Yesterday 79-year-old President Biden became the unlikely face of the cannabis reform movement. He announced the biggest steps ever taken by the US federal government toward decriminalizing marijuana by a) pardoning all Americans convicted of simple possession under federal law and b) directing agencies to review how the government classifies marijuana.

Let’s take those step by step.

1. The pardons: Biden’s executive action will clear thousands of people who have been convicted of simple possession from 1992–2021. There are no people currently in prison for this charge, but Biden said the measure will give those pardoned greater access to education, housing, and employment.

• Caveat: The overwhelming majority of people convicted of simple possession have been charged by states, not the feds, so Biden’s move is a kick in the tush to governors to follow his lead—which could impact millions.

2. The classification: Marijuana is currently classified as a Schedule 1 drug under federal law, putting it in the same category as LSD and heroin, and more serious than fentanyl and methamphetamine. “It makes no sense,” Biden said, so he told his administration to “expeditiously” investigate whether a change…makes sense.

Why did Biden do this?

Simply put, the people want it. Nine in 10 Americans support recreational or medical use of marijauana, and so many states have already loosened rules that almost half of Americans can legally consume recreational cannabis, per the Atlantic.

Biden also sees cannabis reform as a means of righting racial wrongs. “While white and Black and brown people use marijuana at similar rates, Black and brown people are arrested, prosecuted, and convicted at disproportionate rates,” he said.

Finally, take a look at the date—we’re just a month out from the midterms. That’s no coincidence. Biden thinks that taking a dramatic step toward decriminalization (without going that far) will motivate Democrats to come out to the polls.—NF

At least 24 children were among dozens killed in Thailand attack. A former police officer killed 36 people, including many preschoolers, in a gun and knife attack on a rural child care center; it’s the deadliest mass shooting by a lone gunman in Thailand’s history. The suspect, who killed himself and his family as he was being chased by police, had been dismissed from his police force position earlier this year after being arrested for meth possession. Thailand has one of the highest rates of gun homicide in Asia, per the NYT.

ESPN and DraftKings like their odds. The sports entertainment giant and the betting company are close to signing a “massive” exclusive partnership, according to the Action Network. ESPN, which is owned by family-friendly Disney, had been hesitant to dive into sports betting, but as growing numbers of younger viewers watch sports just to take the over (not a good play last night), access to betting opportunities has become a “must-have,” ESPN President Jimmy Pitaro recently said.

Make robots, not war. Robotics company and aspiring Tufts a cappella group Boston Dynamics, along with five other robotics companies, wrote a letter pledging not to weaponize their general-purpose robots. The companies said their kumbaya call was extra urgent because people have started to assemble DIY projects attaching weapons to their robots, like last year when an art collective allowed internet users to control a Boston Dynamics robot and destroy an art gallery.

If Peloton had a theme song, it would be Tim McGraw’s 2004 hit, “Live Like You Were Dying.” After Peloton announced 500 more job cuts yesterday, the WSJ reported that CEO Barry McCarthy gave the fitness equipment company a six-month ultimatum to turn itself around…or else end its run as a stand-alone company.

Peloton disputed this characterization, and McCarthy clarified in a staff memo that there’s no “ticking clock” on Peloton’s performance. Still, rumors about a potential sale to a deep-pocketed tech company like Amazon or Apple have been swirling since the beginning of the year.

The company, once heralded as the future of fitness, has posted six straight quarters of losses, halved its workforce in the last eight months, and watched its market cap freefall by over $40 billion since January 2021. In a sign of just how bearish inventors have grown toward Peloton, its current market value of ~$3 billion is less than its FY 2021 revenue.

So what’s the plan, Stan? McCarthy said that with the layoff portion of his turnaround plan complete, the company will focus on growing its subscription service. Peloton also announced a number of big-name partnerships, most recently with Hilton hotels to put bikes in all 5,400 of the chain’s branded locations.—MM

Don’t trust Jim Cramer? Well, now you can put your money where your heart is. A new inverse ETF, filed with the SEC on Wednesday, will invest in basically the opposite of what the Mad Money host recommends.

The investment strategy of doing the opposite of what Cramer says to do has been a running joke for years; one Twitter account dedicated to the practice has 100k+ followers. But, although he’s perhaps best known for recommending Bear Stearns stock weeks ahead of its 2008 collapse (and getting yelled at by Jon Stewart), past studies have shown that, in aggregate, Cramer’s predictions are mostly mid.

That doesn’t mean the inverse ETF concept can’t work: SARK, an ETF that bets against Cathie Wood’s Ark Innovation Fund, is up about 60% year to date, while ARKK itself is down ~59% over the same period. Tuttle Capital Management, the creator of SARK, is also behind the Cramer fund.

Zoom out: The inverse Cramer ETF is just the latest in a string of snarky funds that give investors the opportunity to put money behind their doubts (or faith) in a given figure. In September, the SEC received filings for two ETFs that would mimic the trades of lawmakers.—MK

Stat: Like Miley Cyrus, Porsche is one-upping its dad. Just one week after parent company Volkswagen listed it on the public markets, the uber-profitable Porsche has surpassed VW as the most valuable automaker in Europe. As of yesterday, Porsche was worth $81.2 billion, and VW $76.7 billion. That’s actually vindication for VW execs, who had hoped that by setting Porsche free from family obligations it would flourish on its own.

Quote: “F*** ADIDAS I AM ADIDAS”

These strong (and censored, by us) words came from Kanye West on the heels of an announcement that Adidas is reviewing its relationship with the artist (who now goes by Ye). Formally launched in 2016, the partnership between the apparel brand and West’s Yeezy clothing line has been rocky for a minute. In August, Adidas called West its “most important partner worldwide,” although West himself has been vocally critical of the company for months: In June, he accused Adidas of ripping off his designs and in September he posted a doctored image claiming the company’s CEO, Kasper Rørsted, had died.

Read: The Instagram capital of the world is a terrible place to be. (Vox)

The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to choosing the perfect jacket without even checking the outside temperature first.

It’s that satisfying. Ace the quiz.

Things to bring up at happy hour: the most visited website (that isn’t a search engine) in every country.

Pleasant scroll: One painting from every year of the 20th century.

Video of the week: What it’s like to give radio a chance.

Your therapy journey: Start today with BetterHelp, the online platform that’s helped more than 3 million people match with licensed therapists in just 48 hours. Sign up now and get 25% off your first month.*

Invest in a cure: Cytonics’ first-to-market, FDA-approved osteoarthritis therapy has already treated 8,000 people. Now they’re sending a more effective and scalable treatment to human trials, tackling a $240b global health problem. Invest in Cytonics by Oct. 14.*

^{*This is sponsored advertising content.}

Jigsaw: In today’s puzzle, each connected piece is one step closer to the cutest baby hippo you’ve ever seen. Play it here.

Friday puzzle

Today’s puzzle will test your guesstimating skills. How many words are there in the seven books of the Harry Potter series?

In this episode of Can Brew Do It?, Alex Lieberman challenges two teams of Brew employees to pitch a new startup worthy of his investment. Watch here.

On Business Casual: everything you need to know about the big shift in venture capital. Listen or watch here.

Calling aspiring creators: Our latest course will help you develop strategies to solidify your online presence, build a brand you believe in, and gain the audience you’ve been looking for. The Strategy for Creators master class begins Oct. 17. Register today.