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Before legalization, the illegal marijuana market in the US was worth between $30 billion and $40 billion, putting it on par with America’s largest cash crop, corn. The legal market will almost certainly be even bigger. Quartz members this week get exclusive access to a report on the arrival of the legalized cannabis era, and how the business landscape is shaking out. You can sign up here for a 30-day free trial.
Reporter Alex Halperin in the first installment today takes you inside the gold rush to turn marijuana into an all-day, everyday product for adults—to replace their morning coffee, Advil, yoga, and whatever helps them get to sleep at night, too.
I hope you’ll take advantage of the free trial and benefit from all of this unique, in-depth work.
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Kevin J. Delaney
Editor in chief, co-founder
What to watch for today
The stars align for four rocket launches. Elon Musk’s SpaceX, Jeff Bezos’s Blue Origin, and two other private space companies, Arianespace and United Launch Alliance, all have launches scheduled today. If they go as planned, it will be the most rockets to fly (subscription) on a single day.
The UK preps for a no-deal Brexit. Prime minister Theresa May will ask her cabinet to plan for a no-deal scenario and allocate money from a £2 billion ($2.5 billion) contingency fund. The meeting comes after Labour leader Jeremy Corbyn submitted a motion of no confidence in Theresa May.
A truce in the Yemeni port of Hodeida. The country’s Saudi-backed government and Houthi rebels last week agreed to the ceasefire, which will allow crucial humanitarian aid to enter the country.
Michael Flynn is sentenced. Special counsel Robert Mueller has recommended a light sentence that avoids jail time for Donald Trump’s former national security adviser, who pleaded guilty to making false statements to the FBI a year ago.
While you were sleeping
US stocks hit a new low for 2018. Wall Street’s major indices fell by more than 2%, and the S&P 500 hit its lowest point in 14 months (subscription), as stocks headed for their worst December since the Great Depression. Asian indices slumped on Wall Street’s sell-off as markets brace for a possible interest rate hike in the US tomorrow.
Xi Jinping called for China to “stay the course” on its economic path. In a speech commemorating the 40th anniversary of economic reforms that kickstarted its historic growth, the Chinese president struck a defiant tone and said “no one is in a position to dictate to the Chinese people what should or should not be done.” Experts will be watching this week to see if Beijing makes any announcements regarding the trade war with the US.
Les Moonves won’t receive his $120 million severance. CBS’s board decided to fire its former chief for cause, having misled investigators and trying to hide evidence after at least a dozen women accused him of sexual misconduct. The stock fell 2.5% to a one-year low on the news.
Japan more than tripled its order of F-35 fighter jets. Prime minister Shinzo Abe’s cabinet approved increasing an existing order of 42 Lockheed Martin jets (subscription) to 147, and convert two destroyers into aircraft carriers, as the country bolsters the defense of its remote islands against China. The order will make Japan the biggest customer outside the US for F-35s.
A US sports-apparel brand was traced to a factory in China’s internment camps. An AP investigation found shipments from a factory inside a Xinjiang camp to North Carolina-based Badger Sportswear, showing how difficult it is to keep products made with forced labor from entering the global supply chain. Chinese authorities claim the camps, estimated to have detained 1 million Muslims, provide vocational training.
Obsession interlude
Placebos work better than they used to. Scientists are trying to unravel this mystery, which may have to do with direct-to-consumer pharma ads. The phenomenon could actually help patient care—but it’s also making it harder to bring drugs to market. Get a spoonful of sugar with today’s Quartz Obsession.
Matters of debate
Join the conversation with the new Quartz app!
Companies can fix employee burnout by switching to a four-day workweek. It’s a way for workers to reap the benefits of technology like automation.
College is worth the cost. Despite the price of higher education, the employment market is sending clear signals that college works.
Human extinction could be good for the world. We’re destroying much of the inhabitable Earth and causing unimaginable suffering to many animals that inhabit it.
Surprising discoveries
Jack Dorsey sent his facial hair to Azealia Banks. The Twitter CEO wanted the rapper to make a protective amulet out of his beard shavings.
A judge ordered a Missouri poacher to watch Bambi on repeat. He has to watch the Disney classic at least once a month during his year-long jail sentence.
Actual witches want Trump to stop saying “witch hunt.” They say his comparison of the Mueller investigation to their painful history is disrespectful.
A diamond the size of an egg was unearthed in Canada. The value of the 552-carat “fancy yellow” gem will depend on the cutting (subscription).
The year 536 was the worst to be alive. A mysterious global fog covered half of the planet for 18 months, leading to constant darkness, crop failure, and mass starvation.
Our best wishes for a productive day. Please send any news, comments, giant diamonds, and amulets made from facial hair to hi@qz.com. Join the next chapter of Quartz by downloading our app and becoming a member. Today’s Daily Brief was written by Alice Truong and edited by Isabella Steger.