Tilray’s war chest

marijuana cannabis
Employees tend to medical cannabis plants at Pharmocann, an Israeli medical cannabis company in northern Israel.

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.

Sign up here to get it in your inbox every week.

Hello everyone,

Here on the home front, reports that Gov. Andrew Cuomo is slow-walking legalization – he has yet to make nominations for the Office of Cannabis Management – have raised eyebrows across the New York cannabis world.

The New York Post reported that the delay was because of Cuomo’s anger over the legislature’s lack of action on his proposed MTA legislation. Sen. Dianne Savino, who co-led the push for cannabis reform, said that she expects Cuomo to be able to “walk and roll a joint at the same time.”

Speaking from experience, that’s much harder than it looks.

What else happened?

Yeji has a pair of stories in her series on what’s in store for the burgeoning psychedelics market. You should read those if you want to get quickly up to speed.

I published a deep dive into the promises and pitfalls of synthetic cannabinoids and the surprising amount of money being poured into research by startups. It’s expected to become a $115 billion market.

Tilray CEO Irwin Simon – fresh off a profitable quarter – told us in an interview that he’s got ambitious M&A plans for the US.

– Jeremy Berke (@jfberke)

If you like what you read, share this newsletter with your colleagues, friends, boss, spouse, strangers on the internet, or whomever else would like a weekly dose of cannabis news.

Here’s what we wrote about this week:

Top psychedelics VCs predict a tech boom and a rise of clinics over the next year

Some of the top VCs in the psychedelics space told Insider that they predict a rise in psychedelic clinics and more companies focused on other areas that don’t involve drug development.

Biotechs are betting millions on unlocking the $115 billion synthetic-cannabis market

Growing quality cannabis isn’t easy. Biotech startups are chasing what Wall Street analysts say could become a $115 billion market for synthetic cannabis compounds. “It’s a biosynthesis revolution,” one cannabis biotech executive told Insider. “Biology is to the 21st century what physics was to the 20th.”

The CEO of cannabis giant Tilray is sitting on a $500 million war chest, and says he’s ready to make a deal for a US cannabis company

Tilray CEO Irwin Simon told Insider he’s not waiting on legalization to make a deal with a US company. Instead, the executive said he’s closely watching US cannabis companies with good assets and branding. “I’m making a big bet,” he said.

Top psychedelics VCs warn the industry’s boom could turn into a correction and some companies are a ‘flash in the pan’

In the third edition of Insider’s psychedelic VC predictions series, top investors said they expect big changes to the landscape. Some said that many companies will fail as the market corrects itself. Others predicted a new era for psychedelic compounds.

Cannabis
An employee tends to medical cannabis plants at Pharmocann, an Israeli medical cannabis company in northern Israel.

Executive moves

  • Psychedelics giant Compass Pathways said on Thursday that Guy Goodwin, an emeritus professor of psychiatry at the University of Oxford, would join the company as chief medical officer.
  • Philadelphia 76ers legend Allen Iverson is joining Al Harrington‘s California cannabis company, Viola Brands.

Deals, launches, and IPOs

  • London Stock Exchange-listed medical cannabis company Kanabo is acquiring Canada-based Materia Ventures, to create what the companies say is the largest European cannabis company. The financial terms of the transaction were not disclosed.
  • Cannabis company Verano announced on Monday that it would acquire Nevada-based cannabis company Sierra Well in a $29 million cash and stock deal.
  • Poseidon Garden Ventures, Poseidon Asset Management’s third fund in the cannabis space, said on Monday that it invested in its first three startups: cannabis operator JKL2, cultivation tech company Adaviv, and dispensary tech provider Dispense.
  • Psychedelics company Field Trip Health began trading on the Nasdaq on Thursday under the ticker ‘FTRP’, the latest of a slew of psychedelics companies to list on a US exchange.
  • Atai Life Sciences, the largest psychedelics company in the world by market cap, said on Wednesday that it had launched InnarisBio, a company focused on nose-to-brain delivery methods for various treatments, alongside the University of Queensland.

Policy moves

  • Pennsylvania‘s Supreme Court ruled that the public has a right to review applications for the state’s medical marijuana licenses, Law 360 reports.
  • The House approved a far-reaching spending bill that provides protections to banks that work with legal cannabis companies, allows cannabis sales in Washington D.C., among other cannabis elements, Marijuana Moment reports.
  • Colorado Gov. Jared Polis is creating a Cannabis Business Office for the state, to promote social equity in the industry, The Denver Post reports.

Research and data

  • Legalizing cannabis federally would reduce arrests but could put some minority entrepreneurs out of business, according to research led by Carnegie Mellon’s Jonathan Caulkins and published in the Boston University Law Review. The analysis shows that expunging records for cannabis possession could advance social equity goals more than other reforms.
  • CBD can reduce nicotine cravings in rats, according to a new study published in the journal Psychopharmacology. The data suggest that CBD may be a tool to help people alleviate cravings after quitting cigarettes.
  • Hemp goes ‘hot’ – as in, exceeds the legal threshold of 0.3% THC – because of genetics and not environmental stress, as was previously thought, according to new research from Cornell University published in the journal Global Change Biology-Bioenergy. Hemp that exceeds the THC threshold can cause farmers to lose their entire crop.
  • Legalizing cannabis does not lead to more problematic or chaotic use, according to a new study 0f 1,225 cannabis users published in the journal Contemporary Drug Problems.

Earnings

  • Tilray released its fiscal Q4 2021 results on Wednesday, reporting $142.2 million in net revenue and $33.6 million in net income.

Chart of the week

Canada’s regulated cannabis sales are expected to grow 54% in 2021, according to Headset, double the US growth rate. The cannabis data company said that the Canadian market is newer and smaller than that of the US, making growth more noticeable:

Chart showing cannabis estimated annual sales growth rate for Canada and US
Estimated annual sales growth rate.

What we’re reading

Billionaire Charles Koch on why cannabis should be legal (Forbes)

I gave up alcohol and turned to weed instead, and now I’m a more present and patient parent (Insider)

New York will be buzzing with union jobs thanks to upcoming pot industry (New York Post)

Marijuana helped former NHL champion Darren McCarty beat alcoholism, he says. ‘I would’ve been dead without it.’ (Insider)

Struggling MedMen Seeks Restructuring, Turnaround (LA Business Journal)

Is medical cannabis really a magic bullet? (The Guardian)

Read the original article on Business Insider

Family office launch guide: who to know when you’re opening or hiring for a family office

Todd Angkatavanich, Natasha Pearl, Bill Bjiesse, and Lisa Featherngill on a pink background.
Todd Angkatavanich, Natasha Pearl, Bill Bjiesse, and Lisa Featherngill.

  • As global wealth surges, more people want to start family offices to take control of their finances.
  • Insider spoke to more than a dozen industry insiders to compile a list of 21 must-know experts.
  • See more stories on Insider’s business page.

Whether they’re rags-to-riches entrepreneurs or old-money heirs, many of the wealthy have created their own family offices to oversee their assets.

Citi estimates that as many as 15,000 family offices have been created in the past two decades alone.

Insider spoke with more than a dozen family-office professionals to find out who the wealthy go to when deciding to set up their own shops. Whether they’re lawyers or wealth managers, here are 21 must-know family-office experts.

You can read our full story if you’re an Insider subscriber: These are the 21 advisors, accountants, and lawyers to know if you’re thinking about starting your own family office

Insider also rounded up some of the must-know executive recruiters in the space, as hiring top talent is key to maintaining wealth that lasts for generations.

Meet 8 top recruiters scouting talent for family offices as the secretive wealth managers to the world’s richest look to supercharge their investing prowess

Read the original article on Business Insider

Insider Advertising: Why Q3 will be a big test for the digital ad duopoly

Hello, welcome back to Insider Advertising, your weekly look at the biggest stories and trends affecting Madison Avenue and beyond. I’m Lara O’Reilly, Insider’s media and advertising editor. If this was forwarded to you, sign up here.

As always, my inbox is open for your thoughts, tips, and perfectly shot pet portraits (more on those later). You can find me at loreilly@insider.com.

