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⏱Weed on Wall Street
Stimulus news, and wine recommendations
Good morning everyone and welcome to Pre-Friday, the second best day of the week.
Jazz Pharmaceuticals announced yesterday that it had acquired GW Pharmaceuticals, the company best known for producing prescription drugs derived from Marijuana. The deal is reportedly worth over $6.7Bn and will be paid through a combination of cash and stock. GW’s headliner drug is named Epidiolex, a marijuana based epilepsy drug with $510M in sales, however it is also currently testing treatments for autism, schizophrenia, and other conditions.
Politicians in D.C. are still arguing about the newest stimulus package, and in the most recent development, President Biden told house Democrats that he would be willing to send the stimulus to a smaller group of people if it helped to secure a deal. Essentially, this would lower the maximum someone can make to still be eligible. This news comes as neither the Democrats with their $1.9Tn package nor the Republicans with their $900Bn package have relented yet.
The SEC has officially launched an investigation into the Reddit Wall Street Bets’ situation which resulted in stocks such as $GME and $AMC spiraling to new all time highs. As part of this investigation, regulators are combing through countless memes, copypastas, and threads on both Twitter and Reddit both manually and with algorithms in an attempt to discern whether any fraud occurred on either side of the trades (either retail or hedge fund.)
TikTok just became the newest social media company to attempt to curb misinformation in their app. In the coming days, it’ll be releasing a feature that will ask users to look for more credible information if they’re attempting to share a video with information deemed incorrect by independent fact checkers. If a user persists with the post, TikTok will reduce the visibility of it to disincentivize further use.
Vivino, the wine recommendation website, recently raised an additional $155M in a fundraising round after a demand increase caused by the pandemic has led it to begin to advance development on its recommendation algorithms and app. If you’re a wine lover, this is fantastic news.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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