*By Jacqueline Corba*
MedMen, an American cannabis company based in Los Angeles, began trading on the Canadian Stock Exchange on Tuesday, earning a valuation of $1.1 billion.
"Today is day one," co-founder and CEO Adam Bierman said in an interview with Cheddar. "There is nothing quick in regards to anything having to do with our industry. This is a long play."
MedMen has 18 licensed facilities in California, Nevada, and New York. The company recently opened a medical marijuana dispensary on 5th Avenue in Manhattan with a high-tech and minimalist design that has prompted comparisons with an Apple store.
But unlike tech companies, even legal cannabis companies in the United States don't have access to institutional capital. That's why MedMen had to go to Canada.
"They are the second American cannabis company to do it, they are not going to be the last," said Greg Zeman, associate editor at Cannabis Now. "Everybody is looking for capital and affordable capital is not in heavy supply down here, and it is pretty abundant when you get up to Canada. It's like any rushーeveryone is trying to get in it now."
With an infusion of capital from the company's public listing ー six percent of the company was opened up for public sharesー MedMen's Bierman said the company will expand its retail operations and open new growing facilities. And maybe sometime in the future, the company could be listed in New York and Bierman can ring the bell at the New York Stock Exchange.
"Prohibition will end here in the U.S.," Bierman said. "Bureaucracy is there for a reason, I don't think we want to change laws overnight here in this country. I think its good it goes through a process and takes time."
The next cannabis company to go through a similar process may be Orchid Essentials. That company's co-founder, Corey Mangold, told Cheddar's CannaBiz he plans to take his company public on the Canadian stock market in the fall.
Mangold laments the fact that he can't list his company in the United States, but said he was confident that change is coming to medical and recreational use of marijuana.
"It's time that we grab a hold and make a change that is long overdue," Mangold said.
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.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
