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<ul class="summary-list"><li>Peter Thiel-backed <keyword id="10864270" type="UNKNOWN" weightage="60" keywordseo="atai-life-sciences">Atai Life Sciences</keyword> is planning to raise $100 million in an initial public offering.</li><li>The clinical-stage biopharmaceutical company has raised $362 million from private investors so far, SEC filings show. </li><li>Atai partners with companies that research the use of psychedelic compounds to treat mental health conditions.</li></ul>Health start-up Atai Life Sciences is planning to raise $100 million in an initial public offering, according to<a href="https://www.sec.gov/Archives/edgar/data/1840904/000119312521123009/d39052ds1.htm"> filings</a> submitted to the US Securities and Exchange Commission on Tuesday.The clinical-stage biopharmaceutical company that's <a href="https://www.businessinsider.com/peter-thiel-magic-mushroom-psychedelics-mental-health-atai-life-sciences-2021-3">backed by billionaire investor Peter Thiel</a> has raised an aggregate of $362 million from private investors so far, the filings show. Atai describes itself as a drug development platform that aims to incubate, acquire, and invest in companies that advance mental health disorder treatments. Some of the companies that Atai currently partners with use psychedelic compounds to develop drugs. Atai said it currently has 10 therapeutic programs, including five psychedelic compounds, in its pipeline, and six enabling technologies in development. None of Atai's drugs have been formally approved by regulators but one of the companies has initiated a Phase 2 trial in the US. <a href="https://www.cnbc.com/2020/11/23/peter-thiel-backs-psychedelics-startup-atai.html">CNBC reported</a> that <keyword id="380555" type="PERSON" weightage="60" keywordseo="Peter-Thiel">Peter Thiel</keyword> invested $12 million in Atai's Series C round through his venture firm, Thiel Capital, in November. <a href="https://www.businessinsider.com/kevin-oleary-investing-why-betting-big-psychedelics-medicine-2020-11">Investor interest in psychedelics</a> has grown as recent <a href="https://www.businessinsider.com/magic-mushrooms-depression-treatment-ssri-alternative-2019-2?utm_source=markets&amp;utm_medium=ingestgest">small studies</a> show that psychedelic compounds, such as psilocybin, when administered in a clinical setting, have the potential to reduce symptoms of anxiety, <a href="https://www.eurekalert.org/pub_releases/2020-11/jhm-ptw110320.php">depression</a>, addiction, and post-traumatic stress disorder.In November 2020, Oregon became the first US state to <a href="https://www.businessinsider.com/oregon-measure-109-live-vote-count-results-2020?utm_source=markets&amp;utm_medium=ingestgest">legalize psilocybin</a> for therapeutic uses.Atai is planning to list on the Nasdaq exchange but a date for the IPO has not been set. Credit Suisse, Citigroup, Cowen, and Berenberg are among the underwriters for the IPO. In the filings, Atai noted a risk associated with its business is that it has never generated revenue and may never be profitable. It also said it cannot give any assurance that any of the product candidates will receive regulatory approval, a necessary step before commercialization.

Peter Thiel-backed psychedelics company plans to raise $100 million in an IPO

<ul class="summary-list"><li><keyword id="10864270" type="UNKNOWN" weightage="60" keywordseo="atai-life-sciences">Atai Life Sciences</keyword> works on the development of psychedelic and other drugs to treat mental illness.</li><li>The firm, which counts <keyword id="380555" type="PERSON" weightage="60" keywordseo="Peter-Thiel">Peter Thiel</keyword> as an investor, is looking at going public later this year, Reuters reported.</li></ul>Atai Life Sciences, a psychedelic company backed by billionaire investor Peter Thiel, is eyeing a potential public stock listing as soon as this Spring, reports say.The biotech company on Wednesday <a href="https://www.prnewswire.com/news-releases/atai-life-sciences-announces-the-closing-of-its-157-million-series-d-financing-round-301239612.html">announced</a> that it had raised a $157 million funding round from existing and new investors. Since it was founded in 2018, Atai has raised $367 million from 35 investors, according to <a href="https://pitchbook.com/profiles/company/233728-12#overview">PitchBook data.</a>The company develops "psychedelic and non-psychedelic compounds for various mental health indications," including depression and anxiety, according to the press release. Its mission has attracted some big-money investors, including <a href="https://www.businessinsider.com/peter-thiel-facebook-trump-biography-2018-2">Peter Thiel's</a> Thiel Capital.Thiel, a billionaire venture capitalist who famously-and lucratively-made a ground-floor investment in Facebook's early days, saw his firm Palantir go public last year. The firm is now worth nearly $45 billion. <a href="https://www.cnbc.com/2020/11/23/peter-thiel-backs-psychedelics-startup-atai.html">CNBC reported</a> that Thiel invested in the firm's Series C round through Thiel Capital, at a value of $12 million.Florian Branch, Atai's CEO, vocally supports the use of psychedelic compounds. The funding raised from the Series D round, the company said, will focus on developing the drug pipeline. <a href="https://finance.yahoo.com/news/1-berlin-psychedelics-startup-atai-143041780.html">Reuters reported Wednesday</a> that a company source told the <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> wire that Atai was eyeing a public offering as early as May of 2021. Reuters also reported that the Series D round resulted in a valuation of $2 billion for the startup. Bloomberg <a href="https://www.bloomberg.com/news/articles/2021-03-03/thiel-backed-magic-mushroom-firm-atai-hits-2-billion-valuation?sref=LspfQlRv">also reported</a> the valutation number. In February, <a href="https://investingnews.com/daily/life-science-investing/psychedelics-investing/psychedelics-sentiment-strong-new-year/">InvestingNews.com spoke to</a> an executive from atai as well as leaders at another <keyword id="2874738" type="PERSON" weightage="60" keywordseo="Psychedelics">psychedelics</keyword> startup, Field Trip Health. The Field Trip Health CEO, Ronan Levy, told the site that demand for investments in psychedelics and psychedelic research is "pretty palpable."

A magic mushroom firm backed by Peter Thiel is now worth $2 billion and reportedly eyeing an IPO

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 readers,Since we're off for Thanksgiving, we're sending your favorite cannabis newsletter a little early this week. This week, we listened in on a few earnings calls and talked to <keyword id="2874738" type="PERSON" weightage="60" keywordseo="Psychedelics">psychedelics</keyword> company ATAI's CEO Florian Brand about the company's <a href="https://www.businessinsider.com/atai-ceo-florian-brand-latest-125-million-financial-c-raise-2020-11">latest $125 million funding round </a>— the largest funding round to date in the emerging psychedelics space. Brand told us what it was like raising in the midst of the pandemic as well as <a href="https://www.businessinsider.com/atai-ceo-florian-brand-latest-125-million-financial-c-raise-2020-11">what he plans to do</a> with the fresh capital. We've also compiled lists of the top power players to watch in <a href="https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11">New Jersey</a> and <a href="https://www.businessinsider.com/power-players-people-to-know-arizona-legal-cannabis-market-2020-11">Arizona's</a> newly legalized adult-use markets.Hope everyone has an excellent and safe Thanksgiving!-Jeremy &amp; YejiHere's what we wrote about this week:<h3><a href="https://www.businessinsider.com/atai-ceo-florian-brand-latest-125-million-financial-c-raise-2020-11">A major psychedelics company just landed a record sum of cash from VCs. The CEO told us how he raised the mega-round and why it's a sign psychedelics are going mainstream.</a></h3>ATAI Life Sciences talked to Business Insider after closing its record $125 million funding round. The amount tops Compass' $80 million round, which closed earlier this year before the London-based company went public.ATAI CEO Florian Brand told Business Insider that the company is focusing the funds on three main areas: ongoing clinical trials for psychedelics medications, adding more companies and therapies to "the ATAI ecosystem," and developing digital tools that will benefit current programs.<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>Meet the 13 power players, from lawmakers to executives, shaping the future of New Jersey's cannabis industry. According to estimates, the state could be a $1 billion market in the next few years — and not to mention, a draw for consumers in New York City and Philadelphia.<h3><a href="https://www.businessinsider.com/power-players-people-to-know-arizona-legal-cannabis-market-2020-11">Meet the top 11 power players shaping Arizona's new market for recreational marijuana, including executives, advocates, and regulators</a></h3>Arizona's newly legalized adult-use market could reach $790 million in annual sales by 2024, according to <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">Marijuana</keyword> Business Daily. In this space, there are key names to watch as legal sales begin to roll out in the state. From company executives to attorneys to regulators to advocates, here are some of the top people to keep your eye on.<h2> Earnings roundup</h2>A few earnings this week ahead of the long weekend. Here are the highlights:<ul><li><a href="https://irdirect.net/prviewer/release_only/id/4542682">Planet 13</a> reported revenue of $22.8 million and an adjusted EBITDA of $6.2 million, marking a comeback for the company after a tough few months because of COVID restrictions on tourism.</li><li><a href="https://www.globenewswire.com/news-release/2020/11/24/2132719/0/en/Jushi-Holdings-Inc-Reports-Third-Quarter-2020-Financial-Results.html">Jushi Holdings</a> reported a net loss of $30 million on $24.9 million of revenue, a 67% increase sequentially for Q3.</li><li><a href="https://www.newswire.ca/news-releases/flower-one-announces-preliminary-q3-2020-revenue-of-11-5-million-exceeding-guidance-for-the-quarter-855215631.html#:~:text=Flower%20One%20Holdings%20Inc.&amp;text=(the%20%22Company%22)%20(,%249.8%20million%20and%20%2410.8%20million.ion.">Flower One</a> reported preliminary Q3 revenues of $11.5 million.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Cannabis SPAC (special purpose acquisition company) <a href="https://www.businessinsider.com/jay-zs-roc-nation-enters-into-partnership-top-cannabis-spac-2020-11">Subversive Capital is buying Caliva, a California cannabis brand, and Left Coast Ventures to form TPCO Holding Corp</a>, a combined company. Rapper and entrepreneur Jay-Z will become the newly-formed company's "Chief Visionary Officer." The deal includes a $36.5 million private placement.</li><li>A Canadian <a href="https://getfurna.com/">cannabis vaporizer startup</a> founded by former BlackBerry engineers is launching on Black Friday for $229.99.</li></ul>

Cannabis power players of New Jersey and Arizona

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>.Jefferies analyst Owen Bennett initiated coverage of <a href="https://www.businessinsider.com/list-us-cannabis-stocks-to-buy-wall-street-jefferies-analyst-2021-7">seven US cannabis companies this week</a> in a 278-page note. Jefferies expects cannabis to become legal federally by 2026 and projects that the US market will expand from about $17.2 billion last year to $64 billion in 2030.But until cannabis is federally legal, we're keeping track of every state with an adult-use or medical program <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">here in our interactive map. </a>The latest additions include Virginia, New Mexico, and Connecticut, where recreational laws officially <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">came into effect this summer</a>. And in case you missed it: on Wednesday, two giants in the psychedelics space - Rick Doblin of MAPS and Christian Angermayer of Atai - debated whether psychedelic decriminalization or legalization was good or bad for the medical developments in the space. We <a href="https://www.businessinsider.com/atai-founder-christian-angermayer-legalization-risk-backlash-psychedelics-2021-7">summarized their main argument</a> for you, and you can also watch the full panel <a href="https://www.youtube.com/watch?v=yXJ0N3kmNjY">here</a>.What else?It's rainy here in New York as Tropical Storm Elsa makes its way up the East Coast. So for those of you in the area, be sure to stay dry out there. My canna buddy Jeremy is off this week, enjoying the sun and celebrating his birthday! He'll be back next week.Let's get to it.- Yeji (<a href="https://twitter.com/jesse_yeji?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">@jesse_yeji</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/atai-founder-christian-angermayer-legalization-risk-backlash-psychedelics-2021-7">The founder of the biggest psychedelics company says legalizing magic mushrooms risks creating a backlash that could undermine the industry</a></h3>Atai founder Christian Angermayer said he personally supports decriminalization, but added that he believes legalization could "push back" the industry's progress. Rick Doblin of MAPS pushed back - saying that both decriminalization and legalization would work to destigmatize the compounds.<h3><a href="https://www.businessinsider.com/list-us-cannabis-stocks-to-buy-wall-street-jefferies-analyst-2021-7">A top Wall Street analyst shares 5 cannabis stocks to buy now for a chance to double your money as the exploding industry offers a 'generational wealth opportunity'</a></h3>Jefferies analyst Owen Bennett is bullish on US cannabis stocks. Bennett initiated coverage of seven companies, and gave all of them a buy rating in a note dated Wednesday. He said Cresco is his top pick. <h3><a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">Marijuana legalization is sweeping the US. See every state where cannabis is legal.</a></h3>Cannabis for adult-use is officially legal in 19 states in the US now after recreational laws took effect in Virginia, New Mexico, and Connecticut this summer. Our interactive map gives you the run-down of what's going on in each state. <h2>Executive moves</h2><ul><li>Psychedelics company Delix Therapeutics <a href="https://www.prnewswire.com/news-releases/delix-therapeutics-expands-executive-leadership-team-301325292.html">announced</a> that it has appointed former NIDA therapeutics division head Dr. Kurt Rasmussen as its chief scientific officer. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Eaze <a href="https://www.businesswire.com/news/home/20210708005603/en/Eaze-Launches-First-Shoppable-Cannabis-Delivery-App-for-Apple">announced</a> on Thursday that it had launched its cannabis delivery app on the Apple App Store. Apple said recently that it would no longer ban cannabis apps as long as they were geo-restricted to areas where it was legal. Read more at <a href="https://www.marijuanamoment.net/apple-now-allows-marijuana-businesses-on-its-app-store-while-google-maintains-ban/">Marijuana Moment.</a></li><li>Psychedelics media company Microdose <a href="https://www.newsfilecorp.com/release/89533/Microdose-Psychedelic-Insights-Closes-Oversubscribed-Financing-Round">said</a> it closed a "seven figure round" of funding from investors like Origin Therapeutics, Negev Capital and The Conscious Fund.</li><li>Cannabis tech company Fyllo and media analytics company Comscore <a href="https://www.prnewswire.com/news-releases/fyllo-launches-infused-comscore-audiences-301326421.html">announced</a> a partnership that would target mainstream marketers looking to reach cannabis and CBD consumers.</li></ul><h2>Chart of the week</h2>Though equity is often touted as a key reason for legalization, not all states are creating equitable cannabis programs, according to the <a href="https://www.leafly.com/news/politics/leafly-seeds-of-change-2021-report-rates-states-on-marijuana-equity">Leafly Seeds of Change Report</a>, which looked at factors like expungement, quality data, and equity investing. Colorado, the oldest legal cannabis market in the US, ranks first with a score of 95. The full report can be found <a href="https://www.leafly.com/news/politics/leafly-seeds-of-change-2021-report-rates-states-on-marijuana-equity">here.</a><h2><div type="image" title="A bar chart about the states that have most equitable cannabis markets" height="916" width="1240" msid="84272820" hostid="261"></div></h2><h2>What we're reading</h2><a href="https://cannabiswire.com/2021/07/07/governor-support-pushes-cannabis-legalization-bills-over-finish-line-in-2021/">Governor Support Pushes Cannabis Legalization Bills Over Finish Line in 2021</a> (Cannabis Wire) <a href="https://www.marijuanamoment.net/white-house-and-u-s-anti-doping-agency-criticize-marijuana-ban-after-richardson-suspension/">White House And U.S. Anti-Doping Agency Criticize Marijuana Ban After Richardson Suspension</a> (<keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">Marijuana</keyword> Moment)<a href="https://www.businessinsider.com/shacarri-richardson-olympics-ban-marijuana-wada-sprinter-tokyo-games-2021-7">Opinion: Sha'Carri Richardson's Olympics ban for marijuana is dumb, archaic, and immoral</a> (Insider)

