Marijuana is now legal in a majority of US states, and it’s largely a question of “when” rather than “if” it will be fully legalized. That’s created the prospect of a massive new marketplace—albeit one with a hazy future.

Jumia, an ecommerce marketplace provider, was the first African tech startup to list on the NYSE, in a wildly successful IPO. In a region where venture investing has lagged, it’s being seen as a reason to hope.

Eight years after the Pac-12 inked a major deal with Fox and ESPN, the college athletic conference is struggling financially and is seeking to sell a 10% stake in the business. Private equity could be the ideal buyer.

With protracted timelines in the private markets, the IPO pipeline is stuffed with long-awaited debuts. What do these unicorn exits portend for the venture industry and the broader startup ecosystem?