July 14 2023,
THE BIG IDEA
Coming soon, the return of High Society! Send pictures from your favorite cannabiz events to email@example.com
In the newsletter:
- Calif. Eaze drivers fight pay cut
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SPOTLIGHT: FUNDCANNA CEO ADAM STETTNER
Apple and Google have tremendous cash piles, but they still borrow money to fund their operations. Of course in cannabis, there are fewer potential lenders than in Silicon Valley, but CEO and founder Adam Stettner sees industry lender FundCanna’s role in a similar light, as a lender of capital to growing businesses.
CALIF. EAZE DRIVERS FIGHT PAY CUT
On June 1, delivery drivers at Eaze’s Gardena (Los Angeles Co.) depot got an email from HR. It told them their mileage reimbursement rate was $0.4069/mile.
Their reimbursement rate, used to pay for gas and wear and tear, already lagged behind the IRS’ optional standard mileage rate of $0.655, which factors in prices nationwide. For a full time driver living in one of the country’s most expensive metros, the news equaled a monthly pay cut of $600 or more, effective immediately.
The unsigned email requested drivers to sign and return an attached form. “We hope you have a wonderful day and a great rest of your week!”
The next day, the drivers…
- Senate Majority Leader Chuck Schumer (D-N.Y.) put SAFE Banking on his Summer priorities list, but said passing it won’t be easy. According to Senate Banking Chair Sherrod Brown (D-Ohio), passage depends on whether Sen. Steve Daines (R-Mont.) can deliver more GOP support.
Marijuana Moment, Politico Pro
- House Republicans blocked cannabis and psychedelics amendments to a defense bill from getting floor votes.
- An MJBiz study suggests celebrity brands outperform non-celebrity brands.
- MJBiz also interviewed Ben Kovler, CEO of MSO Green Thumb Industries, which is profitable and weathering the industry storm better than most.
- Facebook-parent Meta will allow limited CBD advertising on its platforms.
- Colorad0-based Safe Harbor Financial launched interest-bearing bank accounts for cannabis companies nationwide.
- Retailer Cookie Plug, uses weed slang to sell non-infused cookies. It signed a development agreement with LL Cool J and is seeking additional franchise partners.
- Investor and entrepreneur Seth Yakatan observes that the more successful companies in this industry have a few things in common.
State and local:
- As part of an ongoing crackdown, New York state officials raided two New York City locations of the Empire Cannabis Club, a gray market business. The raid gives Empire the opportunity to defend its legal status in court.
New York Cannabis Insider, WeedWeek
- Washoe Co., which includes Reno, hit the brakes on consumption lounge licensing.
The Nevada Independent
- There was confusion and empty shelves as new rules took effect in Virginia.
- Rhode Island shop Greenleaf Compassion Center is suing the state over a pro-labor aspect of the state’s 2022 REC law.
What’s Up Newport?
- Economists took a look at the Florida MED market, and what REC legalization would change.
- Michigan-based Golden Shores Cannabis Company is voluntarily recalling some edibles for containing too much THC.
- A top GOP lawmaker in North Carolina signalled MED reform is probably dead for the year.
Fun and interesting:
- High Times recaps the history of 7/10.
- Lawyer Griffen Thorne argues California “has never seriously tried to combat” the illegal market, through incentives or disincentives.
Canna Law Blog
- Sale and consumption is now allowed at California county fairs.
- Companies tied to “fake unions” could lose their California licenses, MJBiz reports.
- On Monday, StateHouse received another extension on its Series A debt obligations, until this coming Monday.
- Monterey Co.’s industry is struggling to survive.
Monterey County Weekly
- The city of San Luis Obispo (SLO Co.) is now accepting retail applications.
- PG&E announced a pilot project to increase power capacity in Humbolts Co.
- POLL: “With the crash of the cannabis market, have the sociopathic shitheads vacated your special place in rural Humboldt?”
Lost Coast Outpost
- Cannabis Industry Journal has an update on the state equity fee waiver.
- The SF Chronicle traced the fentanyl pipeline to open air markets in the city.
- Someone was shot during a 1 am dispensary robbery in Union City (Alameda Co.)
- The California Cannabis Industry Association and California Distribution Association are hosting a July 25 webinar on the “form, function and frustrations” of industry supply chain logistics.
- The California State Fair Cannabis Awards will be July 22 and 23 at the Cal Expo center in Sacramento.
- Cannifest 2023 Festival and Trade Gathering returns to Humboldt September 9 and 10.
- Cookies opened a DTLA location.
- After losing an IP dispute with the maker of Skittles, California company Terphogz said its Zkittlez strain is still available under the name The Original Z.
- Glass House director Hector De La Torre stepped down.