Good morning. It's Friday, March 26, and we're covering New York's move toward marijuana legalization, unemployment, and Egypt's maritime logjam. Have feedback? Let us know at hello@join1440.com.

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NEED TO KNOW

New York Eyes Legalization

New York officials reached an agreement yesterday that would potentially legalize recreational marijuana in the state, according to reports. The proposal would allow delivery of the drug and allow lounges where patrons could buy and consume cannabis—though the establishments would be prohibited from selling alcohol. The deal would also allow individuals to grow up to six plants at home for personal use. If fully implemented, analysts project the new laws would generate more than $300M in annual revenue via taxes.

New York would join 14 other states and the District of Columbia in legalizing small amounts of the plant for adult recreational use (see overview), while 35 states and the District of Columbia allow it for medical purposes. The use of marijuana is still technically prohibited for any purpose under federal law. 

If passed, the new law likely won't take effect until 2022. 

Unemployment Claims Fall

An estimated 684,000 Americans filed initial unemployment claims last week, down nearly 100,000 claims from the previous week. While historically high, it marks the first time initial claims have fallen below 700,000 since March 14 of last year, when pandemic-induced shutdowns began to ripple through the economy. The figure is also slightly lower than the prepandemic record of 695,000 claims set in 1982 (see historic data). 

Despite the improvement, analysts say challenges remain in the labor market. Those continuing to claim benefits under all programs—a better proxy for unemployment—rose by 730,000 to more than 18.9 million. About one-third of those recipients are estimated to have been unemployed for longer than six months and face additional difficultly in returning to work.

Meanwhile, new COVID-19 cases in the US sit around 50,000 per day, with daily deaths just under 1,000 (with 546,822 total deaths reported). The US is averaging 2.5 million vaccinations per day, with more than 87 million Americans having received at least one shot (33% of the adult population); see how your state is doing. 

Suez Canal Stoppage

A massive container ship that ran aground Wednesday in Egypt's Suez Canal remains stuck, clogging one of the world's busiest maritime trade lanes for a third day. The vessel, named the Ever Given, went off course amid high winds and poor visibility, ultimately getting both its bow and stern stuck on land while its middle floats in the canal. See the stuck ship from space here.

The 1,300-foot-long vessel is blocking a single-lane stretch of the 120-mile-long canal, which bisects Egypt and gives ships a shortcut between the Atlantic and Indian Oceans (see map). More than 10% of the world's maritime trade passes through the canal each day—more than $9B in goods. Officials say it may take weeks to free the ship, but hope a high tide over the weekend may help efforts. 

Read about the incredible logistics needed to dislodge the vessel.

Congratulations to Bridget E. from Chicago, who won our Peloton giveaway last week!

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IN THE KNOW

Sports, Entertainment, & Culture

Brought to you by Vuori Clothing

> Jessica Walter, Emmy-winning actress best known for role as Lucille Bluth in “Arrested Development,” dies at 80 (More) | Van Gogh painting, which hadn’t been exhibited publicly since 1887, sells at auction for $15.4M (More)

> The University of Southern California to pay $1.1B settlement to hundreds of women alleging sexual abuse by a campus health center gynecologist (More)

> March Madness: Women's and Men's Sweet 16 round begins tomorrow; see full women's bracket (More) | Full preview of men's match-ups (More) | See recap of NBA trade deadline (More)

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Science & Technology

> Scientists identify the first known transfer of a gene from a plant to an insect; study shows whiteflies, an agricultural nuisance, stole a gene from crops that helps protect against plant toxins (More)

> Preliminary data at Switzerland's Large Hadron Collider find quark behavior that challenges the standard model of particle physics (More) | What's a quark? (More)

> African elephants reclassified from vulnerable to endangered due to poaching, habitat loss; forest elephant populations have declined 86% over 30 years, while savanna elephant populations have declined 60% over 50 years (More)

Business & Markets

> US stock markets rebound after late-day rally to end up: S&P 500 +0.5%, Dow +0.6%, Nasdaq +0.1% (More)

> CEOs of tech giants Google, Facebook, and Twitter grilled in testimony before Congress on misinformation and Section 230, which protects internet companies from the liability of user behavior (More) | Twitter CEO Jack Dorsey called out by congresswoman for tweeting during the hearing (More)

> Sports merchandise e-commerce retailer Fanatics raises $320M from Major League Baseball, Fidelity, and others at $12.8B valuation (More)

Politics & World Affairs

> Final vote count in Israel shows Prime Minister Benjamin Netanyahu falling short of a governing coalition for the fourth time in two years; anti-Netanyahu coalition reportedly trying to assembly a bloc of parties to reach a majority (More)

> North Korea launches two ballistic missiles into the Sea of Japan; its first major provocation during the Biden administration (More)

> President Joe Biden gives first news conference; sets new goal of 200 million vaccine doses by the end of April, defends border policies (More) | Watch full news conference here (More)

IN-DEPTH

What's the Deal With AstraZeneca?

Nature | Smriti Mallapaty, Ewen Callaway. Most experts agree AstraZeneca's COVID-19 vaccine is safe and effective, but numerous missteps have eroded confidence in the company's efforts. Here's what we know, and don't know, about the drug. (Read)

The Story That Ruined the Writer

Marshall Project | Abbott Kahler. After the success of her book "Water for Elephants," popular author Sara Gruen became fixated on the case of a man who she believed was wrongfully incarcerated. Six years later, the obsession has nearly destroyed her. (Read)

The Weird Biology of Asexual Lizards

Knowable | Geoffrey Giller. Who needs males? On the pros and cons of being able to reproduce without the other sex. (Read)

Eric and the Bees

Zendesk/Vimeo | Staff. A beautiful short film exploring the life of Eric Grandon, a veteran who turned to beekeeping on his West Virginia farm to treat post-traumatic stress disorder. (Watch)

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ETCETERA

Visualizing income distributions in every state. 

Winners of Sony's 2021 photography competition.

Napoleon's older brother's estate to become a state park. 

Chrissy Teigen cancels Twitter.

The Bank of England honors Alan Turing.

Children's ideas to get the Suez Canal unstuck.

Being an NBA player named Gary is ... not great.

Georgia man gets final paycheck paid out in 90,000 pennies.

Clickbait: Young female Twitter star turns out to be a 50-year-old man using deepfakes.

Historybook: RIP Beethoven (1827); American poet Robert Frost born (1874); RIP American poet Walt Whitman (1892); HBD Diana Ross (1944); 39 die in Heaven’s Gate mass suicide (1997).

"To have great poets, there must be great audiences too."

- Walt Whitman

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