January 17 2022,

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THE BIG IDEA

Hi all,

If you’re playing in New York, you don’t want to miss Jackie Bryant’s interview with consultant Kaelan Castetter. He brings a long family history to his deep understanding of the east coast mega-market.

On Friday’s episode, Jackie will be chatting with Jesus Burrola, CEO of outdoor grower Posibl. WeedWeek Pro members can join the conversation in our Discord community.

In today’s newsletter:

  • Ascend sues MedMen
  • Calif. Gov. Newsom appears to support tax relief

And lots more. Enjoy,

Alex

alex@weedweek.com

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Calif. Gov. Newsom says he supports tax relief

California Gov. Gavin Newsom (D) has signaled support for unspecified reform as the state’s craft industry says high taxes have pushed small businesses to “the brink of collapse.
MJBiz, NBC

  • It’s not clear how Newsom proposes to support businesses hammered by taxes, wildfire, burglaries, oversupply and a host of other problems. 
  • One of Newsom’s allies said the most likely tax to go would be the  state’s cultivation tax which went up Jan. 1 and can amount to half the wholesale price of a Humboldt- grown pound.  
  • Lindsay Robinson, executive director of the California Cannabis Industry Association, said there’s “reason for us to be optimistic. But…it’s not a done deal by any means.”

In the meantime, the AP reports, some licensed businesses in the state survive by selling on the illegal market.

  • “We basically subsidize our white market with our black market,” an unnamed grower said. 
  • “The furtive illegal sales happen informally, often with a friend within the tight-knit cannabis community calling to make a buy.” The story calls the state’s tracking system “far from airtight.”
  • “To have this system that now appears to be failing,” Kristi Knoblich Palmer, co-founder of edibles brand Kiva said, “Does not help us get to our goal of professionalizing cannabis and normalizing cannabis.”

California’s legal market does more than $4B in annual sales. The illegal market is said to be at least twice as large.

Read the whole story.

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