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Next time when you <keyword id="4681774" type="UNKNOWN" weightage="20" keywordseo="convert-text-to-speech">convert text to speech</keyword> in an Indian language on <keyword id="3212715" type="UNKNOWN" weightage="20" keywordseo="Indus-OS">Indus OS</keyword> based smartphone, don’t forget to thanks <keyword id="4680767" type="UNKNOWN" weightage="100" keywordseo="Hema-Murthy">Hema Murthy</keyword>. Meet Hema Murthy who made this conversion possible on a smartphone and this is a result of 15 years of hardwork. Indus OS collaborated with Department of Electronics and IT in 2015 and worked with Murthy, who spent her mornings to make text to speech synthesis possible for 8 Indian languages. ET reported Rakesh Deshmukh, CEO, Indus OS was in the search of a similar speech platform which would further enhance the localized operating system. Their partnership resulted in a product called <keyword id="4681773" type="UNKNOWN" weightage="20" keywordseo="indus-reader">Indus Reader</keyword>, which is used in smartphones manufactured by Micromax, Celkon, Karbonn and Swipe among others. Professor Murthy, a PhD in Computer Science and Engineering from IIT Madras, has been interested in speech processing and synthesis and this belief helped her develop TTS in Indian languages using open source platform. "Considering the vast variety of Indian languages and how each language is different from one another, I thought why not have devices or platforms which can translate English text to speech in any Indian language,” she told ET. "Indo-Aryan class of languages shares certain distinct common features. A lot of speech sounds have been borrowed from each language. So we developed a common phone set to work on," said Murthy. But, majority of the people are not aware of the research. After signing the MOU, Indus OS made the necessary changes on the platform for the Indian user. "Indus OS team has a long-term vision of taking Indian languages through the mobile platform in rural areas. This was really an opportunity to mass-proliferate the TDIL developed technologies," says Lata. (Image: Economic Times)

Meet Hema Murthy who is converting text to speech in Indian languages on your smartphone

<ul><li>A non-profit organisation has filed an antitrust case against <keyword id="6354427" type="General" weightage="20" keywordseo="Apple" source="Orion">Apple</keyword> over in-app payment concerns.</li><li>The petitioner says that the 30% commission rate harms customers and app developers, creating barriers to entry and increasing costs.</li><li>The iPhone-maker has been the subject of similar lawsuits in other markets like the European Union, while regulators in South Korea and Japan have used the law to force the company to concede.</li></ul>Apple has been hit with an antitrust case over concerns that the iPhone-maker abused its dominant position over in-app payments. This comes after the company was hit with similar antitrust lawsuits in other markets, notably in the European Union and Japan. According to a <a href="https://www.reuters.com/technology/exclusive-apple-hit-with-antitrust-case-india-over-in-app-payments-issues-2021-09-02/">Reuters</a> report, the antitrust case against Apple was filed by a relatively less known non-profit group, “Together We Fight Society”, based in Rajasthan. "The existence of the 30% commission means that some app developers will never make it to the market. This could also result in consumer harm,” the group was quoted as saying by Reuters. It is worth noting that the case has been filed with the Competition Commission of India, a statutory body of the Indian government set up to promote competition and prevent activities that have an adverse effect on competition. The group that filed the case suggests that Apple’s 30% commission acts as a barrier for app developers while also hurting customers. "These payments and policies act as a hindrance for many developers due to which they never make it to the market," said Rakesh Deshmukh, co-founder of Indus App Bazaar, an Indian alternative app store. Apple has already buckled under pressure and conceded to some extent when it comes to in-app payments in Japan, allowing apps and services like Netflix, Spotify and Kindle link to their web pages to accept payments from their respective subscribers. This means that Apple will not be able to take a cut of the payments that these services receive from their subscribers in Japan. However, the concession is only limited to “reader apps” such as these, so there’s still a long way to go as far as in-app payments across the App Store are concerned. <cmsannotation type="cmsannotation" annotationid="Rising up against Apple and Google’s high app store commissions" comment="subhead" text="Rising up against Apple and Google’s high app store commissions">Rising up against Apple and Google’s high app store commissions</cmsannotation> The heightened pressure against Apple and Google regarding the high app store commissions is courtesy of companies like Epic Games, Spotify and others, who have been advocating for lower rates at different points in time. Google <a href="https://techcrunch.com/2021/03/16/google-play-drops-commissions-to-15-from-30-following-apples-move-last-year/">has</a>, to some extent, scaled back its commission rates, based on the amount of revenue earned by a developer in a year. This, the company said, will benefit 99% of the developers by slashing their commission costs in half. This comes after the company faced widespread criticism from <a href="https://techcrunch.com/2020/09/30/indian-startups-explore-forming-an-alliance-and-alternative-app-store-to-fight-googles-monopoly/">startups in India</a> and beyond. Apple, on its part, reduced the commission rate to 15% from 30% for developers who have not crossed $1 million in revenue yet – beyond this, the rate is changed back to 30%. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-september-launch-event-iphone-13-apple-watch-series-7-ipad-mini-in-the-list/articleshow/85857610.cms">Apple September launch event: iPhone 13, Apple Watch Series 7, iPad mini and everything else we know so far</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsungs-new-flagship-sensor-will-allow-up-to-200-megapixel-camera-on-smartphones/articleshow/85860490.cms">Samsung’s new flagship sensor will allow up to 200-megapixel camera on smartphones</a> <a href="https://www.businessinsider.in/tech/news/who-should-worry-about-the-proposed-vpn-ban-in-india-and-who-dont/articleshow/85856285.cms">Who should worry about the proposed VPN ban in India</a>

