February 8 2022,
THE BIG IDEA
So much to read today, let’s just get to it:
- Pennsylvania recall a warning bell for cannabiz
- NY Gov Hochul resists MedMen Subpoena
- The latest on safe banking
WeedWeek regularly links to paywalled content.
PENNSYLVANIA RECALL A WARNING BELL FOR CANNABIZ
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.
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.
- 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.”
- Flower remains the most popular product category, but it’s losing ground.
- 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.
- 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.
- 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.
- 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.
- The Missouri industry is bullish on REC legalization this year. The “most plausible” path is through ballot initiative Legal MO 2022.
- An Arkansas judge halted new licenses due to an active lawsuit alleging racial bias in awarding licenses.
- 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.
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.
- Entrepreneur/activist Andrew DeAngelo introduces prisoner Daniel Muessig.
Fun and interesting:
- 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.
- Austin Sheppe, Ph.D., discusses what makes cannabis green, blue, purple and pink?
- “Spock of cannabis” Darwin Millard posted on the meaning of terroir.
- @buckglass posted pics of two awesome bongs he made: Brontosaurus and Quetzalcoatl.
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