In Forbes, Will Yakowicz calls the fight over Delta-8 THC, an intoxicating cannabinoid which can be derived from hemp, “a battle for the future of the cannabis industry.“

The products containing Delta 8 are widely available in smoke shops and gas stations in states where REC and MED aren’t legally available or are hard to find. About a dozen states, some of which have legalized, have banned Delta 8.

• “I see it as a fight for the future of cannabis,” said the founder of a Texas-based company. “For anyone trying to limit this, taking on that prohibitionist stance—whether they’re motivated by business interests, political or religious—is really just fighting against cannabis.”
• Joe Bayern, CEO of mega-MSO Curaleaf takes an opposing view: “I think it should be framed as one of the most high-profile health risks available in the marketplace today,” says Bayern. “The fact that these products are showing up completely unregulated and untested in mainstream channels, available to anybody, including children, is an incredibly dangerous proposition that needs to be addressed.”
• Some states are trying to split the difference by legalizing it as long as it passes through the regulated market.

Read the whole thing.

Prominent lawyer Robert Hoban called Delta-8, “a tale of American ingenuity.“

• SCOOP: Hoban’s firm, Hoban Law Group, is being acquired by Clark Hill. Hoban (the attorney) told WeedWeek he would lead the merged firm’s global cannabis group.

Weed lit up the Internet this holiday weekend after we learned 21-year old Sha’Carri Richardson would be barred from running the 100-meter dash at the Tokyo Olympics after she tested positive for THC. 
Axios

Richardson, one of the fastest female sprinters in history, said she smoked to cope with the death of her mother. As part of her one month suspension, she had to complete a counseling program.

• The move by the U.S. Anti-Doping Agency was panned by cannabis activists, the industry, and in much of the mainstream media.
• The ADA said cannabis violates “the spirit of sport.“
  N.Y.Times
• President Biden suggested the rules governing pot use by athletes should be changed in the future.
  Marijuana Moment
• NPR explored why weed, which isn’t generally considered a performance-enhancing drug, is grounds for suspension.
• On Tuesday it was reported that she won’t run in the 4 x 100 meter relay, her last chance to appear at the games. 
  N.Y.Times

Goings on:

• Surprising no one, an Insider analysis found senior executives at leading potcos are overwhelmingly white guys.
• The California legislature passed significant changes to the state’s licensing regime.
  MJBiz
• Leading Canadian operators have racked up staggering losses while handsomely rewarding their bosses. 
• Entourage Effect Capital principal Matt Hawkins wrote about how to invest in cannabis without buying pot stocks.
  Kiplinger
• Investor Jason Wild discussed how he grew his assets under management from $80,000 to $1.7B.
  The Business Brew (Podcast)
• New Yorkers no longer have to sneak out to their “weed spot.” But partiers in the city are panicked about cocaine spiked with fentanyl.
  N.Y.Times, New York
• Here are the seven star attractions of Planet 13‘s new Orange County (Calif.) superstore.
  L.A.Times
• Jackie Bryant put together a list of her eight favorite California value brands.
  UpRoxx

Doings:

• FiveThirtyEight has a deep dive into what the industry can do about corrupt testing labs. “THC inflation is pernicious,” a chemistry professor said.
• The Parent Company acquired popular West Hollywood dispensary Calma for $11.5M, part of its plan to consolidate California.
  WeHoVille, New Cannabis Ventures
• Best Startup compiled the 70 best cannabis companies and startups in L.A.
• The Hemp Industries Association recommended regulation, not prohibition of Delta-8 THC. But California could ban it.
  Canna Law Blog
• Mexico’s Supreme Court decriminalized REC use. A bill to create a legal industry remains tied up in the legislature.
  BBC
• E-cigarette company JUUL agreed to pay $40M to North Carolina in the first of a series of lawsuits accusing the company of deceptive marketing practices that hooked teenagers.
  N.Y. Times 
• For the first time, Congress will allocate funds for harm reduction programs for people addicted to opioids.
  N.Y.Times
• Longtime executive Michael Sassano argues the industry’s biggest boom is yet to come.
  Cannabis Business Executive
• Psychology Today unpacks “the neural mechanisms of marijuana,” i.e. how it gets you high.

The legalization movement has scored some major victories in conservative states, but Politico reports GOP Senators in MED and REC markets remain skeptical of legalization. Even with full Democratic support, which is not a given, legalization appears unlikely to have the 60 votes necessary to clear the Senate. 

• The industry hoped former Sen. Cory Gardner’s (R-Colo.) evolution on the issue would be a model for other Republicans. However, Republicans from other legal states have mostly disappointed. This might be because Gardner was facing (and lost) a close election in a state where cannabis is a priority for voters.
• Bank reform could have a better chance. Sen. Steve Daines (R-Mont.) opposes legalization, no matter what his constituents want, but is a lead sponsor of the SAFE Banking Act, which would enable the industry to access the financial system. 