Apple hit with antitrust case in India alleging its 30% commission is unfair for customers and app developers

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

New Jersey finally legalizes

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,This week, we focused on reporting around how cannabis companies reacted to — and are planning for — the results of last week's election. Obviously, the election was a big topic in the back-to-back earnings calls we listened to this week. <a href="https://www.businessinsider.com/canadian-cannabis-giants-canopy-growth-aphria-looking-to-us-market-2020-11">You can read our roundup here</a>.We also held a panel recapping last week's events, moderated by our editor Zachary Tracer. If you missed it, <a href="https://www.businessinsider.com/live-event-what-cannabis-legalization-from-election-means-2020-11">check out the whole recording here</a>. And yes, we're all thinking about politics. Business Insider is launching a new newsletter — <a href="https://www.businessinsider.com/newsletter-sign-up-10-things-politics-today-2020-11">10 Things in Politics You Need to Know Today</a> — later this month. If you're interested in a roundup of the top news and analysis from D.C. and beyond on a daily basis, you're going to want to <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">sign up here.</a>Jeremy &amp; YejiHere's what we wrote about this week:<h3><a href="https://www.businessinsider.com/cannabis-merger-acquisition-new-legalized-legal-states-2020-11">The cannabis industry is set for a wave of M&amp;A after 5 states voted to legalize marijuana. Industry insiders lay out who's going shopping and the types of deals you can expect.</a></h3>Cannabis companies are getting acquisitive as they <a href="https://www.businessinsider.com/canadian-cannabis-giants-canopy-growth-aphria-looking-to-us-market-2020-11">jockey for control</a> of the rapidly expanding legal <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> map in the US. Companies are already making moves to either expand their footprints in these states or enter them through mergers and acquisitions. We talked to analysts and lawyers in cannabis to ask them about the deals we should expect moving forward.<h3><a href="https://www.businessinsider.com/how-cannabis-industry-be-more-inclusive-diverse-2020-11">Cannabis insiders and advocates say more needs to be done to make the industry more inclusive for business owners and employees. Here's what they suggest.</a></h3>This one is from freelancer Andrew Ward. More could be done to make the cannabis industry more inclusive for owners and employees alike, sources say.Advocates are fighting to remove financial barriers to business licensing and for policies like allocating cannabis tax revenue to communities most affected by the drug war.<h3><a href="https://www.businessinsider.com/live-event-what-cannabis-legalization-from-election-means-2020-11">An inside look at what marijuana legalization's election sweep means for the future of the multi-billion dollar industry</a></h3>After the results of last week's vote, one thing is clear: Americans overwhelmingly support cannabis reform. Business Insider's cannabis reporters, <a href="https://www.businessinsider.com/author/jeremy-berke">Jeremy Berke</a> and<a href="https://www.businessinsider.com/author/yeji-jesse-lee"> Yeji Jesse Lee</a> spoke with senior editor Zachary Tracer about everything you need to know about the future of the cannabis industry following the election, from when you can buy marijuana legally in your state to how companies are preparing to dominate the rapidly expanding legal marijuana map.