NY Gov resists MedMen subpoena

Pennsylvania has recalled hundreds of vape SKUs on grounds that they contain “added ingredients,” including terpenes, that aren’t approved for inhalation by the FDA.

If more state’s follow, it could be a big problem for the vape industry.

NY GOV SEEKS TO NARROW SCOPE OF MEDMEN SUBPOENA

In the latest from the legal battle between MSOs MedMen and Ascend Wellness Holdings, the office of New York Gov. Kathy Hochul (D) is reportedly seeking to narrow the scope of a subpoena sought against her by MedMen.

MedMen alleges Hochul was improperly influenced by political donations from Ascend.

Read all about it.

FEDERAL BANKING REFORM IS BACK IN THE RED ZONE

For the sixth time, the U.S. House of Representatives passed cannabis banking reform, as part of an economic bill to boost competitiveness against China.

Rep. Ed Perlmutter (D-Colo.), the outgoing Colorado Congressman who wants to pass banking before he leaves office at the end of the year, is trying to convince Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Cory Booker (D-N.J.) to add equity amendments to the bill.
Marijuana Moment, NJ.com

After releasing a draft last summer, Schumer says he will file his “comprehensive” legalization bill in April.
Marijuana Moment
Perlmutter has called it a “fantasy” that Schumer’s bill could pass the closely divided Senate.

Banking reform probably has a better chance collecting the necessary votes in the Senate though Minority Leader Mitch McConnell (R-Ky), rather missing the point, called banking reform a losing strategy for great power competition.

The National Association of Federally-Insured Credit Unions endorsed banking reform.

A leading Wall Street analyst said he doesn’t expect any federal reform to pass this year. He called Rep. Nancy Mace’s legalization bill (R-S.C.), could be “the only game in town.”
Business Insider

QUICK HITS

Business:

Flower remains the most popular product category, but it’s losing ground.
MJBiz
A pre-Super Bowl ad from Weedmaps takes on censorship of cannabis in mainstream advertising.
The Kansas Reflector goes deep on the traffic stop of an Empyreal Logistics’ vehicle — in Kansas, traveling between Missouri and Colorado — which led Empyreal to sue the federal government. The plant’s legal status is at the center of the case.
REIT Innovative Industrial Properties, which trades on the NYSE, quietly pulled a $300M offering.
Green Market Report
Leafly started trading on the Nasdaq. Shares closed up around 8% at $7.17.
MarketWatch
Analyst Alan Brochstein looks at the dynamics fueling market consolidation.
New Cannabis Ventures
Delivery service Eaze published its annual report on the state of cannabis.

State News:

Ohio released the winners of its new MED license lottery. Klutch Cannabis, which submitted 5% of the 1,457 applications, looks to have won at least 3 of the 73 licenses available. Grown In discusses what’s next.
Crain’s Cleveland Business
In Humboldt County, Calif. growers are fighting to suspend or reduce Measure S, a local tax they say is crushing them. @redwoodroots.family estimates 90% of California legacy growers won’t survive the coming season.
Redheaded Blackbelt
The AP has a long story on why MED has momentum in South Carolina. Former Republican congressman and chief of staff to former President Trump Mick Mulvaney editorialized that the proposal “screams out for reasoned debate.” Actum, the lobbying firm where he works, didn’t respond to a question about whether he or they represent cannabis interests.
Consumption lounges took a step forward in Massachusetts.
Boston25
The Missouri industry is bullish on REC legalization this year. The “most plausible” path is through ballot initiative Legal MO 2022.
St.Louis Today
An Arkansas judge halted new licenses due to an active lawsuit alleging racial bias in awarding licenses.
Arkansas Online
The West Virginia industry is slightly less bullish on legalizing REC through the legislature.
ABC — Local
In an op-ed, the chair of the Washington state liquor and cannabis regulator rebuffed an industry lobbyist.
News-Tribune

Health and Science:

The Coalition for Cannabis Policy, Education, and Regulation, which represents players in industries including alcohol and tobacco, published a paper by three prominent physicians on cannabis and mental health.
Researchers at Harvard-affiliated Massachusetts General Hospital say they have devised a brain-imaging technique to determine cannabis impairment. They’re hopeful it can be used in a roadside device. Read the study, from Nature and the American College of Neuropsychopharmacology.
Boston Globe

Equity:

Entrepreneur/activist Andrew DeAngelo introduces prisoner Daniel Muessig.
Forbes

Fun and interesting:

High Times interviewed Jackass Forever star Rachel Wolfson.
Rhode Island distillery Ostreida is the country’s first to make vodka from oysters.
Food & Wine

COMPANY MILESTONES

NYSE-listed pharma company Dr. Reddy’s, said it would buy German MED company Nimbus Health for undisclosed terms.
Delivery service Amuse partnered with Cookies in California.
Sullivan University in Louisville, Ky. is launching a nine-month online certificate program in cannabusiness studies.
Fashion accessories brand Edie Parker is launching creative agency Weedie Parker Creative.
Rhett Jordan, co-founder of Colorado-based dispensary chain Native Roots, is launching Greatest Hits Cannabis in Massachusetts.
Arkansas-based fintech Abaca said it has processed more than $2B in transactions for the cannabiz.
CBS (Local)

JOB MOVES

Advanced Flower Capital Gamma named Marnie Sudnow to its board.
California brand Papa & Barkley promoted Guy Rocourt to CEO.

PRODUCT NEWS

@linxvapor

Very relevant reggae-punk band Sublime is launching a California brand in partnership with manufacturer The Healing Plant.
Forbes
Linx Vapor introduced gold rolling papers. (pictured)