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<ul><li>Canada-based Horizons ETF Management is launching the first-ever <keyword id="10639604" type="UNKNOWN" weightage="60" keywordseo="psychedelics-etf">psychedelics ETF</keyword>. </li><li>The Horizons Psychedelic Stock Index ETF (PSYK) will begin trading on the NEO exchange next Wednesday. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>The first-ever <keyword id="2874738" type="PERSON" weightage="60" keywordseo="Psychedelics">psychedelics</keyword> ETF will begin trading on the Canadian NEO exchange next Wednesday, giving investors exposure to publicly-traded companies focused on the development of therapeutic solutions that utilize psychedelics. Canada-based Horizons ETF Management <a href="https://www.newswire.ca/news-releases/horizons-etfs-to-launch-world-s-first-psychedelics-focused-etf-834587139.html">announced Friday</a> that it filed its final prospectus to launch the Horizons Psychedelic Stock Index ETF (PSYK)."PSYK will be the world's first exchange traded fund ("ETF") focused on the emerging psychedelics opportunity led by life science and pharmaceutical companies," <keyword id="10639603" type="UNKNOWN" weightage="60" keywordseo="horizons-etfs">Horizons ETFs</keyword> said Friday.<a href="https://www.businessinsider.com/magic-mushrooms-depression-treatment-ssri-alternative-2019-2">Small studies</a> have found 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. PSYK will track the <a href="https://www.solactive.com/indices/?index=DE000SL0B7J8">North American Psychedelic Stock Index</a>, which is owned and operated by Horizon ETFs. German-based Solactive AG is the independent calculation agent for the index. Read more: <a href="https://www.businessinsider.com/investing-strategy-for-stocks-bonds-blackrock-cio-rick-rieder-interview-2021-1">BlackRock bond chief Rick Rieder says investors must think 'dramatically differently' in 2021. Here's what he's bought and sold as he anticipates explosive growth this year.</a>Horizons ETFs launched the world's first Cannabis-focused ETF in 2017, and CEO Steven Hawkins says he sees many similarities between that industry in 2017 and the psychedelic industry now. "After decades of restrictions, recent policy changes and exemptions in Canada and the United States have allowed for increased research in the therapeutic application of psychedelic compounds, and the potential to create an entirely new marketplace for drugs derived from psychedelics," said Steve Hawkins, President and CEO of Horizons ETFs. In November 2020, Oregon became the first US state to <a href="https://www.businessinsider.com/oregon-measure-109-live-vote-count-results-2020">legalize psilocybin</a> for therapeutic uses. Proponents of the legislation say the bill will open the door for more research into psilocybin's therapeutic benefits. <a href="https://www.businessinsider.com/oregon-first-ever-state-to-legalize-psilocybin-for-therapeutic-use-2020-11">But researchers say state-level legislation won't make their efforts easier and legalization is moving faster than science</a>.

The first-ever psychedelics ETF will launch next week, backed by a Canadian fund manager

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,Rep. Ed Perlmutter and a group of bipartisan lawmakers are seeking to attach language from the SAFE Banking Act - a standalone bill that would let cannabis companies access the banking system - to the National Defense Authorization Act. The NDAA usually passes without much commotion, so if Perlmutter gets his way, we may very well have a foundational change in the US cannabis industry.While it's far from a done deal, and the particulars of what the SAFE Act would allow are up for debate, it's certainly possible that it could open up the US cannabis market to institutional investors - and allow profitable, well-capitalized multistate operators to list on major stock exchanges.Investors like Doug Kass and others have <a href="https://www.businessinsider.com/cannabis-stocks-etfs-to-buy-market-outlook-recommendation-doug-kass-2021-9">hypothesized that the drop in cannabis stocks has less to do with the companies themselves</a>, and more to do with all of the constraints these companies are operating under. It's possible that SAFE could uncork all of that - or, as with anything in cannabis, it may take quite a bit longer than most investors hope. Either way, we'll be watching closely.In other news, I was on the <a href="https://mjtodaymedia.com/episode-375-what-can-new-york-and-california-learn-from-each-other/">MJ Today podcast</a> this week, discussing New York legalization, federal changes, and what this all means for the industry. I went out on a limb to defend Gov. Kathy Hochul's pick to lead the Cannabis Control Board.<a href="https://mjtodaymedia.com/episode-375-what-can-new-york-and-california-learn-from-each-other/">Let me know what you think</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-cannabis-vc-pivoting-to-psychedelics-find-unicorns-2021-9">A cannabis VC who made 292% on his first fund is raising a fresh $25 million to bet on psychedelics</a></h3>Cannabis VC Phyto Partners told Insider in an exclusive interview that it's pivoting to <keyword id="11964815" type="UNKNOWN" weightage="60" keywordseo="psychedelics" source="Orion">psychedelics</keyword> startups in its fourth fund. "I want to go in early when it's most scary, most risky, and where I see the biggest opportunity," Larry Schnurmacher, a managing partner at the fund, said.<a href="https://www.businessinsider.com/cannabis-stocks-etfs-to-buy-market-outlook-recommendation-doug-kass-2021-9">A 45-year fund-management veteran explains why cannabis stocks offer the best investment opportunity he's seen in a decade after sinking to a 'generational low' - and shares 2 ETFs to buy now</a>Doug Kass, a longtime fund manager and the president of Seabreeze Partners, is bullish on cannabis. Kass likened cannabis stocks to investing in the stock market when the S&amp;P 500 bottomed out in March of 2009 amid the financial crisis. "I am accumulating stocks aggressively," he said.<h2>Deals, launches, and IPOs</h2><ul><li>Weedmaps made its <a href="https://www.businesswire.com/news/home/20210914005153/en/WM-Technology-Inc.-Acquires-Leading-Cannabis-CRM-Marketing-Platform-Sprout">first acquisition as a public company</a>, buying cannabis marketing platform Sprout.</li><li>Cannabis software company Akerna said it will acquire 365 Cannabis in a $17 million <a href="https://www.prnewswire.com/news-releases/akerna-to-acquire-365-cannabis-built-on-microsofts-dynamics-365-business-central-and-become-the-most-comprehensive-cannabis-erp-system-offering-a-complete-portfolio-of-tax-financials-reporting-and-compliance-systems-301375663.html?tc=eml_cleartime">cash-and-stock deal</a>. </li><li>Cannabis education startup Green Flower <a href="https://www.prnewswire.com/news-releases/cannabis-industry-credentials-to-revolutionize-workforce-301377280.html">launched the GF Institute</a> with a group of cannabis companies including Ayr Wellness, Curaleaf, and Cresco Labs to provide credential programs that will help cannabis companies train and develop their workforces. </li><li>Cannabis-infused spirits company Mxxn (pronounced Moon) is launching, <a href="https://enjoymxxn.com/">providing THC-infused, non-alcoholic replacements</a> for gin, tequila, and bourbon. </li></ul><h2>Policy moves</h2><ul><li>On Tuesday, The Food and Drug Administration and Centers for Disease Control and Prevention <a href="https://www.fda.gov/consumers/consumer-updates/5-things-know-about-delta-8-tetrahydrocannabinol-delta-8-thc">issued</a> <a href="https://twitter.com/CDCInjury/status/1437798762706087944">warnings</a> to consumers against Delta-8 THC products, which have not been tested or approved by federal agencies.</li><li>House lawmakers introduced drug reform amendments to the National Defense Authorization Act (NDAA), including proposals calling for research into psychedelic compounds and banking for cannabis businesses, reports <a href="https://www.marijuanamoment.net/house-could-vote-on-psychedelics-research-for-military-and-marijuana-banking-as-part-of-defense-bill/">Marijuana Moment.</a></li></ul><h2>Research and data</h2><ul><li>A study published in the Journal of Consumer Research found that introducing new products that <a href="https://academic.oup.com/jcr/article/48/1/22/6128684">look like consumer products from any other industry</a> like cannabis-infused lotions or edibles helped reduce the "bad" associations some consumers have with cannabis.</li><li>A study published in the journal Experimental and Clinical Psychopharmacology found that the long-term use of medical cannabis <a href="https://norml.org/news/2021/04/08/study-cannabis-associated-with-sustained-improvements-in-chronic-pain-patients/">helped relieve pain, sleeplessness, and anxiety among patients</a>. </li></ul><h2>What we're reading </h2><a href="https://www.businessinsider.com/jim-jones-alex-todd-on-saucey-jay-z-partnership-2021-9">Jim Jones and Alex Todd on scaling a cannabis brand in a pandemic and partnering with Jay-Z's cannabis company</a> (Insider)<a href="https://www.bnnbloomberg.ca/aurora-cannabis-former-execs-accused-of-sham-sales-to-inflate-earnings-lawsuit-alleges-1.1650621">Aurora Cannabis, former execs accused of 'sham' sales to inflate earnings, lawsuit alleges</a> (BNN Bloomberg)<a href="https://www.businessinsider.com/investing-psychedelics-biotech-billionaire-crypto-spacs-longevity-space-christian-angermayer-2021-9">Christian Angermayer is reinventing the psychedelics sector. The 43-year-old German billionaire told us how he started investing in the space after his first psychedelic trip in the Caribbean - and why it turned him on to crypto.</a> (Insider)<a href="https://www.insider.com/indica-sativa-graphics-show-cannabis-based-on-strain-is-useless-2021-9">2 graphics show why buying cannabis based on strain name is useless</a> (Insider)<a href="https://www.nybooks.com/articles/2021/09/23/the-well-blown-mind/">The Well-Blown Mind</a> (New York Review of Books)