<h3><a href="https://www.businessinsider.com/canadian-cannabis-giants-canopy-growth-aphria-looking-to-us-market-2020-11">The world's biggest cannabis companies are jockeying to dominate the $61 billion US market after marijuana legalization swept 5 states</a></h3>Cannabis giants are developing plans to dominate the lucrative US marijuana market — even though they probably won't be able to enter it for some time. On Monday, three of Canada's largest cannabis companies, Canopy Growth, Tilray, and Aurora Cannabis, reported earnings — the US election was a big topic of discussion.<h2>Conference calendar</h2>Conference season is in full swing — at least, on Zoom — and Jeremy will be moderating a slew of panels next week:<ul><li>He's doing two keynote interviews at the <a href="https://www.cwcbexpo.com/">Cannabis World Congress and Business Exp</a>o, with cannabis pioneer Calvin Frye on Tuesday, and Bruce Linton on Wednesday. Use the code Insider10 to get a discounted ticket, and <a href="https://r1.events-registration.com/CWCBEXPOINSIDER/information.cfm">register here</a>. </li><li>He's also moderating two panels at <a href="https://prohibitionpartners.live/">Prohibition Partners Live conference</a>, with a number of top industry leaders. On Thursday, he'll be speaking with Merida Capital's Mitch Baruchowitz, Enexis AB's David Bonnier, and University of Cambridge professor Alan Jagolinzer about how to invest in cannabis, and the challenges with researching companies.</li><li>And, he'll be speaking with Kate Miller, the CEO of Miss Grass, and David Kessler, a VP at Agrify, about disruption in the cannabis industry. <a href="https://prohibitionpartners.live/tickets/">You can register for tickets here</a>. </li></ul><h2>Executive Moves</h2><ul><li>Cannabis company Indus Holdings announced that <a href="https://www.globenewswire.com/news-release/2020/11/09/2123305/0/en/Indus-Holdings-Inc-Announces-New-Chief-Financial-Officer.html">Brian Shure, formerly at Ambrose Capital Partners</a>, will join the company as CFO.</li><li>MediPharm Labs CFO Bobby Kwon has resigned from the company, effective at the end of November. The company said he is leaving for family reasons <a href="https://www.globenewswire.com/news-release/2020/11/12/2125408/0/en/MediPharm-Labs-Announces-Change-to-Leadership-Team.html">in a statement</a>. </li></ul><h2>Earnings roundup</h2>Lots of cannabis companies reported last week. Here are the highlights:<ul><li>Canopy Growth reported $135 million in revenue over the quarter with a $97 million net loss.</li><li>Aurora Cannabis reported $67.8 million in revenue, with an adjusted EBITDA loss of $57.9 million. Aurora says it has $250 million in cash on hand.</li><li>Tilray reported $51.4 million in revenue with a $2.3 million net loss.</li><li>Green Thumb Industries reported $157.1 million in revenue on a net income of $9.6 million. The company has $78.1 million in cash on hand with $97 million debt outstanding.</li><li>Acreage Holdings reported $31.7 million in revenue on a net loss of $35.7 million.</li><li>Harvest Health &amp; Recreation reported $61.6 million in revenue on a $2.1 million net loss. </li></ul>This section has been corrected to include the correct earnings figures for Green Thumb Industries.<h2>Deals, launches, and IPOs</h2><ul><li>Aurora Cannabis announced a $125 million equity offering after a wildly volatile week of trading. Though the offering would dilute existing shareholders, Stifel analysts called it "shrewd" in a note. </li><li>Canadian psilocybin company <a href="https://www.businesswire.com/news/home/20201110005881/en/Cybin-Goes-Public-on-NEO-Exchange">Cybin started trading</a> on the NEO exchange on Tuesday</li><li>Cannabis company <a href="http://www.globenewswire.com/news-release/2020/11/11/2124578/0/en/Verano-Holdings-Announces-Agreement-to-Acquire-and-Combine-Operations-with-AltMed-in-Florida-and-Arizona-Creating-One-of-the-Largest-U-S-Private-Cannabis-Companies.html">Verano Holdings announced on Wednesday</a> it will acquire vertically integrated cannabis company AltMed, which has operations in Florida and Arizona. The combined company will operate under