <a href="https://www.accountingtools.com/articles/2017/5/10/impairment-loss">Under applicable accounting principles</a>, if an asset's value falls below its purchase price, the difference could be written off. This practice is typically confined to high-cost assets.For the year, the Tysons Corner, Virginia-based firm saw its digital asset impairment losses amount to $831 million compared to $71 million in 2020.Cumulatively, the firm has seen around $901 million in impairment charges on its bitcoin holdings since it began acquiring the asset in August 2020.As of December 31, MicroStrategy <a href="https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/events-presentations/Q4-2021_microstrategy-earnings-presentation.pdf">reported</a> holding 124,391 bitcoin at an aggregate cost of $3.8 billion, carrying a value of $2.9 billion.This does not include the 660 bitcoins the firm bought on Tuesday for roughly $25 million in cash at an average price of $37,865 per coin. In total, MicroStrategy holds 125,051 bitcoins.According to <a href="https://www.bloomberg.com/news/articles/2022-02-01/microstrategy-posts-loss-after-taking-bitcoin-impairment-charge">Bloomberg data</a>, MicroStrategy has taken impairment charges in each of the six quarters since it began acquiring bitcoin. In five of those quarters, the firm was unprofitable. Before the firm added bitcoin to its balance sheet, it was profitable eight out of the nine quarters.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> in January had its worst month to start the year since its 2018 <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-winter-crash-slump-interest-rates-regulation-ubs-2022-1?utm_medium=ingest&amp;utm_source=markets">crypto winter</a>. The asset lost 18% for the month to trade around $38,000, well below its nearly $69,000 all-time high in November 2021.Recently, the Securities and Exchange Commission has asked the company to <a href="https://www.sec.gov/Archives/edgar/data/0001050446/000000000021014605/filename1.pdf">revise</a> its <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> accounting practices, which means MicroStrategy can't strip out bitcoin's price swings from its unofficial non-GAAP accounting measures it presents to investors. MicroStrategy's CFO Phong Le during the <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.fool.com%2Fearnings%2Fcall-transcripts%2F2022%2F02%2F02%2Fmicrostrategy-mstr-q4-2021-earnings-call-transcrip%2F">Tuesday earnings call</a> said he agrees with the agency "that on a going-forward basis, any non-GAAP financial measures we may present in future filings should retain the impact from bitcoin impairment losses."He added that the change in the presentation of MicroStrategy's non-GAAP financial measures does not impact its strategy, operations or GAAP financial statements, or previous SEC filings. "Our noncash bitcoin impairment charges will remain subject to market volatility of bitcoin prices," Le <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.fool.com%2Fearnings%2Fcall-transcripts%2F2022%2F02%2F02%2Fmicrostrategy-mstr-q4-2021-earnings-call-transcrip%2F">said</a>. "Given the significant drop in the market price of bitcoin in January 2022, we will recognize significant impairment charges again in the first quarter of 2022."

MicroStrategy reported a $146 million impairment charge related to its bitcoin holdings in the 4th quarter