Buy the dip, says Doug Kass

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>.Hello,Before we dive in this week, I wanted to alert you all to the tragic passing of Keegan Peterson last Thursday, at the age of 33.As many of you who read this newsletter know, Keegan was the CEO of the Denver-based Wurk, a prominent member of the broader cannabis industry and community, and a mainstay on the conference circuit.I've always found him to be thoughtful, bright, and so eager to give a helping hand to myself or anyone who needed it. It's really devastating news, and I know he was held in such high regard by the industry. Peterson founded Wurk in 2015 and grew it into one of the leading payroll and HR providers for the cannabis industry, with over 60 employees across 33 states. Aside from Wurk, Peterson was an executive producer on Weed The People, a documentary about those whose lives have been touched and shaped by medical <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword>. He was also a frequent mentor to other cannabis industry entrepreneurs, won numerous cannabis industry awards, was a volunteer with Project Homeless in Denver, and sponsored children in Africa through Compassionate International. Peterson's family <a href="https://www.gofundme.com/f/keegan-peterson-memorial-fund">has set up a GoFundMe page</a> to assist his wife, Lily Lucas, with funeral costs and other expenses. Wurk's board is matching donations up to $20,000."Undoubtedly, we have lost an amazing entrepreneur and trailblazer who led with compassion and kindness. We understand that when someone as young and vibrant as Keegan passes away, there will be questions surrounding the circumstances of his death. Out of respect for the family, the company will not be commenting on the causes," a spokesperson for Wurk said in a statement.Rest in peace, Keegan. -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/european-cannabis-startup-sanity-group-29-million-pitch-deck-2021-1">Here's the 14-slide pitch deck that cannabis startup Sanity Group used to raise $29 million from some of Europe's top VCs and celebrity investors like Scooter Braun, Alyssa Milano, and Will.i.am</a></h3>As the cannabis industry in Europe heats up, Sanity Group, a Berlin-based CBD and medical cannabis startup, is raising millions in a bid to dominate the burgeoning market. The company recently raised $29 million in a bid to dominate the rapidly expanding European marijuana map.The fund is backed by celebrities like Scooter Braun, Will.i.am, and Alyssa Milano, along with some prominent cannabis-industry investors and European venture capital funds. <h3><a href="https://markets.businessinsider.com/news/stocks/jayz-cannabis-marijuana-fund-raise-spac-minority-owned-black-businesses-2021-1-1029991759">Jay-Z raises $10 million for a fund designed to invest in minority-owned cannabis businesses following the industry's largest-ever SPAC</a></h3>Jay-Z raised $10 million for a fund designed to invest in minority-owned cannabis businesses. The funding is a byproduct of a recently completed SPAC mega-merger."We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that's worth billions," Carter told The Wall Street Journal.<h2>Executive Moves</h2><ul><li>Harborside <a href="https://www.prnewswire.com/news-releases/harborside-inc-announces-departure-of-chief-operating-officer-greg-sutton-301209593.html">announced</a> last week that its COO Greg Sutton would be leaving the company.</li><li>Cresco Labs brought on CPG industry veteran <a href="https://www.businesswire.com/news/home/20210119005322/en/Cresco-Labs-Hires-PepsiCo-Veteran-and-Supply-Chain-Expert-Ty-Gent-as-Its-New-Chief-Operating-Officer">Ty Gent</a> as its new Chief Operating Officer.</li><li>Victor E. Mancebo, the former CEO of Liberty Health Sciences, will <a href="https://www.prnewswire.com/news-releases/vireo-health-appoints-victor-e-mancebo-to-board-of-directors-301209843.html">join Vireo Health</a> as a new board member.</li><li>MJardin Group <a href="https://www.globenewswire.com/fr/news-release/2021/01/18/2160185/0/en/MJardin-Announces-change-in-Board-of-Directors.html">announced on Monday</a> that two board members, Roman Kocur and Lorne Sugarman, have resigned from their posts.</li><li>European cannabis investment fund <a href="https://oskarecapital.com/news/oskare-capital-strengthens-team-and-extends-coverage-to-the-americas-by-welcoming-jd-wechsler-as-venture-partner-1471/">Oskare Capital is adding JD Weschler</a>, who previously worked at Privateer Holdings among other places, as a venture partner with a focus on North American opportunities.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Jay-Z is launching a $10 million fund to back Black and minority-owned cannabis startups, as first reported by <a href="https://www.wsj.com/articles/jay-z-joins-push-to-boost-minority-owned-cannabis-businesses-11611163595">The Wall Street Journal</a>. The seed money for the fund comes from the Subversive Capital Acquisition Corp merger.</li><li>Aurora <a href="https://www.globenewswire.com/news-release/2021/01/21/2162530/0/en/Aurora-Cannabis-Inc-Announces-US-125-Million-Bought-Deal-Financing.html">announced on Thursday</a> a $125 million bought deal offering. led by BMO Capital Markets and ATB Capital Markets.</li><li>Horizons ETF is launching the first psychedelics-focused ETF, <a href="https://markets.businessinsider.com/news/stocks/horizons-etfs-to-launch-world-s-first-psychedelics-focused-etf-1029994672">the Horizons Psychedelic Stock Index ETF (PSYK)</a>, on Toronto's NEO Exchange. The ETF will begin trading on January 27.</li><li>CannTrust is <a href="https://www.prnewswire.com/news-releases/canntrust-announces-restructuring-support-agreement-with-key-class-action-plaintiffs-and-their-counsel-301211985.html">settling a class action lawsuit</a> over growing unlicensed cannabis by putting $5o million into a trust for the benefit of investors who filed claims.</li><li>Choice Consolidation Corp., a SPAC, has <a href="https://www.newswire.ca/news-releases/choice-consolidation-corp-files-preliminary-prospectus-for-u-s-100-000-000-initial-public-offering-847183576.html">filed a preliminary prospectus for a $1 million IPO</a>, led by Canaccord Genuity. Joe Caltabiano, a cofounder of cannabis company Cresco Labs, will serve as the CEO, and Peter Kadens, Green Thumb Industries' former CEO, will serve on the executive team as well. </li></ul><h2>Policy moves</h2><ul><li>In his <a href="https://twitter.com/jesse_yeji/status/1351600694042750982">state budget address</a> on Tuesday, New York Gov. Andrew Cuomo released more details of what an adult-use cannabis market could look like in the state: $100 million of the revenue that New York would bring in from cannabis would be dedicated to a "social equity fund" when the program is fully-fledged out in a few years time, Cuomo said. The remaining $250 million or so would go toward the state budget and other needs. <a href="https://nynow.wmht.org/blogs/economy/cuomo-proposes-legal-marijuana-for-third-year-with-new-changes/">New York Now has more details on the proposal here</a>.</li><li>Florida Republican Rep. Greg Steube introduced the first cannabis reform legislation of the new Congress this week. According to <a href="https://www.marijuanamoment.net/new-marijuana-1-to-3-act-would-reclassify-cannabis-under-federal-law/">Marijuana Moment</a>, the bill - which would reschedule cannabis on the Controlled Substances Act - is identical to the one Rep. Steube sponsored last session.</li><li>Arizona <a href="https://www.businessinsider.com/marijuana-legalization-ballot-tracker-new-jersey-arizona-montana-vote-results-2020#arizona-2">began accepting applications</a> on Tuesday from early applicants looking to transition from medical to recreational dispensaries. As soon as an application is submitted, the Arizona Department of Health Services has 60 days to make a decision.</li><li>A group of leading cannabis companies including GrowGeneration and Trulieve is <a href="https://www.prnewswire.com/news-releases/leading-industry-experts-announce-launch-of-sustainable-cannabis-coalition-301210085.html">launching the Sustainable Cannabis Coalition</a>, to promote sustainable cannabis cultivation and set industry standards.</li></ul><h2>Science and Research</h2><ul><li>A new study <a href="https://jamanetwork.com/journals/jamapediatrics/article-abstract/2775255">published in the journal JAMA Pediatrics</a> found that the heavy use of marijuana by young people with mood disorders like depression is associated with an increased risk in self-harm and suicide. The study found that young people with these mood disorders may be more likely to use cannabis and that cannabis use can worsen symptoms. </li></ul><h2>What we're reading (and watching)</h2><a href="https://www.grubstreet.com/article/pizza-pusha-chris-barrett-pot-legalization.html#_ga=2.157666554.1946988144.1611249790-894927868.1611009833">Million Dollar Slice Chris Barrett has made bank on the gray market selling pizza laced with THC. Can the Pizza Pusha survive pot legalization?</a> (Grub Street)<a href="https://www.bizjournals.com/boston/news/2021/01/19/cannabis-dispensaries-sue-state-over-new-delivery.html?ana=twt">Cannabis dispensaries sue state over new delivery license regs</a> (Boston Business Journal)<a href="https://www.bloomberg.com/news/articles/2021-01-22/stock-market-investors-high-on-cannabis-stocks-with-democats-in-control">With Democrats in control, investors are high on cannabis</a> (Bloomberg)<a href="https://www.cnbc.com/video/2021/01/21/the-first-10-minutes-south-broadway-the-green-mile-denver.html">'Streets of Dreams with Marcus Lemonis' has an upcoming episode on Denver's Green Mile</a> (CNBC)

Rest in peace, Keegan Peterson

Halfway there! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC, and I'm all for the <a href="https://www.businessinsider.com/gen-z-millennial-shoppers-swap-handbags-for-fanny-packs-totes-2023-6">long-awaited return of the fanny pack.</a>Reminder: This is the last week of 10 Things on Wall Street. You can still get me in your inbox each day, though — I'll be the new senior editor and anchor of our flagship newsletter, Insider Today. <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">Sign up here</a>.For now: <a href="https://www.insider.com/app">Download our app and sign up for finance notifications</a> — that's the best way to get up-to-the-minute news affecting the finance industry.Today, we've got stories on <a href="https://www.businessinsider.com/credit-suisse-ubs-layoffs-job-cuts-wall-street-2023-6">deep cuts coming to Credit Suisse</a>, <a href="https://www.businessinsider.com/wall-street-intern-salary-trending-upwards-2023-6">Wall Street interns making bank</a>, and <a href="https://www.insider.com/morning-routine-longevity-expert-david-sinclair-reversed-biological-age-2023-6">a morning routine that might help you age backward.</a>But first, an actor in need. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/private-credit-entertainment-hollywood-sports-apollo-carlyle-ares-investing-2023-6"></a>1. Private credit goes Hollywood.A town that loves a good story has a leading role in the biggest one on Wall Street.Everywhere you look, people seem to be talking about the <a href="https://www.businessinsider.com/private-debt-credit-market-risks-outlook-2023-2022-11">booming private-credit market.</a> Investment firms stepping up their lending game as big banks pull back has taken the spotlight, <a href="https://www.ft.com/content/de6eb245-80ff-4f9c-b2ed-7a415538512b">even if it's not always good news.</a>It's only natural that Hollywood would want in on the action. But this time it's not looking to create a movie or TV show about these so-called shadow lenders. Instead, it's going to them as a customer.As Insider's Reed Alexander and Rebecca Ungarino report, media, entertainment, and sports industries have started <a href="https://www.businessinsider.com/private-credit-entertainment-hollywood-sports-apollo-carlyle-ares-investing-2023-6">leaning heavily on non-bank lenders.</a> Private-credit assets under management in media grew to nearly $80 billion in mid-2022 from some $31 billion in 2018, according to an analysis by the data firm Preqin for Insider.Reed and Rebecca spoke to executives at five private-credit funds about their approach to the space and the opportunities they see in everything from sports content to navigating appropriate use cases for AI. Creators having access to the cash they need to develop and produce great content is a positive thing. So in that vein, private credit filling the gap left by banks reconsidering their lending decisions is great.But it's also not hard to see how things could go sideways. Ratings agency Moody's has already raised the alarm, suggesting <a href="https://www.moodys.com/web/en/us/private-credit.html#research-insights">defaults among borrowers in private credit will rise.</a>If that's the case, one wonders how lenders will navigate defaults in an industry where the product isn't always tangible. If a commercial real-estate developer defaults, a lender can go after the land or the building. But if a screenwriter or a fledgling studio can't pay back their loan, what is a private-credit firm supposed to do? I'm not suggesting these Hollywood-types deserve risk-free loans to pursue creative endeavors. But I think it's fair to say that industry isn't as cut and dried as others private credit might be lending to.Whether the lenders took that into consideration, though, remains to be seen. <a href="https://www.businessinsider.com/private-credit-entertainment-hollywood-sports-apollo-carlyle-ares-investing-2023-6">Here's more on the strategies of 5 firms investing credit in media, entertainment, and sports.</a>In other news:<a href="https://www.businessinsider.com/family-offices-wealth-management-secrets-2023-6"></a><div type="image" title="IMG_5753" height="963" width="1284" msid="101341645" hostid="261" sizebytes="132392"></div>2. Pray for Credit Suisse staffers. UBS is reportedly preparing to make deep cuts to the Swiss rival it acquired via a rescue deal earlier this year. <a href="https://www.businessinsider.com/credit-suisse-ubs-layoffs-job-cuts-wall-street-2023-6">More on what to expect.</a>3. Wall Street interns are crushing it. While most finance employees are worrying about their future — see above — interns seem to be doing just fine thanks to a rise in their pay. More on how intern pay is reaching eye-popping numbers, <a href="https://www.businessinsider.com/wall-street-intern-salary-trending-upwards-2023-6">including two high-profile firms offering $120 an hour.</a>4. What it's like managing money for the world's richest families. Decision makers at 6 family offices share what it's like being responsible for the fortunes of the ultra-rich. <a href="https://www.businessinsider.com/family-offices-wealth-management-secrets-2023-6">Here's all the tea they spilled.</a>5. Billionaire businessman and JPMorgan board member James "Jim" Crown has died. Crown, the grandson of industrialist Henry Crown and theater and hotel magnate Junius Myer Schine, died during a racing crash in Aspen, Colorado. <a href="https://www.businessinsider.com/james-crown-billionaire-jpmorgan-board-member-died-racing-crash-aspen-2023-6">More here.</a>6. The highest paying job in every state. From cardiologists to construction managers, these are the best-paying gigs for all 50 states. <a href="https://www.businessinsider.com/what-job-pays-most-best-in-every-state-dc-bls-2023-6">Here's our interactive map.</a>7. Hey crypto, here comes Fidelity. The giant asset manager is reportedly preparing to file an application for a spot bitcoin ETF, <a href="https://www.theblock.co/post/236588/fidelity-preparing-to-submit-spot-bitcoin-etf-filing-source" target="_blank" rel="noopener">according to The Block.</a> Fidelity follows in the footsteps of BlackRock, which <a href="https://www.businessinsider.com/blackrock-crypto-bitcoin-strategy-finance-plans-digital-currency-2023-6">filed its own application earlier this month.</a>8. Silicon Valley sure loves doing drugs. High-profile executives in the space seem to have grown a strong appreciation for the use of psychedelics and the impact it has on their work, according to The Wall Street Journal. <a href="https://www.wsj.com/articles/silicon-valley-microdosing-ketamine-lsd-magic-mushrooms-d381e214?mod=hp_lead_pos7">Let's take a ride.</a>9. The definitive guide to Wawa's hot subs hoagies. A staple of any trip to the Jersey Shore, here's a ranking of 6 sandwiches from the famous convenience store. <a href="https://www.insider.com/best-sandwich-at-wawa-hot-hoagie-ranking-review">Check them out.</a>10. Here's the morning routine from an anti-aging expert. David Sinclair claims he has reversed his "biological age" by 10 years. <a href="https://www.insider.com/morning-routine-longevity-expert-david-sinclair-reversed-biological-age-2023-6">Here's what he does every morning. </a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=649ae18cc7f3f071bc2237c8&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Hollywood's love affair with private credit could be a recipe for disaster

