This is a story about an invisible hand guiding the economy. No, not the invisible hand of self-interest that Adam Smith wrote about in the Wealth of Nations. This invisible hand is much more modern.It's that artificial intelligence we keep hearing so much about. Our special contributor, Larry Summers, is a macro economist who also sits on the board of Open Air. Who better to ask what I could mean for Adam Smith's economy.My guess is that this is going to raise the neutral rate of interest over time, both b ...

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Industry Overview - The cannabis industry is projected to exceed $45 billion by 2025, with strong growth expected over the next five years as demand for accessories and digital services increases [1][4] - Ancillary sectors such as technology, packaging, and paraphernalia are becoming essential, providing support without directly handling cannabis [1][4] Legislative Environment - Momentum for cannabis legalization is building, with new bills being introduced in key states and some regions expanding medical access or softening penalties [2] - Federal reform remains slow, causing fluctuations in cannabis stocks in response to news events [2] Investment Opportunities - Ancillary cannabis companies are seen as a smart investment for exposure to the cannabis sector without the legal risks associated with growers or dispensaries [1][4] - Key ancillary stocks to monitor include Leafly Holdings Inc. (LFLY), WM Technology Inc. (MAPS), and Greenlane Holdings Inc. (GNLN) [4][6] Company Profiles Leafly Holdings Inc. (LFLY) - Leafly is a leading online cannabis marketplace, serving millions of users and listing inventory from over 10,000 licensed dispensaries [5][7] - The company is facing financial strain, having shifted to over-the-counter trading, with anticipated Q1 2025 revenue around $8.5 million [7] - Leafly's primary revenue source is advertising, but operational losses are a concern, necessitating improved monetization and cost management [7] WM Technology Inc. (MAPS) - WM Technology, known as Weedmaps, connects consumers with licensed retailers and provides digital tools for over 5,000 cannabis businesses [8] - In Q1 2025, Weedmaps reported revenue of $44.6 million, maintaining positive adjusted operating income of $2.6 million, indicating financial stability [8] - The company is focusing on improving platform features and retaining long-term clients, despite a slowdown in new customer growth [8] Greenlane Holdings Inc. (GNLN) - Greenlane is a supplier of cannabis accessories and packaging, specializing in vaporizers and safety packaging, with operations across North America and abroad [9] - The company raised $25 million through a private placement in February 2025 and executed a 1-for-750 reverse stock split to meet Nasdaq standards [11] - Greenlane is undergoing restructuring efforts to stabilize and return to profitability, with revenue figures for Q1 yet to be disclosed [11] Market Sentiment - Ancillary cannabis companies are viewed as strong entry points for investors seeking exposure without direct investment in cultivation or retail [12] - Each company presents unique advantages and challenges, with July 2025 being a critical time to monitor their progress and consider investment opportunities [12]

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Core Insights - The TERA-Award, organized by Full Vision Capital, awarded the Gold Award to Barocal, a UK startup, for its innovative solid-state cooling system, which utilizes barocaloric materials and offers a sustainable alternative to traditional refrigerants [1][3][10] Group 1: Award Details - The Gold Award comes with a prize of US$1 million and recognizes Barocal's technology that enhances energy efficiency and eliminates harmful refrigerants [1][3] - The TERA-Award received 785 entries from 76 countries and regions, highlighting its international appeal [3][4] Group 2: Event Highlights - The award ceremony took place at King's College, University of Cambridge, attended by over 100 industry leaders, entrepreneurs, and investors [2] - An innovation showcase and forum were held to discuss global clean energy trends and the importance of collaboration in the energy transition [5] Group 3: Organizational Support - The fourth TERA-Award is supported by various organizations, including the Hong Kong Investment Corporation and the UK's Department for Business and Trade, indicating a commitment to advancing deep-tech energy innovation [6]

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Core Insights - United Airlines reported adjusted diluted earnings per share of $3.87, beating analyst estimates by 1.57%, while total revenue of $15.2 billion was slightly below forecasts [1][2] - Domestic passenger revenue softened due to higher expenses and pressure on main cabin fares, but loyalty revenue growth and increased demand in premium cabins contributed positively [1][5] - Management raised full-year adjusted diluted earnings per share guidance, indicating optimism for the remainder of fiscal 2025 [1][11] Financial Performance - Adjusted EPS (Non-GAAP) was $3.87, compared to estimates of $3.81 and down 6.5% from $4.14 in Q2 2024 [2] - Total revenue (GAAP) was $15.24 billion, slightly below the estimate of $15.36 billion, and up 1.7% year-over-year [2] - Net income (GAAP) decreased to $973 million, down 26.4% from $1.32 billion in Q2 2024 [2] - Free cash flow (Non-GAAP) was $1.1 billion, down 38.5% from $1.84 billion in the previous year [2] - Adjusted operating margin (Non-GAAP) was 11.6%, down 1.5 percentage points from 13.1% in Q2 2024 [2] Business Model and Strategic Focus - United Airlines operates a hub-and-spoke system, maximizing connectivity and operational efficiency while focusing on customer loyalty [3] - Recent strategic shifts include growing international presence, expanding loyalty and premium offerings, and investing in sustainability initiatives [4] Operational Highlights - GAAP revenue growth of 1.7% was overshadowed by a 6.5% increase in operating expenses [5] - Domestic passenger revenue declined by 0.7%, while international passenger revenue grew by 3.8%, driven by strong demand in Pacific routes [5][6] - Premium cabin ticket revenue increased by 5.6% year-over-year, and loyalty revenue climbed 8.7% [6] - Operational reliability improved, achieving the best post-pandemic scores for on-time departures [6] Cost and Financial Health - Labor expenses rose by 7.7%, with maintenance costs increasing by 20.8% [8] - The company ended the quarter with $18.6 billion in available liquidity and reduced net leverage to 2.0 times trailing twelve-month earnings [9] - Free cash flow remained positive at $1.13 billion despite a year-over-year decline [9] Future Outlook - Management raised full-year adjusted diluted EPS guidance to a range of $9.00 to $11.00, reflecting improved bookings and stronger business travel demand [11] - Key areas to monitor include domestic revenue trends, labor cost increases, and potential upside from loyalty revenue growth and international strength [12]

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