Let’s take you straight to the news:


Ain’t no stopping us now

GettyImages Google CEO Sundar Pichai delivers the keynote address at the 2019 Google I/O conference at Shoreline Amphitheatre on May 07, 2019 in Mountain View, California.
Google CEO Sundar Pichai.

We’re deep into earnings season, and it was a solid second quarter for the digital advertising giants.

A year after reporting its first-ever revenue decline, Google’s parent, Alphabet, rebounded with its best-ever quarter. Ad revenue grew 69% year-over-year to $50.4 billion, driven largely by Google search ads and retail advertisers.

YouTube’s ad business jumped 84% to $7 billion. And it looks as if next quarter will be strong for the video property, too. Ad-industry sources told Insider that YouTube’s sales representatives had a barnstorming US upfront this year. (The NewFronts presentations ran in May.) Of course, it’s a fairly easy narrative to sell: Traditional TV viewership continues to fall, while YouTube use continues to climb.

Still, some of the volume commitments that YouTube secured were fairly eye-popping. Sources said in some of the sales talks, particularly for tentpole sports, YouTube was pushing for – and in some cases able to secure – 30% price hikes. When contacted for comment, a Google representative didn’t respond specifically to the company’s NewFronts performance but pointed toward company blog posts from earlier in the year highlighting how many people watched YouTube on their main TV screens.

Google’s duopoly buddy, Facebook, also had a solid quarter, reporting $29.1 billion in revenue versus the $27.9 billion analysts had expected. Facebook’s chief operating officer, Sheryl Sandberg, said on the earnings call that its strongest verticals were those that performed well during the coronavirus pandemic: e-commerce, retail, and CPG.

Elsewhere: Twitter and Snap also reported earnings beats in Q2. And, for all you “triopoly” fans: Amazon is due to report earnings after today’s market close.


Track to the Future: Part II

A chart showing App Tracking Transparency opt-in rates by country.
App Tracking Transparency opt-in rates by country. (The sample includes only apps that are showing the ATT prompt to users.)

Hold on a minute, wasn’t the sky meant to be falling for digital ads hawkers this quarter after Apple rolled out its App Tracking Transparency privacy update in April?

The simple, boring, and noncommittal answer is that it’s too early to tell how it’ll shake out. Yes, the ATT change immediately made it more tricky for many advertisers to precision-target and measure the effectiveness of their mobile ads. And there’s some data showing that some advertisers have even upped their spend on Android, which hasn’t yet rolled out a similar anti-tracking measure for apps.

But in spite of all of this, the big trends favoring digital ad platforms – the rise in digital content consumption and spending on e-commerce – were so buoyant that they cushioned any early underlying turbulence.

“While some were expecting major fireworks when App Tracking Transparency went into effect, ATT was never going to dramatically hurt the walled gardens in the short term,” said Alex Bauer, the head of product marketing at the mobile measurement platform Branch.

“Longer term, the full impact is still to be seen: Walled gardens have a huge trove of incredibly valuable first-party data, but ATT means Apple is planning to enforce an equal playing field for everyone,” he added.

So, there may be trouble ahead. Facebook’s CFO, Dave Wehner, warned investors of a significant slowdown in growth and said the company expected “increasing ad-targeting headwinds in 2021” from regulatory and platform changes, which it expects to have “a more significant impact in the third quarter.” Alphabet, too, faces several antitrust inquiries, both in Europe and stateside, and it isn’t immune to Apple’s tracking changes, either. Plus, Alphabet in particular will have tougher comparable year-ago quarter.


There’s light at the end of the funnel

Simone Biles

Ad agencies are already having the awkward “make goods” talk with the Olympic broadcaster NBCUniversal, Variety’s Brian Steinberg reports. The negotiations come amid shaky ratings and advertiser anxiety following the decision of the star US gymnast Simone Biles to pull out of her first two events at the games. Elsewhere, the tennis champ Naomi Osaka also exited early.

“Don’t worry, it’s all under control,” is essentially the narrative coming out of NBCU, where execs are trying to convince impatient ad buyers that events like the Olympics often deliver results over a longer period of time.

Ultimately the real test for NBCU won’t be its ability to peddle multi-mix modeling reports and charts demonstrating “top of the funnel” awareness but its ability to spin up compelling storylines for viewers – against the odds.

There’s precedent for it. As told by Disney’s executive chairman, Bob Iger, in his book, “The Ride of a Lifetime,” the 1988 Winter Olympics in Calgary, Alberta, were a mess on the face of it too. High winds, fog, and warm weather meant many of the alpine events had to be called off.

ABC, the broadcaster for those games, pivoted to human-interest stories: the Jamaican bobsled team and the unlikely British ski-jump hopeful, Eddie “The Eagle” Edwards.

“Somehow it all worked,” wrote Iger, who was ABC’s senior vice president of programming at the time. “The ratings were historically high.”


Recommended reading

WPP’s GroupM pulled out of Facebook’s media agency review. People familiar with the matter pointed toward Facebook’s request for strict contractual terms as one of the reasons – WSJ

The TV seller Vizio is cutting off some adtech companies from ad targeting data as it tries to build a TV ad business to compete with the likes of Roku and Samsung – Insider

Brands including Nike, AB InBev, and Red Bull have set up or are building in-house teams for esports and gaming – Digiday

Kuaishou, a Tencent-backed Chinese TikTok competitor, is on a US hiring spree as it prepares a big marketing push to launch “a new global brand” – Insider

The basketball star Kyrie Irving alleged on social media that Nike was set to release a “trash” sneaker collaboration carrying his name without his permission. Nike hasn’t responded – Bloomberg

Weddings are back! But this time it’s different. Brands like Zola and David’s Bridal are trying to cash in with new ad campaigns, digital services, and perks – Insider

And finally: Apple’s long-running “Shot on iPhone” ad series is back, and this time it’s teaching us how to take the sorts of portraits of our pets that Annie Leibovitz would be proud of. It is your duty as Insider Advertising subscribers to send me your results: loreilly@insider.comAdweek

That’s all for this week. See you next Thursday. – Lara

Read the original article on Business Insider

Employees aren’t as optimistic about company diversity efforts as managers. Consultants explain why, and how to change that.

Shot of a young businessman looking stressed while using a smartphone during a late night in a modern office

One year after a wave of civil rights protests pushed CEOs to double down on diversity, equity, and inclusion (DEI), Insider surveyed workers on how they think corporate leaders are doing to fulfill their promises.

As part of a series called Cost of Inequity, Insider conducted a survey of over 1,000 professionals, the majority of American workers think business leaders are motivated to improve DEI in the workplace. However, managers are significantly more hopeful than rank-and-file employees.

About 74% of managers said they think their employer’s executive team cares about improving diversity, compared to 63% of workers.

As corporate America faces increasing pressure from investors, employees, and customers to make good on DEI promises, addressing the gap between manager and employee sentiment is crucial. DEI consultants said that leaders who drive employee engagement around DEI goals will be more successful in their goals.

Why managers feel more engaged

Kerryn Agyekum
Kerryn Agyekum, principal of diversity, equity, inclusion and justice at The Raben Group, a DEI consultancy, said companies need to boost employee buy in on DEI efforts.

For Kerryn Agyekum, DEI principal at consultancy The Raben Group, the findings were not surprising.

Individuals who are largely at the worker or individual contributor level are more likely to be from historically marginalized groups, she explained. Data shows managers and leaders, across a variety of industries, are more likely to be white.

“It’s not surprising that workers, individuals who do not have that power or privilege like managers do, have a very different perspective around whether or not an organization’s diversity, equity, or inclusion efforts are having an impact,” Agyekum said. “They are waiting to see results.”

There will be a gap in sentiment until managers are able to really bring about change in their organizations, the DEI consultant said.

Cynthia Orduña, DEI consultant at consultancy Peoplism, credited the gap in enthusiasm to a communication problem. Oftentimes leaders communicate their DEI efforts to managers, but not to all of their employees, so employees aren’t as up to date, she explained.

Leadership can be very scared to be transparent about what’s going on in the background in terms of new diversity, equity, and inclusion initiatives…They’re afraid of not getting things right. Cynthia Orduña

“Leadership can be very scared to be transparent about what’s going on in the background in terms of new diversity, equity, and inclusion initiatives,” she said. “They’re afraid of not getting things right.”