<ul><li>US equities fell on Friday after closing at record highs and the <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> fell for the first time this week.</li><li>GameStop finished a chaotic week in the market after retail investors thwarted short sellers and volatility prompted a trading halt. </li><li><a href="https://markets.businessinsider.com/indices?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Watch major indexes update live here</a>.</li></ul>US equities fell on Friday after closing at record highs as investors weighed the outlook for President Joe Biden's nearly $2 trillion stimulus bill and grew concerned amid reports that the new coronavirus variant may be deadlier. The S&amp;P 500 fell for the first time this week. <a href="https://www.businessinsider.com/boris-johnson-uk-coronavirus-variant-may-have-higher-mortality-rate-2021-1">There is some evidence the new variant of the coronavirus</a> first identified in the UK may be up to 30% more deadly than previous variants, the UK government has said.A key gauge of <a href="https://www.businessinsider.com/us-business-activity-climbs-ihs-markit-flash-pmi-economic-recovery-2021-1">US business activity swung higher this month</a> as strong demand lifted manufacturers and service businesses alike. IHS Markit's <a href="https://www.markiteconomics.com/Public/Home/PressRelease/8112980330a9491c954c4ee22b2db430">composite output index</a> climbed to 58 from 55.3 in an early January reading, hitting its highest level in two months.<a href="https://www.businessinsider.com/us-consumer-spending-climbs-fiscal-stimulus-checks-unemployment-benefits-bofa-2021-1">Credit- and debit-card spending accelerated through the first two weeks of January</a> as stimulus passed by President Donald Trump bolstered households' balance sheets. Card spending climbed 6% from the year-ago period over the week that ended January 16, Bank of America said in a Thursday note, citing aggregated card data.Here's where US indexes stood at the 4 p.m. ET close on Friday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,841.47, down 0.3%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Dow Jones Industrial Average</a>: 30,996.98, down 0.57% (179.03 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nasdaq composite</a>: 13,543.06, up 0.09%</li></ul>Read more: <a href="https://www.businessinsider.com/stocks-to-buy-renewables-energy-stocks-governments-spend-goldman-sachs-2021-1">GOLDMAN SACHS: Buy these 26 renewable-energy stocks best-positioned to benefit from increased spending as governments aim for net-zero emissions</a><a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-retail-traders-shorts-citron-andrew-left-gme-2021-1-1029994276?utm_source=markets&amp;utm_medium=ingestgest">GameStop surged as much as 78% on Friday</a> as investors looking to thwart short sellers piled further into the stock and triggered a trading halt.Shares of GameStop have staged a gravity-defying rally in recent weeks, with shares up as much as 307% year to date based on Friday's intraday high.<a href="https://markets.businessinsider.com/news/stocks/citron-andrew-left-gamestop-fight-angry-mob-investors-harass-family-2021-1-1029995012">The short seller Andrew Left of Citron Research</a> tweeted that he was ending his bearish commentary on <a href="https://markets.businessinsider.com/stocks/gme-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GameStop</a> after he said an "angry mob" of investors harassed him and his family over the past 48 hours.<a href="https://markets.businessinsider.com/news/stocks/psychedelic-etf-horizons-stocks-launch-shrooms-psilocybin-therapeutic-neo-exchange-2021-1-1029995086">Canada's Horizons ETF Management announced Friday</a> that it filed its final prospectus to launch the Horizons Psychedelic Stock Index ETF (PSYK). It will be the first psychedelics ETF and begins trading on the Canadian NEO exchange on Wednesday.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">Bitcoin</a> recovered to $33,817 Friday afternoon after tumbling to about $28,000 in the early-morning hours. Comments from Janet Yellen, Biden's Treasury secretary nominee, and a report of a "double spend" gave <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-biggest-weekly-fall-janet-yellen-double-spend-2021-1-1029994838">bitcoin investors a tumultuous week</a>. Gold fell 0.61% to $1,854.60 per ounce. The dollar weakened against a basket of Group of 20 currencies, and Treasury yields fell slightly.Oil prices fell but remained above the $50 support level. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">West Texas Intermediate crude</a> dropped as much as 1.86% to $52.14 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international standard, declined 1.52% to $55.25 per barrel.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/biden-will-implement-executive-actions-to-provide-relief-to-americans-2021-1">From stimulus checks to larger food stamps, here's everything that's in Biden's 3rd wave of executive actions</a><a href="https://www.businessinsider.com/microsoft-president-defends-corporate-pac-leaked-audio-2021-1">Microsoft's president defends its controversial PAC to employees in a leaked recording</a><a href="https://www.businessinsider.com/carbon-capture-startups-to-watch-elon-musk-prize-2021-1">Elon Musk says he'll throw $100 million into carbon capture tech. VCs including Vinod Khosla told us these 4 startups are leading the way.</a>

S&P 500 falls for the first time this week as US stocks edge lower

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

<ul class="summary-list"><li>Biotech startups have raised billions of dollars in an effort to transform medicine.</li><li>Despite an economic downturn, biotechs are still getting interest from investors.</li></ul>In 2020 and 2021 the pandemic fueled a massive boom in biotech investing — but 2022 was a different story. While funding for biotech companies soared in 2021 to <a href="https://news.crunchbase.com/health-wellness-biotech/startup-funding-slower-2022/">nearly $47 billion, </a>a record for the industry, 2022 <a href="https://www.wsj.com/articles/tales-from-the-2022-biotech-vc-fundraising-trail-11671667063" target="_blank" rel="noopener">marked a slowdown</a>.As the global economy becomes more uncertain, venture capitalists have become cautious about investing in startups of all kinds — <a href="https://www.businessinsider.com/biotech-market-downturn-companies-stocks-deals-2022-7">including biotech firms</a>. Some private biotechs are <a href="https://www.businessinsider.com/biotechs-raise-more-capital-bracing-for-market-downturn-2022-3?r=biotech-decks-lp">delaying going public</a>, and even preparing to <a href="https://www.businessinsider.com/jpmorgan-banker-biotechs-should-prepare-for-rare-down-rounds-2022-2?r=biotech-decks-lp">raise down rounds</a>. By the end of 2022, the SPDR S&amp;P Biotech ETF, a leading biotech index, was down 19% compared to the beginning of the year. Despite the market downturn, some companies are still raising sizable funding rounds. <a href="https://www.businessinsider.com/vcs-favor-revenue-making-biotech-startups-during-downturn-2022-8">Investors have told Insider</a> that they're favoring startups that have a solid plan to bring in revenue over companies that have cool but vague ideas. And some companies, like those <a href="https://www.businessinsider.com/crispr-gene-editing-biotechs-keep-growing-despite-downturn-2022-10">based on gene-editing</a>, are still thriving thanks to a breakneck speed of scientific discoveries. One key for all companies who want investor interest is a great pitch deck, the presentation that companies use to solicit funding from investors. Pitch decks, also known as slide decks, usually lay out the company's history, its achievements, and where it's heading.Insider rounded up all the biotech pitch decks we've published, from those seeking early-stage funding to presentations for late-stage rounds, that have helped companies raise money from investors. <h2>In seed and Series A funding rounds, startups raise money to test their ideas</h2>Seed and Series A funding rounds come at the early stages of a biotech company. The company may have an idea or some preliminary clinical data, but it still needs to vet its science more thoroughly. Some companies, such as 64x Bio, have newly identified a problem — in 64x Bio's case, drug-manufacturing bottlenecks — and have an idea for a plan that could fix it. This is the <a href="https://www.businessinsider.com/pitch-deck-64x-bio-raises-55-million-for-cell-gene-therapy-tools-2022-1?r=biotech-decks-lp">10-slide presentation the company used to quickly raise $55 million</a>.Other startups, like the cancer-metabolism company Faeth Therapeutics, have shown promising results in lab tests and mice but not yet in humans. Check out the company's <a href="https://www.businessinsider.com/faeth-therapeutics-series-a-pitch-deck-47-million-to-fight-cancer-2022-6?r=biotech-decks-lp">17-slide presentation it used to raise $47 million</a>.Oftentimes, companies raising early funding rounds, like the biosensor company Monod Bio, hope the money can fund trials that will prove their science works. Monod used this <a href="https://www.businessinsider.com/see-how-monod-bio-raised-25-million-to-revolutionize-diagnostics-2022-8?r=biotech-decks-lp">12-slide pitch deck to raise $25 million from investors</a>.Read more:<a href="https://www.businessinsider.com/see-haystack-oncologys-series-a-deck-for-cancer-blood-test-2022-11?r=biotech-decks-lp">See the 25-slide pitch deck a Baltimore biotech used to raise $56 million to develop a blood test that detects recurring cancer</a><a href="https://www.businessinsider.com/hmnc-brain-health-pitch-deck-14-million-for-precision-treatments-2022-10?r=biotech-decks-lp">A healthcare startup that wants to offer personalized treatments for depression just used this presentation to raise $14 million</a><a href="https://www.businessinsider.com/meliora-therapeutics-pitch-deck-11-million-seed-round-2022-10?r=biotech-decks-lp">See the 14-slide pitch deck that Meliora Therapeutics used to raise $11 million toward its search for more precise and effective cancer treatments</a><a href="https://www.businessinsider.com/pitch-deck-kaleidoscopes-6-million-seed-round-improve-bio-research-2022-9?r=biotech-decks-lp">See the 23-slide pitch deck a software startup used to raise $6 million for its mission to make science faster, cheaper, and more transparent</a><a href="https://www.businessinsider.com/pitch-deck-form-bio-spins-out-of-woolly-mammoth-startup-raises-30m-2022-9?r=biotech-decks-lp">A biotech trying to bring back the woolly mammoth just launched its first spinout company. See the 15-slide pitch deck Form Bio used to raise $30 million.</a><a href="https://www.businessinsider.com/pitch-deck-general-catalyst-examedi-lab-testing-2022-6?r=biotech-decks-lp">See the 11-slide presentation that sold General Catalyst on a 21-year-old founder's at-home lab-testing platform for Latin America</a><a href="https://www.businessinsider.com/3t-biosciences-series-a-pitch-pitch-deck-raise-40m-2022-8?r=biotech-decks-lp">See the 27-slide presentation a secretive biotech startup backed by Sean Parker used to raise $40 million and 'open a new universe' in cancer immunotherapy</a><a href="https://www.businessinsider.com/see-clinical-trial-startup-slopes-series-a-pitch-deck-2021-9?r=biotech-decks-lp">This 10-slide presentation convinced top VC firm NEA to invest $20 million in its first clinical-operations startup</a><a href="https://www.businessinsider.com/seed-health-series-a-pitch-deck-microbiome-startup-40-million-2021-4?r=biotech-decks-lp">See the presentation microbiome startup Seed Health used to raise $40 million</a><a href="https://www.businessinsider.com/otolith-labs-20-million-series-a-pitch-deck-2022-9?r=biotech-decks-lp">See the 10-slide presentation a Mark Cuban-backed startup used to raise $20 million to develop a vertigo headband</a><h2>By Series B funding rounds, biotech companies are trying to start human studies</h2>By Series B rounds, startups are often raising large sums of money and focused on growth. Many times, the companies will use new capital to hire more employees or continue to bring drugs through clinical development. For instance, the Belgian biotech AgomAb told Insider it planned to use its new funds to extend the company's cash runway into 2024. Here's the <a href="https://www.businessinsider.com/agomab-pitch-deck-114-million-series-b-funding-round-2022-7?r=biotech-decks-lp">21-slide pitch deck the company used to raise $144 million from investors</a>.And the genetics startup Camp4 used an <a href="https://www.businessinsider.com/see-camp4s-18-slide-pitch-deck-raising-100m-for-its-series-b-round-2022-7?r=biotech-decks-lp">18-slide pitch deck to raise $100 million</a> and plans to start human testing in 2023. The cancer startup Affini-T Therapeutics also plans to have two treatments in human testing in 2023. Here's the <a href="https://www.businessinsider.com/pitch-deck-cell-therapy-startup-affini-t-raises-175-million-2022-3?r=biotech-decks-lp">24-slide pitch deck the company used to raise $175 million</a> from investors like Leaps by Bayer. Read more:<a href="https://www.businessinsider.com/psychedelics-startup-gilgamesh-pharmaceuticals-series-b-2022-12?r=biotech-decks-lp">A Y Combinator-backed startup just raised $39 million to develop new psychedelic treatments for depression</a><a href="https://www.businessinsider.com/recode-therapeutics-13-slide-pitch-deck-series-b-raise-2022-6?r=biotech-decks-lp">See the 13-slide pitch deck a biotech used to raise $120 million and write the next chapter in mRNA medicines</a><a href="https://www.businessinsider.com/see-pitch-deck-clinical-trial-firm-castor-used-raise-45m-2021-7?r=biotech-decks-lp">See the pitch deck a doctor used to sell his vision for an entirely new way of testing experimental drugs and win a $250 million valuation</a><a href="https://www.businessinsider.com/pitch-deck-sparingvision-raises-75-million-for-crispr-eye-treatments-2022-9?r=biotech-decks-lp">See the 20-slide presentation this biotech startup used to raise $75 million for a way to treat blindness with CRISPR</a><h2>Late-stage funding rounds prepare biotech startups to go public </h2>Series C, D, and even E funding rounds can help private biotechs get a reserve of cash before a public debut. The presentations used in these rounds often highlight the company's science and show investors what lies ahead. The funding rounds, such as Moderna's pitch to investors in <a href="https://www.businessinsider.com/read-moderna-2017-investor-pitch-deck-biotech-coronavirus-vaccine2020-12?r=biotech-decks-lp">2017, can come shortly before plans to go public</a>. Moderna made its public debut in 2018.Some companies, like the cell-therapy startup Aurion, are almost ready to file for regulatory approval in certain countries. Here is the <a href="https://www.businessinsider.com/pitch-deck-cell-therapy-startup-aurion-biotech-raises-120-million-2022-4?r=dispensed-deck-lp#the-company-plans-to-file-for-approval-in-japan-in-the-second-half-of-2022-as-well-as-apply-to-start-a-us-based-clinical-trial-before-the-end-of-the-year-4?r=biotech-decks-lp">24-slide pitch deck the company used to raise $120 million</a> and prepare for regulatory approval in Japan. In late-stage funding rounds, the investors might also be different or used to backing bigger companies. This is the <a href="https://www.businessinsider.com/deep-genomics-pitchdeck-softbank-180-million-series-c-round-biotech-2021-7?r=biotech-decks-lp">15-slide presentation that Deep Genomics used to secure $180 million funding</a> from blue-chip investors, including SoftBank. Read more:<a href="https://www.businessinsider.com/fog-pharma-raises-178m-series-d-cancer-biotech-2022-11?r=biotech-decks-lp">A former Harvard chemist just raised $178 million for a biotech startup that plans to treat previously untreatable cancers</a><a href="https://www.businessinsider.com/arthur-kuan-cg-oncology-120-million-series-e-financing-round-2022-11?r=biotech-decks-lp">This 31-year-old CEO says staying focused on one disease was the key to helping his company raise $120 million in a frozen biotech market</a><a href="https://www.businessinsider.com/flagship-biotech-cellarity-pitch-deck-for-121m-series-c-round-2022-9?r=biotech-decks-lp">See the 12-slide pitch deck a Flagship startup just used to raise $121 million to build an 'unlimited platform' for making new drugs</a><a href="https://www.businessinsider.com/imcheck-therapeutics-pitch-deck-to-raise-series-c-2022-6?r=biotech-decks-lp">See the 14-slide pitch deck a French biotech just used to raise $86 million to pursue a twist on one of the hottest ideas in cancer research</a><a href="https://www.businessinsider.com/pitch-deck-biotech-scipher-medicine-110-million-series-d-round-2022-3?r=biotech-decks-lp">See the 24-slide pitch deck a biotech startup used to sell investors on a new approach to AI in medicine and raise $110 million</a><a href="https://www.businessinsider.com/see-the-pitch-deck-theranica-used-for-a-25-million-series-c-2022-9?r=biotech-decks-lp">See the 22-slide presentation an Israeli startup used to raise $45 million for an easier way to treat migraines</a>