Cannabis stocks to buy now

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>.Programming note:<a href="https://www.businessinsider.com/webinar-how-to-invest-in-legal-cannabis-expert-qa-2021-4"> Join us on Thursday, April 29 at 1 pm Eastern.</a> Yeji and I will be chatting with Emily Paxhia of Poseidon Asset Management and Mitch Baruchowitz of Merida Capital Partners about how to invest in the spread of <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> legalization around the US.We'll have insight on the best companies to invest in - and who to avoid. <a href="https://www.businessinsider.com/webinar-how-to-invest-in-legal-cannabis-expert-qa-2021-4">Sign up here</a>.Happy Friday and 4/20 week everyone,It's weeks like this one where I have to sit back and take stock of how far we've come on attitudes toward cannabis, despite covering the industry every day. It's one of the most rapid shifts in public perception and policy that I can think of, outside of same-sex marriage.I'm also 28 years old, so I'm willing to be wrong on this one. But hear out my argument:Senate Majority Leader Chuck Schumer used 4/20 to push for comprehensive federal cannabis reform, calling it an 'unofficial American holiday' on the Senate floor. Last year, he used 4/20 to introduce a bill to decriminalize marijuana. 4/20, so the story goes, was started by a group of Grateful Dead-loving high schoolers in Northern California, <a href="https://www.businessinsider.com/heres-where-420-weed-holiday-came-from-2017-4">as I've written</a>. They probably didn't expect their inside joke to end up in the Senate Chamber as a cudgel for pushing legalization.<a href="https://www.pewresearch.org/fact-tank/2021/04/16/americans-overwhelmingly-say-marijuana-should-be-legal-for-recreational-or-medical-use/">New polling from Pew</a> shows that only 8% of Americans think cannabis should remain illegal for all uses. Research from a top-tier marketing firm shows that 55 million Americans consume cannabis. Congressional Democrats are, in some capacity, banking on the passage of cannabis reform - or at least, preparing to run on that promise to keep their majorities in the midterm elections. Jen Psaki, the White House press secretary, was asked about President Joe Biden's position on the issue. It wasn't too encouraging, as she said his position is far from his party's dominant position in Congress.But, she did leave the door ajar: She said that Congress hasn't delivered the bill yet, so it remains to be seen what he'll sign.On that front, the House again passed the SAFE Banking Act for the second time in as many years. Analysts, however, expect that the bill won't see a Senate vote. They expect that <a href="https://www.businessinsider.com/marijuana-legalization-compromise-scenario-more-likely-than-safe-act-2021-4">portions of the bill will be tied into more comprehensive reform proposed by Schumer,</a> as I wrote this week. What else?New York legalized cannabis. We picked the 27 power players, from lawmakers to regulators, to executives, <a href="https://www.businessinsider.com/list-top-cannabis-executive-advocates-regulators-new-york-2021-4">that will shape the future of the industry</a>. And law firms, recruiters, marketers, and tech startups are <a href="https://www.businessinsider.com/new-york-marijuana-legalization-gold-rush-pr-law-recruiting-firms-2021-4">preparing for a gold rush as New York opens up its legal cannabis market</a>.Yeji, who's dominated the emerging psychedelics beat, poured over Atai's over 370-page S-1 filing to <a href="https://www.businessinsider.com/atai-life-sciences-ipo-psychedelics-key-takeaways-s-1-filing-2021-4">pick out some of the key details you need to know</a>. As a reminder, here's how to get in touch with us: jberke@businessinsider.com or ylee@businessinsider.com. Signal number for encrypted messages upon request.- Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/new-york-marijuana-legalization-gold-rush-pr-law-recruiting-firms-2021-4">Law firms, recruiters, and marketers dish on how they're gearing up for a gold rush from New York's blockbuster move to legalize cannabis</a></h3>New York's legal cannabis market has the potential to balloon into a multibillion-dollar industry, and it's creating a gold rush for law firms, public relations companies, recruiters, and compliance startups that service the industry. <h3><a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">The House just passed a cannabis bill that could open up bank access and supercharge the industry</a></h3>The House passed the SAFE Banking Act, on Monday. If signed into law, the bill would let cannabis companies access banking services and allow customers to use credit or debit cards to buy their products. Insider read through the bill and chose the top takeaways from the legislation.<h3><a href="https://www.businessinsider.com/delivery-legal-marijuana-dispensaries-on-420-2021-4">Byzantine laws make cannabis delivery a major headache. 3 industry insiders explain how they'll navigate them to cash in on the 4/20 sales boom.</a></h3>Some cannabis businesses expect a 250% spike in orders on April 20, a cannabis holiday. Legal restrictions on how deliveries are managed make handling that spike a challenge.A bad delivery experience can send shoppers back to the illegal market.<h3><a href="https://www.businessinsider.com/marijuana-legalization-compromise-scenario-more-likely-than-safe-act-2021-4">A top Wall Street analyst lays out how a US marijuana decriminalization 'compromise scenario' could spark an M&amp;A boom</a></h3>Cantor Fitzgerald analyst Pablo Zuanic said in a Tuesday note that he expects key parts of the SAFE Act to end up in a more comprehensive cannabis reform bill being crafted by Senate Majority Leader Chuck Schumer, rather than be introduced as a standalone piece of legislation.If that bill passes, it would catalyze a wave of M&amp;A in the US, driven by well-capitalized Canadian companies, Zuanic said.<h3><a href="https://www.businessinsider.com/atai-life-sciences-ipo-psychedelics-key-takeaways-s-1-filing-2021-4">Psychedelics giant Atai is going public. We pored over its 373-page filing to find 5 key takeaways.</a></h3>Atai Life Sciences, the psychedelics giant backed by big-name investors like Peter Thiel, is going public. The company said in an S-1 filing submitted this week that it plans to trade on the Nasdaq under the symbol "ATAI." We pored over the psychedelic giant's 373-page filing to find the key takeaways.<h3><a href="https://www.businessinsider.com/list-top-cannabis-executive-advocates-regulators-new-york-2021-4">The future of New York's $7 billion cannabis industry will be shaped by these 27 power players</a></h3>We put together a list of the top 27 power players to watch in New York's cannabis world as regulations roll out and sales begin. We reached out to regulators, associations, executives, and advocates to give readers a look at who to watch in the coming months and years. <h2>Executive Moves</h2><ul><li>Cresco Labs <a href="https://www.businesswire.com/news/home/20210422005351/en/Cresco-Labs-Announces-the-Appointment-of-Tarik-Brooks-to-Its-Board-of-Directors-and-the-Retirement-of-Dominic-Sergi">announced on Thursday</a> that Tarik Brooks would be joining its board of directors to replace Dominic Serg, a founder of the company, who is retiring from the role.</li><li>Former Dutchie cofounder Sam Ellis is joining the board of cannabis firm Digital Venture Partners.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Jushi Holdings <a href="https://www.globenewswire.com/news-release/2021/04/19/2212219/0/en/Jushi-Holdings-Inc-to-Expand-Footprint-Through-Acquisition-of-Vertically-Integrated-Massachusetts-Operator.html">announced on Monday</a> that it will acquire Nature's Remedy of Massachusetts for $110 million. <a href="https://www.globenewswire.com/news-release/2021/04/20/2213241/0/en/Jushi-Holdings-Inc-to-Acquire-Licensed-Cultivator-in-Ohio.html">On Tuesday</a>, the company said it would also acquire Ohio-based OhiGrow in a $5 million cash deal.</li><li>TerrAscend <a href="https://www.newswire.ca/news-releases/terrascend-doubles-dispensary-footprint-in-pennsylvania-through-acquisition-of-keystone-canna-remedies-871494976.html">announced</a> that it would acquire Pennsylvania-based GuadCo and KCR Holdings in a $70 million stock, note, and cash deal.</li><li>Psychedelics company MindMed <a href="https://www.prnewswire.com/news-releases/mindmed-to-commence-trading-on-nasdaq-301275575.html">said on Friday</a> that it will begin trading on Nasdaq on Tuesday. The company <a href="https://www.prnewswire.com/news-releases/mindmed-submits-application-for-nasdaq-up-listing-appoints-canaccord-genuity-as-financial-advisor-301134414.html">previously announced</a> in September that it had applied to up-list from the NEO Exchange.</li><li>Atai Life Sciences, the largest private psychedelics company by capital raised, filed to go public on the Nasdaq. <a href="https://www.businessinsider.com/atai-life-sciences-ipo-psychedelics-key-takeaways-s-1-filing-2021-4">Here are the top takeaways</a> from the company's 373-page S-1 filing.</li><li>Cannabis tech startup Wurk <a href="https://www.prnewswire.com/news-releases/wurk-raises-3-5m-in-oversubscribed-series-aa-funding-301274386.html">closed a $3.5 million financing round</a>, with investors including Poseidon Asset Management, Salveo Capital, and the Arcview Group. </li><li>Cannabis company Parallel is pouring <a href="https://www.prnewswire.com/news-releases/parallel-invests-25m-in-a-new-state-of-the-art-cannabis-cultivation-production-and-retail-facility-in-san-marcos-texas-301271401.html?tc=eml_cleartime">$25 million into a new facility in Texas</a>. </li></ul><h2>Policy moves </h2><ul><li>On Monday, the House passed the SAFE Banking Act, a bill that would let cannabis companies access the banking system, for the second time in as many years. Here's <a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">our story on everything you need to know</a> about the bill. </li><li>The NFL said <a href="https://www.insider.com/nfl-players-can-smoke-marijuana-without-discipline-starting-420-2021-4">it won't test players for marijuana use</a> during the offseason between April 20 and August 9. </li></ul><h2>Research and data</h2><ul><li>A new poll from Pew shows how far public sentiment on marijuana legalization has changed among Americans: Just <a href="https://www.pewresearch.org/fact-tank/2021/04/16/americans-overwhelmingly-say-marijuana-should-be-legal-for-recreational-or-medical-use/">8% say marijuana should remain illegal</a>.</li><li>A study from polling firm YouGov and cannabis company Cresco Labs found <a href="https://www.businesswire.com/news/home/20210420005460/en/Cresco-Labs%E2%80%99-Sunnyside-Dispensary-Releases-New-Survey-Finding-25-Of-Americans-Now-Consume-Cannabis-Consumption-Up-56-Since-2018">that one-quarter of Americans consumed cannabis during the last year</a> - an uptick from 16% in 2018. The pandemic may have had something to do with this. </li><li>Marketing firm MRI Simmons has started to publish some results from its National Cannabis Study, showing that <a href="https://www.mrisimmons.com/press/mri-simmons-study-reveals-cannabis-consumption-up-38-yoy-in-the-u-s/">55 million adults in the US use cannabis</a> - with 17% of the total population consuming more than once a month. </li></ul><h2>Cannabis jobs</h2><ul><li>CBD Oracle, a cannabis reviews site, is looking for weed connoisseurs to <a href="https://cbdoracle.com/news/cannabis-reviewer-job/">take on a part time role to test marijuana products at home</a>. It pays $30,000. </li><li>The Valens Company is hiring for laboratory roles, including laboratory supervisor, <a href="https://www.linkedin.com/posts/thevalenscompany_hiring-we-have-a-few-extra-lab-coats-to-activity-6790677218847789056-b8Hf">among other openings</a>. </li></ul><h2>Chart of the week</h2>Tens of millions of tourists who visit New Jersey and New York are expected to buy cannabis products, according to New Frontier Data. The cannabis data company projects that within a few years, New Jersey could see 22.3 million tourists buying marijuana, while New York is expected to have 22.9 million visitors purchase: <div type="image" title="The number of tourists expected to buy cannabis in NY and NJ" height="1240" width="1240" msid="82220840" hostid="261"></div><h2>What we're reading</h2><a href="https://www.nytimes.com/2021/04/18/world/canada/canada-marijuana-business-struggles.html">After 'Green Rush,' Canada's Legal Pot Suppliers Are Stumbling</a> (New York Times)<a href="https://www.businessinsider.com/heres-where-420-weed-holiday-came-from-2017-4">Here's how 4/20 became the go-to holiday for marijuana lovers</a> (Insider)<a href="https://www.forbes.com/sites/willyakowicz/2021/04/20/welcome-to-the-last-illegal-420/?sh=7ac0e2914f5e">Welcome To The Last Illegal 420</a> (Forbes)<a href="https://finance.yahoo.com/news/heres-how-legal-weed-will-play-out-in-america-120705327.html">Here's how legal weed will play out in America</a> (Yahoo Finance)<a href="https://www.politico.com/news/2021/04/18/ontario-oregon-marijuana-481211">Border weed: How the hometown of tater tots became a cannabis capital</a> (Politico)<a href="https://www.axios.com/marijuana-potency-limits-d1844648-e09b-4c3a-b278-2c0f7bc1d0ad.html?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=editorial&amp;utm_content=local-marijuanaal-marijuana">Potency limits are the next frontier in marijuana debate</a> (Axios)<a href="https://www.rollingstone.com/culture/culture-features/cannabis-climate-change-emissions-1158029/">How Federal Prohibition Is Turning Cannabis Into a Climate Villain</a> (Rolling Stone)<a href="https://www.insider.com/cbd-products-helping-athletes-avoid-prescription-painkiller-dependence-2021-4">CBD products are helping athletes avoid prescription painkiller dependence</a> (Insider)