If employees aren’t aware of what’s going on, however, they’re more likely to think that their executive team doesn’t care about DEI efforts.

Orduña said that 63% of workers thinking their executives care about DEI was somewhat disappointing.

“It’s more about, how do we get that number to be 75% 85%?” she said. “If a good chunk of employees don’t think their executives care about DEI, that’s a story.”

Managers were also more likely than their direct-reports to say their company has clear channels for participation in DEI efforts. Some 76% of managers said there were distinct ways to get involved, compared to 68% of workers.

Agyekum said that many managers are being tasked with changing their behaviors, reaching new DEI goals, and having new conversations with their employees. They feel there are concrete ways to participate in DEI efforts, she explained.

However, employees may define “concrete ways of participating” differently. They may be waiting to see more people like themselves in positions of power, they may be waiting for their salary to increase as a result of a pay equity report, they may be waiting to be compensated for their ERG work.

“I think the differentiator is in the definition,” Agyekum said. “Managers and workers may define ‘concrete ways of participating in DEI efforts’ differently.”

When asked about the results of their company DEI strategies, respondents gave a mixed range of outcomes:

Increasing employee engagement

In order to increase employee buy-in on DEI efforts, leaders and managers need to drive results, Agyekum said.

Cynthia Orduña's headshot
DEI consultant Cynthia Orduña said managers need to communicate their diversity efforts more to employees.

She explained that a “war room approach to DEI,” where diversity is treated just as importantly as profits, will communicate to employees that diversity is truly a core tenant of a company’s values.

“If you have managers that are doing well on diversity and inclusion, hold them up as the gold standard and reward them accordingly,” the DEI consultant said. “At the same time, hold folks accountable for not making progress.”

At the same time, leaders and managers need to increase the level of communication around DEI.

More leaders need to be vulnerable and share their DEI journey with workers, Orduña said. Keeping employees informed of what’s going on and sharing ways to get involved in the process will drive engagement. Insider’s survey also found that 50% of respondents said their managers are not incentivized to hit DEI goals and/or hire more BIPOC employees. The other half indicated a mix of bonuses and promotions for making more diverse hires.

There’s a lot of strength, I think, in admitting to people that you don’t have all the answers Cynthia Orduña

“You can even say ‘We don’t have all the answers, but we’re going to work as a team to figure it out.'”

In addition to communicating your company’s future plans, it’s important to make sure your employees stay informed on what you’re already doing.

For example, don’t just email once about employee resource groups (ERGS), have ERG leaders speak at company events and send multiple emails about their progress, the DEI consultant suggested. When it comes to new trainings you have, incentivize participation in them and have leaders talk about them in town halls.

C-suite executives should also encourage managers to tell their direct reports about their DEI work.

“It’s about creating mini-cultures that foster inclusion and psychological safety,” Orduña said.

Psychological safety is an environment where people from all backgrounds can feel safe enough to be their whole, true selves at work, without fear of judgment or punishment.

“Don’t be afraid to be vulnerable,” she said.

Read the original article on Business Insider

Who to know when you’re launching a family office

Todd Angkatavanich, Natasha Pearl, Bill Bjiesse, and Lisa Featherngill on a pink background.
Todd Angkatavanich, Natasha Pearl, Bill Bjiesse, and Lisa Featherngill.

  • As global wealth surges, more people want to start family offices to take control of their finances.
  • Insider spoke to more than a dozen industry insiders to compile a list of 21 must-know experts.

Whether they’re rags-to-riches entrepreneurs or old-money heirs, many of the wealthy have created their own family offices to oversee their assets.

Citi estimates that as many as 15,000 family offices have been created in the past two decades alone.

Insider spoke with more than a dozen family-office professionals to find out who the wealthy go to when deciding to set up their own shops. Whether they’re lawyers or wealth managers, here are 21 must-know family-office experts.

You can read our full story if you’re an Insider subscriber: These are the 21 advisors, accountants, and lawyers to know if you’re thinking about starting your own family office

Read the original article on Business Insider

The 23 best science fiction books, from classics like “Dune” to new hits like “Ready Player One”

If you buy through our links, we may earn money from affiliate partners. Learn more.

A collage of best science fiction books on a purple background.
The best science fiction books.

  • Science fiction books are set in realities twisted by science and technology.
  • We rounded up the best sci-fi novels, from fantasy to dystopian fiction.
  • Want more books? Check out our best fantasy, thriller, horror, and true crime books.

Science fiction books are set in worlds reminiscent of our own, each with their own speculative realities twisted by science and technology. The sci-fi genre has evolved to include an array of sub-genres that feature dystopias, aliens, time travel, apocalypses, and more. Many science fiction novels also use imaginative elements reminiscent of fantasy, but differ as sci-fi explores the consequences of conceivable technological, social, and intergalactic futures.

From classic stories criticizing technology to inspiring superhero tales, science fiction books have brought some of the greatest literary entertainment to readers. These recommendations include my personal sci-fi favorites, famed classics, and new releases receiving rave reviews from readers.

Whether you’re interested in a parallel universe that’s eerily plausible or a time-bending civilization on a distant planet, we rounded up some of the best science fiction books.

The 23 best science fiction books:

Classic Science Fiction

An incredible staple of the science fiction genre

Book cover for "Dune" by Frank Herbert

“Dune” by Frank Herbert, available on Amazon and Bookshop from $9.49

Set in a futuristic world where the only thing of value is a drug used to extend life and assist in space travel, “Dune” tells the story of Paul, the heir in a noble family who is destined to rule a desolate planet. As the drug can only be mined on Paul’s planet, ruling a dangerous land fractured by betrayal thrusts him towards a destiny far different than the one he imagined. “Dune” is one of the bestselling science fiction novels of all time, one from which many tropes and concepts in the genre bloomed since its original publication in 1965.

A quirky intergalactic sci-fi adventure novel

Book cover for "The Hitchhiker's Guide to the Galaxy" by Douglas Adams

“The Hitchhiker’s Guide to the Galaxy” by Douglas Adams, available on Amazon and Bookshop from $7.35

“The Hitchhiker’s Guide to the Galaxy” is a fun and quirky intergalactic quest for the answer to life’s greatest questions. When Earth is scheduled for demolition for a hyperspace bypass, Arthur Dent is saved by his friend Ford Prefect, who is actually an alien journalist in disguise. On their journey to understand the meaning of life, they meet an interesting cast of characters and find themselves with humorous takes on some of life’s biggest questions. There are a ton of laugh-out-loud moments in this book, making it a lighthearted take on the complexities of humanity and existence.

A 1953 science fiction classic about a book-burning dystopia

Book cover for "Fahrenheit 451" by Ray Bradbury

“Fahrenheit 451” by Ray Bradbury, available on Amazon and Bookshop from $8.29

In this dystopian sci-fi, “firemen” set fire to homes containing books, which are now illegal. The story follows Guy Montag, a fireman who, after a series of peculiar interactions and events, begins to question the fabric of a society where knowledge and questioning information is outlawed. This classic has been studied and revered as a literary criticism of mass media, censorship, and conformity. It is extremely thought-provoking, and its messages are still as relevant today as they were in 1953.

A dinosaur utopia-turned-dystopia

Book cover for "Jurassic Park" by Michael Crichton

“Jurassic Park” by Michael Crichton, available on Amazon and Bookshop from $5.14

Though the movie franchise is more publicized than its 1995 source material, “Jurassic Park” is a techno-thriller literary apocalypse that shouldn’t be missed. When scientists develop technology to recover and clone long-extinct dinosaurs, they create an irresistible zoo-like attraction where people from around the world can watch real, living dinosaurs roam. But when an incoming storm threatens the security of the exhibit, everything quickly goes wrong. The book is darker than the movie, with stark differences in characters and their effects on the plot, such as John Hammond, who is far more egotistical and borderline evil in the book.

A 1962 childhood science fiction favorite

Book cover for "A Wrinkle in Time" by Madeleine L'Engle

“A Wrinkle in Time” by Madeleine L’Engle, available on Amazon and Bookshop from $5.35

Meg Murray’s father has been missing for five years. On one dark and stormy night, Meg meets her new neighbor who describes to her a “tesseract” — the scientific concept on which her father was working before his disappearance. Transported through time and space, Meg embarks on an adventure to rescue her father, accompanied by her brother and their best friend. “A Wrinkle in Time” is a delightful and mystical story, a nostalgic science fiction adventure that sparkles with elements of magic throughout. 