See the presentations that cutting-edge biotech companies have used to raise millions from top investors

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>.The biggest US cannabis companies - including Trulieve, Green Thumb Industries, and Curaleaf - reported strong earnings this week. But their stock prices still fell, for the most part.Why's that?"I think, quite frankly, nothing's new when it comes to US cannabis," Trulieve CEO Kim Rivers told me in an interview yesterday. "A good portion of that comes from the way our stocks are required to be listed."US cannabis company can't list on US exchanges because cannabis is federally illegal. Rivers says that without exposure to deeper-pocketed institutional investors on the NYSE or Nasdaq, the story will continue to be the same.It also didn't help that Wasatch, a Salt Lake City-based asset manager, was <a href="https://www.barrons.com/articles/after-building-cannabis-stake-a-mutual-fund-sells-for-compliance-reasons-51620783073">reportedly forced to unwind its positions in US cannabis names</a> because of issues with compliance and finding a custodian. "I think there's certainly going to be a change in that dynamic once uplisting is allowed," Rivers said. Trulieve, like Green Thumb Industries, has already filed with the SEC to prep for an uplisting. The ball is now in Congress's hands to provide clarity as to how they'll treat cannabis. Senate Majority Leader Chuck Schumer <a href="https://twitter.com/ringer/status/1392194397303971840?s=20">said this week</a> that a comprehensive reform bill should land before the end of the month. The silver lining to all this uncertainty, however, is the opportunity that cannabis executives say will benefit early investors."There's a generational opportunity for folks to make an investment now and solidify their position because we certainly think larger institutional capital will be coming in as soon as they're able to do so," Rivers said.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/trulieve-buys-harvest-health-and-recreation-in-2-billion-deal-2021-5">Trulieve is paying $2.1 billion in a blockbuster bid to dominate Arizona's cannabis market, while the rest of the industry is focused on New York</a></h3>Trulieve is buying Harvest Health &amp; Recreation in an all-stock deal that values the target at $2.1 billion. The deal will make Trulieve the largest cannabis retailer in Florida and Arizona.The combined company will be the largest US cannabis company by footprint and revenue.<h3><a href="https://www.businessinsider.com/cannabis-trulieve-harvest-merger-will-push-rivals-to-pursue-deals-2021-5">Top investors say Trulieve's blockbuster Harvest deal will push its cannabis rivals to pursue big-ticket M&amp;A</a></h3>Cannabis investors say Trulieve's deal with Harvest will put pressure on rival companies to pursue big-ticket M&amp;A. These companies include Curaleaf, Green Thumb Industries, and Cresco Labs. <h3><a href="https://www.businessinsider.com/tilray-ceo-irwin-simon-interview-aphria-merger-proxy-vote-2021-5">Legendary dealmaker Irwin Simon reveals the toughest part of closing Tilray's $4 billion cannabis mega-merger</a></h3>Tilray and Aphria closed a $4 billion mega-merger last week. The vote was delayed because the companies struggled to get retail shareholders to show up and vote.Tilray's CEO Irwin Simon said it's a new challenge for M&amp;A in cannabis and other industries.<h3><a href="https://www.businessinsider.com/top-cannabis-companies-acquisition-targets-ma-trulieve-harvest-deal-2021-5">The 12 cannabis companies that are most likely to be acquired as a fresh wave of M&amp;A sweeps the industry</a></h3>As M&amp;A is expected to ramp up in the cannabis sector, Viridian analyst Jonathan DeCourcey named in a Thursday note 12 smaller to medium-sized companies likely to be acquired. Acquisition targets include Vireo Health, Lowell Farms, and TILT, among others.<h3><a href="https://www.businessinsider.com/how-to-invest-in-cannabis-video-panel-poseidon-merida-2021-5">VIDEO: Two veteran investors on how to bet on the spread of US marijuana legalization</a></h3>If you missed our panel on how to bet on cannabis legalization in the US, watch the full recap. <h2>Executive Moves</h2><ul><li>TILT Holdings president Gary Santo is taking over from Mark Scatterday as CEO, the company <a href="https://www.globenewswire.com/news-release/2021/05/14/2229753/0/en/TILT-Holdings-President-Gary-Santo-to-Succeed-Mark-Scatterday-as-CEO-Scatterday-to-Continue-Serving-as-Chairman-of-the-Board.html">said on Friday</a>. Scatterday will continue as chairman. </li><li>Scott Schilling, the former CMO of Prestige Beverage Group, is now CEO at LeafLine Industries, a Minnesota CBD and medical cannabis company. </li><li>Harborside said <a href="https://www.prnewswire.com/news-releases/harborside-inc-appoints-travis-higginbotham-jr-as-vice-president-of-production-301288484.html">on Tuesday</a> that hemp executive Travis Higginbotham Jr. will join the company as vice president of production.</li><li>GrowGeneration said <a href="https://ir.growgeneration.com/news-events/press-releases/detail/131/growgeneration-names-dennis-sheldon-senior-vice-president">on Tuesday</a> that Dennis Sheldon has been appointed as senior vice president of global supply chain.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Trulieve is buying Harvest Health &amp; Recreation in a $2.1 billion deal. <a href="https://www.businessinsider.com/cannabis-trulieve-harvest-merger-will-push-rivals-to-pursue-deals-2021-5">Read our story here.</a></li><li>Cannabis company Holistic Industries <a href="https://www.newcannabisventures.com/holistic-industries-raises-55-million-to-fund-further-expansion/#:~:text=WASHINGTON%20D.C.,shop%20and%20invest%20in%20cannabis.">raised $55 million</a> through a convertible note, led by the Harbert Stoneview Fund. </li><li>Green Thumb Industries will buy Virginia cannabis company Dharma Pharmaceuticals <a href="https://wcyb.com/amp/news/local/green-thumb-industries-enters-agreement-to-buy-dharma-pharmaceuticals">for $80 million</a>. </li><li>Colombian cannabis producer Flora Growth Corp. <a href="https://www.globenewswire.com/news-release/2021/05/13/2229594/0/en/Flora-Growth-Corp-Announces-Closing-of-Initial-Public-Offering.html">went public on the Nasdaq on Wednesday</a>, raising nearly $17 million. CEO Luis Merchan said in an interview he hopes to be able to import cheaper, high-quality cannabis into the US - Flora can grow cannabis at 6 cents per gram, versus the average cost of over $1.25 per gram for North American growers.</li><li>Cannabis company Auxly <a href="https://www.globenewswire.com/news-release/2021/05/13/2229153/0/en/Auxly-Announces-8-0-Million-Private-Placement.html#:~:text=(%E2%80%9CAuxly%E2%80%9D%20or%20the%20%E2%80%9C,a%20price%20of%20%240.335%20per">announced on Thursday</a> that it had raised $8 million in a private placement. </li><li>Cannabis supply chain platform Lucid Green <a href="https://www.prnewswire.com/news-releases/lucid-green-inc-secures-3-1mm-funding-301289033.html">announced on Tuesday</a> that it had raised $3.1 million in funding from Silverleaf Ventures, HALLEY Venture Partners, and other investors.</li><li>The Boston Beer Company - the maker of Sam Adams - <a href="https://www.prnewswire.com/news-releases/the-boston-beer-company-to-begin-research-and-development-of-non-alcoholic-cannabis-beverages-301291607.html">established a subsidiary in Canada</a> to research the development of non-alcoholic cannabis beers. The subsidiary will be led by Paul Weaver. </li><li>Psychedelics company Wesana <a href="https://www.globenewswire.com/news-release/2021/05/13/2229007/0/en/The-World-Boxing-Council-and-Wesana-Health-Announce-Multi-Year-Joint-Efforts-to-Research-the-Impact-of-Psychedelics-on-Traumatic-Brain-Injury.html">said on Wednesday</a> that the company would be entering a multi-year research partnership with the World Boxing Council to study the effects of psilocybin on traumatic brain injury (TBI).</li><li>Cannabis media company Civilized is relaunching. Terri Riedle will be the new CEO. <a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">Read our deep dive into Civilized's downfall from last summer.</a></li><li>The ETF Managers Group <a href="https://www.greenmarketreport.com/new-u-s-focused-cannabis-etf-hits-the-market-today/">is launching MJUS</a> on the NYSE, an ETF that will track US cannabis stocks. </li></ul><h2>Research and data</h2><ul><li>A new study <a href="https://www.drugscience.org.uk/wp-content/uploads/2021/05/213_2021_5855_OnlinePDF-2.pdf">published in the journal Psychopharmacology</a> found that cannabis improves quality of life for patients with conditions such as chronic pain, MS, PTSD, epilepsy, Tourette's, and more.</li><li>The National Institute on Drug Abuse (NIDA) announced that a standard THC unit will be 5 milligrams, <a href="https://cannabiswire.com/2021/05/11/a-first-in-cannabis-research-a-national-standard-thc-dose/">Cannabis Wire reports</a>. </li></ul><h2>Policy moves</h2><ul><li>Republican lawmakers Rep. David Joyce and Rep. Don Young filed The Common Sense Cannabis Reform for Veterans, Small Businesses, and Medical Professionals Act on Wednesday - a <a href="https://joyce.house.gov/sites/joyce.house.gov/files/JOYCEOH%20Common%20Sense%20Cannabis%20Reform%20for%20Veterans%2C%20Small%20Businesses%20and%20Medical%20Professionals%20Act.pdf">bill</a> that would federally legalize cannabis, <a href="https://www.marijuanamoment.net/congressional-bill-to-federally-legalize-marijuana-filed-by-republican-lawmakers/">per Marijuana Moment.</a></li><li>The Minnesota House on Thursday voted to legalize <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> for adults by a margin of 72-61. The bill faces long odds in the state's Senate, <a href="https://www.startribune.com/minnesota-house-casts-historic-vote-to-legalize-marijuana/600056701/">The Star Tribune reports</a>.</li></ul><div type="image" title="Marijuana Cannabis" height="1333" width="2000" msid="82639003" hostid="261"></div><h2>Earnings roundup</h2>Busy earnings week. Here are the highlights:<ul><li>Harvest Health &amp; Recreation released its <a href="https://www.prnewswire.com/news-releases/harvest-health--recreation-inc-reports-first-quarter-2021-financial-results-301287402.html">Q1</a> results on Monday, reporting $88.8 million in net revenue and a $23.1 million net loss.</li><li>Village Farms released its <a href="https://www.newswire.ca/news-releases/village-farms-international-reports-first-quarter-2021-financial-results-pure-sunfarms-achieves-third-consecutive-quarter-of-sequential-growth-in-retail-branded-sales-of-20-or-greater-856867287.html">Q1</a> results on Monday, reporting $52.4 million in net revenue and a $7.4 million loss.</li><li>Curaleaf released its <a href="https://www.prnewswire.com/news-releases/curaleaf-reports-record-first-quarter-2021-financial-and-operational-results-301287757.html">Q1</a> results on Monday, reporting $260 million in net revenue and a $17.2 million loss.</li><li>Acreage released its <a href="https://investors.acreageholdings.com/financial-information/financial-releases/press-release/2021/Acreage-Holdings-Reports-First-Quarter-2021-Results/default.aspx">Q1</a> results on Tuesday, reporting $38.4 million consolidated revenue and a $7.8 million net loss.</li><li>MedMen released its <a href="https://www.newcannabisventures.com/medmen-q3-revenue-drops-27-to-32-million/">fiscal Q3</a> results on Tuesday, reporting $32 million in revenue and a $13.7 million loss.</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-Reports-First-Quarter-2021-Results/default.aspx">Q1</a> results on Tuesday, reporting $194.4 million in net revenue and a $10.4 million profit.</li><li>Trulieve released its <a href="https://investors.trulieve.com/news-releases/news-release-details/trulieve-reports-record-first-quarter-2021-revenue-1938m-net">Q1</a> results on Thursday, reporting $193.8 million in net revenue and a $30.1 million profit.</li><li>GrowGeneration released its <a href="https://ir.growgeneration.com/news-events/press-releases/detail/132/growgeneration-reports-record-first-quarter-2021-financial">Q1</a> results on Thursday, reporting $90 million in net revenue and a $6.1 million net profit.</li><li>Aurora released its <a href="https://investor.auroramj.com/news-and-events/press-releases/122977/">fiscal Q3</a> results on Thursday, reporting C$55.2 million in net revenue and C$24 million in adjusted EBITDA loss.</li></ul><h2>Chart of the week</h2>Canada's recreational cannabis market is set to reach more than C$8 billion by 2026, according to Brightfield Group, which says that much of this growth will be driven by more retail openings, M&amp;A activity, and the accessibility of affordable cannabis: <div type="image" title="cannabis market size in CAD newsletter may12" height="736" width="1240" msid="82639007" hostid="261"></div><h2>What we're reading</h2><a href="https://www.nytimes.com/2021/05/09/health/psychedelics-mdma-psilocybin-molly-mental-health.html">The Psychedelic Revolution Is Coming. Psychiatry May Never Be the Same</a>. (New York Times)<a href="https://www.politico.com/news/2021/05/09/medical-marijuana-conservative-states-485830">America's most conservative states are embracing medical pot</a> (Politico) <a href="https://thefreshtoast.com/finance/hard-times-for-high-times/">Hard Times for High Times</a> (The Fresh Toast)<a href="https://www.barrons.com/articles/after-building-cannabis-stake-a-mutual-fund-sells-for-compliance-reasons-51620783073">After Building Cannabis Stake, a Mutual Fund Sells for Compliance Reasons</a> (Barrons)<a href="https://www.insider.com/science-behind-chewing-peppercorns-to-ease-cannabis-paranoia-2021-5">TikTok users are easing their weed-induced anxiety by chewing peppercorns and drinking lemon juice - and it's based on real science</a> (Insider)<a href="https://www.wsj.com/articles/one-of-the-pot-industrys-best-highs-is-fading-11620983162">One of the pot industry's best highs is fading</a> (Wall Street Journal)<a href="https://www.nbcnews.com/news/us-news/if-you-build-it-they-will-come-california-desert-cashes-n1266728">'If you build it, they will come': California desert cashes in on early cannabis investment</a> (NBC News)<a href="https://www.bizjournals.com/boston/news/2021/05/12/why-are-banks-still-afraid-of-cannabis.html">Banks are still afraid of cannabis. Here's why.</a> (Boston Business Journal)

