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Hi all,

Sad news today that former Parent Co. exec Troy Datcher died. He was the first Black CEO of a large publicly traded PotCo. Our thoughts are with his loved ones.

Lots more in the newsletter as well,

Alex

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Terrence “Troy” Datcher, the first Black CEO of a large publicly traded cannabis company, died after a brief hospitalization. He was 55.

Datcher joined The Parent Company in September 2021, less than a year after it launched Jay-Z’s brand Monogram. A former Clorox exec, then Parent Company chairman Michael Auerbach said Datcher would help build the first 100-year cannabis company.

Instead the Parent Company struggled with the challenges that have bedeviled many of its California peers. The partnership with Jay-Z fell apart and in July 2023 it merged into Gold Flora. Since the deal, Datcher served as chairman of the combined company.

“Troy exhibited remarkable dedication in his mission to effect positive change and empower others to do the same,” said Laurie Holcomb, Chief Executive Officer of Gold Flora in a statement. “His vision for an industry based on diversity, equality, and community was an inspiration to all of us who benefited from the opportunity to work with him.”

“He will be missed by all of us who knew and worked with him, and we offer our sincerest condolences to his wife, daughter, and mother, as well as all his many friends and family,” Holcomb said.

Federal:

• Most Americans now have at least one dispensary in their county.
  Pew Research

Business:

• The number of active cannabiz licenses declined for the first time last year.
  MJBiz
• The New York Times follows licensed Oklahoma weed to New York.
• Leading MSOs Trulieve and Green Thumb Industries beat earnings expectations.
  New Cannabis Ventures
• Trulieve said it has received $113M worth of tax refunds as it challenges industry-hated tax rule 280E.
  MJBiz
• MJBiz meets Jeffrey and Justyna Jensen, a white SoCal couple behind lawsuits that have challenged equity laws in several states. 
• New York Gov. Kathy Hochul (D) demanded that Meta and Google stop promoting unlicensed dispensaries. It’s one prong of a broader plan to crack down on the illegal market. WeedWeek previously reported on how the illegal market games Google.
  NY Post
• Recruiter Vangst published its 2024 salary guide.
• Due largely to regulatory hurdles, mainstream brands have lost interest in CBD.
  NY Times
• To skirt Canada’s advertising bans, dispensary Stok’d promoted the businesses next door.
  AdAge

State and local:

• In Florida, proposed THC caps are dead this legislative season.
  Florida Politics
• Cartoonist Brian “Box” Brown examines a power struggle in Maine’s market.
• In Maryland, a Far & Dotter dispensary (owned by Curio Wellness), was fined for selling product fished out of a dumpster.
  Baltimore Business Journal
• Virginia lawmakers passed a bill to allow REC sales. It’s not clear whether Gov. Glenn Youngkin (R), no friend of legalization, will sign it.
  AP
• An Arizona bill aims to push back at the tactics that have enabled larger non-equity owned companies to control 24 of the state’s 26 equity licenses.
  Arizona Center for Investigative Reporting
• The first consumption lounge in Las Vegas opened. It’s called Smoke and Mirrors.
• The 200+ Michigan cities that allow pot shops will split $87.1M in tax revenue, nearly $30M more than last year.
  Crain’s Detroit Business

International:

• Germany’s parliament approved a bill to legalize nationwide.
  Marijuana Moment

State:

• Tax data shows the number of retailers with tax liabilities is sharply up from May 2023.
  SFGate
• Tax agency CDTFA held a bong auction to recoup $14.4M in unpaid taxes. It didn’t go well.
  LA Times

Business:

• Glass House got hit with a proposed class action lawsuit alleging labor violations. The company didn’t immediately respond to a request for comment.
  Law360
• Here’s Catalyst CEO Elliot Lewis’ “Chadzinga” speech in its entirety.
• Distributor Nabis said it has acquired Blackbird, the Nevada distributor once owned by now defunct Herbl. Blackbird is said to handle a quarter of the Nevada market. Terms were not disclosed.
  Green Market Report

Local:

• Humboldt County votes Tuesday on Measure A, an environmental initiative that growers say would be devastating. Casandra Taliaferro, co-owner of Skyline Farms, called it a “targeted assault,” on the industry.
• SF Mayor London Breed visited the offices of tech shop Meadow to mark the anniversary of Prop 215, California’s first in the nation MED law, which passed in 1996.
  @meadow.sf
• Tax revenue in Fresno fell short of expectations.
  ABC
• Oakley (Contra Costa Co.) said it would increase fines for unlicensed grows.
  Mercury News
• Vista (San Diego Co.) will draft an equity policy.
  KPBS
• Cookies is back in West Hollywood, at a new Melrose Ave. address.
  WeHo Online

Company milestones:

• Garden Society acquired craft brand Chemistry.
• Pabst Labs is the top beverage in the California market, according to Nabis.
• Operator Talarya Brands announced plans to target distressed assets for consolidation.
  Benzinga

Upcoming:

• Respect My Region is hosting its 13th anniversary party on March 12 in Ventura, Hall of Flowers eve.