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Persons: Elon Musk, —, Tesla, he's, bibliophiles, Bill Gates, Mark Zuckerberg, Oprah Organizations: Service, Business

☆ 100 days captive: Journalist Evan Gershkovich is one of my closest friends. Here's what the world needs to know about him.
▼ + stars: | 2023-07-07 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +9 min

The journalist Evan Gershkovich has been in captivity in Moscow for 100 days on espionage charges. My friend Evan Gershkovich, many of you now know, was captured by the Russian government on March 29. Evan loves his friends. Evan loves the Mets, and he loves Arsenal, and he especially loves sharing those teams with people who aren't already under the spell. Natalia Kolesnikova/AFP/Getty ImagesLet's bring Evan homeFor everyone who is friends with Evan, for everyone in his orbit, he's the center of their world.

Persons: Evan Gershkovich, He's, extrovert who'd, Jeremy Berke, Evan, he'd, Gershkovich, It's, —, Yevgeny Prigozhin, Berke, He'll, we'd, Natalia Kolesnikova, — who've, Let's, we've, We've, he's, I'm, Jeremy Organizations: Moscow, Morning, CNN, Wall Street, Bowdoin College —, New York Times, Russia's, Muscovites, West, Arsenal, Mets, Court, Getty, Columbia Business School Locations: Moscow, Russian, New York, Soviet Union, New Jersey, Russia, Ukraine, Brooklyn, AFP

☆ I know Evan Gershkovich, who has now been imprisoned in Russia for 100 days. Here's what I want you to know about one of my closest friends.
▼ + stars: | 2023-07-07 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +9 min

☆ Cannabis giant Curaleaf cut about 220 jobs, then sent the workers it laid off a survey asking why they left
▼ + stars: | 2022-12-15 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +2 min

Curaleaf cut about 220 staff members in November. The company sent laid-off employees an exit survey asking why they left. Curaleaf's cuts come as the cannabis industry falls on hard times. Here's what the email looks like:A screenshot of Curaleaf's exit survey sent to Insider. Jeremy Berke/ ScreenshotAnd here's the question:Curaleaf exit survey.

☆ Cannabis-tech firm Weedmaps is cutting up to 25% of its employees as the industry's downturn continues
▼ + stars: | 2022-12-06 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +2 min

Cannabis tech firm Weedmaps is cutting up to 25% of employees, according to a filing. The company told Insider that the majority of the cuts were made last week. Weedmaps CEO Chris Beals stepped down on November 7 and Doug Francis, a Weedmaps cofounder, is running the company on an interim basis. Weedmaps lists cannabis shops on its site, allowing consumers to browse dispensaries and see reviews of marijuana products. Weedmaps is far from the only cannabis company to lay off employees in recent months.

☆ Cannabis giant Curaleaf just laid off over 200 employees as the industry's downturn deepens
▼ + stars: | 2022-11-30 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Curaleaf laid off staff in November, Insider has learned. In a statement to Insider, Curaleaf said the cuts were "a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead." Darin, who took over the top job in May, said Curaleaf was in discussions with unionized employees at affected Curaleaf locations. From public giants to small startups, cannabis companies are falling on hard times. Like other industries, cannabis companies have been contending with broader trends like rising inflation.

☆ The world's largest cannabis companies are gobbling up beer brands and striking deals with top athletes to hawk energy drinks because they're struggling to profit off pot
▼ + stars: | 2022-11-28 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

It's hard to make money in cannabis, so the world's largest cannabis companies are pivoting. The Canadian cannabis company Tilray in early November acquired Montauk Brewing Company, a New York craft-beer brewer. In a November 11 note, analysts at the investment bank Jefferies called Canopy's core Canadian cannabis business "a sideshow." Tilray's cannabis business slumps, while beer boomsLike Canopy, Tilray's core cannabis business is also declining while its beverage unit and other businesses are growing. Beyond cutting costs, it was, therefore, only a matter of time before the world's largest cannabis companies, with investors and shareholders breathing down their necks, looked elsewhere to boost their margins.