Inside Trulieve's $2.1 billion deal

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>.Happy Friday,I'm typing away ahead of a week of vacation in Italy. It's my first time here, so get in touch if you have recommendations - or don't because I probably won't be checking my phone or email too much.On that note, it was another whirlwind week in the cannabis world, with tons of companies reporting financial results and deals galore.The quick highlights: Eaze is getting into Colorado and Florida by acquiring Green Dragon, a chain of dispensaries. We got the <a href="https://www.businessinsider.com/eaze-raising-75-million-buying-cannabis-dispensary-chain-green-dragon-2021-8">scoop on the deal and the company's plans to raise $75 million</a>.Shortly after we put <a href="https://www.businessinsider.com/green-thumb-industries-ceo-ben-kovler-interview-canadian-cannabis-companies-2021-8">up a fiery interview with Green Thumb Industries CEO Ben Kovler</a>, Tilray made a push into the US by buying up a chunk of MedMen's debt.Kovler said it's misleading when Canadian cannabis execs tout their US ambitions since they can't actually sell cannabis in the US. I won't spoil the story here, but <a href="https://www.businessinsider.com/tilray-acquires-medmen-debt-in-canada-us-cannabis-deal-2021-8">Tilray CEO Irwin Simon pushed back on Kovler's comments in an interview</a>. Tilray's deal is a convoluted one - and it'll take a lot of regulatory changes for Tilray to actually take a majority stake in MedMen.Other US cannabis execs told us <a href="https://www.businessinsider.com/us-cannabis-companies-mso-vs-canadian-competition-lp-2021-8">they're not worried about their Canadian rivals</a>, though some did signal that interest in US cannabis can, in a way, benefit everyone involved.Last but not least, take a look <a href="https://www.businessinsider.com/canaccord-genuity-goldman-sachs-cowen-bankers-making-millions-from-cannabis-2021-8">at our second list of the top dealmakers in the cannabis industry</a>.Other cannabis happenings:Trulieve CEO Kim Rivers' husband JT Burnette was convicted on five charges, including extortion, <a href="https://www.tallahassee.com/story/news/local/fbi/2021/08/13/j-t-burnette-trial-tallahassee-florida-jury-verdict-watch-scott-maddox-bribery-corruption/8120359002/">The Tallahassee Democrat reports</a>. Burnette was caught on tape bragging about using his access to manipulate Florida cannabis licensing rules in Trulieve's favor.Rivers <a href="https://twitter.com/Trulieve_IR/status/1426660009564327939">released a statement</a> denying any wrongdoing on her or Trulieve's part and added that the company's board is in full support of her leadership.You'll all be in good hands with Yeji next week!- 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/green-thumb-industries-ceo-ben-kovler-interview-canadian-cannabis-companies-2021-8">The CEO of a top US cannabis company unloads on his Canadian rivals: 'Dissuading, misleading, and lying to investors'</a></h3>Green Thumb CEO Ben Kovler isn't scared of his Canadian rivals' plans to jump into the US. Canadian companies like Tilray and Canopy Growth have made their US ambitions clear in recent weeks.<h3><a href="https://www.businessinsider.com/eaze-raising-75-million-buying-cannabis-dispensary-chain-green-dragon-2021-8">Cannabis startup Eaze is raising $75 million in a push to make deals and dominate retail</a></h3>Eaze is raising $75 million and buying Green Dragon, a dispensary chain, the company told Insider.Eaze has pivoted from a delivery company to one that also sells and operates cannabis stores. With the acquisition, Eaze is pitching itself to investors as a multistate operator like Curaleaf or Trulieve. <h3><a href="https://www.businessinsider.com/tilray-acquires-medmen-debt-in-canada-us-cannabis-deal-2021-8">Canadian cannabis giant Tilray is using a convoluted deal with one of the most troubled US cannabis companies to enter the $100 billion US market</a></h3>Canadian cannabis giant Tilray made a deal with MedMen to gain a foothold in the US. Tilray is buying some of MedMen's debt, which would turn into equity once the US legalizes cannabis.<h3><a href="https://www.businessinsider.com/canaccord-genuity-goldman-sachs-cowen-bankers-making-millions-from-cannabis-2021-8">Wall Street is making a killing on cannabis. Here are the top bankers raising money, cutting deals, and raking in millions.</a></h3>Wall Street banks have pulled in over $577 million in fees from cannabis deals since 2017. Canaccord Genuity, a midsize investment bank in Canada, leads the pack, while Goldman Sachs is a distant second.<h3><a href="https://www.businessinsider.com/cannabis-stock-pick-from-msos-manager-verano-holdings-2021-8">The manager of a $900 million cannabis ETF names the 'underloved' pot stock that investors should take a close look at now</a></h3>Dan Ahrens, the manager of a $900 million US cannabis ETF says Verano Holdings is an underloved US cannabis stock. The company, which went public earlier this year, trades at a discount to its peers. Ahrens lays out why it might be a good time to get in. <h3><a href="https://www.businessinsider.com/us-cannabis-companies-mso-vs-canadian-competition-lp-2021-8">Canadian cannabis companies have declared they're coming for the US, but their American counterparts say they're not worried</a></h3>Canadian cannabis giants are bullish on the US market, so they're making deals that could give them an edge.But the CEOs of the largest US cannabis companies told Insider they're far from worried.<div type="image" title="Cannabis" height="1334" width="2000" msid="85495717" hostid="261"></div><h2>Executive moves</h2><ul><li>The Parent Company said on Monday that Troy Datcher would be <a href="https://www.businessinsider.com/jay-z-cannabis-spac-hires-first-black-ceo-us-public-cannabis-org-2021-8">joining as CEO</a>. </li><li>Valerie Malone is <a href="https://www.globenewswire.com/news-release/2021/08/16/2280923/0/en/HEXO-expands-its-global-leadership-team-with-the-appointment-of-Chief-Commercial-Officer.html">joining Canadian cannabis firm</a> HEXO as chief commercial officer. </li><li>Nilyum Jhala, the former vice president of global and digital technology at Hallmark Cards, will become Trulieve's chief technology officer, <a href="https://investors.trulieve.com/news-releases/news-release-details/trulieve-appoints-new-chief-technology-officer">the company said</a>. </li><li>Francesca Serraino Fiory, a veteran of Perrigo, Pfizer, and J&amp;J, is joining Green Hygienics as <a href="https://www.globenewswire.com/news-release/2021/08/19/2283553/0/en/Green-Hygienics-Holdings-Inc-GRYN-Recruits-Former-Johnson-Johnson-Head-of-Regulatory-Medical-Affairs-Italy-as-New-Chief-Scientific-Officer.html">chief science officer</a>. </li><li>Aaron Riley is leaving his role as CEO of cannabis testing lab CannaSafe, as <a href="https://www.prnewswire.com/news-releases/cannasafe-announces-departure-of-ceo-appoints-new-management-team-301354212.html?tc=eml_cleartimehttps://www.nj.com/marijuana/2021/08/njs-weed-industry-rules-will-come-this-week-bringing-state-a-big-step-closer-to-legal-sales.html">part of a broader reorganization of the company</a>. He'll be replaced by Gerry Dabkowski.</li><li>The US Cannabis Council, an industry trade group, made a pair of senior hires: Bo Bryant and Josh Glasstetter are joining as VP of government relations and director of communications. </li><li>Actress Rosario Dawson is joining <a href="https://www.bloomberg.com/news/articles/2021-08-19/rosario-dawson-joins-board-of-gwyneth-paltrow-backed-pot-firm">cannabis beverage company</a> Cann's board. </li><li>Delta 9 <a href="https://www.globenewswire.com/news-release/2021/08/16/2281616/0/en/Delta-9-Appoints-David-Kideckel-as-Head-of-Strategy-Corporate-Development-Capital-Markets.html">appointed</a> David Kideckel, formerly an analyst at ATB Capital Markets, as head of strategy, corporate development, and capital markets. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Tilray is buying a chunk of MedMen's debt. <a href="https://www.businessinsider.com/tilray-acquires-medmen-debt-in-canada-us-cannabis-deal-2021-8">Read our analysis of the deal, including thoughts from both CEOs, here</a>. </li><li>PharmaCann, a cannabis company with a valuable New York license, is planning to go public on the Canadian Securities Exchange in a deal that could value it at $1 billion, <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/us-cannabis-firm-pharmacann-plans-ipo-new-york-weed-legalization-lifts-demand-2021-08-16/">Reuters reports</a>. </li><li>UK psychedelics company Beckley Psytech <a href="https://www.businesswire.com/news/home/20210815005009/en/Beckley-Psytech-completes-oversubscribed-80m-%C2%A358m-fundraise-to-develop-portfolio-of-psychedelic-medicine-breakthroughs">said</a> it closed an $80 million Series B funding round. </li><li>Canadian cannabis company Village Farms International is acquiring Colorado CBD company Balanced Health Botanicals in a <a href="https://www.prnewswire.com/news-releases/village-farms-international-acquires-100-of-balanced-health-botanicals-a-profitable-leader-in-the-us-cbd-category-providing-an-additional-pathway-to-high-thc-cannabis-market-in-the-us-301355712.html">transaction valued at $75 million</a>. </li><li>Ayr Wellness is buying Cultivauna in a <a href="https://www.globenewswire.com/news-release/2021/08/16/2281005/0/en/Ayr-Wellness-Enters-the-Cannabis-Infused-Beverage-Market-with-Proposed-Acquisition-of-Levia.html">$20 million cash-and-stock transaction</a>. Cultivauna makes the cannabis-infused beverage brand Levia.</li><li>Weedmaps and Kevin Durant are <a href="https://www.businesswire.com/news/home/20210819005491/en/Weedmaps-Announces-Multi-Year-Partnership-with-Kevin-Durant-Thirty-Five-Ventures-and-Boardroom">partnering up to reduce the stigma around marijuana use</a>.</li><li>Colombian cannabis company Flora Growth said it will acquire vape maker Vessel Brands. The companies <a href="https://www.businesswire.com/news/home/20210817005558/en/Flora-Growth-Signs-Agreement-To-Acquire-Industry-Leading-Vessel-Brand-Entering-Luxury-Cannabis-Consumer-Technology-Segment">did not disclose financial terms</a>. </li><li>Cannabis REIT NewLake Capital Partners is <a href="https://www.globenewswire.com/news-release/2021/08/20/2284094/0/en/NewLake-Capital-Partners-Announces-Closing-of-Initial-Public-Offering-and-Begins-Trading-Under-the-Symbol-NLCP.html">going public via a direct listing.</a></li></ul><div type="image" title="cannabis" height="1446" width="2000" msid="85495720" hostid="261"></div><h2>Policy moves</h2><ul><li>Nearly half of US adults have tried marijuana, according to <a href="https://news.gallup.com/poll/353645/nearly-half-adults-tried-marijuana.aspx">a new Gallup poll</a>.</li><li>New Jersey announced its first set of rules regulating the cannabis industry on Thursday. The rules favor local entrepreneurs over multi-state operators, <a href="https://www.nj.com/marijuana/2021/08/new-weed-industry-rules-attempt-to-give-nj-small-businesses-a-boost.html">NJ.com reports</a>. </li><li>Lawyers for a man sentenced to 22 years in prison for marijuana-related offenses are using Supreme Court Justice Clarence Thomas' comments on the inconsistencies of federal cannabis policy to make the case for compassionate release, <a href="https://www.marijuanamoment.net/scotus-justices-marijuana-comments-should-help-federal-prisoner-win-freedom-attorney-says/">Marijuana Moment reports</a>. </li></ul><h2>Research news</h2><ul><li>A study in the Journal of the Canadian Academy of Child and Adolescent Development found <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8315217/?link_id=2&amp;can_id=368bbf085178dd7d3b7f9ea734c170f9&amp;source=email-analysis-marijuana-legalization-opponents-fears-have-not-come-to-fruition-in-canada&amp;email_referrer=email_1262387&amp;email_subject=analysis-marijuana-legalization-opponents-fears-have-not-come-to-fruition-in-canadauition-in-canada">no marked increase in cannabis use</a> among Canadian youth three years into legalization. The study's authors said legalization continues to offer positive benefits for public health. </li></ul><h2>Earnings, and more earnings</h2><ul><li style="text-align: left;">MariMed released its <a href="https://www.newswire.ca/news-releases/marimed-reports-strong-second-quarter-2021-earnings-826290084.html">Q2 results</a> on Monday, reporting $32.6 million in revenue, and net income of $7.6 million.</li><li>MediPharm Labs released its <a href="https://finance.yahoo.com/news/medipharm-reports-second-quarter-2021-111500244.html">Q2 results</a> on Monday, reporting C$5.1 million in revenue, and a net loss of C$11.8 million.</li><li>RIV Capital posted its fiscal <a href="https://www.prnewswire.com/news-releases/riv-capital-reports-first-quarter-fiscal-year-2022-financial-results-301355609.html">Q1 2022 results</a> on Monday, reporting a C$30.4 million net loss.</li><li>Auxly Cannabis Group reported its <a href="https://www.globenewswire.com/news-release/2021/08/16/2281000/0/en/Auxly-Reports-Q2-2021-Financial-Results-Reports-Record-Revenues-Adjusted-EBITDA-and-Canadian-Recreational-Market-Share.html">Q2 results</a> on Monday, reporting C$20.9 million in revenue and a C$8.7 million net loss.</li><li>The Parent Company released its <a href="https://www.newswire.ca/news-releases/the-parent-company-reports-second-quarter-2021-financial-results-803291403.html">Q2 results</a> on Monday, reporting $54.2 million in revenue and a $10.4 million loss on an adjusted EBITDA basis.</li><li>4Front released its <a href="https://www.prnewswire.com/news-releases/4front-ventures-reports-second-quarter-2021-financial-results-and-provides-business-update-301356197.html">Q2 results</a> on Monday, reporting $27.1 million in revenue and a net loss of $6.2 million.</li><li>Greenlane Holdings released its <a href="https://www.globenewswire.com/en/news-release/2021/08/17/2281834/0/en/Greenlane-Reports-Q2-2021-Revenue-of-34-7-million-and-Record-Core-Revenue-of-34-5-Million.html">Q2 results</a> on Monday, reporting $34.7 million in revenue and a net loss of $5.8 million.</li><li>Glass House Group released its <a href="https://www.newswire.ca/news-releases/glass-house-brands-reports-second-quarter-2021-financial-results-834879109.html">Q2 results</a> on Monday, reporting $18.7 million in revenue and a net loss of $4.7 million.</li><li>Ayr Wellness released its <a href="https://www.globenewswire.com/news-release/2021/08/16/2281619/0/en/Ayr-Wellness-Reports-Second-Quarter-2021-Results.html">Q2 results</a> on Tuesday, reporting $91.3 million in revenue and an operating loss of $24.9 million.</li><li style="text-align: left;">TerrAscend released its <a href="https://www.newcannabisventures.com/terrascend-q2-revenue-increases-72-to-58-7-million/">Q2 results</a> on Thursday, reporting $58.7 million in revenue and a net loss of $23 million.</li></ul><h2>Chart of the week</h2>The CBD market is expected to keep growing, according to data from Brightfield Group. Edibles and drinks categories are expected to have a compound annual growth rate of 51% over the past five years: <div type="image" title="Chart of compound annual growth rate percentages from 2021-2026 for CBD edibles and drinks" height="1236" width="1240" msid="85495723" hostid="261"></div><h2>What we're reading </h2><a href="https://toddharrison.substack.com/p/the-canna-faang-cometh">The Canna FAANG Cometh</a> (Substack)<a href="https://www.reuters.com/business/us-cannabis-insurers-get-ready-roll-federal-legalization-nears-2021-08-19/">US cannabis insurers get ready to roll as federal legalization nears</a> (Reuters)<a href="https://www.espn.com/nba/story/_/id/32051873/kevin-durant-aims-destigmatize-marijuana-use-new-partnership">Kevin Durant aims to destigmatize marijuana use with new partnership</a> (ESPN)