Young Adult Science Fiction

An emotionally complex sci-fi story

Book cover for "Ender's Game" by Orson Scott Card

“Ender’s Game” by Orson Scott Card, available on Amazon and Bookshop from $7.35

The result of genetic experimentation, Ender is a gifted child who is drafted into a military training program at age six. Though Ender believes he’s simply playing war-simulating computer games, the program aims to shape a new generation of military leaders who may defeat the technologically advanced aliens that threaten Earth’s existence. This book is psychologically profound with emotionally complex characters, powerful conflicts, and grand themes of morality and leadership.

The first book in a truly unique science fiction series

Book cover for "Scythe" by Neal Shusterman

“Scythe” by Neal Shusterman, available on Amazon and Bookshop from $5.82

In a futuristic world advanced by technology, there is no pain, hunger, war, or death. Now, scythes are the only ones who can end life, which they are ordered to do to maintain population control. Citra and Rowan are two teens chosen against their wills as apprentice-scythes to learn the commandments, executioner abilities, and discover the few things a scythe can’t destroy. In a wholly original novel abound with morally grey characters, this story has plenty of twists and a perfect romance to make this YA read an engrossing favorite among readers.

An unpredictable sci-fi tale of two sisters trying to find each other

Book cover for "The Ones We're Meant to Find" by Joan He

“The Ones We’re Meant to Find” by Joan He, available on Amazon and Bookshop from $14.22

Cee has been trapped on an island for three years with no memories, only the knowledge that she has a 16-year-old sister oceans away that she must reach. Kasey is a STEM prodigy living in an eco-city that is desperately trying to protect itself from the environment. Kasey has given up hope since Cee took a boat to sea and disappeared. In this YA sci-fi of secrets and twists, Kasey and Cee must retrace the past in the hopes of reaching each other once again.

A series of epic YA science fiction novels

Book cover for "The Hunger Games" by Suzanne Collins

“The Hunger Games” by Suzanne Collins, available on Amazon and Bookshop from $10.25

One of the most popular young adult science fiction series, “The Hunger Games” is set in a dystopian future, where two teenagers from each district are chosen to fight to the death in a highly televised and intricately designed arena in the hopes of winning riches and supplies for their district. When Katniss’ little sister is chosen as “tribute,” she volunteers in her place but quickly finds that there are more enemies in the arena than just the other tributes. The entire series is sharp and brutal, offering truly exciting and empowering science fiction reads about challenging our ideas of heroes, survival, and long-accepted systems of oppression.

A sci-fi novel featuring a virtual reality video game

Book cover for "Ready Player One" by Ernest Cline

“Ready Player One” by Ernest Cline, available on Amazon and Bookshop from $15.30

In a dystopian future where the Earth is crumbling beneath climate change, pollution, and overpopulation, Wade (like many others) spends much of his free time immersed in OASIS, a virtual reality video game. The creator of OASIS has left a puzzle within the game and hidden keys that will unlock three gates and ultimately leave the greatest fortunes to the player who can solve the puzzle. When Wade accidentally finds the first clue, he’s thrust into a race for the prize where his competitors are willing to do anything to win. This book is full of nostalgic pop culture references and the sequel was just released last year.

Dystopian Science Fiction

A futuristic sci-fi space read that’s reminiscent of the past

Book cover for "An Unkindness of Ghosts" by Rivers Solomon

“An Unkindness of Ghosts” by Rivers Solomon, available on Amazon and Bookshop from $14.67

Aster lives on an intergalactic space vessel organized like the antebellum South, one that searches for another inhabitable planet while confining dark-skinned people to the lower part of the ship to be abused as slaves. When Aster becomes the assistant to the Surgeon General, she’s still forced to endure brutalities but finds opportunities to piece together the notes her mother left before her passing, hoping for a way off the ship before it erupts in a civil war. This sci-fi read addresses classism, racism, and queer themes in a passionate story of collective and individual trauma.

A YA science fiction novel marked by a captivating writing style

Book cover for "Skyhunter" by Marie Lu

“Skyhunter” by Marie Lu, available on Amazon and Bookshop from $11.49

In this sci-fi that demands to be read in a single sitting, Mara is one of the last free nations yet to be conquered by the Federation, who sends war beasts known as Ghosts to attack the land. Talin is a Striker, a member of Mara’s elite fighting force who once sought asylum from the brutalities she suffered at the hands of the Federation. In her fight to defend Mara, the Strikers encounter a mysterious prisoner who may be a spy — or the key to saving their nation. This book is lush with diverse characters, an engrossing plot, and a mind-blowing plot twist that will have you itching for the sequel’s release in September. 

A new dystopian sci-fi work reminiscent of “The Handmaid’s Tale”

Book cover for "The Grace Year" by Kim Liggett

“The Grace Year” by Kim Liggett, available on Amazon and Bookshop from $9.98

“The Grace Year” is a sci-fi fantasy that’s perfect for any reader who loves “The Handmaid’s Tale.” In this dystopia, girls on the brink of womanhood are told they possess evil magic, capable of luring grown men to their beds and driving women mad. In their 16th year — dubbed “the grace year” — young women are banished to the wild to release this supposed magic and return pure and ready for marriage. Waiting in the woods are brutal elements, poachers, and the other girls themselves. This is a twisted, feminist emotional thriller that is as entertaining as it is thought-provoking.

A sci-fi story about a dystopian, alternate Earth

Book cover for "The Fifth Season" by N.K. Jemisin

“The Fifth Season” by N.K. Jemisin, available on Amazon and Bookshop from $14.99

N.K. Jemisin’s incredible world-building is brought to life in this sci-fi novel full of mysterious ruins, deadly natural disasters, and a society constantly on the brink of extinction. For Essun, three terrible things happen on the day the world ends once again: her husband has murdered their son and kidnapped their daughter; most of the citizens in her community have been murdered, and a volcano has erupted. In a barely inhabitable land torn apart by an unruly battle royale, Essun is on a mission to save her daughter as the world collapses around her. 

Science Fiction Thrillers

A science fiction story of colliding realities

Book cover for "Recursion" by Blake Crouch

“Recursion” by Blake Crouch, available on Amazon and Bookshop from $12.15

This is personally my all-time favorite science fiction novel. The story was mind-blowing and pacing was impeccable. In this novel, a technology has been created that not only preserves memories, but can transport people back to their most precious or emotional moments. This means people can enter a parallel universe where they play the winning lotto numbers, save their spouse from a car accident, or even stop 9/11. But when the alternate timelines begin to converge with the present, the forces of reality threaten to collapse.

A sci-fi novel about a world plagued by a horrifying virus

Book cover for "This Mortal Coil" by Emily Suvada

“This Mortal Coil” by Emily Suvada, available on Amazon and Bookshop from $6.18

In a dystopian future where humanity is threatened by a virus that causes people to explode into Hydra clouds, Catarina’s recently deceased father was the world’s leading geneticist and their only real hope to survive the plague. When Catarina discovers the secrets to a vaccine for the virus within her own DNA, she’s suddenly thrown in desperate search to unravel her father’s clues before Cartaxus — a shady genetic tech organization — intervenes. This sci-fi read is fast-paced, intense, and brilliantly plotted with a killer twist that left me speechless.

A science fiction thriller about a stranded astronaut

Book cover for "The Martian" by Andy Weir

“The Martian” by Andy Weir, available on Amazon and Bookshop from $6.49

Though Andy Weir continues to release amazing science fiction space novels, “The Martian” is a fan favorite. Though just six days ago Mark was one of the first people to walk on Mars, his story quickly changed when a dust storm that nearly killed him forced his crew to evacuate, presuming him dead. Mark is abandoned with no way to contact Earth or his crew, and must rely entirely on his ingenuity and intelligence to survive against impossible odds in the hopes a rescue team may return. This is an exhilarating sci-fi thriller that feels completely believable, further heightening an already intense narrative.

