New York Metropolis's $ 150 million hashish campus, $ 21 million to democratize auto insurance, and under-30 nominations prolonged – Forbes
Above 60 miles north of ManhattanThe brick buildings of the old Mid-Orange Correctional Facility in Warwick, New York, stand at the foothills of the Ramapo Mountains and past some cow pastures. In 2011, then New York Governor Andrew Cuomo closed the prison. Now, a decade later, 40 hectares of farmland are in the new home of. converted Green Thumb Industries, one of the largest cannabis companies in the country, and its $ 150 million cultivation and manufacturing facility.
GTIs by 2023 "Cannabis Campus" will start production Tens of thousands of pounds of marijuana, Millions of THC-infused gums and vape cartridges to fill the shelves of its pharmacies across the Empire State. This week's must-read story takes you into the Green Thumb Industries expansion $ 5.7 billion empire in the Empire State with a large new grow facility to compete in the booming marijuana market.
Carlos Watson, CEO of Ozy Media
TIMOTHY ARCHIBALD FOR FORBES
How Ozy Fest was going to be the next Fyre festival – until a heatwave (and insurance claim) upset them
Forbes found that Ozy Media's most visible product caused grossly inflated ticket sales and exaggerated appearances by celebrities.
This week's money movements
It was a very good July for Las Vegas. Nevada collected $ 794 million in gambling revenue of casinos on the Strip last month, the highest total winnings ever for the state.
Last fall, Hippo CEO Assaf Wand spoke optimistically about an IPO through a SPAC. A year later, things didn't go quite as planned the stock is down more than 50%.
No loss Cleaning products company Cleancult raised $ 25 million. The New York startup does natural household cleaners which do not use plastics and, unlike competitors, are designed for in-store sales.
The Inside Scoop: News under 30
Loop raised $ 21 million to democratize auto insurance
A 28 year old named John Henry was a lot: a high school dropout, Venture capital founder (for whom he made it on the Forbes list 30 Under 30 in 2019), VICELand TV presenter and, more recently: founder of a car insurance company. Though he's tried so many things 30 ago the continuous line of his résumé increases equity. That's why he raised a $ 21 million seed round for Loop, an AI-powered auto insurance company.
Currently available in Texas, Loop insures drivers without considering their creditworthiness, Occupations or educational background. Rather, the artificially intelligent platform only screens for driving records, Enable drivers from disadvantaged backgrounds to obtain insurance coverage at previously unfathomable prices, says Henry.
The company's $ 21 million Series A, jointly managed by the foundry and 01A with the participation of Rapper Nas (Henry's childhood hero) brings her total funding to $ 23 million. Now the company intends to use that money to go beyond Texas by gaining regulatory approval to operate in Pennsylvania, Illinois and Ohio.
Part of the incentives for drivers to switch from insurance giants like Geico or Liberty Mutual is educate them about Loop's value proposition. Rather than relying on Facebook or Google ads, Loops trains consumers through road trips – traveling around Texas and meeting drivers to understand their insurance problems and offer Loop as an alternative.
“We found the incumbent operators to be a mile wide but only an inch deep; Nobody really has that loyalty"Says Heinrich. “We go an inch wide but a mile deep and we really get through to our target customers, who are Millennials, renters, immigrants– People who do not benefit from the legacy models. "
Among 30-alums Whitney Wolfe Herd, Kendrick Lamar, Daniel Ek and Amandla Stenberg
Forbes under 30 nominations are now open
Ten years ago Forbes set out to create the first list of the 30 under 30. A decade later, it is the definitive list of young people who are changing the world. Do you know anyone creating the next Instagram, Stripe, or Spotify? Nominate them (or yourself!) Today.
Among 30 Summit Speakers
Forbes among 30 summits in 2021
Time is running out! Secure your place and be there virtually Monday October 11th to Tuesday October 12th for the Forbes among 30 peaks in 2021 as we celebrate ten years under 30, highlighting some of the greatest innovators of the past decade. Sign up today for free to get insights from Bumble founder Whitney Wolfe Herd; Casper co-founder Neil Parikh; Name Her Daddy's creator, host, and executive producer, Alexandra Cooper – and many more!