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Illustration: Sarah Grillo/Axios

Brendan Kennedy, the head of one of the world's largest cannabis investment firms, says he's mostly seeing recycled business plans but believes the industry's next phase of startup innovation will be around everyday products sold by mainstream retailers.

Thesis: Kennedy says that Cannabis 1.0 related directly to the flower, while Cannabis 2.0 was about beverages. He believes Cannabis 3.0, which is just beginning, will be in all sorts of consumables (shampoos, lotions, cookies, etc.) that will sit alongside more "traditional" versions at places like Walgreens and Target.

  • "Most major retailers will sell cannabinoid products, just as another sort of brand," he says. "There's an enormous amount of opportunity there for new companies."

Kennedy is the Seattle-based executive chairman of Privateer Holdings. He's also CEO of Tilray, the Canadian cannabis company whose stock has mellowed since its red-hot IPO.

What he's saying: Kennedy also was agnostic on the 2020 presidential election, even though most of the Democratic Party candidates support federal legalization, with the exception of Joe Biden.

  • Kennedy is more concerned with legalization ballot initiatives in upwards of 7 "deep red" states. He believes if those states go legal, then it will put pressure on their GOP senators.
  • He adds that some in his industry believe that President Trump may reverse his anti-legalization position before November 2020, in order to take that issue off the table, but Kennedy admits that may just be wishful thinking.

Go deeper

Mayors press Biden to adopt progressive immigration agenda

Illustration: Sarah Grillo/Axios

A coalition of nearly 200 mayors and county executives is challenging Joe Biden and the incoming Congress to adopt a progressive immigration agenda that would give everyone a pathway to citizenship.

Why it matters: The group's goals, set out in a white paper released today, seem to fall slightly to the left of what the president-elect plans to propose on Inauguration Day — though not far — and come at a time of intense national polarization over immigration.

Caitlin Owens, author of Vitals
18 mins ago - Health

Demand for coronavirus vaccines is outstripping supply

Illustration: Aïda Amer/Axios

Now that nearly half of the U.S. population could be eligible for coronavirus vaccines, America is facing the problem experts thought we’d have all along: demand for the vaccine is outstripping supply.

Why it matters: The Trump administration’s call for states to open up vaccine access to all Americans 65 and older and adults with pre-existing conditions may have helped massage out some bottlenecks in the distribution process, but it’s also led to a different kind of chaos.

Woman who allegedly stole laptop from Pelosi's office to sell to Russia is arrested

Photo: FBI

A woman accused of breaching the Capitol and planning to sell to Russia a laptop or hard drive she allegedly stole from Speaker Nancy Pelosi's office was arrested in Pennsylvania's Middle District Monday, the Department of Justice said.

Driving the news: Riley June Williams, 22, is charged with illegally entering the Capitol as well as violent entry and disorderly conduct. She has not been charged over the laptop allegation and the case remains under investigation, per the DOJ.