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April 8 2022,
THE BIG IDEA
I was just in New York and boy that town’s gone to pot. Thank you, thank you. I’ll be here all week. Let’s get to it.
In today’s newsletter:
- A big week for federal reform bills
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What you missed yesterday in WeedWeek California Pro
Why did TPCO write down $654M?
The Parent Company, also known as TPCO Holding, began 2021 as arguably the most promising company in California.
That’s no longer the case, after it reported a net loss of $587M in 2021.
What’s going on?
TPCO revenue fell well short of…
Eaze rejects anti-union allegations
Green Dragon, the retailer recently acquired by delivery app Eaze, told WeedWeek it “vehemently denies any and all allegations of our organization being anti-union,” amid a tense unionization push in its home state of Colorado.
On Monday, local pub Denverite reports, the company fired three grow workers for supporting an employee union:
- “Workers at Green Dragon alleged the growhouse is filled with mold and insects and that the company refuses to provide adequate ventilation.
PLUS: Corruption allegations in Fresno and much more in yesterday’s WeedWeek California Pro.
A BIG WEEK FOR FEDERAL REFORM
For the second time, the U.S. House of Representatives passed the MORE Act, a progressive bill to end federal prohibition. It’s very unlikely to clear the Senate in its current form, but there multiple other reform bills have gained traction. On legalization lawmakers have shown a new openness to reaching across the aisle.
- Before releasing his highly anticipated legalization bill, Sen. Majority Leader Chuck Schumer (D-N.Y.) said he’s asking Republicans “what they want” in a bill.
- Rep. Nancy Mace (R-S.C.) spoke to MJBiz about what kind of federal reform could pass.
- Another proposal, to legalize cannabis through the farm bill, the way Congress legalized hemp several years ago, is gaining more serious attention.
Separately, the House and Senate passed dueling bills to expand MED research.
And in the city of Washington D.C., city council rejected a measure that would circumvent Congress’ effective veto of a REC industry in the district.
- MPP found legal states generated $3.7B in pot taxes last year.
- Politico suggests pot is a “gateway” drug for states to legalize psychedelics.
- It also looks at the obstacles facing Indian tribes seeking to join the industry.
- Public operators are reducing their 2022 projections after a tough Q4.
New Cannabis Ventures
- MJBiz reports the Russian invasion of Ukraine has further ensnarled supply chains for packaging, steel, solvents and other goods.
- Following a mix-up in which Curaleaf labeled THC products CBD, Oregon seeks to suspend the MSO’s license for 70 days and fine it $200,000.
- New Cannabis Ventures spoke to Cann co-founder Jake Bullock about taking on big alcohol.
- Business Insider meets a start-up that thinks coca leaves are the next big wellness trend.
- Europe’s first cannabis wellness spa opened in Switzerland.
- New York is taking steps to grow its cannabiz workforce.
- New Jersey Gov. Phil Murphy (D) says REC sales are coming soon.
- Illinois sales bounced back in March after two slow months.
New Cannabis Ventures
- Cannabis “amnesty” boxes at Chicago airports are rarely used, the Chicago Sun-Times found.
- New Mexico REC sales had a big first weekend.
- Detroit passed a long awaited REC ordinance.
Health and Science:
- The New York Times finds anecdotal evidence suggests weed can improve sex for some women.
- CelebStoner remembers Rick Pfrommer a longtime activist who worked for NORML and Harborside and loved the Grateful Dead. Here’s a story Pfrommer wrote about smoking in Cambodia.
Fun and interesting:
- Many American cannabis users remain reluctant to talk about their use, CBS found.
- Seed to sale tracking software company Metrc won another state contract: Mississippi.
- Enterprise software platform Flourish extended its social equity program.
- E-commerce platform Lantern has a new equity incubator in New York.
- MSO Jushi closed its acquisition of Nevada-based retailer NuLeaf.
- Open Book Extracts raised an undisclosed Series C funding.
- REIT New Lake Capital Partners acquired growing land in Missouri for $34M.
IN THE WEEDS
- Canna Law Blog discusses what a potco can do if an insurer rejects its claim.
- Colorado Gov. and industry ally Jared Polis visited the National Cannabis Industry Association’s podcast.