February 17 2022,

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THE BIG IDEA

Happy long weekend everyone! 

When they list the greenest shopping days of the year, President’s Day doesn’t make the cut. Why not? 

I’ll be taking the holiday as well, and will return on the Friday the 24th. Enjoy your well-deserved long weekend.

In the newsletter:

  • Ascend calls MedMen cannabiz “pariah”
  • A legalization avalanche
  • Calif. kids group like high pot taxes

Alex

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A LEGALIZATION AVALANCHE

Like many of you, I’ve never wavered from my belief that legalization was inevitable. Also like many of you, I thought it might happen sooner. But a flurry of activity nationwide this weeks suggests the state by state processing is accelerating, even as the timing of federal reform remains an open question. 
WeedWeek

Here’s an incomplete list

ASCEND CALLS MEDMEN CANNABIZ "PARIAH"

In two new court filings, MSO Ascend Wellness Holdings calls its estranged partner MSO MedMen a a “broken and mismanaged cannabis company that has repeatedly reneged on its promises to its employees, suppliers, shareholders, medical marijuana patients, regulators, and now Ascend.”
Forbes

Ascends filings also say:

  • MedMen is “a pariah in its own business community” with “incompetent and unethical leadership” whose business practices led the company to the “brink of insolvency.”

The legal dispute stems from MedMen backing out of a publicly announced deal for Ascend to acquire most of its New York business for about $73M.
WeedWeek 

  • In court filings MedMen has accused Ascend of improperly using political influence on New York Gov. Kathy Hochul (D) so that regulators would approve the deal before a deadline when it would have expired. 
  • Hochul has denied the charges, but a judge ruled she has to respond to a subpoena from MedMen. 
  • Ascend alleges MedMen is engaging in “seller’s remorse” and has fabricated allegations that support its countersuit, Jackie Bryant writes in Forbes.

Read the whole thing.

 

CALIF. KIDS ADVOCATES SUPPORT POT TAXES

California state Sen. Mike McGuire’s (D) new bill to reduce pot taxes took some early fire from an unexpected source: children’s charities which benefit from the taxes.
North Bay Biz Journal

While industry insiders warn high taxes have pushed the industry to the brink of collapse, a letter signed by 152 children’s advocacy groups claims that lowering them would have “an immediate, negative impact on thousands of children living in poverty and children of color across our state.”

  • Child care– and health care–related organizations statewide rely on $385.8M in Prop. 64 funds to support their programs benefiting 21,486 low-income children.
  • One south LA activist said cutting services would be “an insult” to those disproportionately affected by the war on drugs.
    NBC

Read the NBC story.

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IN THE WEEDS

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