Tilray comes to America (sorta)

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>Welcome to Cultivated, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global cannabis boom. <a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every Friday</a>.Happy Friday,Never a dull week when it comes to cannabis. Thursday marked year one of Canada's legalization experiment, and while the country (my homeland) is to be lauded for sticking its neck out and becoming the first G7 country to legalize, the results have been mixed at best for consumers, investors, concerned citizens, and anyone else affected by such a monumental shift in social policy. It's worth revisiting this story <a href="https://www.businessinsider.com/canada-legal-marijuana-rocky-rollout-thriving-black-market-2018-10">I published last year on Canada's rocky legalization rollout</a>. Let's go to the market:All eyes were on Aphria's earnings this week as the Canadian cannabis company posted its second straight quarter of profitability after <a href="https://www.businessinsider.com/marijuana-stocks-andrew-left-citron-bullish-on-aphria-despite-short-report-2018-12">facing off with short-sellers</a> in December of last year.Analysts and industry watchers considered Aphria to be something of a bellwether stock for the Canadian cannabis sector one year into legalization as many companies have seen their share prices crater this year - the Horizons Marijuana Life Sciences Index ETF has fallen 55% - amid lower-than-expected retail sales and other industry headwinds.My colleagues over at Markets Insider have the scoop on what else went on in the sector this week, including <a href="https://markets.businessinsider.com/news/stocks/cannabis-producer-canntrust-to-destroy-77-million-of-weed-plants-2019-10-1028597358">CannTrust destroying $77 million worth of marijuana</a> to get back onside with regulators, <a href="https://markets.businessinsider.com/news/stocks/cronos-stock-price-gains-analyst-upgrades-weed-company-to-buy-2019-10-1028611163">Cronos Group being named the new "King in the North"</a> (miss you Kawhi), and some <a href="https://markets.businessinsider.com/news/stocks/cronos-stock-price-soars-after-massive-after-hours-block-trades-2019-10-1028609048">weird moves</a> in the market. In New York, Gov. Cuomo <a href="https://www.wsj.com/articles/four-northeastern-governors-team-up-on-vaping-and-marijuana-standards-11571347342">held a meeting</a> with the leaders of Connecticut, New Jersey, and Pennsylvania - which is also now weighing a legalization bill - to come up with a regional plan to legalize cannabis and set standards around vaping.Cuomo called the issue "one of the most challenging" he's had to address in his time as governor. -Jeremy Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/goldman-sachs-citigroup-jpmorgan-opening-their-doors-to-cannabis-2019-10">Here's how the largest and most powerful Wall Street banks are cautiously opening their doors to the potentially $80 billion US cannabis industry</a></h3>As <a href="https://www.businessinsider.com/latest-cannabis-business-news-2019-6">cannabis reform</a> becomes one of the most hotly-debated topics in Congress, some of the largest Wall Street banks are slowly dipping their toes into the industry.The chief psychoactive component of cannabis, THC, is illegal under US federal law <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">despite being legalized in some form in 33 states</a>. Most federally chartered US investment banks won't raise money or advise on deals for companies that are actively violating federal law, no matter how attractive the growth prospects of the industry are.Still, the banks are starting to figure out how to serve cannabis companies and develop relationships within the nascent but expanding industry, in a bid for first-mover advantage if or when the market opens up thanks to changes in federal law.<h3><a href="https://www.businessinsider.com/re-botanicals-3-million-series-a-funding-for-cbd-bigr-2019-10">A VC best known for organic-food investments just made its first foray into CBD. A top partner at BIGR Ventures told us why.</a></h3>BIGR Ventures, a Colorado-based fund that focuses on the food industry, made its first foray into the <a href="https://www.businessinsider.com/latest-news-about-cbd-science-business-and-investing-2019-6">hemp and CBD space</a>. The firm led a $3 million Series A investment round into RE Botanicals, a CBD tincture, oil, and oral capsule startup.BIGR partner Carole Buyers explained why the firm decided to invest in an interview on Thursday. We've been researching the CBD industry for over a year," Buyers, one of BIGR's partners, said. "It was the passage of the Farm Bill in 2018 that really gave us the green light to go ahead and invest."<h2>Capital raises, M&amp;A activity, partnerships, and launches</h2><ul><li>Washington DC-based cannabis company <a href="https://www.prnewswire.com/news-releases/emerging-powerhouse-cannabis-multi-state-operator-holistic-industries-raises-55-million-300939939.html">Holistic Industries closed a $55 million funding round</a> on Thursday.</li><li>California-based Ikanik Farms <a href="https://www.prnewswire.com/news-releases/ikanik-farms-announces-100-acquisition-of-pideka-sas-a-leading-colombian-medical-cannabis-company-300938861.html">acquired 100% of Pideka SAS</a>, an indoor medical cannabis cultivator in Colombia.</li><li>Cannabis tech company <a href="https://www.prnewswire.com/news-releases/flowhub-announces-23-million-in-series-a-funding-led-by-eventures-evolv-ventures-and-poseidon-300938447.html">Flowhub closed a $23 million Series A funding round</a>, led by Evolv Ventures, a venture fund backed by Kraft Heinz, and including Poseidon Asset Management and others.</li><li>Former Seahawks linebacker and three-time Pro Bowler Lofa Tatupu <a href="https://www.prnewswire.com/news-releases/former-nfl-player-lofa-tatupu-launches-zonein-cbd-300939387.html">launched ZoneIn CBD</a>, a company that sells CBD oils and capsules. Tatupu joins a list of ex-NFL players who have entered the CBD space, including Patriots tight end Rob Gronkowski. </li></ul><h2>Executive moves</h2><ul><li>TILT Holdings <a href="https://investors.tiltholdings.com/press-releases/detail/68/tilt-holdings-names-coo-tim-conder-to-board-of-directors">named its COO, Tim Conder, to the company's board</a>. Conder previously founded Blackbird Logistics Corporation, which is now part of TILT.</li><li>Canadian cannabis company <a href="https://nationalpost.com/news/canada/jodi-butts-appointment-to-board-of-pot-company-aphria-worth-300000">Aphria named Jodi Butts</a>, the wife of Prime Minister Justin Trudeau's close confidante Gerald Butts, to its board. Butts is a veteran of other big-ticket boards, including Canada Goose. </li></ul><h2>Chart of the week</h2>It's worth revisiting this chart, which we <a href="https://www.businessinsider.com/recent-poll-shows-canadians-have-low-opinion-of-cannabis-industry-2019-7">published in July</a>, in light of the one year anniversary of cannabis legalization in Canada. After a number of scandals involving publicly traded Canadian cannabis companies, Canadians have a dim view of operators in the industry: <div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><h2>Stories from around the web</h2><a href="https://www.economist.com/business/2019/10/17/investors-hope-psychedelics-are-the-new-cannabis-are-they-high">Investors hope psychedelics are the new cannabis. Are they high?</a> (The Economist)<a href="https://www.nytimes.com/2019/10/15/science/cbd-thc-cannabis-cannabidiol.html">CBD or THC? Common drug test can't tell the difference</a> (The New York Times)<a href="https://www.weedweek.net/stories/the-ebbu-files/">The Ebbu files</a> (WeedWeek)<a href="https://business.financialpost.com/cannabis/cannabis-business/cannabis-2-0-is-upon-us-but-are-retailers-ready-for-the-influx-of-new-products?video_autoplay=true">Cannabis 2.0 is upon us, but are retailers ready for the influx of new products?</a> (Financial Post)<a href="https://www.reviewjournal.com/news/politics-and-government/nevada/nevada-cracking-down-on-marijuana-businesses-1872859/">Nevada cracking down on marijuana businesses</a> (Las Vegas Review-Journal)<a href="https://apnews.com/f9fc0e821e464e4d9ebd5d1dc1277912">Frustration and pride in Canada after a year of legal pot</a> (The Associated Press)<a href="https://www.marketwatch.com/story/aphria-profit-didnt-come-from-selling-marijuana-2019-10-15">Aphria profit didn't come from selling marijuana</a> (MarketWatch)Did I miss anything? Have a tip? Just want to chat? Send me a note at jberke@businessinsider.com or find me on twitter <a href="https://twitter.com/jfberke?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">@jfberke</a>.

