New York’s $ 150 million cannabis campus, $ 21 million to democratize auto insurance, and under-30 appointments extended
Afight 60 miles north of Manhattan, at the foot of the Ramapo Mountains and beyond a few cow pastures, stand the red brick buildings of the former Mid-Orange Correctional Facility in Warwick, New York. In 2011, Then-New York Governor Andrew Cuomo closed the jail. Now, a decade later, 40 acres of farmland from the penitentiary are being transformed into the new home of Green Thumb Industries, one of the country’s largest cannabis companies, and its $ 150 million cultivation and manufacturing site.
By 2023, the GTI “Cannabis campus” will start to produce tens of thousands of pounds of marijuana, millions of gummies and THC-infused vape cartridges to fill the shelves of its dispensaries across the Empire State. This week’s must-see story takes you inside Green Thumb Industries’ expansion of its $ 5.7 billion Empire in the Empire State with a lavish new grow facility to compete in the burgeoning marijuana market.
How Ozy Fest was set to become the next Fyre festival – until a heat wave (and an insurance claim) bailed them out
Forbes found that Ozy Media’s most visible product produced hugely inflated ticket sales and exaggerated celebrity appearances.
This week’s money movements
It was a very good July for Las Vegas. Nevada collected $ 794 million in gaming revenue casinos on the Strip last month, the state’s highest all-time winning total.
Last fall Hippo CEO Assaf Wand spoke optimistically about the release of a SPAC. A year later, things did not go as planned the stock has fallen by more than 50%.
Zero waste cleaning products company Cleancult raised $ 25 million. The New York-based startup is making natural household cleaners that do not use plastic and, unlike the competition, are designed to be sold in stores.
The inside scoop: News for people under 30
Loop raised $ 21 million to democratize auto insurance
John Henry, 28, has been a lot: a high school dropout, venture capitalist (for which he was on the Forbes 30 Under 30 2019 list), viceland television host, and most recently: founder of an auto insurance company. Although he had tried so many things before 30 years old, the bottom line of her resume increases fairness. That’s why he raised a $ 21 million funding round for Loop, an AI-powered auto insurance company.
Currently available in Texas, Loop insures drivers regardless of their credit scores, professions or training. Instead, the artificially intelligent platform only examines the driving record, allow drivers from disadvantaged backgrounds to obtain insurance coverage at previously unfathomable prices, according to Henry.
The company’s $ 21 million Series A, co-managed by the Foundry and 01A with the participation of rapper Nas (Henry’s childhood hero), brings their total funding to $ 23 million. Now the company intends to use that money to go beyond Texas, obtaining regulatory approval to operate in Pennsylvania, Illinois and Ohio.
Part of the incentive for drivers to switch from insurance giants like Geico or Liberty Mutual is educate them on Loop’s value proposition. Instead of relying on Facebook or Google ads, Loops educates consumers by the road, driving through Texas and meeting with drivers to understand their insurance issues and offer Loop as an alternative.
“We realized that the incumbents are a mile wide, but only an inch deep; nobody really has that loyalty, said Henri. “We go an inch wide, but a mile deep and really resonate with our target customers who are millennials, tenants, immigrants– people who are not advantaged by the legacy models.
Forbes applications for under 30s are now open
Ten years ago, Forbes decided to create the first 30 under 30 list. A decade later, it is now the definitive list of young people who are changing the world. Do you know someone who’s making the next Instagram, Stripe, or Spotify? Name them (or yourself!) Today.
Forbes Under 30 Summit 2021
Hurry up ! Secure your place and join us virtually on Monday October 11 – Tuesday October 12 for the Forbes Under 30 Summit 2021 as we celebrate 10 years of Under 30 and shine a light on some of the greatest innovators of the past decade. Sign up for free today for information from Bumble Founder Whitney Wolfe Herd; Casper co-founder Neil Parikh; Call her daddy’s designer, host and executive producer, Alexandra Cooper and many more!