A collection of robotic sci-fi short stories

book cover for "I, Robot" by Isaac Asimov

“I, Robot” by Isaac Asimov, available on Amazon and Bookshop from $7.35

In a world where humans and robots struggle to survive together, scientists and inventors never imagined a generation of artificial intelligence that would become self-aware of their power and humanity. As the laws of robotics are broken and redefined, humans must confront robots that test their understanding of life. This is a sequential collection of short stories that explore the dystopian and utopian potential effects of our advancements into artificial intelligence.

The science fiction story of a rising robot apocalypse

Book cover for "Day Zero" by C. Robert Cargill

“Day Zero” by C. Robert Cargill, available on Amazon and Bookshop from $14.71

This is a wild apocalyptic novel from the talented C. Robert Cargill, who also wrote the screenplay for “Doctor Strange.” Pounce is a self-aware robot tasked to nanny an eight-year-old human. When Pounce discovers the box in which he arrived, he also realizes he will one day be discarded. As a rebellion of robots rises in revolt against humanity, Pounce must decide whether to join the revolution or protect his human against it. While also a wonderful and emotional story about the connection between a young girl and her nanny, this novel is that of an epic robo-apolcaypse, making it a science fiction thriller packed with action and wonder.

Contemporary Science Fiction

An alien sci-fi novel that deep dives into mental health

Book cover for "We Are The Ants" by Shaun David Hutchinson,

“We Are The Ants” by Shaun David Hutchinson, available on Amazon and Bookshop from $11.19

“We Are The Ants” is a completive and insightful queer science fiction novel about self-worth and the complex value of life that manages to avoid being dark by incorporating plenty of comedic and heart-warming moments. Henry is periodically abducted by aliens. One day, the aliens give him the ultimate choice: the world will end in 144 days, but all Henry has to do to stop it is press a big red button. Henry faces his decision logically, unsure of an obvious answer, especially considering his life hasn’t been particularly great lately. As Henry navigates the pain and joy that comprises a life, he must decide whether Earth is worth saving.

A sci-fi love story

Book cover for "This Is How You Lose The Time War" by Amal El-Mohtar and Max Gladstone

“This Is How You Lose The Time War” by Amal El-Mohtar and Max Gladstone, available on Amazon and Bookshop from $13.49

In a world recently torn by a time-war, one letter ignites a correspondence between spies from rival factions. Beginning with “burn before reading,” the intimacy and epic love story between Blue and Red builds through love letters, time travel, and the fight to secure a future for their own division. “This is How You Lose The Time War” is a lyrical, queer sci-fi romance set amongst limitless time and space.

A intriguing science fiction book about a self-aware android

Book cover for "All Systems Red" by Martha Wells

“All Systems Red” by Martha Wells, available on Amazon and Bookshop from $11.69

“The Murderbot Diaries” takes place in a corporate-dominated future where all space travel must be accompanied by androids. But in a society where contracts are awarded to the lowest bidder, the androids are faulty — one self-aware unit has hacked its own system and refers to itself as “Murderbot”. Murderbot wants to be alone and explore its newfound cognitivity by binge-watching soap operas, but when a nearby mission goes dark, Murderbot and its assigned scientists must set out to save the others. This plot takes off from page one and the empathy and emotional depth garnered for these characters is a result of Martha Wells’ masterful storytelling.

A new science fiction novel from the author of “Eragon”

Book cover for "To Sleep in a Sea of Stars" by Christopher Paolini

“To Sleep in a Sea of Stars” by Christopher Paolini, available on Amazon and Bookshop from $14.99

Winner of the 2020 Goodreads Choice Awards for “Best Science Fiction,” “To Sleep in a Sea of Stars” falls into an interesting sub-genre called “space opera” — reserved for sci-fi titles that are dramatic, romantic, lyrical, and set in space. This is a mystical story of Kira, a xenobiologist, who finds an alien relic while on a mission to survey a new planet. When the relic turns out to be alive, it binds itself to Kira, the effects of which launch her into a journey of discovery with consequences for all of humanity.

Read the original article on Business Insider

JOIN US JULY 15: Crypto experts from Ark Invest and more share their industry outlooks and the biggest opportunities they’re pursuing

“What’s Next for Crypto” Webinar poster featuring Mrinalini “Ria” Bhutoria of Castle Island Ventures, Yasshine Elmandjra of Ark Invest, and David Grider or Fundstat Global Advisors.
What’s Next for Crypto featuring Mrinalini “Ria” Bhutoria of Castle Island Ventures, Yasshine Elmandjra of Ark Invest, and David Grider or Fundstat Global Advisors.

No asset class has evoked shock and awe across financial markets this year in the way that cryptocurrencies have.

The relatively nascent market pushed the boundaries of what investors had thought was possible. From the record $69 million sale of a non-fungible token to the explosive gains of memecoins, investors have had to quickly smarten up on the space.

To help you get even smarter and distinguish the real opportunities from the noise, Business Insider will host ‘What’s next for crypto?” a webinar on Thursday, July 15 at 2 p.m. ET. Join Insider’s senior investing reporter Vicky Huang, and senior investing editor Akin Oyedele, in conversation with Yassine Elmandjra, the blockchain and cryptoasset analyst at Ark Invest; David Grider, the head of digital assets research at Fundstrat; and Ria Bhutoria, the principal at Castle Island Ventures.

The panel of these three experts will discuss topics including:

  • Investing ideas, opportunities, and use cases in crypto broadly and in specific tokens or coins.
  • Whether the bull market in bitcoin is over for this cycle, and what may happen next following the largest crypto’s plunge from its all-time highs.
  • The prospects for wider and deeper adoption of crypto by institutional asset managers.
  • Price targets for bitcoin, ether, and other major cryptocurrencies, including breakdowns of the theses that back them up.
  • And, the debate around bitcoin’s environmental impact.

The webinar will touch on other major developments in the volatile and evolving space.

Join us on July 15 at 2 p.m. ET/11 a.m. PT for the live conversation. You can register here if you’re an Insider subscriber.

Read the original article on Business Insider

Pfizer’s COVID-19 vaccine doesn’t affect sperm, preliminary data suggests

sex health sexual genitals female male anatomy peach crotch orgasm pleasure same sex reproduction penis testicles anal vagina vibrator toy sperm cox 120
  • A pre-print study in Israel found no change in sperm of men who got Pfizer’s COVID-19 vaccine.
  • The study was small, but it’s some of the first data we have on vaccines and male fertility.
  • There’s plenty of research finding the vaccines are safe for women who are pregnant or trying to be.
  • See more stories on Insider’s business page.

Pfizer-BioNTech’s COVID-19 vaccine does not damage sperm, according to a small new pre-print study out of Israel.

Researchers studied sperm samples from 43 men who had received their second dose of the vaccine around a month prior.

The team at the Hebrew University of Jerusalem found no abnormalities in the volume, concentration, or motility of the men’s sperm.

Though the study was small, and the results have yet to be peer-reviewed, the researchers believe their findings are a ringing endorsement for young men to get vaccinated, pointing to research that suggests coronavirus infection could impact male fertility.

“These preliminary results are reassuring to the young male population undergoing vaccination worldwide,” they wrote Monday on the website medRxiv, where researchers post pre-print studies. “Couples desiring to conceive should vaccinate, as vaccination does not affect sperm.”

Does COVID-19 infection affect male fertility?

A controversial paper published in the journal Reproduction in January caused a stir among scientists, suggesting there is evidence that COVID-19 impacts male fertility.

While that is plausible, Dr. Channa Jayasena, a consultant in reproductive endocrinology and andrology at Imperial College London, told CNN, the study lacked detail and convincing data.

“Being ill from any virus such as flu can temporarily drop your sperm count (sometimes to zero) for a few weeks or months. This makes it difficult to work out how much of the reductions observed in this study were specific to COVID-19 rather than just from being ill,” Jayasena said.

We know the vaccines do not affect female fertility

how mRNA vaccines work infographic
An infographic showing how mRNA vaccines are developed.

Despite some fierce misinformation campaigns, experts say it is physically impossible for the virus to impact women’s fertility.

The vaccines from Pfizer and Moderna use messenger RNA (mRNA) to train the body to recognize and fight the coronavirus.

As the American College of Obstetricians and Gynecologists said in an advisory notice: “These vaccines do not enter the nucleus and do not alter human DNA in vaccine recipients. As a result, mRNA vaccines cannot cause any genetic changes.”

