Illustration: Sarah Grillo/Axios

Marijuana companies may be in serious trouble, as their declining stock prices are putting the cash-reliant businesses in a bind.

Why it matters: "Dealmaking is already slowing, while debt is becoming scarce and more expensive," writes the Wall Street Journal.

  • "Large banks won’t lend to them while the drug remains federally illegal in the U.S., so pot businesses rely heavily on issuing new shares to fund their deals and expansion plans."

The big picture: Those expansion plans are being put on hold these days, as capital is drying up quickly.

  • "The amount of capital raised in the cannabis industry during the week ending October 25 plummeted to $27 million from $708 million in the same period of 2018, data from Viridian Capital Advisors shows," per the Wall Street Journal.
  • "And deals are beginning to fall through: MedMen Enterprises pulled plans for an all-stock purchase of PharmaCann in October," notes the Journal.

Go deeper: Welcome to Marijuana 2.0

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Updated 41 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 11,137,846 — Total deaths: 526,156 — Total recoveries — 6,003,824Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 2,809,108 — Total deaths: 129,509 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: America's exceptionally uneventful Fourth of July ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
1 hour ago - Health

U.S. coronavirus infections hit record highs for 3 straight days

Illustration: Aïda Amer/Axios

The U.S. has reached new highs in single-day coronavirus infections for three consecutive days this week, per data from Johns Hopkins and the COVID Tracking Project.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 2 hours ago - Politics & Policy

Colorado police chief fires officers who reenacted Elijah McClain's death

LaWayne Mosley, father of Elijah McClain, wears a t-shirt with is son's picture on it during a press conference in Oct. 2019. Photo: Andy Cross/MediaNewsGroup/The Denver Post via Getty Images

Interim Aurora, Colo., police chief Vanessa Wilson fired two officers for reenacting the death of 23-year-old Elijah McClain and a third officer for commenting on the photo that captured the "despicable act," The Washington Post reports.

Why it matters: McClain died in the summer of 2019 after police officers held him in a chokehold and paramedics used a sedative, ketamine. People have been protesting McClain's death recently after the police killing of George Floyd revitalized the movement against police brutality.