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Uber may soon be able to make a very special delivery. With states working to legalize recreational use of cannabis, the ride-sharing company wants in! “When the road is clear for cannabis; when federal laws come into play, we’re absolutely going to take a look at it,” said Uber CEO Dara Khosrowshahi during an interview with CNBC Monday. Although marijuana remains a Schedule 1 drug under federal guidelines along with ecstasy, heroin, LSD, and magic mushrooms, 16 states and the District of Columbia have legalized cannabis for recreational use. Currently, 36 states have legalized marijuana for medical use. For now, Uber wants its focus to remain on current delivery options with key categories such as food and alcohol. “We see so much opportunity out there, and we’re going to focus on the opportunity at hand,” continued Khosrowshahi. Just in the last month, New York, New Mexico, and Virginia have all legalized recreational cannabis for adults leading many to believe that federal...
The cannabis industry continues to thrive! According to PR Newswire, the cannabis market ended 2020 with more than $600 million in deals. The success is expected to continue with an anticipated backlog of $2 billion in deals as 2021 continues. Factors like COVID-19 and election results that opened up five new states to legalize cannabis use and possible federal regulatory reform continue to boost prospects. Per the Cannabis Industry Journal, analysts predict that the U.S. cannabis market is positioned to double by 2025. “Growth is expected to be led by multi-state operators who have achieved scale, cleaned up their balance sheets, and stockpiled dry powder for roll-up acquisitions,” reads the article on the website. “Cannabis companies raised nearly $134 million in the two weeks before Election Day, a 185% increase over the same period last year. Most of the money flowed to multistate operators. In addition, the biggest stocks by market capitalization saw a roughly 20% bump ahead of...
The largest cannabis Special-Purpose Acquisition Company (SPAC) deal in history has closed thanks to hip-hop mogul Jay-Z. Along with this news, Subversive Capital Acquisition Corp. has announced the launch of The Parent Company with Shawn “Jay-Z” Carter, Caliva, Roc Nation, and Left Coast Ventures. Its qualifying transaction now makes The Parent Company, Former Subversive Capital Acquisition Corp., the largest vertically integrated cannabis operation in California. It also makes them the most well-capitalized cannabis company in the U.S. with the position to consolidate and reshape the market not only in California but worldwide. Jay-Z, The Parent Company’s Chief Visionary Officer, will lead brand strategy, and The Parent Company Social Equity Ventures, which is a corporate venture fund that invests in Black and minority-owned cannabis businesses. “This is an incredible time for this industry,” said MONOGRAM founder, Jay-Z. “The end of cannabis prohibition is here, and The Parent...
Inclusivity and diversity in the cannabis sector is now being made possible with the help of one Black founder. Founder of Uplift Maryland , Kevin Ford, created a platform that offers resources and training to create space for African Americans interested in getting into the medical marijuana field. After exploring the medical market in various legalized states, he discovered the need to streamline information around the process. He also aims to break down the stigma surrounding the cannabis industry and create a community for those interested. “Being a medical patient myself, I saw a void in the market for a clear source of information. I realized how complicated it could be to navigate the registration and certification process,” Ford said, according to Because of Them We Can. “With countless stigmas surrounding cannabis, I wanted to create a community where people are supplied with education, tools, and economic resources to pursue their entrepreneurial dreams in this very...