New York cannabis gold rush

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

<a href="https://www.businessinsider.com/crew-2-spacex-nasa-astronaut-mission-launch-what-to-expect-2021-4"></a>Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech">sign up here</a>.Let's get started.1. SpaceX is launching four astronauts into Earth's orbit today. From liftoff early this morning to an ocean splashdown six months later, <a href="https://www.businessinsider.com/crew-2-spacex-nasa-astronaut-mission-launch-what-to-expect-2021-4">here's how the journey will go.</a>2. It's possible to turn on Tesla Autopilot with nobody behind the wheel, Consumer Reports showed. Following a crash that <a href="https://www.businessinsider.com/tesla-crash-2nd-victim-named-police-musk-disagree-on-autopilot-2021-4">killed two men in Texas</a>, the firm's engineers proved just how simple it is to fool a Tesla into driving without anybody in the driver's seat. <a href="https://www.businessinsider.com/tesla-will-drive-with-nobody-behind-wheel-consumer-reports-2021-4">Here's what CR engineers found.</a>3. Amazon's senior executives are leaving in droves. At least 45 execs have left in the past year, setting the stage for Andy Jassy's first major challenge as CEO. We spoke with seven executives about why they left, and <a href="https://www.businessinsider.com/amazon-executive-exodus-vps-other-senior-people-leaving-2021-4">this is what they told us.</a>4. NASA's Perseverance rover turned CO2 into oxygen - a good sign for future Mars exploration. The rover brought an oxygen-producing experiment called MOXIE to Mars, which converted carbon dioxide into oxygen for the first time. Here's how that technology <a href="https://www.businessinsider.com/nasa-perseverance-rover-moxie-device-turns-carbon-dioxide-into-oxygen-2021-4">could help astronauts breathe on Mars</a>.5. Members of Google's ethical AI team raised concerns about harassment years before being fired. Timnit Gebru and Margaret Mitchell, the company's former lead AI ethics experts, reportedly flagged bullying and misconduct in 2018 - and were each fired within the past year. <a href="https://www.businessinsider.com/google-ai-ethics-timnit-gebru-fired-technology-2021-4">More details on their complaints.</a>6. Signal's CEO came for Cellebrite in an explosive blog post. The CEO claimed he was able to hack into software from Cellebrite - a digital forensics company that helps cops hack into locked phones. <a href="https://www.businessinsider.com/signal-ceo-hacks-cellebrite-hacking-device-2021-4">Read more from the CEO's post.</a>7. How the founder of a startup bought by WeWork almost destroyed his company's culture. In the span of 24 hours, CASE's CEO Dave Fano almost lost everything because of one mistake. <a href="https://www.businessinsider.com/founder-of-startup-bought-by-wework-lessons-almost-destroyed-company-2021-4">The business decision that risked it all.</a>8. A psychedelics company backed by Peter Thiel plans to raise $100 million in an IPO. Atai Life Sciences, a clinical-stage biopharmaceutical company, has already raised $362 million from private investors. <a href="https://markets.businessinsider.com/news/stocks/peter-thiel-backed-psychedelics-company-seeks-100-million-in-ipo-2021-4-1030334531">More on that here.</a>9. Google's college-alternative programs have trained 50,000 people - but Silicon Valley's hiring needs to catch up. The programs train people without four-year degrees for entry-level <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> jobs, in hopes of unlocking diverse talent pools. But programs like these can't boost diversity if Silicon Valley's recruitment and hiring practices don't change. <a href="https://www.businessinsider.com/google-training-certificates-college-alternatives-diversity-tech-pipeline-2021-4">More from our exclusive report. </a>10. Travis Kalanick's stealth $5 billion startup CloudKitchens is Uber all over again. More than 300 employees left the ghost kitchen startup this year - in an exodus that reflects long-simmering tensions about leadership, secrecy, and pay. <a href="https://www.businessinsider.com/travis-kalanicks-cloudkitchens-repeats-uber-playbook-loses-staff-2021-4">Inside the super secretive culture.</a>Have an Amazon Alexa device? Listen to this update by searching "Business Insider" in your flash briefing settings.Compiled by Jordan Erb. Tips/comments? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb">@JordanParkerErb</a>.Sign up for <a href="https://newsletter.businessinsider.com/join/free">more Insider newsletters here.</a>

10 things in tech you need to know today

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>.If you follow cannabis news closely, this week was a good reminder of the strange world we live in where <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> use is completely legal and normalized in some states and a criminal act in others.Late-night host Conan O'Brien <a href="https://www.youtube.com/watch?v=uNOHeeXuGbs">lit up a joint</a> with cannabis evangelist and comedian Seth Rogen on live TV, for O'Brien's second-to-last ever TBS show. O'Brien said he's not a regular marijuana user, but joked that he needed to do something with all his newfound free time.Elsewhere in the late-night world, Jimmy Kimmel helped "Freddie the Stoner," an Indiana man who was interviewed by the show while waiting in line at a dispensary opening in Michigan, <a href="https://www.youtube.com/watch?v=5aSE5lFJ4LY">land his dream job writing product reviews for Emjay</a>, a Los Angeles-based cannabis delivery startup. Lots of Americans of all political stripes watch Kimmel and O'Brien. You might think that late-night hosts being so brazen about using marijuana on live television is a clear sign that the era of marijuana prohibition is over. You'd be wrong.LA Lakers guard Alex Caruso was <a href="https://www.espn.com/nba/story/_/id/31690313/los-angeles-lakers-guard-alex-caruso-arrested-texas-marijuana-possession">arrested in Texas</a> for having a grinder with a small amount of marijuana on him at the airport. He was released, but not before his mugshot was shared with the world. He'll be fine, and I'm sure he has the money and resources to cover bail and fight whatever charges crop up, but he's an example of what's still happening to thousands of people across the country.And on a semi-related note, two former consultants to Eaze were sentenced to prison for disguising credit card payments on the marijuana delivery service's platform. At the hearing, US District Judge Jed Rakoff criticized the sentencing guidelines which called for life in prison for one, and 24 years for the other, <a href="https://www.reuters.com/legal/government/ex-eaze-consultants-sentenced-prison-pot-payment-scheme-2021-06-18/">Reuters reports</a>. The consultants broke the law. But life in prison for what amounts to fraud is quite a harsh sentence - the defendant ultimately got two-and-a-half years.What else?The Ontario Securities Commission <a href="https://financialpost.com/fp-finance/with-quasi-criminal-canntrust-charges-osc-flexes-enforcement-muscles-long-seen-as-weak-spot">gave out "quasi-criminal" charges</a> to CannTrust's former CEO, Peter Aceto, as well as another executive and a board member for growing unlicensed cannabis. And I got a fun scoop on what the CEOs of US cannabis companies Trulieve and Green Thumb Industries told an audience of some of the world's most powerful investors at last week's Robin Hood Investors Conference. <a href="https://www.businessinsider.com/gti-trulieve-ceos-discuss-future-of-cannabis-at-robin-hood-conference-2021-6">You can read that here</a>.Cantor Fitzgerald analyst Pablo Zuanic said in a note this week the US cannabis sector has been suffering from a 'Schumer overhang' while the industry waits for the Senate Majority Leader's legalization bill. Let's get to it. - Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) &amp; Yeji (<a href="https://twitter.com/jesse_yeji?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">@jesse_yeji</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/atai-life-sciences-ipo-psychedelics-key-takeaways-s-1-filing-2021-4">Psychedelics giant Atai is targeting a $2.3 billion valuation in its IPO. We pored over its 446-page filing to find 7 key takeaways.</a></h3>The largest private psychedelics company in the world made its long-anticipated public debut last Friday. We dug through Atai's public filings to narrow down the main takeaways investors should know about the company.<h3><a href="https://www.businessinsider.com/cannabis-tech-companies-hiring-new-york-recreational-marijuana-market-2021-6">4 top cannabis-tech startups share how they're gearing up to win a slice of New York's $7 billion marijuana market</a></h3>Tech companies that work in cannabis are preparing for New York's adult-use marijuana market. Insider spoke to four cannabis-tech companies - Fyllo, Dutchie, LeafLink, and SpringBig - and all said they're hiring aggressively to meet the demand of the New York market.<h3><a href="https://www.businessinsider.com/capitol-hill-staffers-use-marijuana-biden-fires-staffers-for-weed-2021-4">Capitol Hill staffers say they use marijuana freely even though it's still illegal for federal workers</a></h3>Using marijuana is a <a href="https://www.businessinsider.com/white-house-biden-pushed-out-sidelined-staff-marijuana-use-2021-3">fireable offense</a> in President Joe Biden's White House, but many power players who work a couple of miles away on Capitol Hill can and do get away with it.Most congressional staffers never get asked about their cannabis use, so they can light up or take edibles without too much concern about losing their jobs.<h3><a href="https://www.businessinsider.com/cannabis-amc-meme-stocks-retail-investors-shareholders-proxy-voting-2021-6">Meme stock shareholders are causing issues by not voting on things like exec pay and M&amp;A deals. Here's how startups are trying to improve the process.</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 Insider.<h3><a href="https://www.businessinsider.com/gti-trulieve-ceos-discuss-future-of-cannabis-at-robin-hood-conference-2021-6">The CEOs of two of the biggest US cannabis companies break down the future of the industry to an exclusive audience of Wall Street's most powerful investors</a></h3>Green Thumb Industries and Trulieve CEOs spoke at the exclusive Robin Hood Investors Conference last week. The talk was closed to the press, but Insider learned the executives discussed the generational opportunity of investing in cannabis and made predictions about the industry.<div type="image" title="Israel cannabis" height="1333" width="2000" msid="83847716" hostid="261"></div><h2>Executive moves</h2><ul><li>Amy Larson is joining TILT as the VP of operations and communications next week. She was previously a VP at Simplifya. </li><li>Psychedelics company Awakn <a href="https://awaknlifesciences.com/awakn-appoints-prof-david-nutt-as-its-chief-research-officer">announced</a> on Thursday that David Nutt, director of the neuropsychopharmacology unit at Imperial College London, has joined as chief research officer.</li><li>In more psychedelic people moves, Novamind has appointed Dr. Paul Thielking as chief science officer.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Hydroponics company Hydrofarm Holdings <a href="https://www.globenewswire.com/news-release/2021/06/17/2249321/0/en/Hydrofarm-Enters-into-Agreement-to-Acquire-Aurora-Innovations-and-its-Organic-Nutrients-and-Grow-Media-Operations.html">will acquire</a> Aurora Innovations, an Oregon hydroponics company, for $161 million in cash and $26 million in Hydrofarm stock. </li><li>Precision Extraction Solutions and Cascade Sciences <a href="https://www.greenmarketreport.com/precision-extraction-cascade-sciences-combine-to-form-extraction-powerhouse-sinclair-scientific/">are merging to form Sinclair Scientific</a>. The merger will create what the company says is the largest cannabis and hemp extraction company, with combined annual revenue of over $100 million. </li><li>PharmaCann <a href="https://www.prnewswire.com/news-releases/pharmacann-completes-85-million-senior-secured-note-offering-301320041.html">announced</a> on Friday that it had completed a senior secured note offering. The net proceeds are worth around $79.9 million.</li><li>Awakn Life Sciences went public on the NEO Exchange on <a href="https://awaknlifesciences.com/awakn-commences-trading-on-neo-exchange">Wednesday</a> under the symbol "AWKN" through a reverse takeover. </li></ul><h2>Policy moves</h2><ul><li>Connecticut is the latest state to legalize cannabis for adult-use. On Tuesday, Gov. Ned Lamont <a href="https://www.marijuanamoment.net/connecticut-governor-signs-marijuana-legalization-into-law/">signed a marijuana bill into law</a>, which will go into effect on July 1. </li><li>A legalization bill <a href="https://www.wpri.com/news/politics-government/ri-senate-approves-recreational-marijuana-bill/">passed the Rhode Island state Senate on Tuesday</a>. A vote in the House likely won't take place during the current session but House Speaker Joe Shekarchi has said that consideration of the bill may occur in a special session in the fall. </li><li>The United Nations recommended a global ban on advertising cannabis products <a href="https://www.unodc.org/unodc/en/frontpage/2021/June/unodc-world-drug-report-2021_-pandemic-effects-ramp-up-drug-risks--as-youth-underestimate-cannabis-dangers.html?testme">in its 2021 World Drug Report</a>, saying that youth often underestimate the risks of cannabis consumption. The report estimates that 200 million people, or about 4% of the world's population, used cannabis in the past year.</li><li>Rep. Ed Perlmutter <a href="https://twitter.com/natsfert/status/1407741675162816516?s=20">added language</a> from the SAFE Banking Act, which would let cannabis companies access the banking system, into a draft of the House Financial Services Appropriations Bill. </li><li>The Supreme Court declined to hear a challenge to the cannabis industry's hated 280E rule, <a href="https://www.law360.com/cannabis/articles/1395847/justices-won-t-hear-pot-cos-challenge-to-irs-summonses">Law 360 reports</a>. <a href="https://www.businessinsider.com/cannabis-more-audits-280e-treasury-inspector-general-irs-2020-10">Read our deep dive into 280E and the uptick in audits cannabis companies are facing</a>. </li><li>Curaleaf chairman Boris Jordan - who is one of the top industry lobbying voices in DC - said that Senate Majority Leader Chuck Schumer's cannabis legalization bill <a href="https://twitter.com/Boris_Jordan/status/1405543551639855104?s=20">will be introduced in July</a>. </li><li>Colorado Gov. Jared Polis signed a bill directing the state to <a href="https://twitter.com/colo_politics/status/1408128543381364736?s=20">study the effects of high potency cannabis</a> on adolescent brains. </li></ul><div type="image" title="Marijuana Cannabis" height="1333" width="2000" msid="83847722" hostid="261"></div><h2>Research and data</h2><ul><li>Adolescent marijuana and alcohol use remained steady during the pandemic, despite decreases in both substance's availability, according <a href="https://www.nih.gov/news-events/news-releases/adolescent-marijuana-alcohol-use-held-steady-during-covid-19-pandemic">to a study from the National Institute on Drug Abuse's Dr. Nora Volkow</a>. The study also showed that past-month nicotine vaping among high schoolers decreased during the pandemic. The authors say the study shows that reducing teen use of substances cannot be achieved solely by limiting supply.</li><li>A <a href="https://academic.oup.com/sleep/advance-article/doi/10.1093/sleep/zsab149/6296857?searchresult=1">new study</a> published in the journal Sleep found that Zelira Therapeutics cannabinoid drug, Zenivol, is effective for treating insomnia and showed few adverse effects. </li><li>Alabama could add <a href="https://www.prnewswire.com/news-releases/akerna-flash-report-alabama-could-add-over-600-000-000-to-its-gdp-in-first-three-years-of-medical-cannabis-retail-sales-301314152.html">$600 million to its GDP</a> in its first three years of medical cannabis sales, according to a report from cannabis software firm Akerna. Alabama legalized medical cannabis in May.</li><li>Cannabis information site Leafly <a href="https://www.leafly.com/news/politics/leafly-seeds-of-change-2021-report-rates-states-on-marijuana-equity">published a report</a> ranking states with legal cannabis on their social equity programs. California and Colorado topped the list, while Montana and South Dakota came in last. The report states that only 1 in 50 cannabis companies is black-owned, compared to the US average of 1 in 20 for other industries.</li><li>A new <a href="https://www.cpear.org/wp-content/uploads/2021/06/210617-CPEAR-Small-Minority-Owned-Business-digital.pdf">report from the Coalition for Cannabis Policy, Education, and Regulation (CPEAR)</a> looked at the challenges of establishing a framework for small, minority-owned businesses in the cannabis industry. </li><li>Cannabis use may be associated with suicidal ideation in young adults, according to a <a href="https://www.nih.gov/news-events/news-releases/cannabis-use-may-be-associated-suicidality-young-adults">National Institutes of Health analysis of survey data</a> from 280,000 young adults between the ages of 18-35. </li></ul><h2>What we're reading</h2><a href="https://www.cnn.com/2021/06/23/business/amazon-drug-test-cannabis-paradigm-shifting/index.html">Amazon ditched cannabis testing, and more employers will likely follow</a> (CNN Business)<a href="https://financialpost.com/fp-finance/canntrust-former-ceo-and-two-former-directors-face-fraud-charges">CannTrust's former CEO and two directors charged with fraud over unlicensed pot growing scandal</a> (Financial Post)<a href="https://montreal.ctvnews.ca/opinion-cannabis-is-the-great-social-experiment-that-wasn-t-1.5480416">Opinion: Cannabis is the great social experiment that wasn't</a> (CTV News)<a href="https://www.politico.com/news/2021/06/20/maines-fight-over-big-marijuana-493472">Maine's mom and pop weed scene sweats corporate 'gentrification'</a> (Politico)<a href="https://www.forbes.com/sites/willyakowicz/2021/06/23/the-future-of-psychedelic-medicine-might-skip-the-trip-rick-doblin-bryan-roth-mindmed-darpa-maps/?sh=2c01a61f244f">The Future Of Psychedelic Medicine Might Skip The Trip</a> (Forbes)<a href="https://www.law360.com/articles/1396672">How Conn. Learned From Its Neighbors On Pot Legalization</a> (Law 360)<a href="https://www.newyorkupstate.com/marijuana/2021/06/political-infighting-means-more-delay-for-new-yorks-legal-marijuana-business.html">Political 'infighting' could mean more delay for New York's legal marijuana business</a> (New York Upstate)<a href="https://www.insider.com/i-ate-a-four-course-meal-at-stoned-pizza-parlor-2021-6">I ate a 4-course meal at a weed pizza parlor and got stoned to the bone</a> (Insider)<a href="https://www.vanityfair.com/news/2021/06/eric-adams-nyc-mayor-interview">Eric Adams on weed, Beyonce, and the housing-sleuth haters</a> (Vanity Fair)<a href="https://mjbizdaily.com/cannabis-firms-tilt-ayr-pay-nearly-300000-each-in-massachusetts-settlements/?mc_cid=fcd78cffa8&amp;mc_eid=7a0a53edc3edc3">Cannabis firms Tilt, Ayr pay nearly $300,000 each in MA settlements</a> (MJ Biz Daily)