the Verano name, and will be one of the largest private cannabis companies once the merger closes, the company said. </li><li>New Leaf Ventures <a href="https://www.globenewswire.com/news-release/2020/11/10/2123897/0/en/New-Leaf-Ventures-Signs-Agreement-Propelling-Entry-Into-North-American-Cannabis-Infused-Beverage-Sector.html">announced its partnership</a> with Washington state-based Schilling Hard Cider, to enter the North American cannabis-infused beverage market. </li><li>Kentucky CBD company Cornbread Hemp, led by Jim Higdon, a former reporter, <a href="https://www.einpresswire.com/article/530406351/cornbread-hemp-closes-campaign-on-wefunder-has-raised-500-000">closed a $500,000 funding round</a>. </li><li>Furna, a Waterloo, Ontario-based vape startup, is <a href="https://getfurna.com/">launching its new vap</a>e, designed by former BlackBerry execs — aimed at a similar market as the Pax 3 — next Friday. </li></ul><h2>Policy moves</h2><ul><li>Most major news outlets reported on Saturday that Joe Biden won the presidential election, though Trump has yet to concede. Read our coverage of <a href="https://www.businessinsider.com/how-a-biden-presidency-will-affect-the-cannabis-industry-2020-10">what a Biden administration would mean for the cannabis industry here</a>.</li><li>Support for legal marijuana hit a new high, <a href="https://news.gallup.com/poll/323582/support-legal-marijuana-inches-new-high.aspx">according to a Gallup poll</a>. 68% of voters support legalization, with 79% of 18 - 29-year-olds supportive. </li><li>Lawmakers in New Jersey on Monday <a href="https://www.njleg.state.nj.us/2020/Bills/S0500/21_I1.HTM">released a marijuana legalization bill</a> after state residents voted to legalize marijuana. Legalization goes into effect on January 1 and lawmakers hope to pass the legislation before then. </li><li>Israel is expected to <a href="https://www.jpost.com/breaking-news/legalizing-marijuana-could-happen-within-9-months-nissenkorn-648901">legalize and regulate adult-use cannabis</a> in the next nine months, after a government committee published and sent its recommendations on recreational cannabis to the Justice Ministry on Thursday.</li><li>Regulators from 19 states formed <a href="https://www.cann-ra.org/news-events/state-regulators-start-cannabis-regulators-association-dr6cc">The Cannabis Regulators Association (CANNRA)</a> to help develop and harmonize state-level cannabis programs across the US. The group, which isn't taking a position on legalization, will be led by Norman Birenbaum, who heads up New York's cannabis program. </li></ul><h2>Chart of the week</h2>Both the US' medical and recreational markets are expected to nearly double in the next five years, according to New Frontier Data. While the adult-use market is expected to grow from $10.6 billion to $19.1 billion by 2025, the medical market is expected to grow into a $16 billion market over the same timeframe:<div type="image" title="Expected growth of the US legal cannabis industry" height="772" width="1240" msid="79224740" hostid="261"></div><h2>What we're reading </h2><a href="https://www.nytimes.com/2020/11/07/opinion/sunday/election-marijuana-legalization.html">Republicans and Democrats Agree: End the War on Drugs</a> (NYT)<a href="https://www.bloomberg.com/opinion/articles/2020-11-12/can-marijuana-help-biden-heal-a-divided-nation">Can Marijuana Help Biden Heal a Divided Nation?</a> (Bloomberg)<a href="https://www.weedweek.net/stories/do-celebrity-pot-brands-sell/">Do Celebrity Pot Brands Sell?</a> (WeedWeek)<a href="https://www.nytimes.com/2020/11/11/technology/election-anxiety-cannabis-edibles.html">The election's over but not the stress. Any edibles left?</a> (NYT)<a href="https://www.politico.com/news/2020/11/11/new-jersey-navigates-cannabis-legalization-436232">Fault lines emerge as New Jersey Democrats navigate cannabis legalization</a> (Politico)

