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Major telecommunications carries trade down as SpaceX announces low-band spectrum purchase, Starbucks eyes Chipotle takeover, I-5 opens ahead of schedule, Microsoft suspended from H-1B visa program, Albertson’s pops 5%, freshwater jellyfish found near Canyon Ferry.

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PNW Market Look

As of market close 10.8.26

Headline Roundup

  • Why a Starbucks takeover of Chipotle would — and wouldn’t — make sense for both companies (CNBC)

  • I-5 closed on Friday, Sept. 11 for what officials thought would be five weeks. It ended up taking less than four. (KOIN)

  • The Trump administration is suspending Microsoft from a green card program, alleging fraud (OPB)

  • 2 years in, Oregon still has no electric vehicle fast-charging stations through a $52 million federally funded program (OPB)

  • Wilson names economic task force (DJC)

  • Tacoma outlines $5.3B budget (DJC)

  • Dyed diesel still currently illegal on Montana roads, despite executive order (DM)

  • For $10M, CBRE sells LDS church to city of Kirkland (DJC)

  • Amazon lays off hundreds of employees globally in latest cuts (KUOW)

  • Yellowstone County sues over initiative aimed at Quantica data center (MTFP)

  • Idaho health insurance premiums see big jump for 2027 (BD)

  • Harris Ranch developers ask to increase housing units, decrease commercial space (BD)

  • Starbucks lays off dozens in WA (ST)

  • Costco to pay WA shoppers $14M to settle lawsuit (ST)

  • Congress Targets 13-Cent Nickel After Moving to Eliminate the Penny (Ground)

  • Attacks on tankers in Hormuz hit highest of any week since start of Iran war: Reuters (Ground)

  • $335,000 and counting: Another WA local government settles Flock lawsuit (CDN)

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Community Highlight

Eugene Clean Energy Fund supporters promise millions for climate projects, while critics warn of higher retail prices (OPB)

“Eugene voters will decide this November whether to impose a new climate fee on some large retailers.

Measure 20-388 would use a percentage of corporate profits in order to create a Eugene Clean Energy Fund. Supporters say the proposal could provide millions of dollars for climate resiliency projects.

“Eugene has really fantastic, strong, ambitious climate goals, and the issue has always been meeting them,” said co-chief petitioner Aya Cockram. “Eugene could use a clean energy fund to make sure that there is significant and steady funding.”

But opponents warn the initiative would lead to higher prices on everyday purchases.

Laura Sedwick, a volunteer for Stop the Hidden Tax on Eugene, said it would function as a sales tax on residents who are already struggling with high costs of living.

“You first have to ask yourself, ‘Can we as a local economy afford the cost of this measure?’” said Sedwick. “And then, if we are collecting this money, do we feel good about where it’s going and what the oversight is?”

Only companies that make more than $1 billion nationally in gross profits each year — and also more than $500,000 in the city — would have to pay.

They’d turn in 2% of the gross retail profits they make in Eugene before factoring in overhead.

Qualified groceries, which is most food that’s not already hot, would be excluded from the fee.

Basic medicines, healthcare, trash services and utilities would also be exempt, as would construction contractors, credit unions, co-ops and utility providers.

The campaign says it doesn’t know for certain who’d end up paying for licensing. But possible candidates include chains like McDonalds, Target and Wells Fargo.

Cockram said supporters were inspired by Portland, where voters passed a similar climate fee in 2018, which has raised more than $1 billion so far.

The opposition campaign also asks voters to look at Portland, where it claims the clean energy fee has led to price hikes and hurt the city’s economy.

At least two major grocers did initially respond to Portland’s climate fee, with Safeway and Winco adding 1% charges for some items on customers’ receipts, according to the Oregonian.

But customers later sued, claiming the grocers had added what had amounted to a hidden fee that wasn’t advertised on the sticker price. The chains later agreed to multimillion-dollar settlements.

Up to 10% of the Eugene fee’s revenue could be used to run the fund, and the initiative also lays out where the remaining money should go.

A majority of the funding would be for renewable energy, energy efficiency programs, and clean energy jobs programs. A smaller percentage would go to green infrastructure and other projects.

Sedwick said there is value in this work. But she argued that right now, there are far more pressing funding needs in Eugene.”

Rip’s Spotlight

Portland beer hub is closing its last local taproom, shifting focus out of state (ORL)

Portland brewery plans rotating residency concept at new building near Greenbelt (BD)

“A Portland brewery with a unique model is putting down roots in Garden City.

Function Brewery submitted a design review application with Garden City Planning and Zoning to build a mixed-use building featuring a restaurant and taproom at 212 E. 34th Street. The location, which sits right next to Push & Pour and Rosa, is about a block from the Greenbelt. Function Brewery also announced its plans on its Instagram page. 

Function owner Casey Armstrong and his family moved from Portland to the Treasure Valley a few years ago and said he’s excited to expand his business here as well

Function’s unique model

Armstrong first opened Function in 2017 as a space for other beverage businesses to do pop-ups. In 2019, he began focusing on brewery pop-ups, with Function serving as a space for other Portland breweries to try out a new part of town for 7-10 days.

COVID hit a year later, and after the Pandemic, Armstrong wanted to dive further into the brewery residency concept, expanding the pop-ups to a month-long and focusing on breweries outside the Portland area. 

With the new Garden City location, Armstrong plans to bring the residency brewery concept and expand on it with other beverages and food as well.

“We are definitely going to take that rotating brewery residency program concept and bring it here,” Armstrong said. “… This is the third evolution of what we’ve done with Function, so we are going to be doing a way more robust beverage program.”

After Armstrong moved to the Treasure Valley, he searched or the perfect space to remodel, but had no luck finding anything for over a year.

“I was actually hell-bent on doing a remodel, so doing a second-generation taproom or a second-generation restaurant,” Armstrong said. “I couldn’t find anything… So my buddy, I talked to him and was like, ‘Man, I can’t find anything. I’m getting frustrated.’ He’s like, ‘Well, you’re never going to find perfect unless you build it.’”

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