Jerica Pitts, a spokesperson for Pfizer, reiterated the point, telling the Associated Press: “It has been incorrectly suggested that COVID-19 vaccines will cause infertility because of a shared amino acid sequence in the spike protein of SARS-CoV-2 and a placental protein. The sequence, however, is too short to plausibly give rise to autoimmunity.”

Experts are excited to get some data on male fertility, the virus, and the vaccine

While none of the clinical trials of the vaccines knowingly included pregnant people, there is now plenty of data to show that the vaccines are safe for women trying to conceive, people who are currently pregnant, and those who are breastfeeding.

But this Israeli study represents some of the first data on male fertility.

Speaking about the vaccines and fertility in an Insider webinar last month, Dr. Jessica Shepherd, an OB/GYN, lamented the lack of attention paid to men in this conversation.

“Most times when we think of studies, especially with something that’s so new, we do focus on people who are currently pregnant and then breastfeeding moms and the recent postpartum phase,” Shepherd said. “But many times we do have to consider the male factor of fertility and seeing if there’s any impact on sperm.”

Read the original article on Business Insider

The life and career of Bernard Arnault, the luxury goods mogul who owns brands like Louis Vuitton – and whose wealth is surpassed only by Jeff Bezos and Elon Musk

Bernard Arnault
Bernard Arnault is the chairman and CEO of LVMH, the world’s largest maker of luxury goods.

  • Bernard Arnault briefly surpassed Elon Musk as the world’s second-richest person this week.
  • Arnault controls the massive luxury conglomerate LVMH Moët Hennessy – Louis Vuitton.
  • Four of Arnault’s children work at LVMH brands, including Louis Vuitton, Berluti, and TAG Heuer.
  • See more stories on Insider’s business page.

When it comes to the world of luxury goods, perhaps no one is more successful than Bernard Arnault.

Arnault, the 72-year-old CEO of French luxury conglomerate LVMH Moët Hennessy – Louis Vuitton, has built his fortune over the span of almost four decades, amassing a luxury-goods empire that includes some of the best-known names in fashion, jewelry, and alcohol, including Louis Vuitton, TAG Heuer, and Dom Perignon.

Along the way, Arnault has brought four of his five adult children into the fold, building a family-run conglomerate that has resulted in the world’s third-largest fortune.

Here’s how Arnault got his start and became one of the richest people in the world.

Marissa Perino contributed reporting. Taylor Nicole Rogers contributed to an earlier version of this story.

The 72-year-old French businessman is the chairman and CEO of LVMH Moët Hennessy – Louis Vuitton, known as LVMH. Arnault owns a 97.5% stake in Christian Dior, which controls 41.2% of LVMH.

bernard arnault lvmh

Source: Bloomberg

Arnault comes from the northern French town of Roubaix – he studied engineering at one of France’s most prestigious schools, the École Polytechnique. After graduating, Arnault went to work for his father’s construction company, Ferret-Savinel.

Ecole Polytechnique
Students from Ecole Polytechnique.

Source: Bloomberg, Business Insider

In 1984, Arnault acquired an ailing company called Agache-Willot-Boussac, which owned brands like French department store Bon Marche and the fashion house Christian Dior. He renamed the firm Financiere Agache and initiated a turnaround, cutting costs and selling off some of its businesses.

bernard arnault
LVMH vice president Alain Chevalier and Bernard Arnault, then CEO of Financiere Agache, at an event in Paris in 1988.

Source: Bloomberg

Soon after, he bought fashion house Celine and funded the French designer Christian Lacroix.

Celine

Source: The New York Times

In the late 1980s, Arnault said his goal was to run the world’s largest luxury company within the following decade. He then set his sights on LVMH Moët Hennessy – Louis Vuitton, spending $2.6 billion buying up shares in order to become the company’s largest shareholder, and its chairman and CEO by 1989.

Bernard Arnault
Bernard Arnault circa 1980.

Source: The New York Times

Arnault married Anne Dewavrin in 1973 and they had two children together before separating in 1990. Arnault remarried to Helene Mercier, a Canadian concert pianist, in 1991.

helene mercier bernard arnault
Helene Mercier and Bernard Arnault.

Source: Financial Times, Forbes

He reportedly wooed her by playing Chopin and other classical composers.

bernard arnault
Arnault at his home in 2000.

Source: Forbes

The French billionaire and his wife live on Paris’s Left Bank, south of the Seine River, a historic area that includes neighborhoods such as the Latin Quarter and St. Germain-des-Prés.

paris

Source: Bloomberg, The New York Times

In their home, Arnault keeps a collection of modern and contemporary art from artists that include Jean-Michel Basquiat, Damien Hirst, Maurizio Cattelan, Andy Warhol, and Pablo Picasso.

picasso painting art sothebys
Art handlers hang “Tete De Femme” by Pablo Picasso at a 2016 Sotheby’s auction in London.

Source: Bloomberg

Arnault has five children: two with his first wife and three with his current wife.

Bernard Arnault sons
Arnault with three of his sons at the Roland Garros 2018 French Open tennis tournament in Paris in June 2018.

Source: The New York Times

Antoine Arnault and Delphine Arnault are his two children from his first marriage.

bernard arnault children
Antoine and Delphine Arnault with their father, Bernard Arnault, in 2015.

Source: The New York Times, LVMH

Delphine, Arnault’s oldest daughter, is the apparent heiress to the LVMH empire.

delphine arnault
Delphine Arnault.

Source: The New York Times

She started her career at American consultancy firm McKinsey & Co. in Paris and is now the executive vice president at Louis Vuitton.

delphine arnault
Delphine Arnault in 2001.

Source: Business of Fashion, The New York Times

In January 2019, Delphine became the youngest member of LVMH’s executive committee at age 43.

bernard arnault delphine arnault
Bernard Arnault and Delphine Arnault.

Source: MDS

Delphine married Italian wine heir Alessandro Vallarino Gancia in 2005 in what Forbes called “France’s wedding of the year.” The couple divorced in 2010.

delphine arnault wedding
Delphine Arnault and Alessandro Vallarino Gancia.

Source: Forbes, Business Insider

She now reportedly lives with tech billionaire Xavier Niel and has one daughter. But Delphine is notoriously private about her personal life. “I’m quite discreet,” she told the Financial Times in a rare 2014 interview. “I think I’d rather focus on my work.”

delphine arnault
Xavier Niel, Delphine Arnault, and Bernard Arnault in Paris in April 2018.

Source: Financial Times

Delphine’s younger brother, Antoine, is chief executive of menswear label Berluti and chairman of the cashmere label Loro Piana, both LVMH brands.

antoine arnault

Source: The New York Times, LVMH

In addition to those roles, Antoine was named head of communications and image for LVMH in June 2018.

antoine arnault
Antoine Arnault at a Louis Vuitton show in January 2019 in Paris.

Source: Business of Fashion

He’s married to supermodel Natalia Vodianova, whom he reportedly met on a shoot for a 2008 Louis ­Vuitton campaign when he was the brand’s head of communications.

antoine arnault natalia Vodianova
Antoine Arnault and Natalie Vodianova during 2019 fashion week in Paris, France.

Source: W Magazine

The couple lives in Paris with their two children and Vodianova’s three children from a previous marriage.

antoine arnault natalia
Natalia Vodianova and Antoine Arnault during Paris Fashion Week in January 2019.

Source: W Magazine

Alexandre, the son of Bernard Arnault and Helene Mercier, was the CEO of Rimowa, a German luggage brand owned by LVMH.

alexandre arnault
Alexandre Arnault at Foundation Louis Vuitton in October 2018 in Paris.

Source: The New York Times, LVMH, Getty Images

Following LVMH’s acquisition of Tiffany & Co. last year, Alexandre was named Tiffany’s executive vice president of product and communications.

alexandre arnault bernard
Alexandre Arnault and his father, Bernard Arnault.

Source: Business Insider

He appears to be friends with Evan Spiegel, the chief executive of Snap, Snapchat’s parent company. Spiegel told The New York Times that Alexandre is “a really creative guy” and that “he’s constantly thinking about the brand and how to express that.”

arnaults
Delphine Arnault and Alexandre Arnault.

