Cannabis power players of New Jersey and Arizona
Since we're off for Thanksgiving, we're sending your favorite cannabis newsletter a little early this week.This week, we listened in on a few earnings calls and talked to
Here's what we wrote about this week:
A major psychedelics company just landed a record sum of cash from VCs. The CEO told us how he raised the mega-round and why it's a sign psychedelics are going mainstream.
ATAI Life Sciences talked to Business Insider after closing its record $125 million funding round. The amount tops Compass' $80 million round, which closed earlier this year before the London-based company went public.ATAI CEO Florian Brand told Business Insider that the company is focusing the funds on three main areas: ongoing clinical trials for psychedelics medications, adding more companies and therapies to "the ATAI ecosystem," and developing digital tools that will benefit current programs.
Meet the 13 power players shaping the future of New Jersey's potentially $1 billion market for recreational marijuana
Meet the 13 power players, from lawmakers to executives, shaping the future of New Jersey's cannabis industry. According to estimates, the state could be a $1 billion market in the next few years — and not to mention, a draw for consumers in New York City and Philadelphia.
Meet the top 11 power players shaping Arizona's new market for recreational marijuana, including executives, advocates, and regulators
Arizona's newly legalized adult-use market could reach $790 million in annual sales by 2024, according to
Earnings roundupA few earnings this week ahead of the long weekend. Here are the highlights:
- Planet 13 reported revenue of $22.8 million and an adjusted EBITDA of $6.2 million, marking a comeback for the company after a tough few months because of COVID restrictions on tourism.
- Jushi Holdings reported a net loss of $30 million on $24.9 million of revenue, a 67% increase sequentially for Q3.
- Flower One reported preliminary Q3 revenues of $11.5 million.
Deals, launches, and IPOs
- Cannabis SPAC (special purpose acquisition company) Subversive Capital is buying Caliva, a California cannabis brand, and Left Coast Ventures to form TPCO Holding Corp, a combined company. Rapper and entrepreneur Jay-Z will become the newly-formed company's "Chief Visionary Officer." The deal includes a $36.5 million private placement.
- A Canadian cannabis vaporizer startup founded by former BlackBerry engineers is launching on Black Friday for $229.99.
- CarbonWatch — India’s first mobile app to calculate your carbon footprint falls short of what it is promising
- Reddit recovers from a major outage as GameStop shares soar over 100%
- Nureca stocks debut on bourses at 59% premium over IPO price
- How Airtel’s AdTech platform is planning to deliver on the promise of ‘zero ad frauds’ to its clients
- Traffic jam on the Ganga - one of India's largest rivers will now get lane separators to deal with crowded boats