In more news from the right:

• MJBiz checks out Oklahoma’s booming MED market.
• Supreme Court Justice Clarence Thomas says federal laws against marijuana may no longer be necessary. The comment came as the court declined to hear a challenge to industry-hated tax rule 280E. The federal government’s “willingness to look the other way on marijuana is more episodic that coherent,” Thomas said.
  NBC
• Georgia’s supreme court ruled lawyers who work for cannabis businesses can face disciplinary action.
  Atlanta Journal-Constitution
• Mississippi is consulting with Utah and Oklahoma on developing rules for its MED market.
  Mississippi Today
• Wyoming could be the next red state to go green.
  WyoFile

A new report from cannatech shop Akerna anticipates Friday, July 2 will be the second biggest sales day of 2021, after 4/20.

• It anticipates sales up 60% from a normal Friday and weekend sales total $206M.

A new report from consultancy Brightfield Group is similarly bullish. 

Key trends:

• More women are consuming than ever before and in some states make up the majority of users.
• New users are entering the market at significant rates, “A clear factor in this phenomenon is stress and anxiety.”

In a development little noted in the cannabis world, earlier this month Apple opened its app store to pot delivery services. 
The Verge

• In the past, the tech giant has wavered on its 420-friendliness.
• Delivery apps will be able to operate as long as they are geo-restricted to a legal jurisdiction.
• Google’s Android does not currently allow cannabis delivery apps. 

In an interview with WeedWeek, Chris Vaughn, CEO of California delivery service Emjay and before than founder and CEO of booze delivery app Saucey, described delivery as “probably the biggest opportunity in cannabis.” 

• While no cannabis company is big enough to sway Apple, he suggested the company is picking up on prevailing trends such as legalization in New York and Amazon’s decision not to test employees.
• Emjay had been preparing its Apple iOS app before the announcement and has now submitted it to the company for feedback. “We had a feeling this was coming,” he said.
• Delivery apps have the potential to offer a smoother, more intuitive shopping experience than the mobile web.
• “I think Google will follow quickly,” Vaughn said. 

A story in MJBiz discusses the shake-up at California retailer Harborside after it went public and had to shed its activist roots. The situation has become common as cannabis companies with limited fundraising options started trading in Canada.

According to the story, the company took on a much more buttoned-up corporate culture and a number of staffers decided to part ways with the firm.  

• “It just comes down to the fact that … all these companies, under normal circumstances, had no business going public,” said Jon DeCourcey, an analyst at New York-based Viridian Capital.
• “The DeAngelos [founder Steve and his brother Andrew, formerly Harborside’s COO] had raised money. They had shareholders, so they didn’t own 100% of the company. So they had a responsibility to their shareholders to bring in profit. So going public only exacerbated it from that end,” current board president Matt Hawkins, managing partner at Entourage Effect Capital said. “That’s just business. If people don’t understand that, then I don’t know what to say.”
• Steve and Andrew, who have cut their ties with Harborside, declined to comment for the story.
• Other companies cited as experiencing similar “turmoil” after going public include MedMen, Ayr Wellness and Medicine Man Technologies (now Schwazze.)

Oakland-based Harborside was one of the city’s first dispensaries. Founded by Steve DeAngelo, it’s  famous for taking on the federal government in a forfeiture lawsuit it won and a less successful fight against industry-hated tax rule 280E.
East Bay Express, MJBiz 

Read the whole thing.

Quick Hit

1. Bloomberg looks for lessons in California’s $100M weed biz bailout.

Goings on:

• Precision Extraction and Cascade Sciences are merging to form what they say will be the biggest producer of cannabis extraction equipment. Shopping for used extraction equipment? MJBiz has six tips.
  Bloomberg
• Curaleaf chairman Boris Jordan anticipates the Schumer legalization bill will arrive in July.
  @Boris_Jordan 
• The CEOs of Trulieve and Green Thumb Industries discussed their very bullish assessment of the future of cannabis.
  Insider
• The Congressional Research Service released a report on the state of the hemp market.
  Marijuana Moment
• Maine’s homey MED shops worry about competition from slicker, corporate chains.
  Politico
• An NIH study found a possible association between cannabis use and suicidal ideation in young adults.
• Colorado Gov. Jared Polis signed a bill to study the effects of high-potency products on young people’s brains.
  Colorado Politics
• For PRIDE, Green Market Report spotlights 12 LGBTQ cannabis leaders. Here’s the L.A. Times version with LGBTQ-owned brands.
• An Insider reporter ate a four course infused dinner at a secret weed pizzeria in New York’s East Village.
• Conan O’Brien finally took Seth Rogen’s advice and smoked on stage.
  A.V. Club

A federal judge rejected Missouri’s state residency requirements for license ownership. It’s a big win for the state industry since Show Me State companies have struggled to find capital in the market.
Grown In

• In his Cannabis Musings newsletter, Reed Smith Attorney Marc Hauser wrote: “This ruling comes as no surprise, continuing a trend of federal courts finding these requirements unconstitutional.  …What’s really notable to me about this kind of decision is that a federal court is enforcing federal constitutional law about something that’s completely illegal under federal law.  It’s a paradox.”

Quick Hits

1. The U.S. Supreme Court declined to hear a challenge to 280E.
   JDSupra
2. MJBrand Insights finds 12 joints that stand out from the pack.