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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 in the sector 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.
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.
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.
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 U.S. House of Representatives, could be game changers.
GE said it will freeze pension plans for about 20,000 U.S. employees and make other moves to help cut its debt and reduce its retirement fund deficit by $5 billion to $8 billion.
What it means: A pension freeze means employees no longer build up retirement benefits to reflect higher pay and additional years of employment. Employees stop earning some or all of their benefits from the point of the freeze onward.
The big picture: The move is expected to help offset increases in GE’s pension obligations — among its biggest liabilities and underfunded by about $27 billion as of the end of 2018, according to Reuters — and is the latest step by CEO Larry Culp to raise cash and reduce the company's $106 billion debt.
The value of the dollar against the Swedish krona has risen to the highest level in 17 years as the Nordic nation's currency has been stung by the U.S.-China trade war, record low interest rates and slumping eurozone growth.
What's happening: Sweden's central bank has been one of the world's most dovish, slashing rates far into negative territory, and lower interest rates make currencies less attractive for investors to hold.
Kroger and Walgreens announced they will stop selling e-cigarettes amid rising deaths and illnesses linked to vaping, becoming the latest retailers to do so after Walmart and Rite Aid stopped sales earlier this year.
What it means: "Iqos isn’t a vaping device or a cigarette," CNBC's Angelica LaVito writes. "It heats tobacco, but doesn’t burn it, and is designed to give users the same rush of nicotine as smoking with fewer toxins. It also comes amid public panic over an outbreak of a deadly lung disease that’s killed at least 18 people. U.S. health officials have traced the illnesses to vaping."
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