New York’s $150 Million Cannabis Campus, $21 Million To Democratize Car Insurance and Under 30 Nominations Extended
About 60 miles north of Manhattan, at the foothills of the Ramapo Mountains and past a few cow pastures, stands the red brick buildings of the old Mid-Orange Correctional Facility in Warwick, New York. In 2011, then-New York Governor Andrew Cuomo shuttered the prison. Now a decade later, 40 acres of penitentiary farmland is being transformed into the new home of Green Thumb Industries, one of the nation’s largest cannabis companies, and its $150-million cultivation and manufacturing site.
By 2023, GTI’s “cannabis campus” will start producing tens of thousands of pounds of marijuana, millions of THC-infused gummies and vape cartridges to fill the shelves of its dispensaries throughout the Empire State. This week’s must-read 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 booming marijuana market.
How Ozy Fest Was About To Become The Next Fyre Festival — Until A Heat Wave (And Insurance Claim) Bailed Them Out
Forbes found that Ozy Media’s most visible product made wildly-inflated ticket sales and exaggerated celebrity appearances.
This Week’s Money Moves
It was a very good July for Las Vegas. Nevada collected $794 million in gambling revenue from casinos on The Strip last month, the highest all-time win total for the state.
Last fall, Hippo CEO Assaf Wand spoke optimistically about going public through a SPAC. One year later, things haven’t turned out quite as planned as the stock has fallen more than 50%.
Zero-waste cleaning product company Cleancult has raised $25 million. The New York-based startup makes natural household cleaners that don’t use plastics and, unlike competitors, are designed to be sold in-store.
The Inside Scoop: Under 30 News
Loop Has Raised $21 Million To Democratize Car Insurance
28-year-old John Henry has been many things: a high school dropout, venture capital founder (for which he made the 2019 Forbes 30 Under 30 list), VICELand TV host, and as of late: a car insurance company founder. Though he’s tried his hand at so many things before 30, the through line down his resume is increasing equity. That’s why he has raised a $21 million seed round for Loop, an AI-powered car insurance company.
Currently available in Texas, Loop insures drivers without accounting for their credit scores, occupations or educational backgrounds. Rather, the artificially intelligent platform screens solely on driving record, allowing drivers from underprivileged backgrounds to obtain insurance coverage at previously unfathomable price points, according to Henry.
The company’s $21 million Series A, co-led by the Foundry and 01A with participation from rapper Nas (Henry’s childhood hero), brings their total funding to $23 million. Now the company intends to use this money to move beyond Texas, by winning regulatory approval to operate in Pennsylvania, Illinois and Ohio.
Part of incentivizing drivers to switch from insurance behemoths like Geico or Liberty Mutual is educating them on Loop’s value proposition. Instead of relying on Facebook or Google ads, Loops is educating consumers by road trip—traveling around Texas and meeting with drivers to understand their insurance pain points and float Loop as an alternative.
“We realized that the incumbents are a mile wide, but only an inch deep; no one really has that loyalty,” says Henry. “We go an inch wide, but a mile deep and really resonate with our target customers who are millennials, renters, immigrants—people who don’t get advantaged by the legacy models.”
Forbes Under 30 Nominations Are Now Open
Ten years ago, Forbes set out to create the inaugural 30 Under 30 list. One decade later, it’s now the definitive list of young people changing the world. Do you know someone creating the next Instagram, Stripe or Spotify? Nominate them (or yourself!) today.
Time is running out! Secure your spot and join us virtually on Monday, October 11 – Tuesday, October 12 for the 2021 Forbes Under 30 Summit as we celebrate 10 years of Under 30 and spotlight some of the biggest innovators of the last decade. Sign up at no cost today to gain insights from Bumble Founder, Whitney Wolfe Herd; Casper’s Cofounder, Neil Parikh; Call Her Daddy’s Creator, Host & Executive Producer, Alexandra Cooper and so many more!