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP/Scott SadyTrucking became more expensive at certain points this year&#xa0;than ever previously recorded.</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/amazon">Amazon Prime</a>, General Mills, and Tyson Foods said they increased prices in 2018 due to <a href="https://www.businessinsider.com/truck-driver-shortage-staffing-industry-problems-2018-9">bottlenecks in trucking</a>.</li><li>2019 will bring more price hikes from companies like <a href="https://www.businessinsider.com/category/proctor-gamble" target="_blank" rel="noopener">Proctor &amp; Gamble</a> and <a href="https://www.businessinsider.com/category/hersheys" target="_blank" rel="noopener">Hershey's</a>.</li><li><a href="https://www.businessinsider.com/category/freight" target="_blank" rel="noopener">Freight</a> rates have seen <a href="https://www.businessinsider.com/trucking-shortage-eld-mandate-cdl-truck-driver-salary-2018-6">record jumps</a> in 2018, and they'll likely continue to climb in 2019. </li></ul> It's a given that the stores and restaurants we visit in the US usually have the goods we're looking for. That's thanks largely to the worldwide <a href="https://www.businesswire.com/news/home/20180202005522/en/Global-Truck-Transportation-Market-2018---Truck">$1.45 trillion logistics industry</a> that makes sure finished products arrive on store shelves or on our doorsteps. This year brought unexpected challenges to the logistics industry, particularly in trucking, which <a href="https://www.trucking.org/News_and_Information_Reports.aspx">moves 71% of the freight in the US</a>. Truck drivers have been <a href="https://www.businessinsider.com/trucking-shortage-eld-mandate-cdl-truck-driver-salary-2018-6">in short supply</a>. Trucks themselves were on a <a href="https://www.businessinsider.com/trucking-equipment-backlog-2018-9">months-long backlog</a>. And that was all matched by a much more <a href="https://www.businessinsider.com/us-gdp-q2-2018-advance-first-estimate-2018-7">vibrant domestic economy</a> in which Americans were simply ordering more stuff."It's taken for granted that the system will function effectively and efficiently, and in most cases it does," Don Ake, vice president at freight-equipment research group FTR, told Business Insider. "But it got overrun in 2018," Ake added.And, as a result, trucking became more expensive at certain points this year <a href="https://www.businessinsider.com/trucking-equipment-backlog-2018-9">than ever recorded</a>.<div class="KonaFilter image-container display-table"><div><div class="image on-image">DAT Solutions; Andy Kiersz/Business Insider</div></div></div>The jumps in freight rates are record-breaking, Ake said. He forecasted that, by the end of the year, 2018 rates will be 13% higher than 2017 rates."If freights are up 13%, then the cost for shippers would be up that amount," Ake told Business Insider. "That's a 13% increase in your <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">transportation</keyword> costs. That's significant enough that companies are going to pass some of that increase on to customers."Read more: <a href="https://www.businessinsider.com/trucking-equipment-backlog-2018-9">The trucking industry is growing so fast that truck manufacturers are 'struggling' to keep up with new orders</a>Some companies did make their goods more expensive, and others plan to add further price increases in 2019. Food and beverage companies have been among the most affected."If retailers want to keep goods on schedule, they either have to be buying premium transportation or they have to wait longer," Mark Montague, senior industry pricing analyst at DAT Solutions, <a href="https://www.businessinsider.com/truck-driver-shortage-slowing-amazon-orders-increasing-retail-prices-2018-5">previously told</a> Business Insider.