What GTI and Trulieve told Wall Street

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,History made: The House <a href="https://www.businessinsider.com/us-congress-marijuana-vote-more-act-cannabis-decriminalization-2020-12">voted to federally decriminalize marijuana</a> and expunge records of those convicted under previous laws by a margin of 228 to 164. It's the first time that a chamber of Congress has passed decriminalization, even if the bill's chances in the Senate are slim. Also, of note, cannabis consumers spent approximately $238 million on <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> over Thanksgiving weekend, according to data compiled by cannabis tech company Akerna. The sales on what the cannabis industry calls Green Wednesday - the Wednesday ahead of Thanksgiving - were 80% above the daily average for the year. -Jeremy (<a href="https://twitter.com/jfberke">@jfberke</a>) &amp; Yeji (<a href="https://twitter.com/jesse_yeji">@jesse_yeji</a>)Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/us-congress-marijuana-vote-more-act-cannabis-decriminalization-2020-12">US lawmakers just voted to decriminalize marijuana - here's what you need to know</a></h3>US lawmakers just voted for the first time to federally decriminalize cannabis.The bill, called the Marijuana Opportunity Reinvestment and Expungement Act, or the "<a href="https://www.congress.gov/bill/116th-congress/house-bill/3884?q=%7B%22search%22%3A%5B%22Marijuana%22%5D%7D&amp;s=3&amp;r=11amp;r=11">MORE Act</a>, would end criminal penalties for anyone who sells cannabis in states where that's legal, decriminalize the use of cannabis throughout the US, and formally allow states to chart their own course in establishing commercial marijuana sales.<h3><a href="https://www.businessinsider.com/cannabis-investors-on-how-to-understand-and-win-the-industry-2020-11">From ETFs to over-the-counter stocks, here's how to invest in the booming cannabis industry, according to 2 expert investors</a></h3>Figuring out how to invest in cannabis can be complicated, though there are a few ways retail investors can get in on the green rush. David Bonnier, founding partner at cannabis investment firm Enexis, and Mitch Baruchowitz, managing partner at Merida Capital Partners, offered their insight into what investors should consider when looking at the industry. In short, both investors say that though tools like exchange-traded funds (ETFs), which offer diversified portfolios of stocks, are a good option "if you don't want to do much work," doing research into the companies and markets themselves are the keys to successfully investing in the nuanced space.<h3><a href="https://www.businessinsider.com/oregon-therapeutic-psilocybin-program-market-opportunity-psychedelic-giants-2020-11">Oregon made history by becoming the first state to legalize a therapeutic psilocybin program, but psychedelics companies like ATAI and MindMed say they don't plan to jump in anytime soon</a></h3>Oregon made history in November when it passed a measure to create a regulated therapeutic psilocybin program, opening the door to what could be the first legal market for psychedelic medications on the state level. But psychedelics giants like ATAI, MindMed, and others say they're unlikely to dive into the state, citing the unknowns surrounding the program as well as the risk associated with entering a market that's still illegal on the federal level.<h3><a href="https://www.businessinsider.com/us-cannabis-market-size-projection-100-billion-by-2030-2020-12">The legal cannabis industry could skyrocket to $100 billion in the US alone in a decade</a></h3>Cannabis is expected to become a $100 billion industry by 2030, according to analysts from Cowen. The analysts projected growth in legal sales and illicit sales to give a picture of what the total market could look like in the US by 2030 if marijuana is federally legalized. <div type="image" title="Aurora Cannabis" height="1055" width="2000" msid="79573606" hostid="261"></div><h2>Executive Moves</h2><ul><li>Henning von Koss <a href="https://www.newswire.ca/news-releases/pharmacielo-ltd-announces-new-leadership-819373568.html">will take over from David Attard</a> as PharmaCielo's CEO. Attard will be leaving the company.</li><li>Barry Fishman is <a href="https://www.newswire.ca/news-releases/vivo-cannabis-tm-announces-board-and-leadership-changes-814391046.html">stepping down from the CEO role</a> at Vivo Cannabis. He'll be replaced by Richard Fitzgerald on an interim basis. </li><li>Tracy McCourt is <a href="https://www.businesswire.com/news/home/20201203006017/en/MedMen-Announces-Tracy-McCourt-as-New-Chief-Revenue-Officer#:~:text=MedMen%20Announces%20Tracy%20McCourt%20as%20New%20Chief%20Revenue%20Officer,-McCourt%20joins%20the&amp;text=In%20this%20role%2C%20McCourt%20will,merchandising%20and%20business%20intelligence%20efforts.rts.">joining MedMen</a> as the cannabis retailer's chief revenue officer. She previously led a brand strategy team at Zappos.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li> Ayr Strategies is acquiring CannTech PA in a $57 million deal. The acquisition is <a href="https://www.globenewswire.com/news-release/2020/11/27/2135542/0/en/Ayr-Strategies-Moves-to-Definitive-Merger-Agreement-with-CannTech-PA-LLC.html">expected to close</a> this month. </li><li>Columbia Care is <a href="https://col-care.com/2020/09/08/columbia-care-signs-definitive-agreement-to-acquire-california-based-project-cannabis/">acquiring LA-based Project Cannabis</a> in a $69 million cash-and-stock deal.</li><li>Hydroponics company Hydrofarm is <a href="https://www.globenewswire.com/news-release/2020/12/01/2137902/0/en/Hydrofarm-Holdings-Group-Announces-Launch-of-Initial-Public-Offering.html">preparing to go public</a> on the Nasdaq Global Market. JP Morgan and Stifel are acting as bookrunners on the offering. </li><li>Sanity Group, a German cannabis startup, has <a href="https://www.prnewswire.com/news-releases/william-alyssa-milano-invest-in-europes-leading-cannabis-startup-sanity-group-301182550.html">raised $4.8 million from a group of investors</a> including Will.i.am and Alyssa Milano. The new funding brings the startup's total amount raised to $29 million. </li><li>Ackrell SPAC Partners filed with the SEC on Tuesday to <a href="https://www.renaissancecapital.com/IPO-Center/News/73670/Ackrell-SPAC-Partners-I-a-SPAC-targeting-branded-consumer-goods-files-for-a">raise $100 million to go after deals</a> in the hemp and CBD space. The SPAC will list on the NASDAQ under the ticker ACKIU.</li></ul><h2>Earnings roundup</h2><ul><li>4Front <a href="https://www.prnewswire.com/news-releases/4front-announces-third-quarter-2020-results-and-business-update-301181889.html#:~:text=(CSE%3A%20FFNT)%20(OTCQX,U.S.%20dollars%20unless%20otherwise%20indicated.&amp;text=Q3%202020%20Systemwide%20Pro%20Forma,over%20quarter%20to%20%2422.3%20million.ion.">reported $22.3 million in pro forma revenue</a> and a $3.9 million net loss for Q3.</li><li>Organigram reported <a href="https://www.newcannabisventures.com/organigram-fiscal-q4-revenue-increases-13-sequentially-to-20-4-million/">$20.4 million in revenue</a> and a net loss of $38.6 million for the three months that ended August 31.</li></ul><h2>Policy moves</h2><ul><li>The United Nations on Wednesday <a href="https://www.nytimes.com/2020/12/02/world/europe/cannabis-united-nations-drug-policy.html">voted to reschedule cannabis</a> and acknowledge that the plant has therapeutic value and is not "liable to produce ill-effects."</li><li>The NBA said it <a href="https://nba.nbcsports.com/2020/12/03/report-nba-to-continue-policy-of-not-testing-players-for-marijuana/">will not test players for marijuana use</a> this upcoming season, building off of the league's decision to not test players entering the NBA bubble in Orlando to finish the previous season. Marijuana is still on the NBA's banned substances list. </li></ul><h2>Science and research</h2><ul><li>New York University's Public Safety Lab compiled statistics on cannabis and incarceration in the US by county as part of its <a href="https://publicsafetylab.org/jail-data-initiative">Jail Data Initiative</a>. </li><li>Research conducted at the University of Western Ontario and <a href="https://www.schulich.uwo.ca/about/news/2020/december/research_news_molecule_found_in_green_tea_may_block_negative_effects_of_chronic_cannabis_use.html">published in the Journal of Neuroscience</a> found that a molecule in green tea can mitigate the harm of chronic adolescent cannabis use. </li><li>A new study published in the <a href="https://www.sydney.edu.au/news-opinion/news/2020/12/02/Cannabidiol-CBD-in-cannabis-does-not-impair-driving-landmark-study-shows.html#.X8aT05nLNQw.reddit">Journal of the American Medical Association and led by the University of Sydney found</a> that CBD when administered without THC, does not negatively impair drivers. The study also found that THC caused mild impairment on drivers though the effects faded after four hours. </li></ul><h2>Chart of the week</h2>Cannabis debt raises are rising across the US, according to data from Viridian Capital Advisors. Between 2019 and 2020, debt raises among cannabis companies have almost doubled - from $563 million to $940 million. They've also moved East - as has M&amp;A activity. This year, the three states of Illinois, Massachusetts and New York made up 93% of debt issuance, much of which came from larger players like Curaleaf, LeafLink, and Cresco.<div type="image" title="Cannabis debt financing is rising" height="1356" width="1320" msid="79573608" hostid="261"></div><h2>What we're reading</h2><a href="https://www.rollingstone.com/culture/culture-features/more-act-marijuana-legalization-bill-vote-1097723/">Inside the Weed Legalization Bill Congress Is Voting on This Week</a> (Rolling Stone)<a href="https://cannabiswire.com/2020/12/03/who-lobbied-on-the-more-act/">Who lobbied on the MORE Act?</a> (Cannabis Wire)<a href="https://www.politico.com/news/magazine/2020/11/27/toke-lahoma-cannabis-market-oklahoma-red-state-weed-legalization-437782">How One of the Reddest States Became the Nation's Hottest Weed Market</a> (Politico)<a href="https://www.bnnbloomberg.ca/canntrust-to-sell-legal-pot-again-as-it-looks-to-recover-from-illicit-production-scandal-1.1530656">CannTrust to sell legal pot again as it looks to recover from illicit production scandal</a> (BNN Bloomberg)<a href="https://www.scientificamerican.com/article/psilocybin-treatment-for-mental-health-gets-legal-framework/">Psilocybin Treatment for Mental Health Gets Legal Framework</a> (Scientific American)