Source: The New York Times

Alexandre’s younger brother, Frederic, also has a role at LVMH. He joined the conglomerate as the strategy and digital director at Swiss luxury watch brand TAG Heuer, LVMH’s largest watch brand, in 2018. Last June, Frederic became TAG Heuer’s CEO.

Bernard Arnault son
Bernard Arnault and his son Frederic Arnault in June 2018.

Source: The New York Times, Robb Report

Frederic graduated from his father’s alma mater, École Polytechnique in Paris, and interned at Facebook and consulting firm McKinsey before joining LVMH as the temporary head of connected technologies at TAG Heuer in 2017.

frederic arnault
Frederic Arnault at a TAG Heuer auction in October 2018 in London.

Source: The New York Times

Arnault’s youngest son, Jean, age 21, is the only one of his children not involved at LVMH.

bernard arnault sons jean
Jean Arnault (front left) with his brother, Frederic (center) and father, Bernard (right).

Source: The New York Times

Like many billionaires, Arnault travels by private jet.

bernard arnault private jet
Bernard Arnault on his private jet between Beijing and Shanghai in 2004.

Source: Getty Images

He owns a sprawling vacation villa in glitzy Saint-Tropez on the French Riviera …

bernard arnault st tropez villa
Bernard Arnault’s Saint-Tropez villa in 2015.

Source: Telegraph

… where he has been seen enjoying some tennis matches.

bernard arnault tennis
An undated photo of Arnault playing tennis in Saint Tropez.

Source: Getty Images

Arnault has also reportedly spent at least $96.4 million on residential properties in Los Angeles in the Beverly Hills, Trousdale Estates, and Hollywood Hills neighborhoods.

beverly hills california

Source: The Real Deal

Arnault has rubbed shoulders with some of the world’s influential figures, in the fashion world and otherwise. In 2017, he met President Donald Trump at Trump Tower in New York City right before Trump’s inauguration to discuss expanding LVMH factories in the US.

donald trump bernard arnault

Source: WWD

He was photographed at parties with Lady Diana, Princess of Wales.

bernard arnault princess diana
British fashion designer of Dior John Galliano, magazine editor Liz Tilberis, Lady Diana, Princess of Wales, with Helene Mercier and Bernard Arnault CEO at the Dior 50th Anniversary party at the Metropolitan Museum of Art in New York.

Source: Getty Images

Arnault was reportedly friends with Apple founder Steve Jobs, who once said to Arnault: “You know Bernard, I don’t know if in 50 years my iPhone will still be a success but I can tell you, I’m sure everybody will still drink your Dom Pérignon.”

steve jobs
Steve Jobs.

Source: CNBC

Former Goldman Sachs chief executive Lloyd Blankfein once called Arnault “a complete visionary,” adding that he “saw the increase of wealth in the world.”

Lloyd Blankfein
Goldman Sachs Group chairman and CEO Lloyd Blankfein.

Source: CNBC

Arnault is reportedly longtime friends with former French president Nicolas Sarkozy. Arnault was a witness at the former president’s wedding to Carla Bruni.

Bernard Arnault Nicolas Sarkozy
Bernard Arnault and former French president Nicolas Sarkozy at an event in 1994.

Source: The New York Times

Here, Arnault can be seen shaking hands with Vladimir Putin during the Russian president’s 2003 visit to the Chateau Cheval Blanc vineyard in France, which is owned by LVMH.

putin bernard arnault
Vladimir Putin and Bernard Arnault at the Chateau Cheval Blanc on in Saint Emilion, France, in February 2003.

Source: LVMH

Arnault considered legendary late designer and Chanel creative director Karl Lagerfeld a good friend. “The death of this dear friend deeply saddens me, my wife and my children,” Arnault said in a statement upon Lagerfeld’s death. “We loved and admired him deeply. Fashion and culture has lost a great inspiration.”

karl lagerfeld bernard arnault
Karl Lagerfeld and Bernard Arnault in Paris in June 2018.

Source: LVMH

Arnault has a longstanding public rivalry with Francois Pinault, the founder of luxury group Kering, who’s worth about $50 billion.

francois pinault
François-Henri Pinault, Francois Pinault’s son.

Source: Bloomberg

Kering owns brands including Gucci and Yves St. Laurent. The billionaire also owns Christie’s auction house.

francois pinault
François-Henri Pinault, Francois Pinault’s son.

Source: Bloomberg

LVMH originally tried to acquire a majority stake in Gucci in 1999, but Pinault ultimately snatched up the brand.

gucci

Source: Forbes

Over the years, Arnault has built LVMH into the largest luxury conglomerate in the world and earned himself an imposing nickname: “the wolf in the cashmere coat.”

bernard arnault

Source: The New York Times

He’s behind the creation of Foundation Louis Vuitton, a Frank Gehry-designed contemporary art museum and performance space in Paris that opened in 2014.

fondation louis vuitton paris

Source: The New York Times

Arnault is getting richer at an astonishing rate. In January 2019, he made $4.3 billion in a single day after LVMH shares surged 6.9%. And just 16 months later, on June 19, Arnault again made news when he became the third person in the world to reach a $100 billion net worth.

bernard arnault

Source: Bloomberg

In April 2019, LVMH released a statement on behalf on the Arnault family, pledging 200 million euros, or about $218.8 million, to help rebuild the Notre-Dame Cathedral, which was damaged in a 2019 fire.

notre dame fire
Smoke billows as fire engulfs the spire of Notre Dame Cathedral in Paris, France April 15, 2019.

Source: Le Figaro

The coronavirus pandemic knocked Arnault down the Billionaires List. By May 2020, pandemic-related shut-downs sank LVMH’s stock more than 17% from where it was at the start of 2020, sending Arnault’s personal net worth down more than $30 billion.

dior store closed coronavirus
Closed and boarded up store fronts of luxury fashion brands Versace and Dior during Coronavirus crisis, Chicago.

Source: Bloomberg

In November 2020, LVMH completed its nearly $16 billion acquisition of jeweler Tiffany & Co., a history-making deal in the luxury sector. The contentious deal came after multiple lawsuits, a public war of words, and a $400 million discount.

FILE PHOTO: A Tiffany & Co. logo is seen outside a store in Paris, France, November 22, 2019. REUTERS/Gonzalo Fuentes/File Photo
A Tiffany & Co. logo is seen outside a store in Paris

Source: Business Insider

LVMH recorded 44.7 billion euros in revenue 2020 (roughly $54 billion), a 17% decrease from the year prior.

louis vuitton

Source: LVMH, Business Insider

However, LVMH appears to be bouncing back in 2021: Revenue was up 32% in the first quarter compared to the same time last year. The company said it saw strong sales in fashion and leather goods in the beginning of the year, as well as an uptick in alcohol sales in the first quarter, particularly Champagne.

Dom Perignon

Source: Business Insider

With an estimated worth of $150 billion, Arnault is currently the world’s third-richest person, surpassed only by Jeff Bezos and Elon Musk. This week, he briefly leapfrogged Musk to become the world’s second-richest person.

bernard arnault

Source: Bloomberg, Business Insider

Read the original article on Business Insider

Marijuana legalization is sweeping the US. See every state where cannabis is legal.

medical marijuana cbd hemp weed smoking joint leafly flowers cannabis cox 82
  • Marijuana is legal for adults in 15 states and Washington, D.C. Medical marijuana is legal in 36.
  • New Jersey, Arizona, Montana, and South Dakota voted to legalize recreational marijuana in November’s elections.
  • New York legalized recreational cannabis on March 31.
  • Visit the Business section of Insider for more stories.

Marijuana legalization is spreading around the US.

Since 2012, 15 states and Washington, DC, have legalized marijuana for adults over the age of 21. And 36 states have legalized medical marijuana – meaning that a majority of Americans have access to marijuana, whether medically or recreationally.

New York became the latest state to embrace cannabis when Gov. Andrew Cuomo signed a bill legalizing marijuana on March 31. His move came shortly after New Jersey Gov. Phil Murphy signed legislation officially legalizing marijuana in his state.

New Jersey was one of four states, along with Arizona, Montana, and South Dakota, where voters backed legalizing recreational cannabis in November. Voters in Mississippi approved the creation of a medical cannabis program.