<h2>Consumer goods are getting more expensive</h2>Hugh F. Johnston, PepsiCo vice chairman, executive VP and CFO, <a href="http://www.pepsico.com/docs/album/q3-2018/q3_2018_pep_transcript_6bhxdq4fnwczpub8.pdf">said</a> price increases in the company's offerings were due in part to transportation costs - particularly products in the beverage division, like Pepsi, Aquafina, and Gatorade. <a href="http://www.pepsico.com/docs/album/q3-2018/q3_2018_pep_transcript_6bhxdq4fnwczpub8.pdf">In a call to investors</a>, Johnston noted that "...beverages [have] been more exposed to the driver shortage and the impact in terms of transport cost... And there is some <a href="https://www.businessinsider.com/trucking-shortage-eld-mandate-cdl-truck-driver-salary-2018-6">wage inflation</a> in the driver pool as well."<a href="https://www.businessinsider.com/category/mondelez">Mondelez</a>, the producer of Oreos, Chips Ahoy!, Nabisco, and other consumer goods, said in <a href="https://seekingalpha.com/article/4215663-mondelez-international-inc-mdlz-ceo-dirk-van-de-put-q3-2018-results-earnings-call-transcript?part=single">an October earnings call</a> that they will raise the price of products "across the line" for the same reasons. Hershey's will also <a href="https://www.cnn.com/2018/10/25/business/hershey-chocolate-price-increase/index.html">increase chocolate prices</a> next year as transportation becomes more expensive, and executives noted that 2018's tight transportation market isn't set to make big improvements next year. Coca-Cola <a href="https://www.cnbc.com/2018/10/30/coke-earnings-q3-2018.html">upped its prices</a> due to transport costs, as well. <div class="KonaFilter image-container display-table"><div><div class="image on-image">rCarner/ShutterstockTrucking companies are paying truckers more to attract more folks to the industry. That's part of the reason your goods are getting pricier.</div></div></div>Procter &amp; Gamble <a href="https://www.bizjournals.com/cincinnati/news/2018/10/19/p-g-to-increase-prices-on-more-products.html">will up costs in 2019</a> as well. Dish soap, toothpaste and other oral care products, and personal care offerings like deodorants, will see a price hike in early 2019. "(T)he transportation market, particularly in the U.S., has presented us with some challenges as the year progressed," Jon Moeller, Procter &amp; Gamble CFO, <a href="https://seekingalpha.com/article/4192564-procter-and-gamble-pg-q4-2018-results-earnings-call-transcript?part=single">said</a> in a July earnings call.<a href="https://www.businessinsider.com/truck-driver-shortage-slowing-amazon-orders-increasing-retail-prices-2018-5">Earlier this year,</a> General Mills, Hormel Foods, and Tyson Foods all said they would increase prices because of trucking bottlenecks. As Business Insider previously reported, Amazon <a href="https://www.businessinsider.com/amazon-increasing-prime-membership-to-119-a-year-2018-4">increased the cost</a> of its Prime membership by 20% in April, partially because of <a href="https://www.businessinsider.com/america-truck-driver-shortage-impact-on-companies-2018-5">increased shipping costs</a>. What's more, these aren't likely to be the last price increases we will see. Truck manufacturers are still catching up to new truck orders - and the driver shortage is still significant. "In 2019, we will start overrun, and we will be scrambling to catch up," Ake said.Have you noticed an interesting trend in logistics that no one is talking about? Contact the author at <a href="mailto:rpremack@businessinsider.com">rpremack@businessinsider.com</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/so-much-co2-planting-trees-cant-save-us-2017-5">There's so much CO2 in the atmosphere that planting trees can no longer save us</a></h3> <div> </div> </div>