House votes to decriminalize marijuana

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,A quick note at the top, here: Please <a href="http://newsletter.businessinsider.com/join/10-things-in-politics" target="_blank" rel="noopener">sign up for Insider's 10 Things in Politics You Need to Know Today</a>, a free morning politics newsletter led by Brent Griffiths. It's launching next week and will give you everything you need to know about DC happenings. We'll have a ton of great stories for you all next week. In the meantime, here's a reminder about how to get in touch with us: <a href="mailto:jberke@businessinsider.com">jberke@businessinsider.com</a>, or <a href="mailto:ylee@businessinsider.com">ylee@businessinsider.com</a>. Signal number for encrypted messages upon request.Let's get to the news. -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>)<h2>Executive Moves</h2><ul><li>Canopy Growth has promoted David Culver, naming him the company's new VP of government relations. Culver spent 16 years at the Distilled Spirits Council of the United States before joining Canopy Growth.</li><li>California cannabis brand Papa &amp; Barkley <a href="https://www.prnewswire.com/news-releases/papa--barkley-appoints-new-chief-executive-officer-and-chief-financial-officer-301215350.html">has appointed Evelyn Wang</a>, previously the CMO at Milani Cosmetics, as its new CEO. Zeeshan Hyder, formerly of MedMen, will become the brand's new CFO.</li><li>NeonMind announced on Wednesday that it has <a href="https://www.cannabisfn.com/neonmind-appoints-robert-tessarolo-as-president-and-chief-executive-officer/">appointed pharma veteran Rob Tessarolo</a> as its new CEO and president.</li><li>Marc Adesso is joining the Chicago office of Saul Ewing Arnstein &amp; Lehr, as a partner in the firm's corporate practice and cannabis law group.</li><li>Cannabis company C21 Investments <a href="https://www.newswire.ca/news-releases/c21-announces-appointment-of-cb1-capital-s-todd-harrison-to-its-board-of-directors-change-of-auditor-812355434.html">announced</a> that Todd Harrison, CB1 Capital's CIO, will join its board of directors.</li></ul><h2>Deals, launches, partnerships, and IPOs</h2><ul><li>Shares of hydroponics company <a href="http://www.globenewswire.com/news-release/2021/01/28/2165444/0/en/Agrify-Corporation-Announces-Pricing-of-Upsized-54-Million-Initial-Public-Offering.html">Agrify started trading on the Nasdaq</a> on Thursday. The company raised $54 million through its IPO. </li><li>The Valens Company <a href="https://www.prnewswire.com/news-releases/the-valens-company-expands-cannabis-2-0--3-0-footprint-with-the-acquisition-of-leading-canadian-edibles-manufacturer-lyf-food-technologies-inc-301213738.html">announced on Monday</a> it would acquire edibles company LYF Food Technologies for C$24.9 million.</li><li>France's National Agency for the Safety of Medicines and Health Products (ANSM) selected Tilray to <a href="https://www.businesswire.com/news/home/20210126005149/en/Tilray-Selected-by-French-National-Agency-to-Supply-GMP-Certified-Medical-Cannabis-Products-in-France">supply medical cannabis products</a> for ongoing experiments related to epilepsy, neuropathic pain, and other ailments. </li><li>Gage Cannabis, a Michigan cannabis startup backed by Bruce Linton, closed <a href="https://www.prnewswire.com/news-releases/gage-cannabis-announces-final-closing-of-oversubscribed-regulation-a-equity-financing-301216703.html">a $50 million Reg A+ offering.</a> The company says it plans to go public in the first quarter of this year.</li><li>ATAI Life Sciences <a href="https://www.prnewswire.com/news-releases/atai-life-sciences-to-collaborate-with-massachusetts-general-hospital-to-accelerate-discovery-of-mechanisms-underlying-therapeutic-effects-of-psychedelic-agents-301214781.html">announced on Tuesday</a> it would be partnering with Massachusetts General Hospital and its new initiative, the Center for Neuroscience of <keyword id="2874738" type="PERSON" weightage="60" keywordseo="Psychedelics">Psychedelics</keyword>, to advance the studies of psychedelics for mental health treatments. </li><li>Martha Stewart, in a continuation of her partnership with Canopy Growth, launched <a href="https://www.reuters.com/article/us-canopy-growth-martha-stewart-pets/whos-a-good-doggy-martha-stewart-launches-cannabis-pet-products-idUSKBN29V1C7">a line of CBD products geared for pets</a>. It's her latest CBD line, after launching her human-focused CBD line last year. </li></ul><h2>Policy moves</h2><ul><li>Senate Majority Leader Chuck Schumer said cannabis reform was a top legislative priority in an <a href="https://www.youtube.com/watch?v=vGqjXN4OWAI&amp;feature=emb_titleitle">MSNBC interview with Rachel Maddow</a>. The top-ranking Democrat in the Senate expanded on his cannabis reform plan in a <a href="https://www.instagram.com/p/CKkZKT5FaQ8/">Wednesday evening interview on Instagram</a> with Al Harrington, the CEO of California cannabis company Viola Brands and a former NBA player. </li><li>Oregon's drug decriminalization law went into effect on Thursday, effectively decriminalizing the possession of small amounts of any drug statewide. </li><li>A new report from the industry publication Hemp Industry Daily found that hemp's impact on the US economy <a href="https://hempindustrydaily.com/chart-hemps-economic-impact-to-us-economy-could-near-16-billion-by-2025/">could hit $16 billion by 2025</a>.</li><li>New Jersey Gov. Murphy still hasn't signed the bill that would legalize <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> in the state, though voters overwhelmingly passed the proposal in November. A Republican lawmaker has <a href="https://www.nj.com/marijuana/2021/01/new-bill-would-allow-you-to-grow-your-own-marijuana-as-nj-legal-weed-debate-continues.html">since introduced a new bill</a> that would legalize growing up to six weed plants at home - a hotly-debated topic between cannabis reform activists and the cannabis industry.</li><li>On a panel hosted by cannabis law firm Vicente Sederberg, New York Gov. Cuomo's assistant counsel, Axel Bernabe, and appointed cannabis czar, Norman Birenbaum, said a realistic timeline for the beginning of recreational marijuana sales in the state is 12-18 months after a bill is passed. </li></ul><h2>Science and Research</h2><ul><li>A new study in the <a href="https://www.cambridge.org/core/journals/psychological-medicine/article/intelligence-quotient-decline-following-frequent-or-dependent-cannabis-use-in-youth-a-systematic-review-and-metaanalysis-of-longitudinal-studies/26BEC9CBD2A39010C26100278F8CA813">journal Psychological Medicine</a> found that people who use cannabis in their youth have an average IQ decline of 2 points compared to their peers who don't use cannabis.</li><li>A review published <a href="https://www.annualreviews.org/doi/full/10.1146/annurev-devpsych-040320-084904">in the Annual Review of Developmental Psychology</a> found that daily cannabis use among youth is associated with cannabis dependence and poor cognitive function. The authors noted that the regulation of cannabis should seek to minimize adolescent cannabis use. </li></ul><h2>Cannabis jobs</h2><ul><li>New York City boutique cannabis law firm Feuerstein Kulick LLP is hiring a mid-level corporate lawyer, with 3-4 years experience, <a href="https://www.linkedin.com/jobs/view/2376167726/?refId=HOUUHnO5SnpWyS7QlGcF1g%3D%3D&amp;trackingId=Y3NWblmc1SCY5%2B256%2FQssg%3D%3DD%3D">according to a job posting on LinkedIn</a>. </li></ul><h2>Chart of the week</h2>Revenue from adult-use cannabis programs usually gets an early boost in the first few years of legalization before slowing down as markets mature, according to data from the <a href="https://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2019/08/forecasts-hazy-for-state-marijuana-revenue">Pew Charitable Trusts</a>, which tracked revenue in two of the oldest adult-use states in the US. Sales in Washington ballooned 277% between 2015 and 2016; Colorado saw a 53% increase in those same years. Between 2017 and 2018, however, revenue increases were 17% and 18% in Washington and Colorado respectively:<h2><div type="image" title="Colorado and Washington adult use cannabis revenue chart" height="994" width="1240" msid="80601760" hostid="261"></div></h2><h2>What we're reading</h2><a href="http://www.wsj.com/articles/cannabis-companies-are-ready-to-roll-11611572793">Cannabis Companies Are Ready to Roll</a> (WSJ)<a href="https://www.insider.com/wall-street-banker-psychedelics-concierge-to-celebrities-2021-1">A Wall Street banker who made millions in the dot com boom dropped it all to become a 'psychedelics concierge' to the stars. Now he wants everyone to have access to ketamine.</a> (Insider)<a href="https://www.nytimes.com/2021/01/23/world/canada/marijuana-legalization-promises-made.html">2 years after legalizing cannabis, has Canada kept its promises?</a> (The New York Times)<a href="https://www.bostonglobe.com/2021/01/25/marijuana/dispensary-trade-group-drops-lawsuit-against-state-after-backlash/">Marijuana trade group drops lawsuit against state after backlash</a> (Boston Globe)<a href="https://www.thedailybeast.com/the-sinaloa-cartel-is-setting-up-front-operations-to-hijack-mexicos-new-legal-pot-market">The Sinaloa Cartel is setting up front operations to hijack Mexico's new legal pot market</a> (The Daily Beast)<a href="https://www.newyorker.com/news/annals-of-a-warming-planet/can-green-energy-power-the-cannabis-boom">Can green energy power the cannabis boom?</a> (The New Yorker)

New Jersey marijuana stuck in limbo

Welcome to <keyword id="11910360" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis" source="Orion">Insider Cannabis</keyword>, our weekly <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="11910359" type="UNKNOWN" weightage="100" keywordseo="cannabis" source="Orion">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Hello everyone,In some respects, the fight over how to legalize cannabis is a microcosm of larger social debates, pitting social justice activists against more free-market-oriented folks. Take the debate this week over the SAFE Banking Act. The cannabis banking bill <a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">passed the House for the fifth time last night</a>. This go-around, language from the bill - which would open up the banking system to cannabis companies and allow consumers to pay with credit cards - was shoehorned into the National Defense Authorization Act.The NDAA usually passes the Senate without much fanfare. But Senate Majority Leader Chuck Schumer, Sen. Ron Wyden, and Sen. Cory Booker have their own more comprehensive cannabis bill, The Cannabis Opportunity and Administration Act. Booker has said that <a href="https://twitter.com/natsfert/status/1440809596902273028?s=20">he opposes</a> adding cannabis banking protections to the Senate's version of the NDAA ahead of broader criminal justice reforms.It remains to be seen whether SAFE will be included in the Senate's version of the NDAA. Many cannabis activists say that the SAFE Act would only help banks and large cannabis companies make more money in the industry. They'd rather see full-scale legalization or at least record expungement and other criminal and social justice measures passed first.But supporters of the SAFE Act say it's a necessary tool to help protect and grow small businesses since many social equity license holders are unable to get loans or open lines of credit to start their businesses, and that dealing in all cash is a safety risk. In other news, Amazon <a href="https://www.businessinsider.com/amazon-lobbying-us-government-to-make-pot-legal-2021-9">doubled down on its support for cannabis legalization</a> and said it was lobbying the federal government for legalization. Aurora Cannabis closed a major facility and <a href="https://ca.finance.yahoo.com/news/aurora-cannabis-lays-off-12-of-its-workforce-135806426.html">cut around 8% of its workforce</a>. The company delayed its earnings until next week. Tilray <a href="https://www.thestar.com/business/2021/09/20/tilray-to-close-nanaimo-office-and-facility-months-after-aphria-merger.html">closed</a> its Nanaimo, British Columbia facility as well. California will be <a href="https://www.businesswire.com/news/home/20210921005433/en/CA-State-Fair-First-ever-Cannabis-Competition-Announced">adding a cannabis competition to its state fair</a>, where farmers will show off their best buds. I'll be <a href="https://www.cannabisnewyork.live/">moderating a panel about the New York cannabis opportunity</a> at the Prohibition Partners x Business of Cannabis conference in New York City on Wednesday, September 29. I'm looking forward to seeing many of you in person, and let me know if you'll be around. - Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>)If you like what you read, <a href="http://newsletter.businessinsider.com/join/cultivated">share this newsletter</a> 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/investors-push-founders-out-cannabis-startup-civilized-memo-2021-9">Investors are pushing out the founders of troubled cannabis startup Civilized. We got ahold of the full memo.</a></h3>Investors are pushing Civilized founders Derek and Terri Riedle out of the company, according to a memo circulated among investors on Monday and obtained by Insider. The investors say the founders, Derek and Terri Riedle, saddled the company with debt.<h3><a href="https://www.businessinsider.com/founders-factory-woven-science-accelerator-for-psychedelics-startups-2021-9">A startup accelerator that's worked with J&amp;J and L'Oréal is getting into psychedelics as the industry goes mainstream</a></h3>A new accelerator program is targeting early-stage ancillary startups focused on <keyword id="11964815" type="UNKNOWN" weightage="60" keywordseo="psychedelics" source="Orion">psychedelics</keyword>, in the latest sign that psychedelics are entering the mainstream and that funding dollars are trailing closely behind. <h3><a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">The House just passed cannabis reforms as part of a defense bill. Here's what would change for businesses and their customers.</a></h3>The US House of Representatives has passed the Secure and Fair Enforcement Banking Act, or SAFE Banking Act, yet again.Lawmakers tucked the cannabis banking bill into the National Defense Authorization Act that passed lower chamber on Thursday. It's not clear whether the Senate will include cannabis reforms in its version of the defense package once the upper chamber takes it up. <h2>Executive moves</h2><ul><li>New York Governor Kathy Hochul on Wednesday <a href="https://www.governor.ny.gov/news/governor-hochul-announces-appointments-office-cannabis-management-board">announced</a> two more appointees - Reuben R. McDaniel, III and Jessica Garcia - to the board of the Office of Cannabis Management, the regulatory body responsible for building out the adult-use cannabis industry in the state. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Cannabis tech company Dispense <a href="https://www.prnewswire.com/news-releases/dispense-closes-2m-seed-funding-led-by-nextview-ventures-and-poseidon-asset-management-301381177.html">said</a> on Tuesday that it had raised a $2 million seed round led by NextView Ventures and Poseidon Asset Management.</li><li>Michigan-based cannabis company SKYMINT <a href="https://www.prnewswire.com/news-releases/skymint-acquires-3fifteen-cannabis-and-completes-concurrent-78-million-financing-from-sunstream-bancorp-and-merida-capital-solidifying-its-position-as-michigans-top-cannabis-cultivator-manufacturer-retailer-and-employer-301381672.html">said on Tuesday</a> that it raised $78 million and acquired 3Fifteen Cannabis. Investors in the round include Tropics LP, an affiliate of Sundial Growers' JV SunStream Bancorp Inc., and Merida Capital Holdings.</li><li>Christine De La Rosa, the CEO of The People's Ecosystem, is <a href="https://thepeoplesgroup.fund/">raising a $50 million fund</a> to invest in BIPOC and women-led cannabis businesses. </li><li>Psychedelics company Delic Holdings Corp <a href="https://www.prnewswire.com/news-releases/delic-to-acquire-ketamine-wellness-centers-inc-becoming-largest-psychedelic-wellness-chain-in-united-states-301380325.html">said on Monday</a> it would acquire Ketamine Wellness Centers Inc, increasing its footprint to 12 clinic locations across the US, in a $5 million cash-and-stock deal. </li><li>Crain Communications <a href="https://www.crain.com/news/crain-communications-acquires-cannabis-financial-news-brand-green-market-report/">is acquiring</a> cannabis financial media site Green Market Report. The terms of the deal were not disclosed.</li></ul><div type="image" title="cannabis legalization" height="1333" width="2000" msid="86490084" hostid="261"></div><h2>Policy moves</h2><ul><li>The House of Representatives on Thursday passed the SAFE Banking Act, <a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">a cannabis banking bill</a>, as part of the National Defense Authorization Act. It's not clear whether the Senate will include cannabis reforms in its version of the defense package once the upper chamber takes it up. </li><li>Italy is expected to hold a referendum on legalizing cannabis early next year after organizers gathered the 500,000 signatures within a week, <a href="https://www.reuters.com/breakingviews/italy-will-be-first-light-up-europes-weed-biz-2021-09-22/">reports Reuters</a>. </li></ul><h2>Research and data</h2><ul><li>A <a href="https://www.epi.org/publication/ensuring-the-high-road-in-cannabis-jobs/">new report</a> from the nonprofit Economic Policy Institute found that unionized cannabis workers could make $8,690 more per year than non-unionized peers. </li><li>Psychedelics company Atai Life Sciences <a href="https://www.atai.life/2021/09/21/demerx-doses-first-subject-in-phase-1-2a-study-of-dmx-1002-ibogaine-in-opioid-use-disorder/">said</a> on Tuesday that its platform company DemeRx has started its early-stage clinical trials of ibogaine to treat opioid use disorder.</li><li>Cannabis data firm BDSA <a href="https://www.globenewswire.com/news-release/2021/09/21/2300624/0/en/BDSA-Reports-Global-Cannabis-Sales-Surge-41-YoY-in-2021-Will-Surpass-62-Billion-by-2026.html">says in a report</a> that cannabis sales will hit $31 billion this year, a 41% increase over last year. By 2026, BDSA expects cannabis sales to exceed $62 billion. </li></ul><h2>Earnings</h2><ul><li>MedMen <a href="https://www.businesswire.com/news/home/20210923005896/en/MedMen-Reports-55-Year-Over-Year-Quarterly-Revenue-Growth-and-Second-Consecutive-Quarter-of-Growth-in-Both-Revenue-and-Retail-Adjusted-EBITDA">reported its Q4 and FY21 results</a> on Thursday. The company reported $42 million in revenue and a net loss of $46 million in Q4. For the full year, the company reported $145 million in revenue and a net loss of $157.6 million. </li></ul><h2>What we're reading </h2><a href="https://www.businessinsider.com/amazons-labor-shortage-solution-relax-cannabis-testing-2021-9">Why Amazon wants to make sure everyone knows it's totally cool with smoking pot now</a> (Insider)<a href="https://www.politico.com/news/2021/09/18/illinois-weed-experiment-512626">Lawyers, race and money: Illinois' messy weed experiment</a> (Politico)<a href="https://mjbizdaily.com/millions-of-pounds-of-legal-marijuana-diverted-to-illicit-market-california-lawsuit-alleges/">'Millions of pounds' of legal marijuana diverted to underground market, California lawsuit alleges</a> (MJ Biz Daily)<a href="https://www.insider.com/weed-could-help-motivate-you-to-exercise-athletes-say-2021-9">Getting high before exercise is the secret to sticking with a fitness routine, some athletes say</a> (Insider)<a href="https://apnews.com/article/business-environment-and-nature-oregon-droughts-marijuana-333e813d352fd2343e3adfe4f954e61a">Illegal marijuana farms take West's water in 'blatant theft'</a> (Associated Press)<a href="https://www.marijuanamoment.net/marijuana-banking-sponsor-discusses-path-through-senate-after-house-approves-reform-for-fifth-time/">Marijuana banking sponsor discusses path through Senate after House approves reform for fifth time</a> (<keyword id="12068962" type="UNKNOWN" weightage="60" keywordseo="marijuana" source="Orion">Marijuana</keyword> Moment)