☆ See the first 36 groups that won coveted licenses to sell recreational cannabis in New York, including Housing Works and The Doe Fund
▼ + stars: | 2022-11-21 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +4 min

New York regulators announced the first 36 groups who'll be able to sell cannabis in the state. The 36 licensees include 28 groups of "justice-involved" individuals, who have been convicted of prior cannabis-related offenses in New York state and also have experience running profitable businesses. Wright has repeatedly said that cannabis sales would begin in New York before the end of the year. That means companies are unable to own both a cultivation facility and a retail store, unlike in some other states with legal cannabis markets. The regulations also outline different license types to be awarded in the future, including supply-side licenses, microbusinesses, and retail stores.

☆ We just learned the limits of marijuana legalization in the US
▼ + stars: | 2022-11-09 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +4 min

Marijuana legalization was on the ballot in five states and only passed in Maryland and Missouri. Legalization failed in North Dakota, South Dakota, and Arkansas. Deep-red Arkansas, as well as both North Dakota and South Dakota, defeated legalization measures. A recent poll show that most Americans, both Republican and Democrat, support legalization. For its part, South Dakota passed legalization in 2020, but the law was struck down in court after Republican Gov.

☆ Cannabis giant Canopy Growth crafted a complex plan to get into the US and reverse a stock slump. But some analysts say it could backfire.
▼ + stars: | 2022-10-28 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +6 min

It's another consequence of the quasi-legality of the cannabis industry in the US. The Canadian cannabis giant Canopy Growth has long searched for a way to give its stock a much-needed boost. "We continue to have open conversations with the exchanges," Klein said. He added that Canopy's deal could provide a model for other Canadian cannabis companies that want to do business in the US. Jefferies said Nasdaq's objection to Canopy's plan was a key risk and that the rest of the cannabis industry should pay close attention.

☆ New York's top cannabis regulator says most of the state's pot shops won't open until next year — but illegal sellers are already filling the gap
▼ + stars: | 2022-10-26 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +5 min

New York state will have at least one legal cannabis shop open in 2022, but the bulk of stores won't open until at least the middle of 2023, the state's top cannabis regulator said. Wright added that most legal shops probably wouldn't open until 2023 — about two years after the state legalized cannabis. AP Photo/Steven SenneBoth Krueger and Peoples-Stokes laid some blame for New York's cannabis stumbles at the feet of former Gov. Over half of cannabis sales in California are estimated to stem from the illegal market, though the state opened cannabis shops in 2018. New York's testing requirements pose a challengeNew York's legal cannabis market could face other hurdles.

☆ Legal cannabis isn't beating the illicit market. The economist who wrote the book on legalization says there are 3 key ways to change that.
▼ + stars: | 2022-10-21 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

Cannabis legalization is failing to live up to key promises, the economist Robin Goldstein said. While federal cannabis legalization is one of the few US policy questions where there's widespread polling consensus, the industry is struggling. The Blunt Realities of Cannabis Economics," Goldstein and Sumner take a microscope to cannabis policy and the broader industry to answer key questions about the drug's future. "If you want smaller businesses to thrive, just break down barriers to entry because those barriers are best met by the biggest companies," Goldstein said. High prices for legal cannabis often push customers to illicit sellers.

☆ Biden's surprise move to reclassify cannabis could supercharge legal weed — but it also carries big risks for companies and investors
▼ + stars: | 2022-10-07 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

He announced pardons for federal cannabis possession and ordered a review of how cannabis is scheduled. While Biden's announcement stopped far short of decriminalization, he outlined three key steps:He's pardoning people federally convicted of simple cannabis possession. Biden's announcement signals that his administration — quiet on cannabis until now — will finally push for federal cannabis reform. Stifel analyst Andrew Partheniou called Biden's announcement "the most important development in US cannabis history," in a Friday morning note. If the government decides to regulate cannabis like a pharmaceutical, that could undermine the recreational cannabis industry as it currently stands.

