Good morning. In today’s edition:

• 🌿 The loophole making weed effectively legal across the US
• ⚖️ MrBeast and Amazon lawsuit
• 🤔 What the Fed’s rate cut means for you

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.72-minute read (1,256 words).

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“It is not fair to ask of others what you are not willing to do yourself.”

–Eleanor Roosevelt (1884-1962)

While marijuana remains an illegal Schedule 1 drug at the federal level, alongside substances like heroin, LSD, and meth, it’s legal to consume either recreationally or medically (or both) across dozens of states.

But in many states where weed is illegal on some level – like Texas – a loophole exists that effectively makes it legal for anyone above 21 to purchase.

Background: The psychoactive compound in marijuana is tetrahydrocannabinol, or THC. And when people refer to THC, they’re usually referring to a specific THC isomer known as Delta-9. But cannabis plants also naturally contain significant amounts of other cannabinoids – like THCa (tetrahydrocannabinolic acid), a non psychoactive compound.

Here’s where the loophole comes into play: Any product with more than 0.3% Delta-9 THC is illegal at the federal level. But, according to the 2018 Farm Bill, which legalized hemp and its derivatives, anything under that threshold is fair game.

And while THCa is a naturally occurring non psychoactive compound, when burned or exposed to heat, a process known as decarboxylation, THCa converts into the psychoactive Delta-9.

• In states where weed is legal either medically or recreationally, the flower usually undergoes decarboxylation before being sold to the end consumer.
• But, if decarboxylation doesn’t occur prior to the sale and the plant contains less than 0.3% of Delta-9 THC, it falls into a legal gray area unless explicitly banned by an individual state’s laws.

📸 Big picture: Recreational marijuana is legal in 24 states (as of April 2024). However, 42 states currently allow hemp-derived Delta-9 THC products. A quick search of the area around DONUT HQ in Austin, Texas – a state where recreational use is illegal – surfaces dozens of THCa and Delta-9 dispensaries nearby.

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💥 A Ukrainian drone attack on a Russian missile facility triggered earthquake monitors. The Tuesday overnight attack struck a Russian warehouse storing missiles, guided bombs, and artillery ammunition, resulting in a fireball visible from space, along with detonations that registered as a 3.2-magnitude earthquake on scientists’ radars. Overall, Russia and Ukraine have each reported dozens of enemy drone attacks on their respective territories this week.

🇱🇧 Electronics used by Hezbollah exploded across Lebanon for the second day in a row. Lebanon's health ministry said at least 20 people were killed and 450+ others were injured yesterday when hand-held radios carried by thousands of Hezbollah members detonated across southern Lebanon. The explosions occurred at roughly the same time as Tuesday’s apparent attack involving thousands of pagers carried by Hezbollah, which killed at least 12 people and injured 2,800+ others. Lebanon and Hezbollah blame Israel for both incidents and are promising retaliation.

🇮🇹 FanDuel parent Flutter acquired Italian gambling service Snaitech for $2.6 billion. The deal comes amid a push by Flutter to invest in the top gambling companies in regulated markets across the globe (for example: the company acquired a majority stake in NSX Group, Brazil’s fourth-largest gambling operator, last week). Flutter’s strategy stands in stark contrast to its main rival DraftKings, who remains focused on the US market.

New video queueing: “I spent 755 DAYS fighting a LAWSUIT.” Amazon and a production company linked to YouTube star MrBeast are facing a new lawsuit centered around allegations of chronic mistreatment and sexual harassment on the set of Beast Games, a yet-to-be-released reality competition show from Prime Video.

A deeper dive: MrBeast, real name Jimmy Donaldson, runs YouTube’s most popular account, which boasts 316 million subscribers.

Over the summer, Donaldson partnered with Amazon to film Beast Games, a show where 2,000 participants compete in various events to win $5 million – “the biggest single prize in the history of television and streaming,” per Amazon.

• But, in a case filed at a Los Angeles court this week, five unnamed Beast Games contestants allege they weren't paid, were subjected to unsafe conditions, and experienced sexual harassment while filming the initial part of the show. MrBeast and Amazon declined to comment on the case.

The lawsuit follows a NY Times report detailing similar allegations. Last month, the NYT detailed claims from unnamed contestants about dangerous conditions on the set of Beast Games, including allegations that participants were undernourished, were promised payment but had it withheld, and in several cases had to be hospitalized.

📺 Zoom out: Donaldson and his empire have come under increased scrutiny in recent months. In July, the YouTube star removed a co-host from his channel amid allegations that she groomed a minor. That same week, a former employee accused Donaldson of rigging contests in his videos – though the claims received pushback from other employees.

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“The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.”

The Fed got the big scissors out yesterday, cutting rates by 50 basis points instead of just 25. It’s the first rate-cut since March 2020; the current benchmark rate now sits between 4.75%–5%.

What this means for you: The move is expected to make borrowing cheaper for consumers and businesses, with ripple effects across the economy.

• Consumers can expect to see lower rates for mortgages, car loans, credit cards, etc.
• Lower borrowing costs could also spur more business activity, as companies will be able to access cheaper capital.

On the flip side: As interest rates go down, so will bank payouts. Consumers can expect to say goodbye to high-yield savings accounts, some of which are paying up to 5% annually.

👀 Looking ahead… The Fed released new projections yesterday that anticipate the rate will be cut an additional 50 basis points by December, implying a 25-basis-point cut at each of its two remaining 2024 meetings.