CULTIVATED: How the largest Wall Street banks are cautiously opening their doors to cannabis, food investors make a bet on CBD, and more

Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Please <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-mturner">subscribe here</a> to get this newsletter in your inbox every Sunday.Hello!Money talks. A flood of high-profile advertisers announced this week <a href="https://www.businessinsider.com/facebook-core-business-threatened-advertiser-boycott-hate-speech-2020-6">that they would boycott advertising on Facebook through July</a>, responding to criticism of <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword>'s inaction on hate speech. Facebook's stock fell 8% on Friday, wiping $7 billion off of CEO Mark Zuckerberg's net worth.The boycott has sent Facebook execs scrambling, with the social media giant's top ad exec on Friday sending a <a href="https://www.businessinsider.com/facebook-promises-external-audit-in-a-leaked-memo-to-advertisers-2020-6">memo to advertisers promising an external audit of its safety tools and practices</a>. Facebook also said Friday that it is going to start labeling posts from <a href="https://www.businessinsider.com/facebook-will-label-newsworthy-posts-that-violate-policies-2020-6">politicians that break its rules but are "newsworthy" enough to remain on the platform</a>.The boycott is another example of the increased willingness of big brands to take a stand, as they respond to pressure from their own employees and customers. But as Tanya Dua, Lauren Johnson, and Lucia Moses report, many of these advertisers didn't spend much with Facebook, and <a href="https://www.businessinsider.com/unilever-verizon-the-north-face-boycott-facebook-2020-6">the boycott statements are temporary and vaguely written</a>, which could make it easier to resume spending after July while winning goodwill in the meantime. From their story:Most of Facebook's <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> comes from small companies that can't afford to turn off the channel. Smaller brands that join the boycott could risk losing up to 80% of their monthly revenue, said Devin Whitaker, director of performance marketing at ad agency Good Moose.Meanwhile, advertisers like Coke can come off looking virtuous by pulling their ads with statements that increasingly upped the ante.In addition, as Tanya, Lauren, and Lucia report, a lot of advertisers spend less in the summer and in an election year anyway because sales are slow and there's so much noise to break through. You can read their story here:<a href="https://www.businessinsider.com/unilever-verizon-the-north-face-boycott-facebook-2020-6">Facebook and advertisers are locked in an image war, and advertisers are winning</a>What do you think? Is this a turning of the tide for Facebook? Or will big advertisers rush back to the platform once July is through? I'd love to hear from you. Email me at <a href="mailto:mturner@businessinsider.com">mturner@businessinsider.com</a>Read on for more on a tech dealmaker who's drawing comparisons to Warren Buffett, a toxic culture at a Wall Street firm, and <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>'s battery challenges.<div type="image" title="egon durban profile 2x1" height="1200" width="2400" msid="76676200" hostid="261"></div><h2>Tech's top dealmaker</h2>Dakin Campbell and Casey Sullivan this week published a profile of Egon Durban, the co-CEO of private equity firm <keyword id="330063" type="COMPANY" weightage="60" keywordseo="Silver-Lake">Silver Lake</keyword> Partners who's a newly-minted billionaire drawing <a href="https://www.businessinsider.com/pe-silver-lake-has-wall-street-questioning-flurry-minority-investments-2020-5">comparisons</a> to Warren Buffett. As per their story, Durban, who made his name acquiring and then selling Skype, has rapidly become the lead dealmaker on investments spanning entertainment, media, and technology. When Twitter shareholders demanded the ousting of its CEO, Jack Dorsey, Durban <a href="https://markets.businessinsider.com/news/stocks/twitter-silver-lake-to-make-1-bln-investment-board-authorizes-2-bln-buyback-1028976711">stepped in</a> and put up $1 billion. The lead instigator, Elliott Management's Jesse Cohn, settled his campaign. And when home-for-rental company Airbnb faced a dropoff in business, Durban <a href="https://www.businessinsider.com/airbnb-raising-1-billion-debt-second-funding-deal-two-weeks-2020-4">again</a> pulled out his private-equity wallet.Business Insider interviewed more than 40 people close to Durban and Silver Lake, including those who do or have worked directly with him and across from him, to get inside the media-shy firm and understand how Durban will drive its investment choices for years to come. They described how one of the most prolific private-equity executives climbed the ladder in an organization, pushed for more control, and then proceeded to put his mark on the firm. You can read the story in full here:<a href="https://www.businessinsider.com/profile-of-silver-lakes-egon-durban-2020-6">40 insiders reveal the meteoric rise of Silver Lake's Egon Durban, the tech-focused PE firm's No. 1 dealmaker who strong-armed his way to the top and is about to get $18 billion more to invest</a><div type="image" title="btig wall street sexual discrimination eeoc investigation 2x1" height="1000" width="2000" msid="76676204" hostid="261"></div><h2>A toxic party culture</h2>Nicole Einbinder and Rebecca Ungarino reported this week that former employees say <keyword id="129148" type="COMPANY" weightage="60" keywordseo="BTIG">BTIG</keyword>, a Wall Street firm backed by Goldman Sachs and Blackstone, <a href="https://www.businessinsider.com/btig-ex-employees-say-firm-toxic-party-culture-2020-6">had a toxic party culture</a>. From their story:Interviews with more than half a dozen former BTIG employees, and a review of court records and Equal Employment Opportunity Commission documents, reveal allegations of a boys'-club culture, excessive drinking at company events, and sexual banter at least into 2019.An investigator with the EEOC contacted at least two former BTIG employees within the past 18 months seeking information about allegations of sexual harassment at the firm.In an ongoing lawsuit filed in 2019, one former employee alleged that an executive in the firm's San Francisco office directed BTIG staff to screen out job candidates that "looked black," and to avoid female job applicants since it was "too risky to hire a woman." The executive apparently remained at BTIG until June of this year, when Business Insider inquired about the lawsuit. BTIG says he is no longer with the firm.You can read the story in full here:<a href="https://www.businessinsider.com/btig-ex-employees-say-firm-toxic-party-culture-2020-6">Former employees say BTIG, a Wall Street firm backed by Goldman Sachs and Blackstone, had a toxic party culture that was stuck in the '80s</a><div type="image" title="tesla defective batteries elon musk 2x1" height="1200" width="2400" msid="76676205" hostid="261"></div><h2>Tesla's battery challenges</h2>From Linette Lopez: Tesla knew its Model S cars were equipped with a battery-cooling system that had a flawed design in June 2012, as those cars started being delivered to customers, according to three people familiar with the matter and internal documents viewed by Business Insider. But the company sold the cars anyway.The flaw in the design made the cooling system susceptible to leakage. Once coolant leaks into a battery pack, it can short a battery or cause a fire, industry experts told Business Insider.As Linette reports, Tesla has been dealing with questions about the safety of its batteries for years. And The National Highway Transportation Agency is investigating whether Tesla Model S and Model X vehicles made between 2012 and 2019 had battery defects that could cause "non-crash fires."You can read her story in full here:<a href="https://www.businessinsider.com/tesla-faulty-battery-cooling-systems-design-model-s-2012-2019-6">Tesla knew its Model S battery had a design flaw that could lead to leaks and, ultimately, fires starting in 2012. It sold the car anyway.</a>Below are headlines on some of the stories you might have missed from the past week. — Matt<a href="https://www.businessinsider.com/etfs-to-buy-stock-market-investing-outlook-state-street-arone-2020-6">The chief strategist of $2.5 trillion State Street recommends 7 ETFs for investors looking to profit from a permanently altered post-coronavirus landscape</a><a href="https://www.businessinsider.com/accenture-cuts-consulting-jobs-promotes-less-loweres-revenue-outlook-2020-6">Accenture is cutting US staff, and top execs just warned of more pain to come as the consulting giant promotes fewer people and looks to control costs</a><a href="https://www.businessinsider.com/softbank-vision-fund-cutting-group-staff-helping-companies-go-public-2020-6">SoftBank's Vision Fund is scrapping an 'IPO readiness group' and telling its portfolio companies to handle the process themselves</a><a href="https://www.businessinsider.com/wework-cutting-ties-with-large-manhattan-office-it-had-leased-2020-6?r=wework-lp">WeWork is ditching a major Manhattan office lease, and it's the first big step in a turnaround that's put its entire real-estate portfolio under review</a><a href="https://www.businessinsider.com/microsoft-mixer-shutdown-inside-story-xbox-2020-6">Former employees and a cofounder explain what went wrong at Microsoft's Mixer, which is shutting down even after spending millions of dollars on top streamers like Ninja to compete with Amazon's Twitch</a><a href="https://www.businessinsider.com/red-bull-employees-leak-offensive-slide-show-internal-tensions-2020-6">Red Bull employees leaked an offensive slide from a company meeting. It showed a repurposed map meme that described India as 'call centers,' China as 'they make our stuff,' and Africa as 'zoo animals come from here'</a><a href="https://www.businessinsider.com/19-top-airbnb-execs-leading-business-pandemic-recovery-2020-6">These are the 19 Airbnb execs rebuilding the company for growth and an IPO amid the biggest travel industry crisis in decades</a><a href="https://www.businessinsider.com/ai-biotech-cyclica-series-b-pitch-deck-2020-6">Cyclica is already using AI to discover new medicines based on psychedelics. Here's the presentation the biotech startup used to raise a fresh $17 million.</a>

Mark Zuckerberg had $7 billion wiped off his fortune as advertisers boycott Facebook. He's going to be just fine.