☆ A top Wall Street analyst says cannabis-banking reform is far more likely than many investors think. Here are the top 4 stocks he says to bet on.
▼ + stars: | 2022-10-05 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Cantor Fitzgerald's Pablo Zuanic says a cannabis banking bill may pass before the end of the year. Passage of the SAFE Banking Act would give cannabis stocks a much-needed boost. A long-awaited cannabis-banking bill may pass in the lame-duck session of Congress this year, a top Wall Street analyst says. The bipartisan SAFE Banking Act is a narrow cannabis reform bill that would allow companies that sell or cultivate THC to access the banking system. Cory Booker and Ron Wyden, have previously opposed the SAFE Act proceeding ahead of more comprehensive, criminal-justice-focused cannabis reform.

☆ How the founders of hot cannabis-beverage startup Cann quietly raised millions from big-name investors amid the industry's downturn
▼ + stars: | 2022-10-04 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

Cann's cofounders shared their vision for competing with the biggest alcohol brands. Cann is InvestBev's first foray into cannabis beverages, Brian Rosen, an InvestBev partner, told Insider in an interview. He said his firm was looking to make an investment in cannabis beverages, and Cann stood out to him. The future of cannabis beverages will be challenging, founders sayTo be sure, cannabis beverages face challenges. Big alcohol brands have made their own bets on cannabis beverages, without much to show so far.

☆ Cannabis companies are reeling from the market downturn, and they're slashing jobs and reining in spending to survive
▼ + stars: | 2022-09-19 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +5 min

Cannabis companies from startups to public giants are laying off employees as sales slow. The cannabis industry is in a full-on downturn. Cannabis companies also don't have access to much of the nuts-and-bolts of the banking system like their non-cannabis counterparts. Investment into cannabis companies has dried upThe spigot has slowed to a trickle on the once-plentiful venture-capital and private-equity firehose of investment into cannabis startups. Hauser said that capital for cannabis companies is only getting more expensive and more elusive.

☆ Cannabis tech startup Flowhub laid off about 15% of its employees this summer as legal marijuana sales falter
▼ + stars: | 2022-09-12 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +2 min

Cannabis tech startup Flowhub laid off about 15% of its workforce in June and July. Layoffs have plagued cannabis and cannabis tech firms in recent weeks and months. Cannabis tech startup Flowhub has laid off about a dozen employees — or roughly 15% of its workforce, Insider has learned. The people told Insider the layoffs were a result of slowing legal cannabis sales in states like Colorado and California, the competitive environment for cannabis tech startups, and the challenging fundraising environment for tech startups more generally. And other cannabis companies, including Eaze, Weedmaps, and Curaleaf have laid off employees in recent weeks and months.

☆ A powerful Oregon senator revealed a path forward for a long-awaited cannabis banking bill
▼ + stars: | 2022-09-08 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Oregon Sen. Jeff Merkley is bullish on the prospects for a cannabis banking bill ahead of the midterms. Previous versions of the bill, the SAFE Banking Act, have failed to pass Congress seven times. The bill would allow federally-chartered banks to work with cannabis companies, but wouldn't legalize cannabis federally. Merkley said that in the past, Democrats have opposed passing SAFE Banking because it didn't include those reforms. "So folks that should have been allies for SAFE Banking have been opposed in the past," Merkley said.

☆ Cannabis giant Curaleaf cut sales staff and will close a facility in Sacramento as troubles mount for California's pot industry
▼ + stars: | 2022-08-31 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +2 min

Curaleaf is cutting about 50 jobs and will close a facility in Sacramento, Insider learned. The job cuts come as legal cannabis sales slow in California's competitive market. Curaleaf, which cultivates and sells cannabis in multiple US states, notified California sales staff of layoffs on August 9, and plans to shutter its Sacramento facility, the company told Insider. The sales staff were all working remotely, and the Sacramento facility will wind down operations by the end of the year, the company said. Earlier this month in New York, Curaleaf pulled thousands of cannabis products from medical dispensary shelves after a NY Cannabis Insider investigation found that the potency was mislabeled.

☆ The ultimate guide to cannabis legalization in New York: The key dates to know, and which stocks could benefit the most.
▼ + stars: | 2022-08-19 | by ( Yeji Jesse Lee | Jeremy Berke | ) www.businessinsider.com time to read: +8 min

In the Empire State, recreational marijuana sales could balloon to $7 billion once the market is fully established. The state's limited medical cannabis program has also seen expansion under the new adult-use bill. The list of qualifying medical conditions for medical cannabis was expanded, along with product options. The exceptions to this may be existing medical operators wishing to transition to adult-use and microbusinesses. Analysts say this makes sense as the industry matures and cannabis companies begin to think of themselves as consumer product companies.

