Banking on cannabis
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 2 September 2021
⏱️ 9 minutes
🧾️ Download transcript
Summary
Read a transcript of this episode on FT.com
https://www.ft.com/content/385a236d-c829-47e8-b3a3-c0c3ef2d5387
YouTube has netted 50m paying subscribers for its music streaming services, and the dearth of truckers has become so severe in the US that some fleet owners are petitioning officials to let more foreign operators into the country. Plus, the FT’s US banking editor Josh Franklin explains that top American banks have avoided cannabis companies so a niche finance sector has sprouted up to service this growing industry.
YouTube’s music services amass 50m paying subscribers
https://www.ft.com/content/ae722400-561c-431a-85eb-e09e1f6b0bb2
US truck driving shortage, with the FT’s Steff Chavez
https://www.ft.com/content/a7283077-69de-4bb2-9d0a-1c68090d719f
Banking on cannabis: the new network of lenders for a semi-legal industry - with Joshua Franklin, US banking editor
https://www.ft.com/content/28d8375a-3bd9-4fba-b1b7-a2e5e8b4fcdb
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Thursday, September 2, and this is your FT News Briefing. |
| 0:08.4 | YouTube's music streaming services hits a milestone, and the trucking industry is pulling out |
| 0:13.6 | all the stops to plug its driver shortage. Plus, we'll talk to our US banking editor Josh Franklin |
| 0:19.1 | about a growing but underbanked industry. A lot of companies and cannabis businesses really |
| 0:24.8 | only took money in cash. We're unable to process electronic payments, so they stored the cash |
| 0:29.6 | in house, and that elevated the risk of theft and burglaries. I'm Mark Filipino, and here's |
| 0:35.2 | the news you need to start your day. The music streaming industry has been dominated by a few |
| 0:46.8 | big names. Apple, Spotify, maybe even Amazon. Now there's another name muscling in. YouTube. |
| 0:54.4 | YouTube has announced that its music streaming services reached 50 million paid subscribers. |
| 0:59.4 | It's a sharp jump from last year, and also a milestone for YouTube's owner Google. |
| 1:04.0 | These latest subscriber numbers come after failed attempts to get a footing in the market, |
| 1:08.5 | attempts like YouTube Red. Experts say YouTube music has attracting users in emerging markets, |
| 1:14.1 | and also younger audiences. They say it's becoming to Gen Z, what Spotify was to millennials, |
| 1:19.8 | half a decade ago. |
| 1:27.0 | The FT's been reporting on a shortage of truckers in the UK because of COVID. |
| 1:31.6 | Well, in the US, the number of truckers has been declining for years, and COVID just made that |
| 1:36.3 | pre-existing shortage all the more excruciating. But now the truck companies are scrambling for new |
| 1:42.2 | drivers and undertaking recruiting efforts that they've never undertaken before, and they're |
| 1:47.6 | struggling to get people to bite. That's the FT's Steph Chavez. She says some US trucking companies |
| 1:54.1 | are now turning to the government for help bringing in more foreign drivers. |
| 1:58.8 | There seems to be this small and potentially growing group of truck driving companies |
| 2:04.2 | that wants the government to expedite the issuance of EB3 and H2B visas, which are employment-based |
... |
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