Billionaire Steve Cohen's Biotech Bet, Visa's New AI Fund, and Big Tobacco Coming for Cannabis

Visa Is Venturing Into Artificial Intelligence

Visa announced a new $100 million fund aimed at backing AI startups. Led by their internal VC arm Visa Ventures, they are looking to fund early stage companies leveraging artificial intelligence to build new payment technology infrastructure and applications.

Steve Cohen is The Latest Billionaire to Bet on This Small Biotech Company

Steve Cohen, the hedge fund billionaire who recently made headlines with his investment in psychedelic medicine company Cybin, has now announced a stake in Bionomics (NASDAQ: BNOX). The small biopharmaceutical company is working on PTSD treatments, and is backed by investors that include Peter Thiel, Christian Angermayer, and Mike Novogratz.

Big Tobacco Wants In On Medical Cannabis

Phillip Morris, the world’s largest tobacco company, has struck a deal to purchase Syqe Medical, makers of an inhaler technology that uses medical cannabis to precisely dose patients with chronic neuropathic pain, without psychoactive effects

The Sprint

• Bill Ackman, the legendary Wall Street hedge fund manager, is back with a new type of SPAC.

• Eli Lilly and other big biotech firms have started placing bets on radiopharmaceutical companies that are working to target and treat cancer cells more effectively.

• Copper has been declared a critical material by the US Department of Energy. With a predicted supply shortfall, companies are working to uncover new, reliable sources on US soil.

• Jet AI has launched a new platform to tackle the private jet carbon offset problem.

• Manna, an Ireland-based drone delivery company, has landed key partnerships with Coca Cola, Tesco, Ben & Jerry’s and more to begin delivering meals by drone.

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