☆ Cannabis-tech firm Weedmaps is cutting 10% of its employees as legal pot sales dry up and recession fears mount. Read the full memo.
▼ + stars: | 2022-08-15 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

Nasdaq-listed shares have dropped over 55% this year, as legal cannabis sales have slowed and broader economic shocks have hit the market. Read the full memo from Weedmaps CEO Chris Beals here:Dear Weedmappers:This is a tough email to write. By many measures, our growth for the last few quarters has been strong, and we outpaced the growth of legal cannabis markets by a significant margin. We have also been conducting active, ongoing rationalization of investment areas (e.g Weedmaps Exchange, Weedmaps Retail). The future continues to get brighter for cannabis legalization, and the growth opportunity for Weedmaps is outsized with new cannabis markets and new cannabis licenses ahead.

☆ A top cannabis and psychedelics investor predicts an 'existential crisis' ahead for startups and shares 2 key pieces of advice for founders
▼ + stars: | 2022-06-10 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

It's an era of belt-tightening for cannabis startups, investors say. Some cannabis-tech startups had a growth-at-all-costs mindset, and that's beginning to hurt them. Bonaventure invests in early-stage cannabis and psychedelics startups focused on biotech and life sciences, rather than cannabis brands or cannabis tech. Bonaventure Equity"We're already seeing a rapid tightening of capital," O'Brien said, which he said was driving down valuations. Some cannabis-tech startups are feeling the painThat dynamic may already be at play for once high-flying cannabis tech startups like Eaze and Dutchie.

☆ Cannabis execs and employees are struggling to get mortgages and having their bank accounts canceled — even though the industry is legal in many states
▼ + stars: | 2022-06-06 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +5 min

Steven Kemmerling — the CEO of CRB Monitor, a corporate-intelligence firm that helps financial institutions navigate the cannabis industry — told Insider he sees problems like this frequently and doesn't see a fix coming soon. Banks are wary of taking risks"Getting loans and bank accounts is still a challenge for anyone in the industry," he said. 'There's still a level of discrimination happening'Several other cannabis execs told Insider they'd experienced banking problems too. Herold told Insider that their mortgage was denied less than a week before when they were supposed to close on their new home. Kemmerling told Insider that even if the SAFE Act passes, it won't be the "panacea," or cure-all, that many expect it to be.

☆ Cannabis startup Eaze quietly laid off as many as 25 employees as pressure mounts for the once high-flying company
▼ + stars: | 2022-06-02 | by ( Kylie Robison | Jeremy Berke | ) www.businessinsider.com time to read: +5 min

In a statement to Insider, Eaze said the cuts were related to a merger that closed in January. Cannabis tech startup Eaze quietly laid off as many as 25 employees, Insider has learned. In its statement to Insider, Eaze said that the cuts were related to the Green Dragon acquisition, which closed in January. In its statement to Insider, Eaze said that it closed its Series E round in January with $65 million in funding. In January of 2022, the company completed its acquisition of Green Dragon and closed on $65 million in its Series E fundraise.

☆ The ultimate guide to US marijuana legalization: The key dates to know in each state, and which stocks could benefit the most
▼ + stars: | 2022-05-27 | by ( Jeremy Berke | Yeji Jesse Lee | ) www.businessinsider.com time to read: +2 min

This year, Rhode Island became the 19th state to legalize cannabis. Subscribe to Insider Cannabis, our weekly cannabis industry newsletter, for more stories like this. Last year, Senate Majority Leader Chuck Schumer and two other top Democratic senators unveiled a cannabis legalization proposal. Republican Rep. Nancy Mace has introduced legislation to federally legalize cannabis, though the bill imposes a lower tax rate than the Democrat-led bill. That's on top of other narrower cannabis reform bills, including the bipartisan SAFE Banking Act, which would allow banks to work with cannabis companies.

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