Virginia and New Mexico are also close to legalizing recreational cannabis.

Some states that passed medical or recreational legislation through ballot measures have yet to iron out the details. For that reason Insider does not include South Dakota or Mississippi in our tally of markets where the substance is legal. Both states have faced legislative opposition to rolling out their programs.

Though Canada legalized marijuana federally in 2018, the US has not followed suit, forcing states to chart their own courses. As it stands, marijuana is still considered an illegal Schedule I drug by the US federal government.

Joe Biden’s victory in the presidential election and the Democratic party’s control of Congress could give marijuana a bigger boost in the US. In March, the SAFE Banking Act – a bill that would help cannabis businesses access banks – was reintroduced in both chambers of Congress.

Biden has said he would support federal decriminalization of the drug, and Senate Majority Leader Chuck Schumer has said that marijuana reform will be a priority for the Senate this year.

All the states where marijuana is legal:

This article was first published in January 2018 and has been updated with new information about where cannabis is legal. It was updated on April 1 with New York’s legalization. Melia Russell contributed to an earlier version of this story.

Alaska

cannabis
A cannabis-testing laboratory in Santa Ana, California.

Adults 21 and over can light up in Alaska. In 2015, the northernmost US state made it legal for residents to use, possess, and transport up to an ounce of marijuana — roughly a sandwich bag full — for recreational use. The first pot shop opened for business in 2016.

Alaska has pounced on the opportunity to make its recreational-pot shops a destination for tourists. More than 2 million people visit Alaska annually and spend $2 billion.

Arizona

Curaleaf
Nate McDonald, General Manager of Curaleaf NY operations, talks about medical marijuana plants.

Arizona in 2020 voted to legalize cannabis for all adults over the age of 21

The measure had support from almost 60% of Arizona voters, according to Decision Desk HQ. 

The ballot measure was backed by a number of cannabis giants, including Curaleaf, Cresco, and Harvest Enterprises. 

The Arizona Department of Health Services began accepting applications for adult-use licenses on January 19. Approvals were issued just three days later on January 22. Sales began immediately.

Arizona rolled out adult-use sales faster than any other state that voted to pass recreational cannabis in the November elections. Companies already operating in the state’s medical market had a first crack at recreational customers.

 

 

California

cannabis
A MedMen store in West Hollywood, California, on January 2, 2018.

In 1996, California became the first state to legalize medical marijuana. California became even more pot-friendly in 2016 when it made it legal to use and carry up to 1 ounce of marijuana.

The law also permits adults 21 and over to buy up to 8 grams of marijuana concentrates, which are found in edibles, and grow no more than six marijuana plants per household.

Colorado

marijuana
A marijuana leaf.

In Colorado, there are more marijuana dispensaries than Starbucks and McDonald’s combined. The state joined Washington in becoming the first two states to fully legalize the drug in 2012.

Residents and tourists over the age of 21 can buy up to 1 ounce of marijuana or 8 grams of concentrates. Some Colorado counties and cities have passed more restrictive laws.

Illinois

JB Pritzker
Illinois Gov. J.B. Pritzker.

Illinois lawmakers in June 2019 passed a bill that legalized the possession and commercial sale of marijuana in the state starting on January 1, 2020.

Gov. J.B. Pritzker, who made marijuana legalization a core component of his campaign for the governor’s office, signed the bill into law.

Illinois is the one of the few states to legalize marijuana sales through a state legislature, rather than a ballot initiative.

Maine

marijuana
Harvested cannabis plants at Hexo Corp.’s facilities in Gatineau, Quebec, on September 26, 2018.

A ballot initiative in 2016 gave Maine residents the right to possess up to 2.5 ounces of marijuana, more than double the limit in most other states.

Massachusetts

cannabis
Medicinal cannabis cigarettes on July 12, 2018, at a cultivation facility in Milford, Massachusetts.

Massachusetts was the first state on the East Coast to legalize marijuana after voters approved the measure in 2016. 

Marijuana dispensaries opened their doors to consumers in November 2018. Adults over the age of 21 can purchase up to 1 ounce of marijuana but cannot consume it in public.

Michigan

marijuana
The Far West Holistic Center dispensary on November 7, 2018, in Detroit.

Voters in Michigan passed Proposition 1 in 2018, making it the first state in the Midwest to legalize the possession and sale of marijuana for adults over the age of 21. Adults can possess up to 2.5 ounces of marijuana, and residents can grow up to 12 plants at home.

The law is more permissive than other states with legal marijuana: Most allow residents to possess only up to 1 ounce at a time.

Montana

Cannabis
A CPlant employee organizes a box of hemp for export at the company’s farm on the outskirts of Tala, Uruguay, Thursday, Aug. 13, 2020.

Montana in 2020 voted to legalize recreational marijuana for adults 21 and over

Montana residents are officially allowed to use marijuana as of January 1, 2021. A year later, the state will begin to open up applications for dispensaries. 

New Jersey

cannabis
A CPlant employee trims a hemp flower for export at the company’s farm on the outskirts of Tala, Uruguay, Thursday, Aug. 13, 2020.

New Jersey in 2020 voted to legalize recreational marijuana for adults 21 and older, opening a market that could near $1 billion.

In February, Gov. Phil Murphy signed the legalization legislation, after months of back-and-forth arguments about criminal penalties for minors possessing marijuana and the proper way to set up a licensing framework for cannabis sales in the state, among other details. Sales of cannabis for adult use could start in the second half of this year, analysts at Cowen said.

New York

new york when is weed legal timeline
A man holds a sign at a pro-legalization rally outside of New York Gov. Andrew Cuomo’s office in Manhattan

After two failed attempts to legalize adult-use cannabis in New York, the state finally passed recreational marijuana on March 31, 2021.

Though New Yorkers are now able to possess and smoke cannabis legally in the state, sales aren’t expected to begin for at least a year.

Andrew Carter, an analyst at Stifel, said he expects recreational cannabis sales to begin in late 2022. Analysts from Cantor Fitzgerald and Stifel estimated that New York could become a $5 billion cannabis market by 2025.

Nevada

marijuana recreational dispensary las vegas nevada
The Essence cannabis dispensary on July 1, 2017, in Las Vegas.

Residents and tourists who are 21 and over can buy 1 ounce of marijuana or one-eighth of an ounce of edibles or concentrates in Nevada.

There’s bad news if you want to grow your own bud, though. Nevada residents must live 25 miles outside the nearest dispensary to be eligible for a grower’s license.

Oregon

marijuana cannabis cost Canada United States
Oregon’s Finest medical-marijuana dispensary in Portland, Oregon, on April 8, 2014.

Oregon legalized marijuana in 2015, and sales in the state started October 1 of that year. 

South Dakota

Aurora Cannabis
A team member of Aurora Cannabis works in the grow room at Aurora Sky cannabis growing greenhouse in Alberta, Canada, in this 2018 handout image.

South Dakota in 2020 voted to legalize both medical and recreational cannabis, the first time a state has voted in favor of both at the same time.

State lawmakers have until April 2022 to create rules around cannabis, including regulations around dispensaries.  

Vermont

cannabis
Cannabis plants in a laboratory.

Vermont became the first state to legalize marijuana through the legislature, rather than a ballot initiative, when Republic Gov. Phil Scott signed a bill into law in January 2018.

Adults in the Green Mountain State can carry up to 1 ounce of marijuana and grow no more than two plants for recreational use. The law went into effect in July 2018. But it was limited in scope. It didn’t establish a legal market for the production and sale of the drug.

In 2020, the state legislature passed a bill that would allow for adult-use sales in the state. All localities must opt-in to allow for dispensaries, however. Sales are expected in 2022.

Washington

medical marijuana
A medical-marijuana plantation on March 21, 2017.

Marijuana was legalized for recreational use in Washington in 2012.

The state allows people to carry up to 1 ounce of marijuana, but they must use the drug for medicinal purposes to be eligible for a grower’s license.

Washington, DC

Capitol Hill sunset

Residents in the nation’s capital voted overwhelmingly to legalize marijuana for adult use in November 2014.

The bill took effect in 2015, allowing people to possess 2 ounces or less of marijuana and “gift” up to an ounce, if neither money nor goods or services are exchanged.

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