Civilized founders pushed out

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 everyone:What's going on this week? Turning Points Brands, a NYSE-listed company, turned a few heads in the industry this week by announcing an $8 million investment into Old Pal, a California cannabis brand.Companies that want to maintain their listings on marquee exchanges like the NYSE usually won't touch US cannabis with a 10,000-foot pole. But Turning Points Brands got around that with some clever moves, as Marc Hauser, who co-leads Reed Smith's cannabis practice, noted in his <a href="https://www.linkedin.com/in/marc-hauser-146242b4/detail/recent-activity/shares/">Cannabis Musings</a> newsletter (which you should read).First, the investment is a convertible note - a form of debt that converts to equity at a later date - and that Old Pal, while nominally a "plant-touching" company, actually operates on a licensing model. So, as Hauser said, TPB is merely lending to a licensing business - not directly investing in a company that traffics in a Schedule I controlled substance.It'll be interesting to see if other companies follow this model.What else is happening?Cannabis was <a href="https://www.cnn.com/2021/07/16/asia/cannabis-study-china-origins-intl-hnk-scn/index.html">first domesticated in neolithic China</a>, making it one of the oldest domesticated crops known to humanity. New York airports won't seize <a href="https://www.timesunion.com/state/article/Marijuana-no-longer-seized-at-airport-checkpoints-16323920.php">cannabis found at TSA checkpoints anymore</a>. New Jersey is <a href="https://www.nj.com/marijuana/2021/07/a-man-failed-workplace-drug-test-days-after-nj-legalized-weed-and-was-fired-now-hes-suing.html">dismissing 88,000 marijuana possession cases</a>.Sen. Cory Booker clarified his stance on the SAFE Banking Act, a bill that would let cannabis companies access the banking system in an <a href="https://finance.yahoo.com/news/senator-cory-booker-clarifies-support-for-key-marijuana-banking-bill-104504846.html">interview with Yahoo.</a> He called the bill - which has bipartisan support, unlike the broader, <a href="https://www.businessinsider.com/senate-democrats-propose-bill-legalize-marijuana-2021-7">social justice-focused legalization bill</a> he, Sen. Schumer, and Sen. Wyden proposed last week - a good "sweetener" to sway moderates to a more progressive vision of full-scale legalization.He previously said he would try and stop SAFE Banking from advancing ahead of his broader legalization bill at all costs, as you <a href="https://www.businessinsider.com/insider-cannabis-newsletter-july-16-2021-7">may remember from last week's newsletter</a>. - Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) &amp; Yeji Jesse Lee (<a href="https://twitter.com/jesse_yeji">@jesse_yeji</a>)If you like what you read, <a href="http://newsletter.businessinsider.com/join/4np/insider-cannabis">share this newsletter</a> 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/cannabis-pitch-decks-marijuana-startups-raised-millions-venture-capital">Check out the pitch decks that hot cannabis startups used to raise millions from top investors</a></h3>Cannabis startups have raised millions in the last few years, targeting everything from tech, to distribution, to branded products. We've published over a dozen pitch decks from startups like Cann, Dutchie, and Eaze, and gone deep with the founders about their best tips for raising money in an emerging sector like cannabis.<h3><a href="https://www.businessinsider.com/cannabis-marijuana-stocks-to-buy-now-wall-street-analysts-2021-7">'A generational wealth opportunity': 4 top Wall Street analysts share the cannabis stocks to buy now</a></h3>Four top Wall Street analysts named their top cannabis stock picks. Here's a look at which companies analysts from Cowen, Jefferies, and others say you should place your bets. <h3><a href="https://www.businessinsider.com/consumer-giants-royal-dsm-bat-nestle-homing-in-on-cbd-2021-7">Huge consumer companies from Nestle to Altria are vying for a slice of the exploding CBD market</a></h3>CBD is already a $2 billion industry in the US, but the cannabis compound's legal status is murky. Still, that hasn't stopped large consumer companies from striking up deals and partnerships to jump into the industry.<h3><a href="https://www.businessinsider.com/compass-pathways-series-b-pitch-deck-80-million-psychedelics-2021-7">See the pitch deck that Compass Pathways used to raise $80 million and fuel its rise into one of the world's biggest psychedelics companies</a></h3>Compass Pathways is the second-largest psychedelics company in the world by market cap. But in 2019, the company was just getting started. Insider got a hold of a leaked pitch deck the company used to raise $80 million from investors like Otsuka and Founders Fund.<h3><a href="https://www.businessinsider.com/cannabis-marijuana-lobbying-amazon-investment-banks-booze-big-tobacco-2021-7">Amazon, investment banks, and even big tobacco are spending millions of dollars to try to get favorable marijuana laws</a></h3>A record 167 special interests lobbied on cannabis in the second quarter of 2021, an Insider analysis of new lobbying disclosures found. Amazon, Altria, and Morgan Stanley were among the companies lobbying on cannabis banking or legalization.<h3><a href="https://www.businessinsider.com/atai-ceo-interview-on-challenges-facing-the-psychedelics-industry-2021-7">The CEO of the biggest psychedelics company lays out the 3 challenges he has to address before treatments hit the market</a></h3>Florian Brand is now the CEO of the biggest psychedelics company in the world. In an interview after Atai's IPO, Brand laid out the three challenges he has to address before treatments hit the market.<h3><a href="https://www.businessinsider.com/top-psychedelic-vcs-big-pharma-could-strike-deals-2021-7">Top VCs in psychedelics say Big Pharma is knocking at the door - and it could fuel a wave of deals</a></h3>Insider talked to 11 top VCs in the psychedelics space and asked for their predictions. Three of them said that pharmaceutical companies are eyeing the space and looking for a way in. This article is the first of three that will detail VCs' predictions for the psychedelics industry.<div type="image" title="marijuana cannabis" height="2334" width="3500" msid="84686751" hostid="261"></div><h2>Executive moves</h2><ul><li>California-based cannabis company Harborside <a href="https://www.prnewswire.com/news-releases/harborside-announces-management-changes-301336324.html">announced</a> on Monday that chairman Matt Hawkins would be stepping in as interim CEO. Hawkins runs the cannabis investment firm Entourage Effect Partners. Former CEO of Sublime Ahmer Iqbal has been appointed to COO.</li><li>Psychedelics company Compass Pathways <a href="https://ir.compasspathways.com/news-releases/news-release-details/danielle-schlosser-joins-compass-pathways-verily-life-sciences">said</a> on Wednesday that it had appointed Danielle Schlosser to senior vice president of clinical innovation.</li><li>Cannabis edibles startup Hervé has appointed a pair of marketing execs in California, including Cheyne Nadeau who joins from Canndescent, and Emily Ryan, from Plus Products. <a href="https://www.businessinsider.com/herve-3-million-pitch-deck-for-luxury-cannabis-infused-edibles-2021-6">Read our story on Hervé's Series A here.</a> </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Multistate operator Ayr Wellness <a href="https://www.globenewswire.com/news-release/2021/07/20/2265534/0/en/Ayr-Wellness-Enters-Illinois-with-Agreement-to-Acquire-Herbal-Remedies-Dispensaries-LLC.html">announced</a> on Tuesday that it would acquire Illinois-based Herbal Remedies Dispensaries in a $30 million cash and stock deal.</li><li>Cannabis-focused hydroponics company GrowGeneration <a href="https://www.prnewswire.com/news-releases/growgeneration-acquires-aqua-serene-expands-footprint-in-oregons-southern-green-belt-301337425.html">said</a> on Tuesday that it had acquired Oregon-based Aqua Serene. The investment bank Stifel estimated the deal amounts to $7 million in a note. </li><li>Turning Points Brands, an NYSE-listed company that owns Zig-Zag rolling papers and other smokeless tobacco brands, is <a href="https://www.yahoo.com/now/turning-point-brands-invests-8-113000364.html">investing $8 million into cannabis brand Old Pal</a> through a convertible note. </li><li>Silver Spike Investment Corp. <a href="https://www.businesswire.com/news/home/20210720006260/en/Silver-Spike-Investment-Corp.-Announces-Proposed-Initial-Public-Offering">said</a> on Tuesday that it had plans to make an initial public offering on the Nasdaq until the symbol "SSIC."</li><li>Psychedelics company Field Trip Health <a href="https://www.globenewswire.com/news-release/2021/07/23/2267971/0/en/Field-Trip-Health-Ltd-Obtains-Conditional-Approval-to-List-on-Nasdaq-Under-the-Symbol-FTRP.html">announced</a> on Friday that it had obtained conditional approval to list on the Nasdaq under the symbol "FTRP." </li></ul><h2>Research and data</h2><ul><li>A <a href="https://iopscience.iop.org/article/10.1088/2515-7620/ac1124">new study</a> from the Cannabis Research Center at UC Berkeley found that cannabis grows in California often tap unregulated groundwater sources which may have negative effects on streamflow and wildlife. </li><li>A <a href="https://www.cambridge.org/core/journals/journal-of-the-international-neuropsychological-society/article/abs/evidence-lacking-for-cannabis-users-slacking-a-longitudinal-analysis-of-escalating-cannabis-use-and-motivation-among-adolescents/74C04AEE95E01B6D11E4F51DB8F32789?link_id=4&amp;can_id=368bbf085178dd7d3b7f9ea734c170f9&amp;source=email-study-cannabis-use-not-linked-to-motivation-loss&amp;email_referrer=email_1237727&amp;email_subject=study-cannabis-use-not-linked-to-motivation-loss-motivation-loss">new study</a> published in the Journal of the International Neuropsychological Society did not find a link between adolescent cannabis use and reduced motivation, but the authors said that greater cannabis use was associated with a devaluing of school.</li><li>A <a href="https://advances.sciencemag.org/content/7/29/eabg2286">new study</a> published in the journal Science Advances found that cannabis was first domesticated in Neolithic China.</li></ul><h2>Policy moves</h2><ul><li>New York State Senator Jeremy Cooney <a href="https://www.nysenate.gov/newsroom/press-releases/jeremy-cooney/sen-cooney-introduces-provisional-cannabis-license-bill">proposed a new bill</a> that would let cannabis growers harvest and sell cannabis ahead of the final rules and appointments for the state's Office of Cannabis Management. The bill would let growers start next year. </li></ul><h2>Chart of the week</h2>Thirty-five to 44-year-olds in the US make up the largest portion of medical cannabis patients in the country, according to New Frontier Data. Twenty-five to 34-year-olds trail closely behind, making up 21% of all medical patients in the US. <div type="image" title="cannabis weekly newsletter chart about the medical cannabis patients by age" height="840" width="1240" msid="84686752" hostid="261"></div><h2>What we're reading</h2><a href="https://www.businessinsider.com/truck-drivers-reveal-drug-testing-opinions-2021-7">What truck drivers really think about new federal regulations to crack down on drug use</a> (Insider)<a href="https://www.bnnbloomberg.ca/it-s-going-to-be-a-bloodbath-why-some-toronto-pot-store-owners-are-giving-up-1.1630022">'It's going to be a bloodbath': Why some Toronto pot store owners are giving up</a> (BNN Bloomberg)<a href="https://www.nbcnews.com/business/consumer/your-shopping-mall-s-latest-tenant-pot-dispensary-n1274621">Your shopping mall's latest tenant? A pot dispensary</a> (NBC News)<a href="https://calmatters.org/environment/2021/07/illegal-marijuana-growers-steal-california-water/">Thieves are stealing California's scarce water. Where's it going? Illegal marijuana farms</a> (CalMatters)<a href="https://www.nj.com/marijuana/2021/07/a-man-failed-workplace-drug-test-days-after-nj-legalized-weed-and-was-fired-now-hes-suing.html">A man failed workplace drug test days after N.J. legalized weed and was fired. Now he's suing.</a> (NJ Advance Media)

