Welcome to Insider Cannabis, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global cannabis boom.
We're getting back into the swing of things here on BI's cannabis team. This week, we have some insight into legendary investor Bill Miller's view on cannabis - and his top stock pick - and we've published our full list of cannabis startups to watch in 2021. Thanks to everyone who shared their insights and predictions.
At an investor roundtable last week, value investor Bill Miller compared marijuana legalization to the early days of gambling. "The states are now dying for money. So they have got to legalize this stuff," Miller said.
Miller says he expects Green Thumb Industries, a company he has invested in, to grow up to 30% per year.
Andrew Kline is joining Perkins Coie in the firm's Denver office as a senior counsel in the firm's Commercial Litigation Practice and Cannabis Law Industry Group. Kline was previously the director of public policy for the National Cannabis Industry Association.
Massachusetts' attorney general appointed Ava Callender Concepcion to the state's Cannabis Control Commission on Tuesday. Concepcion was most recently director of governmental affairs and external partnerships for the Suffolk County District's AG office.
Atai Life Sciences announced on Tuesday it had acquired a majority Stake in Recognify Life Sciences, which is developing compounds to treat Cognitive Impairment Associated with Schizophrenia (CIAS).
Jushi Holdings announced it had acquired Palm Springs-based cannabis company Organic Solutions of the Desert, expanding its footprint in California by three dispensaries.
New Jersey's Governor Phil Murphy said in his State Of The State Speech on Tuesday that the state is "on the verge" of cannabis legalization. Here's his tweet reiterating his point. Here's what you need to know, from NJ.com.
Jersey City says 100% of tax revenue from medical marijuana dispensaries in the city - when they open - will go to affordable housing.
Virginia's governor and lawmakers announced a bill on Wednesday that would legalize cannabis in the state for adults over the age of 21.
The incoming commerce secretary, Rhode Island Gov. Gina Raimondo, wants legal marijuana to be sold in government-run stores, reports Marijuana Moment, an industry publication.
A study published in the journal Drug and Alcohol Dependence from New York University professor Joseph Palamar found that marijuana use increases steadily throughout the year, using data from the National Survey on Drug Use and Health. The researchers theorize the relatively low use in January could be due to New Year's resolutions.
Chart of the week
The regulated cannabis market is growing, but according to New Frontier Data, the illicit market still serves the vast majority of US cannabis consumers. Among US states that have no regulated medical or adult-use market, Texas by far has the largest illicit cannabis market, followed by North Carolina and Georgia. Sales in these three states make up around $8.3 billion in sales every year; by 2025, that figure is expected to jump to $9.8 billion if the states remain unregulated.
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