January 11 2022,

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THE BIG IDEA

Hi all,

Sending some LA sunshine to those of you buried in snow. Stay warm and safe everyone. 

In the newsletter:

  • Bad day for Tilray
  • Forbes goes long on unicorn Dutchie

And so much more! 

What’s on your mind? alex@weedweek.com

Alex

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FRIDAY in WeedWeek Live:

Castetter Cannabis Group managing director and vice-chair of the New York Cannabis Growers & Processors Association Kaelan Castetter.

WeedWeek Pro members can join the conversation at 11 a.m. PT in the WeedWeek Pro community

Kaelan Castetter (Courtesy Kaelan Castetter)

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Last Friday on WeedWeek Live, Chris Anderson, CEO of Redwood Roots, which distributes for some of the Emerald Triangle’s most celebrated farms, got real about the crisis facing California craft growers.

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Budweiser owner AB InBev ends partnership with Tilray

This Bud’s not for everyone

Beer giant AB InBev, parent of Budweiser, has ended its infused drinks partnership with Tilray. Trade publication Just Drinks landed the scoop from a regulatory filing on the same day Tilray released a narrower than expected quarterly earnings loss. 
MJBiz, MarketWatch

In late 2018, as international beverage giants rushed to partner with Canadian operators, InBev and Tilray announced a 50/50 joint venture called Fluent Beverage Co.

  • The brand lives on under the management of Budweiser sister brand Labatt Breweries of Canada. It’s developing a CBD beverage.
  • The split was reportedly a mutual decision.
  • Thus far Canadians haven’t shown much interest in THC infused drinks, though many analysts remain bullish on the sector.

Regarding the company’s earnings, frequent Tilray critic Rob McPherson posted, “The bottom line is, their bottom line sucks.” 

HOW DUTCHIE WINS

Dutchie CEO Ross Lipson, Courtesy of Dutchie

Cannatech unicorn Dutchie made the daily cover of Forbes as the “Shopify wannabe” of weed. CEO Ross Lipson, now 34, started the company, an e-commerce platform for dispensaries, with his brother in 2017. 

  • The college dropout previously sold an e-commerce platform for restaurants for $30M.

Like many canna-tech companies, Dutchie has benefitted from mainstream investors’ greater willingness and ability to bet on companies that don’t touch the plant. With its latest funding, Dutchie announced a valuation of $3.8B.  

Here are the juicy bits from Will Yakowicz’s interesting piece:

  • Dutchie claims about 5,000 of the U.S.’s estimated 9,000 pot shops use one of its products. It accounts for $12B in sales across the U.S. and Canada last year, about 40% of the total. 
  • It’s packages cost between $500 and $1,000 per month.
  • Forbes estimates Dutchie revenue at $45M in 2021 and $5M in 2020. (Lipson declined to comment on revenue.) The company isn’t profitable.

Read the whole thing.

QUICK HITS

Politics:

Business:

States:

  • Led by equity organization Supernova Women, representatives of California’s legacy and equity cannabiz are holding a rally Saturday at the state capitol in Sacramento, calling for lower taxes. The state’s budget surplus could exceed$45B. WeedWeek Pro community moderator Jackie Bryant tweeted the cannabis portions of Gov. Gavin Newsom’s budget speech.  Cannabis journo Mary Carreon translated one statement from Newsom as “It’s not that we don’t care about the implosion of the cannabis industry, but it is not a priority right now.”
  • Separately, California’s pot regulator is awarding nearly $100M in grants to local governments to help them transition provisional into annual licenses.  
  • NJ.com highlights 22 people, places and trends to watch as the Garden State’s REC market comes online. Incoming state Senate President Nick Scutari (D), a vocal legalization supporter, doesn’t see the state legalizing home grow any time soon.
    Heady NJ
  • New Hampshire’s Republican-controlled House voted to legalize possession and personal cultivation.
    Marijuana Moment
  • In Virginia, Republican lawmakers are sponsoring a bill to strip a major equity provision from the state’s cannabis law.
    Green Market Report

Fun and interesting:

  • Writers, photographer, mom and “reformed Party girl with a capital P” Allie Adams isn’t drinking this year. She started a Substack to document the experience.
  • Medical doctor @@ryanmarino tweeted what he says is the DEA’s new list of slang terms for weed. Should I change this newsletter to MershWeek?
  • Clerks filmmaker @thatkevinsmith ran into his daughter at a pot shop.

COMPANY MILESTONES

JOB MOVES

PRODUCT NEWS

dip devices
Dip’s new Lunar vaporizer Courtesy: Dip Devices
  • Dip Devices introduced its new Lunar vaporizer (pictured).

ON SOCIAL

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