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Illustration: Aïda Amer/Axios

The cannabis industry is poised to undergo another major change as Colorado's House Bill 1090 takes effect next month, providing investment opportunities for publicly traded companies, venture capitalists and private equity firms, which were previously barred.

Why it matters: The law will push cannabis into a new phase of development and foster considerable consolidation in the industry, creating new businesses and driving out others.

  • Wall Street, venture capital funds and private equity firms will now have the opportunity to enter a fast-growing industry and provide the funds to scale at a new level.
  • "We are moving to a national, even international economy in marijuana," Jim Burack, director of the Colorado Department of Revenue's Marijuana Enforcement Division, tells Axios.

The big picture: Colorado is opening up right as investors have begun to sour on publicly traded pot stocks, which have seen their once massive valuations cut in half over the course of the year.

  • "There was too much exuberance and froth in the markets," Emily Paxhia, managing director at cannabis investment firm Poseidon Asset Management, tells Axios.
  • "Anyone who was prudent about valuing the market saw this coming from 10 miles away. Now there will be a shift to operational efficiency in many of these businesses. That's a healthy innovation for any market."

Between the lines: While Canadian companies like Aurora Cannabis and Canopy Growth have drawn massive valuations, investors have been eager to find a way into the U.S. market, which has a much larger and richer consumer base.

  • Investors will now have access to a U.S.-based mature marijuana market that includes businesses ranging from restaurants and property development to advertising and wellness.

Yes, but: The industry's growth prospects remain restricted by the fact that it is federally illegal, making many traditional avenues for growth impossible.

Still, Colorado's deregulation of the industry and the potential for access to banking services through the SAFE Banking Act, which recently passed the House of Representatives, could be game changers.

  • The new law "opens up funding opportunities that we have really not had available to us before," Nancy Whiteman, CEO of edibles company Wana Brands, tells Axios.
  • "Having more and more cannabis companies that are operating in multiple states and some of them with very large, deep pockets, it's changing a lot about how the industry operates."

Go deeper

16 mins ago - Health

The floodgates have opened for vaccine mandates

Illustration: Sarah Grillo/Axios

State governments, private businesses and even part of the federal government are suddenly embracing mandatory coronavirus vaccinations for their employees.

Why it matters: Vaccine mandates have been relatively uncommon in the U.S. But with vaccination rates stagnating and the Delta variant driving yet another wave of cases, there's been a new groundswell of support for such requirements.

Ina Fried, author of Login
17 mins ago - Sports

Axios at the Olympics: Softball on the brink

Cat Osterman, pitching here against Japan on Monday, came out of retirement to play in the Tokyo Olympics. Photo: ina Fried

TOKYO – When the U.S. and Japan take the field in Yokohama on Tuesday, they are playing for more than just a gold medal. As badly as both teams want to win, they also want to show the world their sport deserves a permanent place in the Olympics.

Why it matters: Softball is returning to the Olympics after a 12-year absence, but its long-term Olympic future is uncertain, with the sport not part of the 2024 Games in Paris and plans up in the air after that.

Updated 40 mins ago - Sports

Naomi Osaka eliminated from Olympic Games tennis tournament

Czech 42nd-ranked Marketa Vondrousova (L) shakes hands with Japan's Naomi Osaka after their Tokyo 2020 Olympic Games women's singles third round tennis match at the Ariake Tennis Park in Tokyo on Tuesday. Photo: Giuseppe Cacace/AFP via Getty Images

Naomi Osaka was eliminated from the Olympics Games after losing her Tokyo tennis tournament match 6-1, 6-4 in the third round to Czech Marketa Vondrousova on Tuesday.

Of note: Japan's Osaka is the women's world No. 2, while is Vondrousova ranked No.42.