Amazon lobbying on legalization

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 readers,We're getting back into the swing of things here on BI's cannabis team. This week, we have some insight into legendary investor Bill Miller's view on cannabis - <a href="https://www.businessinsider.com/bill-miller-cannabis-stock-pick-green-thumb-industries-growth-projection-2021-1">and his top stock pick</a> - and we've published <a href="https://www.businessinsider.com/list-top-cannabis-startups-in-2021-according-to-vcs-2021-1">our full list of cannabis startups to watch in 2021</a>. Thanks to everyone who shared their insights and predictions.As a reminder, here's how to get in touch: <a href="mailto:jberke@businessinsider.com">jberke@businessinsider.com</a>, or <a href="mailto:ylee@businessinsider.com">ylee@businessinsider.com</a>. Signal number for encrypted messages upon request.-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/bill-miller-cannabis-stock-pick-green-thumb-industries-growth-projection-2021-1">Legendary investor Bill Miller compared marijuana legalization to the early days of gambling and shares the one pot stock he's betting on to soar</a></h3>At an investor roundtable last week, value investor Bill Miller compared <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> legalization to the early days of gambling. "The states are now dying for money. So they have got to legalize this stuff," Miller said.Miller says he expects Green Thumb Industries, a company he has invested in, to grow up to 30% per year.<h3><a href="https://www.businessinsider.com/list-top-cannabis-startups-in-2021-according-to-vcs-2021-1">Here are the 26 hottest cannabis startups that are set to take off in 2021, according to top investors</a></h3>We asked some of the top investors in cannabis to name the most promising startups in the industry. Here are the companies they picked.<h2>Executive Moves</h2><ul><li>Acreage Holdings <a href="https://www.globenewswire.com/news-release/2021/01/11/2156161/0/en/Acreage-Holdings-Adds-Katie-J-Bayne-As-Board-Member.html#:~:text=NEW%20YORK%2C%20Jan.%2011%2C,the%20Company's%20Board%20of%20Directors.&amp;text=She%20brings%20over%20a%20decade,in%20varied%20industries%2C%20including%20retail.ail.">announced on Monday</a> that Coca-Cola veteran Katie J. Bayne would be joining the company as a new board member.</li><li>Former CFO of Lions Gate Entertainment Marni Wieshofer <a href="https://www.businesswire.com/news/home/20210111005361/en/Organigram-Appoints-Marni-Wieshofer-to-the-Board-of-Directors">will be joining Organigram Holdings</a>' Board of Directors.</li><li>4Front Ventures cofounder Josh Rosen <a href="https://www.cannabisbusinessexecutive.com/2021/01/bengal-capital-welcomes-4front-ventures-josh-rosen/">will be joining Bengal Capital</a> as a managing partner.</li><li>Andrew Kline is <a href="https://www.cannabisbusinessexecutive.com/2021/01/perkins-coie-adds-director-public-policy-national-cannabis-industry-association-andrew-j-kline-senior-counsel/">joining Perkins Coie in the firm's Denver office</a> as a senior counsel in the firm's Commercial Litigation Practice and Cannabis Law Industry Group. Kline was previously the director of public policy for the National Cannabis Industry Association. </li><li>Massachusetts' attorney general <a href="https://www.mass.gov/news/ag-healey-makes-appointment-to-the-cannabis-control-commission-0">appointed Ava Callender Concepcion</a> to the state's Cannabis Control Commission on Tuesday. Concepcion was most recently director of governmental affairs and external partnerships for the Suffolk County District's AG office.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Cannabis retailer and cultivator Cresco Labs is expanding to Florida <a href="https://www.businesswire.com/news/home/20210114005381/en/Cresco-Labs-to-Expand-Into-Florida-Through-Acquisition-of-Bluma-Wellness-Inc.">through an all-stock acquisition of Bluma Wellness</a>. The deal values Bluma Wellness at $213 million. </li><li>Atai Life Sciences <a href="https://www.prnewswire.com/news-releases/atai-life-sciences-acquires-majority-stake-in-recognify-life-sciences-to-develop-novel-treatment-for-cognitive-impairment-associated-with-schizophrenia-301205876.html">announced on Tuesday</a> it had acquired a majority Stake in Recognify Life Sciences, which is developing compounds to treat Cognitive Impairment Associated with Schizophrenia (CIAS).</li><li>Jushi Holdings <a href="https://www.newcannabisventures.com/jushi-to-add-3-california-cannabis-dispensaries/">announced it had acquired</a> Palm Springs-based cannabis company Organic Solutions of the Desert, expanding its footprint in California by three dispensaries. </li><li>Truss, a joint venture between Canadian cannabis company HEXO Corp and Molson Coors, is <a href="https://www.globenewswire.com/news-release/2021/01/13/2158006/0/en/Truss-CBD-USA-a-HEXO-Corp-and-Molson-Coors-joint-venture-launches-Veryvell-sparkling-CBD-water-in-Colorado.html">launching a CBD-infused beverage in Colorado</a>.</li></ul><h2>Policy moves</h2><ul><li>New Jersey's Governor Phil Murphy said in his State Of The State Speech on Tuesday that the state is "on the verge" of cannabis legalization. Here's his tweet reiterating his <a href="https://twitter.com/GovMurphy/status/1349059579385159688">point</a>. <a href="https://www.nj.com/marijuana/2021/01/murphy-still-optimistic-on-nj-legal-weed-compromise-after-latest-deal-suddenly-fell-apart.html">Here's what you need to know, from NJ.com</a>.</li><li>Jersey City says 100% of tax revenue from medical marijuana dispensaries in the city - when they open - <a href="https://cityofjerseycity.civicweb.net/document/40048/Chapter%20304%20(Taxation)%20-%20Medicinal%20Cannabis.pdf">will go to affordable housing</a>. </li><li>The USDA <a href="https://www.hempgrower.com/article/usda-issues-final-rule-hemp/">released its final hemp rules</a>, which take effect on March 22.</li><li>Virginia's governor and lawmakers <a href="https://www.marijuanamoment.net/virginia-governor-unveils-bill-to-legalize-marijuana-as-lawmakers-schedule-first-hearing/">announced a bill on Wednesday</a> that would legalize cannabis in the state for adults over the age of 21.</li><li>The incoming commerce secretary, Rhode Island Gov. Gina Raimondo, wants legal marijuana to be sold in government-run stores, <a href="https://www.marijuanamoment.net/bidens-commerce-secretary-pick-wants-marijuana-sold-in-government-run-stores/">reports Marijuana Moment</a>, an industry publication. </li></ul><h2>Earnings roundup</h2><ul><li>Aphria <a href="https://www.prnewswire.com/news-releases/aphria-inc-announces-record-second-quarter-fiscal-year-2021-results-301208419.htmlhttps://www.prnewswire.com/news-releases/aphria-inc-announces-record-second-quarter-fiscal-year-2021-results-301208419.html">reported fiscal Q2 net revenue</a> of C$160.5 million and a net loss of C$120.6 million.</li></ul><h2>Science and research</h2><ul><li>A study <a href="https://www.sciencedirect.com/science/article/pii/S1570677X20301921">published in the journal Economics &amp; Human Biology</a> found, perhaps unsurprisingly, that people bought and consumed more junk food in states that have legalized recreational marijuana. </li><li>A study <a href="https://www.sciencedirect.com/science/article/abs/pii/S0376871620306591">published in the journal Drug and Alcohol Dependence</a> from New York University professor Joseph Palamar found that marijuana use increases steadily throughout the year, using data from the National Survey on Drug Use and Health. The researchers theorize the relatively low use in January could be due to New Year's resolutions.</li></ul><h2>Chart of the week</h2>The regulated cannabis market is growing, but according to New Frontier Data, the illicit market still serves the vast majority of US cannabis consumers. Among US states that have no regulated medical or adult-use market, Texas by far has the largest illicit cannabis market, followed by North Carolina and Georgia. Sales in these three states make up around $8.3 billion in sales every year; by 2025, that figure is expected to jump to $9.8 billion if the states remain unregulated.<div type="image" title="largest estimated illicit markets 2020" height="804" width="1280" msid="80292451" hostid="261"></div><h2>What we're reading</h2><a href="https://www.washingtonpost.com/lifestyle/travel/psychedelic-mushrooms-retreats-vacations-psilocybin/2021/01/07/fd7e998e-4f83-11eb-b96e-0e54447b23a1_story.html">Will psychedelic mushroom vacations come to the U. S.?</a> (Washington Post)<a href="https://www.law360.com/cannabis/articles/1343529/senate-flip-could-turbocharge-cannabis-deal-making?nl_pk=6ff4d27c-634a-48a6-a53e-64e6cdc41535">Senate flip could turbocharge cannabis deal-making</a> (Law360)<a href="https://mjbizdaily.com/cannabis-ceos-among-canadas-top-paid-executives-despite-losses/">Cannabis CEOs, led by Aphria's Irwin Simon, are among Canada's top-paid execs despite losses</a> (Marijuana Business Daily)<a href="https://www.bnnbloomberg.ca/canopy-growth-confident-it-will-enter-u-s-market-within-a-year-ceo-1.1545700">Canopy Growth confident it will enter U.S. within a year: CEO</a> (BNN Bloomberg)

The 26 cannabis startups set to soar in 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>.Hello everyone,Here on the home front, reports that Gov. Andrew Cuomo is slow-walking legalization - he has yet to make nominations for the Office of Cannabis Management - have raised eyebrows across the New York cannabis world.The New York Post <a href="https://nypost.com/2021/07/25/lawmakers-question-cuomo-as-he-delays-weed-program/">reported</a> that the delay was because of Cuomo's anger over the legislature's lack of action on his proposed MTA legislation. Sen. Dianne Savino, who co-led the push for cannabis reform, said that she expects Cuomo to be able to "walk and roll a joint at the same time."Speaking from experience, that's much harder than it looks.What else happened? Yeji has <a href="https://www.businessinsider.com/top-psychedelics-vcs-predict-a-tech-boom-and-more-clinics-2021-7">a pair</a> <a href="https://www.businessinsider.com/psychedelics-investors-vcs-predictions-new-compounds-failures-2021-7">of stories</a> in her series on what's in store for the burgeoning psychedelics market. You should read those if you want to get quickly up to speed.I published a <a href="https://www.businessinsider.com/biotechs-racing-to-capture-115-billion-market-for-synthetic-cannabis-2021-7">deep dive into the promises and pitfalls of synthetic cannabinoids</a> and the surprising amount of money being poured into research by startups. It's expected to become a $115 billion market.Tilray CEO Irwin Simon - fresh off a profitable quarter - told us in an interview <a href="https://www.businessinsider.com/tilray-ceo-interview-acquire-us-cannabis-company-ahead-of-legalization-2021-7">that he's got ambitious M&amp;A plans for the US</a>. - 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/top-psychedelics-vcs-predict-a-tech-boom-and-more-clinics-2021-7">Top psychedelics VCs predict a tech boom and a rise of clinics over the next year</a></h3>Some of the top VCs in the psychedelics space told Insider that they predict a rise in psychedelic clinics and more companies focused on other areas that don't involve drug development.<h3><a href="https://www.businessinsider.com/biotechs-racing-to-capture-115-billion-market-for-synthetic-cannabis-2021-7">Biotechs are betting millions on unlocking the $115 billion synthetic-cannabis market</a></h3>Growing quality cannabis isn't easy. Biotech startups are chasing what Wall Street analysts say could become a $115 billion market for synthetic cannabis compounds. "It's a biosynthesis revolution," one cannabis biotech executive told Insider. "Biology is to the 21st century what physics was to the 20th."<h3><a href="https://www.businessinsider.com/tilray-ceo-interview-acquire-us-cannabis-company-ahead-of-legalization-2021-7">The CEO of cannabis giant Tilray is sitting on a $500 million war chest, and says he's ready to make a deal for a US cannabis company</a></h3>Tilray CEO Irwin Simon told Insider he's not waiting on legalization to make a deal with a US company. Instead, the executive said he's closely watching US cannabis companies with good assets and branding. "I'm making a big bet," he said. <h3><a href="https://www.businessinsider.com/psychedelics-investors-vcs-predictions-new-compounds-failures-2021-7">Top psychedelics VCs warn the industry's boom could turn into a correction and some companies are a 'flash in the pan'</a></h3>In the third edition of Insider's psychedelic VC predictions series, top investors said they expect big changes to the landscape. Some said that many companies will fail as the market corrects itself. Others predicted a new era for psychedelic compounds.<div type="image" title="Cannabis" height="1333" width="2000" msid="84902932" hostid="261"></div><h2>Executive moves</h2><ul><li>Psychedelics giant Compass Pathways <a href="https://ir.compasspathways.com/news-releases/news-release-details/guy-goodwin-joins-compass-pathways-chief-medical-officer">said</a> on Thursday that Guy Goodwin, an emeritus professor of psychiatry at the University of Oxford, would join the company as chief medical officer.</li><li>Philadelphia 76ers legend Allen Iverson is <a href="https://www.forbes.com/sites/javierhasse/2021/07/29/allen-iverson-joins-al-harringtons-cannabis-company-says-they-are-about-to-change-the-game/?sh=bc77c304e7b0">joining Al Harrington's California cannabis company</a>, Viola Brands.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>London Stock Exchange-listed medical cannabis company Kanabo is acquiring Canada-based Materia Ventures, to create what the companies <a href="https://www.businesswire.com/news/home/20210726005287/en/Kanabo-Signs-Agreement-to-Acquire-Materia-and-Create-Europe%E2%80%99s-Largest-Public-Cannabis-Company">say is the largest European cannabis company</a>. The financial terms of the transaction were not disclosed. </li><li>Cannabis company Verano <a href="https://www.globenewswire.com/news-release/2021/07/26/2268495/0/en/Verano-to-Acquire-Sierra-Well-Expanding-Nevada-Distribution-with-Two-Top-Performing-Dispensaries-in-Reno-Carson-City-and-Additional-Active-Cultivation-Capacity.html">announced</a> on Monday that it would acquire Nevada-based cannabis company Sierra Well in a $29 million cash and stock deal.</li><li>Poseidon Garden Ventures, Poseidon Asset Management's third fund in the cannabis space, <a href="https://www.prnewswire.com/news-releases/poseidon-garden-ventures-announces-first-investments-in-adaviv-dispense-and-jkl2-301340576.html">said</a> on Monday that it invested in its first three startups: cannabis operator JKL2, cultivation tech company Adaviv, and dispensary tech provider Dispense. </li><li>Psychedelics company Field Trip Health began <a href="https://www.meetfieldtrip.com/news/news-details/2021/Field-Trip-Health-Ltd.-to-Commence-Trading-on-the-NASDAQ-on-July-29-2021-Under-the-Symbol-FTRP/default.aspx">trading</a> on the Nasdaq on Thursday under the ticker 'FTRP', the latest of a slew of psychedelics companies to list on a US exchange. </li><li>Atai Life Sciences, the largest psychedelics company in the world by market cap, <a href="https://www.globenewswire.com/news-release/2021/07/28/2270432/0/en/atai-Life-Sciences-launches-InnarisBio-in-partnership-with-the-University-of-Queensland-with-the-aim-to-develop-a-more-effective-nose-to-brain-delivery-method-for-atai-s-platform-o.html">said</a> on Wednesday that it had launched InnarisBio, a company focused on nose-to-brain delivery methods for various treatments, alongside the University of Queensland. </li></ul><h2>Policy moves</h2><ul><li>Pennsylvania's Supreme Court ruled that the public has a right to review applications for the state's medical marijuana licenses, <a href="https://www.law360.com/articles/1405230/pa-high-court-says-medical-pot-applications-are-public">Law 360 reports</a>. </li><li>The House approved a far-reaching spending bill that provides protections to banks that work with legal cannabis companies, allows cannabis sales in Washington D.C., among other cannabis elements, <a href="https://www.marijuanamoment.net/house-approves-marijuana-banking-employment-and-d-c-sales-provisions-in-large-scale-spending-bill/">Marijuana Moment reports</a>. </li><li>Colorado Gov. Jared Polis is creating a Cannabis Business Office for the state, to promote social equity in the industry, <a href="https://www.denverpost.com/2021/07/29/colorado-marijuana-social-equity/">The Denver Post reports</a>. </li></ul><h2>Research and data</h2><ul><li>Legalizing cannabis federally would reduce arrests but could put some minority entrepreneurs out of business, according to research led by Carnegie Mellon's Jonathan Caulkins and <a href="https://www.heinz.cmu.edu/media/2021/July/federal-cannabis-legalization-would-reduce-arrests-could-put-some-social-equity-licensees-out-of-business">published in the Boston University Law Review</a>. The analysis shows that expunging records for cannabis possession could advance social equity goals more than other reforms. </li><li>CBD can reduce nicotine cravings in rats, according to a new study <a href="https://link.springer.com/article/10.1007/s00213-021-05845-4">published in the journal Psychopharmacology</a>. The data suggest that CBD may be a tool to help people alleviate cravings after quitting cigarettes. </li><li>Hemp goes 'hot' - as in, exceeds the legal threshold of 0.3% THC - because of genetics and not environmental stress, as was previously thought, according to new research from Cornell University published in the <a href="https://onlinelibrary.wiley.com/doi/10.1111/gcbb.12880">journal Global Change Biology-Bioenergy</a>. Hemp that exceeds the THC threshold can cause farmers to lose their entire crop. </li><li>Legalizing cannabis does not lead to more problematic or chaotic use, according to a new study 0f 1,225 cannabis users <a href="https://journals.sagepub.com/doi/full/10.1177/00914509211033921">published in the journal Contemporary Drug Problems</a>. </li></ul><h2>Earnings</h2><ul><li>Tilray released its fiscal Q4 2021 <a href="https://www.businesswire.com/news/home/20210728005469/en/Tilray-Inc.-Reports-2021-Fiscal-Year-and-Fourth-Quarter-Results">results</a> on Wednesday, reporting $142.2 million in net revenue and $33.6 million in net income. </li></ul><h2>Chart of the week</h2>Canada's regulated cannabis sales are expected to grow 54% in 2021, according to Headset, double the US growth rate. The cannabis data company said that the Canadian market is newer and smaller than that of the US, making growth more noticeable: <div type="image" title="Chart showing cannabis estimated annual sales growth rate for Canada and US" height="1044" width="1410" msid="84902933" hostid="261"></div><h2>What we're reading </h2><a href="https://www.forbes.com/sites/willyakowicz/2021/07/27/billionaire-charles-koch-on-why-cannabis-should-be-legal/?sh=65f4d4834a73">Billionaire Charles Koch on why cannabis should be legal</a> (Forbes)<a href="https://www.insider.com/gave-up-alcohol-for-marijuana-made-me-present-patient-parent-2021-7">I gave up alcohol and turned to weed instead, and now I'm a more present and patient parent</a> (Insider)<a href="https://nypost.com/2021/07/25/new-york-will-be-buzzing-with-union-jobs-thanks-to-pot-industry/">New York will be buzzing with union jobs thanks to upcoming pot industry</a> (New York Post)<a href="https://www.insider.com/marijuana-helped-former-nhl-champion-beat-alcoholism-2021-7">Marijuana helped former NHL champion Darren McCarty beat alcoholism, he says. 'I would've been dead without it.'</a> (Insider)<a href="https://labusinessjournal.com//news/2021/jul/26/struggling-medmen-seeks-restructuring-turnaround/">Struggling MedMen Seeks Restructuring, Turnaround</a> (LA Business Journal)<a href="https://www.theguardian.com/society/2021/jul/24/is-medical-cannabis-really-a-magic-bullet">Is medical cannabis really a magic bullet?</a> (The Guardian)

