Cannabis logistics platform Wayv officially launched its Dynamic Distribution network on Thursday, in an attempt to use tech to ease the many "friction points" in the complicated world of business-to-business cannabis logistics.
"[In cannabis] there is no Coca-Cola and there is no Starbucks. These are all very fragmented companies that are trying to work to solve the problems as new regulatory models, as new requirements come about," said Keith McCarty, CEO and founder of Wayv. "We saw the opportunity and the opportunity is to deliver a product faster, just in time, and to really leverage and centralize that process."
Wayv's Dynamic Delivery platform seeks to streamline cannabis logistics by uniting businesses, brands, and logistics providers within the same platform and helping them navigate the many complicated regulations that govern cannabis on the local, state, and federal levels. The data Wayv collects throughout its distribution network is key to the whole operation. McCarty said the data will help Wayv, which he called the "Switzerland ... that connects retailers to brands," continue to identify pain points in the industry, as well as providing its partners with information they can use to make strategic decisions.
"We've essentially provided a logistics solution to the entire industry, whether you're a provider, or utilizing first- and third-party distribution. So there's a smart, algorithmic method to deliver the best experience both for brands and retailers," McCarty said.
Wayv has been up and running for about a year since landing $5 million in seed funding, led by David Sacks' Craft Ventures, which boasts a portfolio that includes companies like SpaceX and Bird. Sacks and McCarty were colleagues at enterprise communication platform Yammer, which Sacks founded and Microsoft eventually acquired.
Although Wayv was Craft Ventures' first cannabis investment, it wasn't McCarty's first dabble into cannabis tech. He co-founded cannabis delivery platform Eaze to assist with business-to-consumer delivery, and said he's still one of the largest private shareholders in the company. McCarty left Eaze in 2016 and founded Wayv to address business-to-business delivery. A Silicon Valley veteran, McCarty said he thinks players from tech are uniquely suited for the cannabis industry, in part because they have faced similarly challenging circumstances ー and survived.
"It takes a certain type of person to endure all the different aspects of what this is going to become, but what you get left with are the smartest people, the hardest working people, the people with the strongest ethos," he said. "I would bet on the people that have tried and true, delivered, and endured a lot of those [ups and downs]."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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