Dear Readers,We sent a team of six editors to brave negative temperatures and <a href="https://www.businessinsider.com/category/davos-2019">cover this year's World Economic Forum in Davos.</a> They spent the week <a href="https://www.cnbc.com/video/2015/01/23/davos-home-of-the-43-hot-dog.html">eating $43 hot dogs</a> and chatting with more than 40 CEOs, business leaders and billionaires at the Swiss ski resort to get their take on the state of global affairs. Here are some<a href="https://www.businessinsider.com/davos-highlights-heres-what-top-executives-were-quietly-saying-at-davos-2019-1"> nuggets from our editor-in-chief Nich Carlson</a>, executive editor Matt Turner and editor-ar-large Sara Silverstein, who<a href="https://www.businessinsider.com/davos-highlights-heres-what-ceos-are-talking-about-2019-1"> shared a few of their biggest takeaways from the event:</a>The economy is better than headlines suggest The mood was generally pessimistic around the global economy, with a trade-war, a slowdown in China, and the notable absence of several world leaders (Trump, May, Macron) due to domestic policy challenges.But few people said they expected there to be a <a href="https://www.businessinsider.com/ray-dalio-davos-2019-bridgewater-associates-next-recession-commentary-explanation-fears-2019-1" target="_blank" rel="noopener">recession</a> in the next 12 months, and several globally renowned investors told Business Insider they thought the US economy in particular is in much better shape than the mood would suggest.That being said...buckle up for a wild year in the marketsA hedge fund manager says: Expect more volatility.<a href="https://www.businessinsider.com/market-volatility-impact-on-blackrock-ishares-etf-4q-2019-1"> 30% of the market is ETFs </a>and mutual funds. They have to buy when they get inflows and have to sell on downward turns, and there are no market-makers in the middle anymore. So 2019 will have lots of sawtooth ups and downs.Everyone's preparing for robots Regardless of whether you think AI is <a href="https://www.weforum.org/agenda/2018/09/ai-and-robots-could-create-as-many-jobs-as-they-displace/">going to create jobs or displace them</a>, it seems fairly clear the skills required to succeed over the next 20 years are going to be different to the skills required in the last 20 years.Ellyn Shook, Accenture's chief leadership &amp; Human Resources officer, said the firm had created a Job Buddy for staff, making them aware of how much of their current role was at risk of automation, and which skills they should pick up given their current strengths.And Credit Suisse's tech head told Business Insider that <a href="https://www.businessinsider.com/credit-suisse-tech-head-on-automation-2019-1">the bank runs educational programs to retrain employees </a>whose jobs have been displaced by automation so they can use their skills in other businesses. Super-rich say super-rich tax say is wildly misunderstoodOne of the hottest topics at Davos was representative Alexandria Ocasio-Cortez's proposed 70% marginal tax rate on all income above $10 million. <a href="https://www.businessinsider.com/wall-street-ken-moelis-scott-minerd-bob-prince-weigh-in-on-proposed-70-marginal-tax-hike-2019-1">We talked to Wall Street heavyweight Ken Moelis, Guggenheim Partners global CIO Scott Minerd and Bob Prince, the co-CIO of Bridgewater about the proposal</a> and the general consensus was that such a hefty tax might hurt the economy by decreasing productivity (as former Fed chairman Alan Greenspan has said) and may not truly solve any problems. Thanks again for reading and please reach out to me at ooran@businessinsider.com with any comments or feedback on this newsletter or stories we should be pursuing. And if you got this newsletter forwarded onto you, <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">you can subscribe here.</a>Stay warm! - Olivia<div class="KonaFilter image-container display-table center"><div><div class="image on-image">Reuters / Ruben Sprich</div></div></div>Legendary billionaire Ray Dalio told a crowd at Davos that the next economic meltdown scared him more than anything Ray Dalio, founder and cochief investment officer of Bridgewater Associates - the world's largest hedge fund - revealed to a crowd at Davos this past week what keeps him up at night: it's that the next economic downturn will look wildly different than what we've seen in the past. It's well-traveled territory for any follower of Dalio's punditry over the past several months. He thinks we're in the <a href="https://www.businessinsider.com/ray-dalio-bridgewater-associates-next-recession-scenario-great-depression-parallels-2018-9" target="_blank" rel="noopener">seventh or eighth inning of a short-term debt cycle</a>, which will need to be unwound in painful fashion.Dalio is worried by external forces, the drivers that exist beyond what we'd normally associate with a recession. He's specifically referring to <a href="https://www.businessinsider.com/ray-dalio-bridgewater-associates-next-recession-scenario-great-depression-parallels-2018-9" target="_blank" rel="noopener">political and social issues</a> complicating matters in the US and abroad.Dalio argues that when it comes time for the <a href="https://www.businessinsider.com/category/federal-reserve" target="_blank" rel="noopener">Federal Reserve</a> to step in and ease conditions once again - something it's repeatedly done over time to stimulate postcrisis growth - all bets will be off."In the US, there will be a significant slowing in that particular period," Dalio said Tuesday during a panel discussion hosted by Maria Bartiromo of Fox Business. "The bigger issues really are connected to politics and the economic policies associated with that.<a href="https://www.businessinsider.com/ray-dalio-davos-2019-bridgewater-associates-next-recession-commentary-explanation-fears-2019-1">READ FULL STORY&gt;&gt;</a>Americans stopped buying homes in 2018, mortgage lenders are getting crushed, and an economic storm could be brewingAs 2018 headed toward its close, Americans' appetite for buying homes fell off a cliff. In December, <a href="https://www.nar.realtor/newsroom/existing-home-sales-see-64-percent-drop-in-december">US existing-home sales cratered to 4.99 million</a>, 10.3% below the mark from the year-ago period, according to data released earlier this week by the National Association of Realtors.That's the steepest decline in more than seven years, and it's impacting. banks' mortgage businesses too. These ugly housing numbers <a href="https://markets.businessinsider.com/news/stocks/hamptons-homes-are-flooding-the-market-2019-1-1027891685">(including in the posh Hamptons where inventories swelled to their highest level in more than a decade)</a> have raised red flags for Wall Street investors and analysts. UBS economists said in a note this week that "the deterioration in housing and its intensification since midyear raise the possibility of underlying weakness in the household sector."It's too soon to head to the panic room, as this trend could prove a small bump that smooths over in 2019 - but a deeper drought in housing is dark news for just about everybody, not just the banks.Significant housing declines have foreshadowed nine of the 11 post-World War II recessions in the US, economists say.<a href="https://www.businessinsider.com/falling-home-sales-could-signal-us-recession-2019-1">BI's Alex Morrell takes a look at what's to blame.</a>$1.2 trillion brokerage giant TD Ameritrade is considering teaming up with carmakers and it signals a new trend in how Main Street trades stocksYou're at a standstill on Los Angeles' notorious Interstate 405 during your morning commute when you decide to check on your investments. And with a simple voice command, you can can see that shares of Apple are up.That's the vision Vijay Sankaran, TD Ameritrade's chief information officer, has for how Main Street investors might interact with their brokerage accounts. <a href="https://www.businessinsider.com/td-ameritrade-launching-virtual-assistant-in-cars-2019-1">The head of tech at the $1.2 trillion online broker told BI's Dan DeFrancescso in an interview</a> that the firm is looking at partnering with major automakers in the same way <a href="https://www.businessinsider.com/google-putting-assistant-inside-cars-2016-10">Google and Amazon are embedding their virtual assistants in cars.</a>The ultimate goal could be to allow customers not just to check their portfolios, but eventually to trade.<a href="https://www.businessinsider.com/td-ameritrade-launching-virtual-assistant-in-cars-2019-1">READ MORE HERE&gt;&gt;</a>One of Steve Cohen's top quant portfolio managers is starting his own hedge fund Michael Graves, who was a portfolio manger at Point72 Asset Management's Cubist unit for nearly a decade, <a href="https://www.businessinsider.com/portfolio-manager-michael-graves-resigns-from-hedge-fund-unit-cubist-2018-12">resigned from the firm in 2018.</a> Now, <a href="https://www.businessinsider.com/point-72s-michael-graves-starting-own-hedge-fund-2019-1">he's starting his own quant-focused hedge fund and asset management firm and is looking to raise as much as $750 million, a source familiar with the new venture told Business Insider.</a> At least four analysts and developers from Graves' team will join him, a source said.<a href="https://www.businessinsider.com/surge-shutdown-bad-performance-slashed-fees-2018-brutal-hedge-fund-2018-12">The potential launch comes at a rough time for hedge funds.</a> The average fund lost more than 4% in 2018. Quant funds performed even worse, declining more than 5% for the year, according to data from Hedge Fund Research.The number of hedge fund launches also slowed in 2018, <a href="https://www.businessinsider.com/millenniums-ex-bond-chief-michael-gelband-registers-exoduspoint-2017-6">though big names like former Millennium star trader Michael Gelband</a> were still able to raise money. According to Hedge Fund Research, last year ended with four fewer hedge funds that it began with in January, falling from 8,335 to 8,331.More hedge fund news:<a href="https://www.businessinsider.com/billionaire-hedge-fund-manager-john-paulson-family-office-transition-2019-1" data-analytics-position="1">Billionaire John Paulson becomes the latest hedge funder to consider turning into a family office</a><a href="https://www.businessinsider.com/galaxy-digital-is-raising-a-credit-fund-for-crypto-companies-2019-1">Galaxy Digital, the firm founded by bitcoin king Michael Novogratz, is raising a $250 million fund for crypto firms in need of cash</a><a href="https://www.businessinsider.com/new-hedge-fund-launches-slowed-2019-2019-1">It's not enough to be 2 guys from Goldman Sachs in a room with $5 million - the bar for launching a hedge fund is rising in 2019</a>Quote of the week: "It's a monolithic approach that may have worked well for us 10 years ago, but today it feels like standing on top of a mountain and shouting into a megaphone." -GoDaddy chief brand officer Cameron Scott on <a href="https://www.businessinsider.com/godaddy-is-sitting-out-the-super-bowl-this-year-2019-1">why the company, known for its racy TV spots, is no longer advertising at the Super Bowl. </a>Chart of the week: <div class="KonaFilter image-container display-table"><div><div class="image on-image">Shayanne Gal/Business InsiderMore funds were liquidated in 2018 than were launched</div></div></div>In tech news:<ul><li><a href="https://www.businessinsider.com/walmartcom-more-like-amazon-with-deliverr-2019-1">This company is helping to make shopping on Walmart.com more like Amazon</a></li><li><a href="https://www.businessinsider.com/new-google-cloud-ceo-thomas-kurian-acquisitions-2019-1" data-analytics-position="3">Insiders say Google's new cloud boss is likely to make some very large acquisitions</a></li><li><a href="https://www.businessinsider.com/intermountain-ceo-marc-harrison-on-using-data-to-track-patients-2019-1">Why the CEO of a $7 billion health system wants tech giants like Microsoft to use 'non-creepy' data to help track patients</a></li><li><a href="https://www.businessinsider.com/td-ameritrade-launch-system-to-track-customer-requests-2019-1">$1.2 trillion brokerage giant TD Ameritrade is working on a new technology similar to Domino's pizza tracker, and it could save them millions</a></li></ul><div data-sticky="subnav" data-ad-subnav=""><div data-bi-ad="" id="gpt-post-science-subnav-5c3e8bb3471e72.28787359" data-force="" data-type="ad" data-adunit="business-insider/desktop/tech/science/post" data-pagetype="post" data-tag="health,comcast,comcast-ventures,venture-capital,omers,omers-ventures,pension,pension-funds,canada,bi-prime" data-pos="atf" data-authors="zachary-tracer" data-views="4041" data-region="Subnav" data-responsive="[{" browserLimit:00slotSize:300250browserLimit:7280slotSize:72890browserLimit:9700slotSize:9702509709072890location:window="" data-url="omers-ventures-hires-michael-yang-comcast-ventures-silicon-valley-2019-1" data-amazontamsizes="[[300,250],[728,90],[970,250],[970,90]]" data-google-query-id="CJWNsfyV8d8CFZbQmgodtgIBQg"><div></div><div id="google_ads_iframe_/4442842/business-insider/desktop/tech/science/post_0__container__">In markets: </div></div></div><ul><li><a href="https://www.businessinsider.com/baillie-gifford-on-problems-in-asset-management-2019-1">A partner at a $221 billion firm outlines how asset managers are sabotaging themselves and their clients - and unveils his plan to fix the</a><a href="https://www.businessinsider.com/baillie-gifford-on-problems-in-asset-management-2019-1"> industry</a></li><li><a href="https://www.businessinsider.com/seth-klarman-2018-annual-letter-2019-1">We got a copy of billionaire hedge fund manager Seth Klarman's letter to investors - here are his 5 biggest warnings about the economy</a></li><li><a href="https://www.businessinsider.com/tpg-and-bono-launch-y-analytics-for-impact-investing-2019-1">Private equity giant TPG is launching a new company that measures the social impact of a $228 billion investing mark</a>et <a href="https://www.businessinsider.com/bitcoin-price-above-50000-hedge-fund-bet-time-running-out-2018-12"></a></li></ul>Other good stories from around the newsroom:<ul><li><a href="https://www.businessinsider.com/davos-top-psychedelic-scientist-mdma-magic-mushrooms-medicine-2019-1">A top psychedelic scientist says 'the climate's looking good' for magic mushrooms and MDMA to turn into medicines at a gathering of the world's billionaires</a></li><li><a href="https://www.businessinsider.com/gender-bias-women-ceos-dismissal-study-2019-1">Women CEOs are more likely to be dismissed, even when the company is doing well</a></li><li><a href="https://www.businessinsider.com/davos-top-psychedelic-scientist-mdma-magic-mushrooms-medicine-2019-1"></a><a href="https://www.businessinsider.com/insulin-price-fluctuation-conundrum-type1-diabetes-2019-1">No one could explain why this college student saw the price of his life-saving diabetes medication more than double, and it reveals a disturbing problem with the US healthcare system</a></li></ul>

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