Tilray's war chest

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>.Hello everyone,Breathe out. If you work for, invest in, or lead a cannabis company - this was probably one of the busiest weeks of the summer.Most of the major US cannabis companies or MSOs reported earnings this week, giving us a clear snapshot into how the industry's doing amid the pandemic.For us, that means a whirlwind of calls, interviews, reading, writing, more calls, more interviews, more reading, and more writing. If you tried to reach Yeji or me this week and we haven't gotten back you, now you know why. We're doing our best.Our quick takeaway on the quarter: MSOs like Trulieve, Green Thumb Industries, Verano Holdings and others posted strong quarters in terms of revenue growth and actually turning a profit, compared to their Canadian counterparts. How novel.What else we're watching:Gov. Cuomo's resigning, and industry experts told us <a href="https://www.businessinsider.com/new-york-cannabis-cuomo-resignation-speed-up-marijuana-sales-timeline-2021-8">that'll speed up the rollout of legalization in New York</a>.Trulieve CEO Kim Rivers' husband JT Burnette is on trial over corruption charges associated with real estate purchases he made. The jury is deliberating as we speak.But for the cannabis industry, there's a damning piece: According to audio from a conversation between Burnette and an undercover FBI agent, Burnette claimed he worked with a Republican state representative to create barriers that would benefit his wife's company and keep others out of Florida's lucrative medical marijuana market, <a href="https://www.tallahassee.com/story/news/local/fbi/2021/08/10/j-t-burnette-trial-day-12-federal-prosecutors-cross-examination/5549817001/">the Tallahassee Democrat reported</a>. In an industry like cannabis, in the context of decades of racially motivated policing and incarceration, reputation is everything for leaders of publicly traded cannabis companies that are now profiting from legalization.We're asking CEOs and other execs how they thread that needle in an industry where corporate reputation is of critical importance because of that history and the polarized political environment we all inhabit.If you've got thoughts on that, get in touch with us. - Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) &amp; Yeji Jesse Lee (<a href="https://twitter.com/jesse_yeji">@jesse_yeji</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/analyst-list-cannabis-stocks-to-buy-now-after-pullback-2021-8">A top Wall Street analyst says investors are overlooking a 'transformative growth opportunity' in cannabis stocks, and names 9 to buy now</a></h3>Cannabis stocks have pulled back significantly since February and Viridian analyst Jonathan DeCourcey says this creates an opportunity for investors. DeCourcey names 9 stocks in particular that are poised to see "transformative growth."<h3><a href="https://www.businessinsider.com/cannabis-amc-meme-stocks-retail-investors-shareholders-proxy-voting-2021-6">Robinhood just announced a $140 million deal for a startup focused on increasing proxy voting as meme stocks struggle to get participation from retail investors</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 Insider. To address this issue, Robinhood said on Tuesday that it had made a big deal that would help increase proxy voting.<h3><a href="https://www.businessinsider.com/new-york-cannabis-cuomo-resignation-speed-up-marijuana-sales-timeline-2021-8">The cannabis industry says Cuomo's resignation could speed up marijuana sales in New York</a></h3>New York Gov. Andrew Cuomo's resignation amid a wave of sexual assault allegations may be beneficial for the state's fledgling cannabis industry."I think a lot of people in this industry, including some of our clients, are breathing a sigh of relief knowing that the governor of New York is no longer using cannabis as a pawn in unrelated battles," Jeffrey Schultz, partner at cannabis law firm Feuerstein Kulick, told Insider.<h3><a href="https://www.businessinsider.com/cannabis-real-estate-retail-industrial-green-rush-jlll-cushman-cbre-2021-8">THE NEW GREEN RUSH: Risk-taking real-estate brokers who cater to cannabis companies are cashing in</a></h3>Cannabis real estate is projected to be a $50 billion industry by 2027 and some risk-taking brokerages are cashing in, helping cannabis firms find grow houses and retail storefronts.<h3><a href="https://www.businessinsider.com/riv-capital-ceo-narbe-alexandrian-interview-us-cannabis-deals-2021-8">The man building a new cannabis company with cash from Scotts Miracle-Gro lays out his plan to dominate the US with a $320 million war chest</a></h3>A Scotts Miracle-Gro unit is investing $150 million in RIV Capital and RIV Capital CEO Narbe Alexandrian told Insider he's using the money to shop for US cannabis deals. He says he's focused on populous states and said he's looking for distressed deals and for companies with strong teams. <h2>Executive moves</h2><ul><li>Tom Price, the former HHS secretary under President Donald Trump, is joining the board of Botanical Sciences, a cannabis company that recently won a coveted medical license in Georgia, <a href="https://www.marijuanamoment.net/former-anti-marijuana-congressman-and-top-trump-health-official-joins-cannabis-company-board-documents-show/">Marijuana Moment reports</a>. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Leafly <a href="https://www.prnewswire.com/news-releases/leafly-to-go-public-through-business-combination-with-merida-merger-corp-i-301350986.html">said</a> on Monday that it plans to go public through a special purpose acquisition company sponsored by Merida Capital Holdings in a deal that values the company at around $532 million. The company plans to trade on the NASDAQ under the ticker "LFLY."</li><li>RIV Capital <a href="https://www.prnewswire.com/news-releases/riv-capital-announces-us150-million-strategic-investment-by-the-hawthorne-collective-a-subsidiary-of-the-scotts-miracle-gro-company-301351777.html">announced</a> on Tuesday that it has received a $150 million investment from The Hawthorne Collective, a subsidiary of The Scotts Miracle-Gro Company. RIV Capital CEO Narbe Alexandrian <a href="https://www.businessinsider.com/riv-capital-ceo-narbe-alexandrian-interview-us-cannabis-deals-2021-8">told Insider</a> he's using the money to shop for US cannabis deals.</li><li>Montréal Cannabis Médical Inc. is <a href="https://www.newswire.ca/news-releases/mtl-cannabis-to-acquire-control-of-canada-house-808267174.html">going public on the CSE</a> through a reverse takeover with Canada House.</li><li>Canadian cannabis company Fire &amp; Flower is <a href="https://www.barrons.com/articles/fire-flower-enters-california-market-as-american-acres-completes-name-change-to-fire-flower-u-s-holdings-01628595341#:~:text=(%22Fire%20%26%20Flower%22%20or,Palm%20Springs%2C%20California%20located%20at">entering the US</a> through a licensing agreement with American Acres Managers, which will change its name to Fire &amp; Flower U.S. Holdings and open a branded dispensary in Palm Springs. </li><li>Psychedelics giant Atai <a href="https://www.globenewswire.com/news-release/2021/08/12/2279817/0/en/atai-Launches-Revixia-Life-Sciences-to-Develop-Salvinorin-A-for-a-Variety-of-Mental-Health-Conditions.html">announced</a> on Thursday that it had launched Revixia Life Sciences, a subsidiary focused on developing Salvinorin A, a compound derived from the psychedelics plant Salvia divinorum.</li><li>Origin Therapeutics <a href="https://www.globenewswire.com/news-release/2021/08/12/2279705/0/en/Origin-Therapeutics-Closes-6-5-Million-Private-Placement-to-Fund-New-Investments-in-Psychedelics.html">said</a> on Thursday that it closed a $6.5 million private placement to fund investments into private, early-stage psychedelics companies.</li><li>BuzzFeed is launching a line of cannabis products, <a href="https://www.forbes.com/sites/javierhasse/2021/08/05/get-your-buzz-on-with-buzzfeeds-new-cannabis-line/?sh=97a3aaf43a3a">Forbes reports</a>.</li></ul><div type="image" title="Cannabis" height="1333" width="2000" msid="85312123" hostid="261"></div><h2>Policy moves</h2><ul><li>Gov. Andrew Cuomo has announced his resignation from office, leaving New York - and the rollout of New York's cannabis industry - to Lt. Gov Kathy Hochul. We've got you <a href="https://www.businessinsider.com/new-york-cannabis-cuomo-resignation-speed-up-marijuana-sales-timeline-2021-8">covered on why experts say this might be beneficial for cannabis</a>. </li><li>As part of the mammoth $1 trillion infrastructure bill that passed the Senate this week, researchers <a href="https://www.marijuanamoment.net/senate-votes-to-let-researchers-study-marijuana-from-dispensaries/">would be allowed to study marijuana</a> that consumers purchase from recreational dispensaries. The bill is now in the House. </li></ul><h2>Earnings</h2><ul><li>Curaleaf released its 2021 <a href="https://ir.curaleaf.com/2021-08-09-Curaleaf-Reports-Record-Second-Quarter-2021-Results">Q2</a> results on Monday, reporting $312 million in revenue and a net loss of $7.2 million.</li><li>Verano Holdings released its 2021 <a href="https://investors.verano.com/news/news-details/2021/Verano-Reports-Second-Quarter-2021-Record-Revenue-of-199M/default.aspx">Q2</a> results on Tuesday, reporting $198.7 million in revenue and a net profit of $6.8 million.</li><li>Acreage Holdings released its <a href="https://investors.acreageholdings.com/financial-information/financial-releases/press-release/2021/Acreage-Holdings-Reports-Second-Quarter-2021-Results/default.aspx">Q2</a> 2021 results on Tuesday, reporting $44.2 million in revenue and a net loss of $2.6 million.</li><li>Harvest Health &amp; Recreation released its <a href="https://investor.harvesthoc.com/press/press-release/2021/Harvest-Health--Recreation-Inc.-Reports-Second-Quarter-2021-Financial-Results/default.aspx">Q2</a> 2021 results on Tuesday, reporting $102.5 million in revenue and a net loss of $19.5 million.</li><li>Ascend Wellness Holdings released its <a href="https://awholdings.com/awh-announces-q2-2021-financial-results/">Q2</a> 2021 results on Tuesday, reporting $83.4 million in revenue and a net loss of $44.9 million.</li><li>Green Thumb Industries released its <a href="https://investors.gtigrows.com/investors/news-and-events/press-releases/press-release-details/2021/Green-Thumb-Industries-ReportsSecond-Quarter-2021-Results/default.aspx">Q2</a> 2021 results on Wednesday, reporting $221.9 million in revenue and a net profit of $22.1 million.</li><li>Columbia Care released its <a href="https://d1io3yog0oux5.cloudfront.net/_f3c290420906e976623f5b06f399cdcd/colcare/news/2021-08-12_Columbia_Care_Reports_Record_Second_Quarter_2021_139.pdf">Q2</a> 2021 results on Thursday, reporting $102.4 million in revenue and a net loss of $10.2 million.</li><li>Trulieve released its <a href="https://www.newswire.ca/news-releases/trulieve-reports-record-second-quarter-2021-earnings-and-expansion-into-new-markets-887024603.html">Q2</a> 2021 results on Thursday, reporting $215.1 million in revenue and a net profit of $40.9 million.</li><li>Charlotte's Web released its <a href="https://investors.charlottesweb.com/press-releases/press-release-details/2021/Charlottes-Web-Holdings-Inc.-Reports-Q2-2021-Results/default.aspx">Q2</a> 2021 results on Thursday, reporting $24.2 million in revenue and a net loss of $5.4 million.</li><li>Hydrofarm Holdings released its <a href="https://investors.hydrofarm.com/news-releases/news-release-details/hydrofarm-holdings-group-announces-second-quarter-2021-results">Q2</a> 2021 results on Thursday, reporting $133.8 million in sales and a net income of $2.3 million.</li><li>Cresco Labs released its <a href="https://investors.crescolabs.com/investors/press-releases/press-release-details/2021/Cresco-Labs-Announces-Second-Quarter-2021-Financial-Results/default.aspx">Q2</a> 2021 results on Friday, reporting $210 million in revenue and a net income of $2.7 million. </li></ul><h2>What we're reading </h2><a href="https://www.politico.com/news/2021/08/10/weed-cannabis-legalization-energy-503004">An inconvenient truth (about weed)</a> (Politico) <a href="https://www.washingtonpost.com/world/2021/08/08/mexico-marijuana-american-border/">Legal U.S. marijuana is pouring into Mexico. It's pricey, popular and has names such as 'Bubba Kush.'</a> (The Washington Post)<a href="https://www.vanityfair.com/style/2021/08/beyonce-building-hemp-honey-farms-health-benefits-for-children-blue">Beyoncé Is Building a Hemp and a Honey Farm</a> (Vanity Fair)<a href="https://thewalrus.ca/what-do-you-do-with-a-billion-grams-of-surplus-weed/">What Do You Do with a Billion Grams of Surplus Weed?</a> (The Walrus)<a href="https://www.statnews.com/2021/08/03/punishing-drug-use-heightens-the-stigma-of-addiction/">Opinion: Punishing drug use heightens the stigma of addiction</a> (Stat News)

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