Stories by Courtenay Brown

The $3.4-billion-as-soon-as-it's-legal marijuana merger

In this image, the sun shines through a marijuana plant and other trees grow in the background.
A mairjuana plant in Edmonton, Alberta, Canada. Photo by Artur Widak/NurPhoto via Getty Images

Canadian cannabis company Canopy Growth, which is 38% owned by beer and spirits company Constellation Brands, bought the right to acquire Acreage Holdings only if recreational marijuana is legalized in the U.S.

The big picture: The tie-up between the U.S. company that grows and sells pot in a handful of states — former Speaker of the House John Boehner is on the board — and the world’s most valuable pot company is essentially a bet on the future that’s valued at $3.4 billion dollars.

Chart: What stocks would look like without high profit margins

Data: Bridgewater Associates; Chart: Axios Visuals

Bridgewater Associates estimates U.S. equities would be 40% lower than where they are today without the consistent expansion of profit margins.

Why it matters: The world's largest hedge fund is warning that corporations' high profit margins are peaking, posing a risk to the stock market's rally.

JP Morgan switches up top executive roles

Outgoing JP Morgan CFO Marianne Lake. Photo: Abhijit Bhatlekar/Mint via Getty Images

JP Morgan's CFO Marianne Lake will now serve as the new chief executive of the firm's consumer lending and card services businesses, while Jennifer Piepszak — currently CEO of Chase Card Services — will step in as CFO, effective May 1.

Between the lines: Per an internal memo, Lake will " be heading a major group of businesses that is core to how [JP Morgan] serve[s] millions of Chase customers." Lake — who has been seen as a possible successor to CEO Jamie Dimon — has "more direct experience in running a business unit within J.P. Morgan," as CNBC points out.