Household staples from Hershey's chocolate to Crest toothpaste will get more expensive next year, and executives are partially blaming the 'overrun' trucking industry

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Scott Olson/GettySo many deliveries, so few truck drivers.</div></div></div><ul><li style="font-weight: 400;">Thanks to the US <a href="http://www.businessinsider.com/category/truck-driver">truck driver</a> shortage, it's taking longer than ever for <a href="http://www.businessinsider.com/category/retailers">retailers</a> to ship by <a href="http://www.businessinsider.com/category/trucking">truck</a>. </li><li style="font-weight: 400;">It cost retailers up to 30% more to <a href="http://www.businessinsider.com/category/shipping">ship goods</a> in April than it did last year.</li><li style="font-weight: 400;">Certain brands are passing these costs and delays along to consumers.</li></ul> There's a reason your Amazon orders are <a href="http://www.businessinsider.com/amazon-prime-two-day-shipping-guarantee-confusion-2018-5">taking longer to arrive</a> and retailers are charging you more for your usual selections.There's a critical shortage of truck drivers in the US right now, and it's only getting worse.The US was short some 36,500 drivers in 2016, according to a <a href="http://progressive1.acs.playstream.com/truckline/progressive/ATAs%20Driver%20Shortage%20Report%202017.pdf">2017 report</a> by the American Trucking Association (ATA). The shortage was projected to bloom to 174,000 by 2026 if current trends hold, according to the report. Nearly 900,000 drivers will need to be hired in the next decade in order to keep up with demand, according to <a href="http://progressive1.acs.playstream.com/truckline/progressive/ATAs%20Driver%20Shortage%20Report%202017.pdf">the ATA report</a>.As a result, the cost for retailers to <a href="http://www.businessinsider.com/category/shipping">move goods</a> is "among the highest rates we've ever seen," Mark Montague, senior industry pricing analyst at DAT Solutions, told Business Insider.It cost retailers up to 30% more to ship something via truck in April than it did last year, according to DAT. Amazon's own shipping costs <a href="https://www.businesswire.com/news/home/20180426006732/en/Amazon.com-Announces-Quarter-Sales-43-51.0-Billion">jumped by 38%</a> year-over-year in the first quarter of 2018, though its sales increased by only 18%."If retailers want to keep goods on schedule, they either have to be buying premium transportation or they have to wait longer," Montague told Business Insider.Amazon cited those increased shipping costs as the reason for <a href="http://www.businessinsider.com/amazon-increasing-prime-membership-to-119-a-year-2018-4">boosting the price</a> of a Prime membership in April, Business Insider's <a href="http://www.businessinsider.com/america-truck-driver-shortage-impact-on-companies-2018-5">Akin Oyedele reported</a>. "The value of Prime to customers has never been greater," Brian Olsavsky, CFO of Amazon, said in a quarterly earnings call. "And the cost is also high, as we pointed out especially with shipping options and digital benefits, we continue to see rises in costs."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Business Insider/Andy Kiersz, data from DAT Solutions</div></div></div><h2>An undesired job </h2>Truck drivers earn an average of $23.99 an hour, according to the <a href="https://www.bls.gov/iag/tgs/iag484.htm">Bureau of Labor Statistics</a>. And the job can <a href="http://www.jobs.net/Article/CB-110-Talent-Network-Transpt-Logistics-8-Facts-About-the-Truck-Driver-Way-of-Life/">be demanding</a>. Drivers are alone for most of the day, can be expected to work as many as 70 hours a week, and live away from home for weeks. "I don't have a personal life," Wayne McLaurin, a 46-year-old truck driver from St. Louis, told The New York Times. "I don't have a girlfriend. And it sucks, it really does. I think about that. When I was a little younger, I always had a relationship. Now doing this, I'm like, why? I realize I'm never in one place at one time."As the economy improves, many would-be truck drivers have pursued jobs in construction or energy, Montague said. Those jobs pay more than truck driving from the get-go, while allowing workers to live at home. The tight labor market has also given rise to a shortage <a href="http://www.businessinsider.com/mcdonalds-taco-bell-fast-food-turnover-technology-2018-4">in fast food</a> - another industry that's low pay and not highly-desired.<h2>Companies across the board have been affected by the truck driver shortage</h2>It isn't just Amazon that's reckoning with the truck driver shortage. Trucking is how most of the goods in the US get to your grocery store, convenience store, and everywhere else you buy things. <a href="http://www.trucking.org/News_and_Information_Reports_Industry_Data.aspx">By revenue,</a> trucks move 82% of the freight in the US.As a result, many retailers are either boosting their prices or having to delay shipments.Manufacturers like oil driller Halliburton, paint maker PPG Industries, and paper producer International Paper Co. are all reporting bottlenecks at trucking, <a href="http://www.businessinsider.com/america-truck-driver-shortage-impact-on-companies-2018-5">Oyedele reported</a>. Coca-Cola, toy maker Hasbro, Procter &amp; Gamble, and Nestlé also reported that their freight costs are increasing, The Wall Street Journal <a href="https://www.wsj.com/articles/freight-costs-weighing-on-earnings-at-consumer-goods-makers-1524598811">reported last month</a>. Many food manufacturers plan to pass the cost onto customers.General Mills, the owner of brands like Häagen-Dazs, and Betty Crocker told MarketWatch in March that they will raising prices on some cereals and snacks to <a href="https://www.marketwatch.com/story/general-mills-to-raise-food-prices-to-offset-costs-2018-03-21">offset high shipping costs</a>.Hormel Foods, which owns Skippy, Muscle Milk, and other food brands, also said they may need to raise prices, Reuters reported <a href="https://www.reuters.com/article/us-usa-freight-transportation-insight/corporate-americas-new-dilemma-raising-prices-to-cover-higher-transport-costs-idUSKCN1GA0DS">in February</a>.Tyson Foods, the largest meat company in the US by revenue, will need to spend an additional $250 million for shipping this year, Chief Executive Tom Hayes said on a conference call earlier in May, a cost that will be passed on to consumers. "Product prices must reflect the true cost because we cannot subsidize the increased freight," Hayes said. Are you a truck driver with a story about the industry? Email the author at <a href="mailto:rpremack@businessinsider.com">rpremack@businessinsider.com</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tyra-banks-how-to-ask-for-a-raise-2018-4">Tyra Banks on how to ask for a raise</a></h3> <div> </div> </div>

You Searched For "Tyson CFO" and got 12 results

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MicroStrategy just bought 660 more bitcoins, boosting its stake to $3.78 billion

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Household staples from Hershey's chocolate to Crest toothpaste will get more expensive next year, and executives are partially blaming the 'overrun' trucking industry

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