6.8.2018

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6.8.2018
All your news in a single email. We scour 100+ sources so you don't have to. Culture, science, sports, politics, business, and more - all packaged in a 5-minute read below.
 
Need To Know.
Canada Legalizes Marijuana.
The Canadian Senate passed legislation yesterday evening effectively making recreational marijuana legal across the country. The move makes Canada the first G20 country to legalize the production, distribution, and consumption of the drug (see legal status around the world). Under the bill, individuals over 18 can possess up to 30 grams - production and distribution will be overseen by the provinces. Medical marijuana has been legal in Canada since 2001, and current prime minister Justin Trudeau campaigned in 2015 on broader legalization and has aggressively pushed the reform. Stocks of medical marijuana firms - who stand to lose in the bid to make the drug legal - collectively dropped more than $1B over the past day. The bill now goes back to the House of Commons, which will vote on amendments added by the Senate - if passed the bill comes into effect this summer. 

Tax on marijuana products is expected to bring in around $675M annually. 

Washington Capitals Win Stanley Cup.
The Washington Capitals won the Stanley Cup last night, beating the Las Vegas Golden Knights by a score of 4-3 in game five of the series. It's the team's first championship and the first pro sports championship for Washington DC since the Redskins won the Super Bowl in 1992. Though the Golden Knights fell short in the finals, it was a shockingly successful season - it was the Knights first season as an NHL team, having been the league's first expansion team in 16 years. It was only the second time that an NHL, NBA, NFL, or MLB team has made the finals in their first full season in existence. Capitals star Alex Ovechkin was awarded the Conn Smythe Trophy as the most valuable player to his team during the playoffs. 

Affordable Care Act.
The Justice Department said Thursday night it would decline to defend a key component of the Affordable Care Act in court. In March, a group of 20 Republican-led states filed suit against the federal government claiming the individual mandate requiring every person have health insurance is unconstitutional - the mandate is widely seen as critical to keeping costs low and the healthcare exchanges financially viable. In 2012 the Supreme Court ruled the government could not force individuals to buy health insurance, but could levy a tax in the form of a fee for not being covered. A small piece in the larger tax reform passed by Congress in 2017 repealed the fee, paving the way for the states to argue the mandate was now unconstitutional. 17 Democrat-led states have filed a brief supporting the mandate, and the case will be considered in the United States District Court for the Northern District of Texas
In The Know.

Science & Technology.

Analysis shows heroin users are 16 times more likely than non-users to contract antibiotic-resistant Staph infections (More)
Average travel speed of tropical cyclones and hurricanes decreased 10% between 1949-2016, causing powerful storms to linger longer (More)
Men may contribute to infertility, miscarriage, and birth defects through newly discovered sperm structure (More)
 

Politics & World Affairs.

An estimated $2.5B in large-scale US solar projects canceled due to new US tariffs on solar panel imports, according to developers (More)
Following Facebook revelations, Senate Intelligence Committee requests information from Google, Twitter on relationship with Chinese device makers (More)
Former aide to Senate Intelligence Committee charged with lying to investigators during probe of leaks (More)
 

Sports, Entertainment & Culture.

Colin Kaepernick to subpoena President Trump in lawsuit against NFL (More)
Philadelphia 76ers president Bryan Colangelo resigns after wife caught using Twitter accounts to critique the team, pass insider knowledge (More)
Warner Bros. signs Hollywood exec Greg Berlanti to massive TV production deal worth $300M (More)
 

Business & Markets.

International Monetary Fund & Argentina agree to $50B credit line bailout (More)
McDonald's to shrink corporate structure via layoffs, will reduce spending by $500M by 2019's end (More)
Chinese banks top Forbes' Global 2000 list of the largest public companies in the world (More)
Weekend Reads.

Tears 'R' Us. 

Bloomberg | Staff. A look at how the generation-defining big box story died, and the lessons in financial (mis)management that can be learned from its demise. (Read)
 

This Place is Crazy. 

Esquire | John J. Lennon. The author - himself incarcerated at Sing Sing Correctional Facility - gives an inside view of mental health burdens in America's prisons. (Read)
 

My Daughter is Buried Under Five Feet of Snow. 

Narratively | Bjorn Nord. The English-language debut of the award-winning story of Adina Lange, caught in an avalanche while skiing on Gråskallen Mountain in Norway in 2017. (Read)
 

The National Debt Dilemma. 

Council on Foreign Relations | Staff. Different administration, same problem. Even with strong economic growth, the US spent almost $700B more than it made in 2017 - see the numbers here. (Read)
Etcetera.
The cost of a night out in cities around the globe

High school sweethearts promised to marry if they were single at 50 - now they're tying the knot

Almost 1.7 billion people around the world lack bank accounts

Meet the Mexican nuns saving salamanders from extinction

Ugh Millennials: The states and cities you are moving to in 2018.

Ahead of the World Cup, the best soccer photos from across the world

World's (probably) oldest cat celebrates its 30th birthday

69% of Americans say gambling is morally acceptable - a new high.

Clickbait: Bad Dog robot is shocking China's youth out of their loneliness - literally.

Historybook: Muhammad dies in Medina (632); HBD Frank Lloyd Wright (1867); HBD Barbara Bush (1925); James Earl Ray arrested for assassination of MLK (1968); HBD Kanye West (1977).
 
"The longer I live, the more beautiful life becomes."
- Frank Lloyd Wright

 
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