The cannabis industry is set for a wave of M&A

Long before computers and the Internet started dominating our life, these handheld compact devices with wafer-thin pages transported people from one world to another in a jiffy. They were highly portable and could accompany you anywhere (<keyword id="51958" type="ENTERTAINMENT" weightage="40" keywordseo="YES">yes</keyword>, even to the washroom), and came with all kinds of pricing. Those who embraced them underwent a metamorphosis that changed them for the better. And the effect was for life. Yes, we are talking about books here. 
 
Below are the top 10 books that every Indian should read. The list is an eclectic mix of world literature, visionary writing with Indian perspective and a historical yet contemporary chronicle of this country that is waiting to grow in leaps and bounds. But a list is a list after all, and it does not indicate or dictate the order of preference. 
 
<ol>
	<li>
		Things Fall Apart by <keyword id="1105257" type="UNKNOWN" weightage="40" keywordseo="Chinua-Achebe">Chinua Achebe</keyword></li>
</ol> Chinua Achebe, who died earlier this year, was a Nigerian novelist, poet, professor and critic. And this book is considered his magnum opus. The path-breaking novel showcases the struggle of the <keyword id="6500558" type="ENTERTAINMENT" weightage="40" keywordseo="Indigenous">indigenous</keyword> communities against the intervention of external agents. It depicts the life of Okonkwo, a leader and local wrestling champion in Umuofia – one of a fictional group of nine villages in Nigeria, inhabited by the Ibo people during the late 19th century. A novel that truly portrays life at the grassroots. 
 
<ol>
	<li value="2">
		The Old Man and the Sea by <keyword id="823294" type="PERSON" weightage="40" keywordseo="Ernest">Ernest</keyword> Hemmingway</li>
</ol>
With the young outnumbering the old in a country that is bursting at the seams, this book makes for excellent reading. This small, palm-sized book is the story of an epic battle between an old, experienced fisherman and a large marlin. This is the story of Santiago, an old, unlucky man, and his young apprentice Manolin. 
 
<ol>
	<li value="3">
		The Autobiography of <keyword id="144869" type="UNKNOWN" weightage="40" keywordseo="Malcolm-X">Malcolm X</keyword> by <keyword id="880434" type="UNKNOWN" weightage="40" keywordseo="Alex-Haley">Alex Haley</keyword></li>
</ol>
Racism is raising its ugly head in all countries, including the land of opportunities called America. In this context, the story of Malcolm X, who was assassinated when he was all of 39, tells the life’s events of an extraordinary African-American Muslim minister and human rights activist. 
 
<ol>
	<li value="4">
		Dreams from My Father: A Story of Race and Inheritance by <keyword id="15962" type="PERSON" weightage="40" keywordseo="Barack-Obama">Barack Obama</keyword></li>
</ol>
A story of Race and Inheritance by second term American President Barack Obama. Published in 1995 as he was preparing to launch his political career in a campaign for an Illinois office, this book effectively upholds the trials and tribulations of a young man who went on to dream big and realise the dreams of his forefathers. 
 
