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NEW: New episode of the Sphere Podcast!

On this episode of the Sphere Podcast, Pascal-Emmanuel Gobry, Publisher of Sphere Media, interviews Luke Niforatos, co-founder and Executive Vice President of the Foundation for Drug Policy Solutions about, you guessed it, pot. Marijuana. Cannabis. The ganj. (Yes, nobody's said that since 1972.) The issue of marijuana rescheduling has been in the news lately, with President Trump saying he's considering it. Luke explains what marijuana rescheduling is, and why it would be a very big deal. Then the two have a broader conversation about marijuana and marijuana policy: why it really does melt your brain, why allowing big corporations to sell it would be a disaster, the evolving science on marijuana, why it's not just a matter of personal choice, the difference between marijuana and alcohol, and more.

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GLP-1 Drug Usage Strikingly Stable, Many Report Side Effects

The good folks at RAND have produced a large survey of Americans' self-reported use of GLP-1 drugs (you know what they are).

The RAND American Life Panel survey, conducted in April-May 2025 with nearly 9,000 respondents, found that 11.8% of U.S. adults have used GLP-1 agonists. This figure remains virtually unchanged from a 2023 KFF survey showing 12% usage, suggesting that despite significant media attention and tripling prescription rates since 2020, overall population penetration has plateaued over the past two years.

The data reveal striking demographic variations. Women aged 50-64 show the highest usage rate at 20%. Not very surprisingly, among adults aged 30-49, women are more than twice as likely as men to have used these medications (15.1% vs. 7.2%). Interestingly, this pattern reverses among those 65 and older, where men slightly exceed women in usage rates.

While current usage has stabilized, latent demand appears substantial. An additional 14% of survey respondents expressed interest in taking GLP-1 agonists, suggesting potential for future market growth.

One hint as to this strange plateauing might be the reports of side effects. Among the 1,262 GLP-1 users surveyed, gastrointestinal effects dominated the adverse event profile: more than half (52%) experienced nausea, with approximately one in seven users reporting it as serious rather than mild. Diarrhea affected roughly one-third of users (34.3%), while vomiting occurred in nearly one-fifth (19.8%). The "hollowed-out face" effect—a cosmetic concern resulting from rapid facial fat loss—affected 8.5% of users. While the RAND researchers note that most side effects were classified as mild, the sheer prevalence of gastrointestinal symptoms suggests a substantial quality-of-life impact that could drive discontinuation rates.

The CDC's most recent data from August 2021-2023 show that 40.3% of U.S. adults have obesity. If e look at women aged 50-64, where the RAND study found the highest GLP-1 usage at 20%, obesity prevalence in the 40-59 female age group stands at 46.4%, once again, dramatic under-usage. And yet, this is one of the better usage-to-need ratios observed. Conversely, younger adults show minimal uptake despite substantial need: only 3.3% of those 18-29 have used GLP-1s, while adults aged 18-24 have obesity prevalence of 19.5%.

More than 30% of patients drop out within the first four weeks, often before a therapeutic dose is reached; younger adults (18–34) are even more likely to discontinue treatment early, according to research from Blue Cross Blue Shield (PDF).

But the most obvious obstacle is high cost: list prices typically range from $900 to $1,100 per month, often requiring prior authorization and resulting in significant out-of-pocket expenses.

For diabetes or cardiovascular indications, coverage is relatively common. However, for weight‑loss, coverage is much less common. Only about 1 in 5 large employers (200+ employees), and 1 in 4 very large employers (5,000+) cover GLP‑1 therapies specifically for weight management. As of mid‑2025, over 88% of covered individuals must meet further hurdles, such as prior authorization or step therapy, to receive GLP-1 coverage for weight loss.

Policy News You Need To Know

#MAGAGaullism — The Trump administration has acquired a 10% equity stake in Intel Corporation through an $8.9 billion investment, purchasing 433.3 million shares at $20.47 per share. The government's equity stake will be funded by the remaining $5.7 billion in grants previously awarded, but not yet paid, to Intel under the CHIPS Act and $3.2 billion awarded to the company as part of the Secure Enclave program. Commerce Secretary Howard Lutnick declared that "We should get an equity stake for our money" rather than simply providing grants as originally structured under the CHIPS Act. The primary strategic goals include strengthening US semiconductor manufacturing capabilities, reducing dependence on foreign chip production (particularly from Taiwan and China), and ensuring Intel can complete its delayed $20+ billion Ohio manufacturing facility despite the company's recent financial struggles. While people are shouting about "state capitalism," it's worth noting that the investment is purely passive "with no Board representation or other governance or information rights." The goal seems to be to get more value for the US taxpayer out of previously-appropriated grants.