• ☝️ You’re looking at some of the finalists for the 2024 Siena Drone Photo Awards; the contest, which received 2,000+ submissions from 113 countries, will announce the winners on September 28.

BUSINESS & MARKETS

in partnership with Caliber

• 💰 US markets closed down (S&P: -0.3%; Dow: -0.3%; Nasdaq: -0.3%); the S&P and Dow hit intraday records but fell towards the end of the day.
• 🧬 23andMe's entire seven-director board resigned en masse, following a negotiation with founder and CEO Anne Wojcicki over her plan to take the company private. | ✈️ Boeing is furloughing tens of thousands of workers as it works to save cash amid a labor strike.
• 📝 Tupperware officially filed for bankruptcy. |📱 T-Mobile is partnering with OpenAI to build an AI platform designed to help the telecom company gain and keep customers.

*From our partners: 💪🏆 “Best free workout app” –Fortune… Caliber helps you take a science-backed and personalized approach to reaching your fitness goals – whether it’s losing weight, gaining strength, or overall health. Effective programs, seamless tracking, fitness/diet education, and more. Get started free.

SPORTS, MEDIA & ENTERTAINMENT

• 🦈 Daniel Lubetzky, who founded Kind Healthy Snacks, will be the first new regular cast member on Shark Tank in over a decade, as billionaire Mark Cuban departs the show.
• 🏀 Adrian Wojnarowski, the legendary NBA reporter who dropped “Woj bombs” for Yahoo Sports and ESPN since 2007, retired from journalism; he also agreed to become the general manager of St. Bonaventure’s men's basketball program (his alma mater).
• ➕ The WNBA announced plans to add an expansion team in Portland, bringing the league to 15 franchises starting in 2026 (up from 12 currently).

SCIENCE, SPACE & EMERGING TECH

in partnership with Surfshark VPN

• 🎨 200-year-old African cave art depicting a mythical tusked creature may have been inspired by local fossils of a long extinct animal who lived hundreds of millions of years ago, per a new study.
• 🧠 Microplastics have the ability to infiltrate the human brain, likely through inhalation via the nose, according to a new study.
• 🌌 Scientists discovered the longest pair of jets streaming from a black hole ever recorded; the jets shooting hot plasma are as long as ~140 Milky Way galaxies placed end-to-end.

*From our partners: 👂 They’re always listening… Apps, Alexa, and even smart security cameras constantly collect your data. Will they keep it safe from cybercriminals? Surfshark is a one-stop solution for cybersecurity – usable on unlimited devices. Save 86% on Surfshark VPN + get three extra months here.

MISCELLANEOUS

• 🚢 The DOJ filed a lawsuit against the owner and manager of the cargo ship that caused the deadly Baltimore bridge collapse seeking $100+ million in damages; the DOJ accused the ship’s operators of recklessly cutting corners and ignoring known electrical problems.
• 🗳️ The Teamsters union won’t endorse a presidential candidate this election cycle for the first time since 1996, the group announced yesterday.
• 🏛️ House Speaker Mike Johnson (R-LA)’s proposal to fund the government was voted down yesterday, with over a dozen Republicans joining Democrats in opposition; Speaker Johnson’s bill included a provision requiring Americans to provide proof of citizenship to register to vote. (From the Left | From the Center | From the Right)

CLICKBAIT

• 👂🌱 How Can You Tell If Soil Is Healthy? Just Listen to It.

📵 Stat of the Day: Much like that one off-again-on-again ex, Gen Z’s relationship with social media can be described as love-hate – especially when it comes to TikTok and X. According to a new survey by social psychologist Jonathan Haidt and the Harris Poll, roughly half of US adults aged 18-27 wish TikTok (47%) and X (50%) were never invented – despite that same age group spending ~4 hours/day on those sites and other related social media. The figures for TikTok and X are far below the proportion of Gen Z who wish that YouTube (15%), Netflix (17%), the internet (17%), messaging apps (19%), and smartphones (21%) were never invented.

🤔 Did You Know? Can you name all three branches of the US federal government? If so, you’re ahead of the ~35% of American adults who can’t, per a May 2024 survey.

📰 Worth a Read: Can you believe the polls? It depends → (Knowable Magazine)

Yesterday, we covered a rundown of America’s current economic situation in the lead-up to the Fed’s interest-rate decision Wednesday afternoon.

❓ Our question to you: To all working professionals: would you consider the growth outlook in your industry/sector of the economy to be positive or negative over the next 12 months?

• 📈 Positive: 54%
• 📉 Negative: 46%

Click here to read the most thoughtful longform responses.

+Note on sample size: We received 3,043 votes and 291 longform responses.

Happy birthday to Francis Apraku, a James Madison High School custodian who just received the birthday surprise of his life. 

⏪ Let's rewind... A few months ago, a group of students heard Francis mention that a Jeep Wrangler was his dream car. Francis is a favorite employee among the students, so a group of freshman boys set up a GoFundMe for him shortly after. 

They hoped to raise enough money to buy him a Jeep by their graduation in four years – but it only took a few days to reach their goal.

• When the boys walked Francis out to the parking lot, it took him a few moments to realize the shiny new jeep with the big red bow was his – before he became visibly moved by the students' gesture.

The island of Malta is located in which sea?

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The Mediterranean Sea