 
<ol>
	<li value="5">
		The Immortals of Meluha by <keyword id="182794" type="PERSON" weightage="40" keywordseo="Amish-Tripathi">Amish Tripathi</keyword></li>
</ol>
After a brief lull on mythological stories with contemporary perspectives, this book is something fresh and new. This is the story of Shiva (considered the Destroyer), woven to suit the modern palette. Needless to say, the book helped many return to their reading after many years. And set the stage for more such attempts to be made by young corporate writers. None like this one! 
 
<ol>
	<li value="6">
		The Palace of Illusions by Chitra Banerjee Divakaruni</li>
</ol>
She is a well-known name among NRI readers since long. After Irawati Karve’s classic study of Draupadi (the female protagonists of Mahabharata) in her book Yuganta (end of an epoch), Palace is another milestone. It is about reimagining the world famous Indian epic, this time told from the point of view of the amazing woman – Draupadi. It is quite relevant from today’s perspective, with a heady mix of history and mythology and rooted in Indian tradition. You will find a totally new interpretation of Panchaali’s life, manipulated by the turns of fate. 
 
<ol>
	<li value="7">
		Malgudi Days by <keyword id="1727179" type="UNKNOWN" weightage="40" keywordseo="R-K-Narayan">R. K. Narayan</keyword></li>
</ol>
This collection of 19 short stories published in 1943 continues to be the favourite of many owing to its flavoursome language. Set in a tiny village in Southern India, this book is a capturing narrative of the innocence of people against the changing values of the society. When the book was published, <keyword id="187229" type="CITY" weightage="40" keywordseo="the-New-York-Times">The New York Times</keyword> said: Everyone in the book seems to have a capacity for responding to the quality of his particular hour. It’s an art we need to study and revive. 
 
<ol>
	<li value="8">
		The Discovery of India by Pandit <keyword id="6360386" type="PERSON" weightage="40" keywordseo="Jawaharlal-Nehru">Jawaharlal Nehru</keyword></li>
</ol>
Political leaders today come from a different genre altogether and intellectual mastery is not a compulsory parameter of that ecosystem. But this book written by the first Prime Minister of independent India shows the country in a new light. Starting from the Indus Valley Civilisation, it goes on to trace the arrival of the Aryans and finally the rule of the British Empire. India of the past was filled with harmony and peace, but the evils of society slowly corrupted the people. It’s an analytical take, probing deep into the life, culture and philosophy of the country. 
 
<ol>
	<li value="9">
		Imagining India: The Idea of a Renewed Nation by <keyword id="44604" type="PERSON" weightage="40" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword></li>
</ol>
When the corporate guru-turned-bureaucrat, who is spearheading one of the most controversial projects of disbursing a Unique Identification (UID) number to every Indian citizen, shares his insight, you better sit down and listen. In his book, Nilekani elaborates on the ideas that shaped India’s past and present. And like a true visionary, he asks the key question about the future: How will India, as a global power, avoid the mistakes of earlier development models? Read it for a better understanding of the economic success story in the making. 
 
<ol>
	<li value="10">
		The Argumentative Indian: Writings on Indian History, Culture and Identity by <keyword id="9663" type="PERSON" weightage="40" keywordseo="Amartya-Sen">Amartya Sen</keyword></li>
</ol> This one comes from the most elite of all as economist and Nobel Laureate Amartya Sen reflects on the contemporary India. In this book, he speaks of an immensely diverse country that is standing at the crossroads. In a <keyword id="678332" type="PERSON" weightage="40" keywordseo="Subtle">subtle</keyword> manner, the book celebrates India’s cultural achievements, success of democracy, secular politics and attempts to remove cultural and gender inequalities while pursuing peaceful existence within its sub-continent.

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