#LiberateDC — Ever since President Trump deployed the National Guard to DC, the city has had a 10-day murder-free streak. It's a start!

#Pharma #AmericanManufacturing #Chyna — White House advisor Pete Navarro has published an interesting article at the Washington Times outlining what he calls the administration's two-term plan to secure America's supply of medicines. The plan has three main deliverables: building and maintaining a Strategic Active Pharmaceutical Ingredients Reserve with at least six months’ supply of critical ingredients; using federal purchasing power to sustain demand for U.S.-made medicines; and strengthening supply chains through advanced domestic manufacturing and an early warning system for shortages. Collectively, these measures aim to eliminate overseas chokepoints, ensure consistent access to essential drugs, stabilize prices, and secure U.S. sovereignty over its medicine supply

#Chyna — At the New York Times, Daisuke Wakabayashi and Joy Dong have a good piece about China's long-rolling property crisis, now in its fifth year following the delisting of major developer Evergrande. The crisis continues to drag down the Chinese economy with no clear end in sight. Once contributing nearly 30% of China’s GDP, real estate has now become a source of financial instability, depressing consumer confidence, weakening local government revenues, and spilling over into industries from construction to retail. Unlike the US housing crash of 2008, Beijing has avoided a sudden collapse by offering selective support, but it refuses to orchestrate a full-scale bailout, meaning the pain will persist. With housing demand soft, exports hampered by trade tensions, and alternative sectors like tech years away from filling the gap, China’s slowdown threatens to ripple outward, affecting the global economy. Time to decouple?

#Chyna #RealEstate — Speaking of China and real estate, you may have seen this story from ZeroHedge about Chinese buyers buying up Palisades real estate left distressed in the wake of the LA fires. While the story is based on accurate facts, we don't see grounds for panic here. The story is less about China and national security than it is about California's disastrous regulatory environment. The "Chinese" investors in question are two brothers from New Zealand, Nick and Mat Mowbray, founders of the Hong Kong-based toy company Zuru, who have purchased at least 9-14 fire-damaged lots in Malibu's La Costa and Carbon Beach areas for approximately $65 million through their company Zuru Tech US LLC. The brothers plan to use prefabricated concrete homes manufactured in their China factory for these rebuilds. Other not-particularly-Chinese investors have been buying up this land, including Edwin Castro, a local Powerball lottery winner, who has been the largest buyer through his Black Lion Properties LLC, purchasing at least 12 properties for $8.9 million. It is true that 50% of post-fire home sales in Altadena have been to corporate entities, with 42% of those sales held by just six companies. The obvious culprit is California communism. The state's notoriously slow and expensive permitting process creates barriers for individual homeowners trying to rebuild. In Malibu, rebuild permits can take 12-24 months for complex projects, with administrative reviews taking 3-6 months even for simpler rebuilds. The cost of rebuilding is prohibitive—requiring $2-3 million just for pre-construction infrastructure like septic systems and seawalls before actual home construction begins. This lengthy, expensive process forces many fire victims to sell rather than rebuild, especially elderly homeowners who can't wait years or those whose insurance won't cover full reconstruction costs. Meanwhile, well-capitalized investors can afford to wait through the permitting delays and have resources to navigate the complex regulatory requirements, giving them significant advantages over individual homeowners in acquiring and developing these prime coastal properties.

#Immigration — According to Reuters, the admin is considering creating a refugee cap of 40,000 with a focus on white South Africans.

#Immigration — Might be of interest to you or someone you know: the group Tech Workers has published a Guide to Fighting Citizenship Discrimination in Employment.

#Law #SCOTUS — Has there been a more sadly predictable trajectory than that of Supreme Court Justice Ketanji Brown Jackson? She has not distinguished herself through her scintillating intellect, and seems to have alienated virtually every colleague, even ideological sympathizers, through her combination of amateurish legal reasoning and obstreperous hostility. Jonathan Turley, Shapiro Professor of Public Interest Law at George Washington University, has a good piece at The Hill describing her outcome-based jurisprudence. "In Jacksonian jurisprudence, it often seems like there are no fixed rules, only fixed outcomes," he writes, accurately.

#Reads — Charles Murray is one of the most important living intellectuals. So we are excited to hear his new book, "Taking Religion Seriously," will be coming out soon.