May 12 2023,
THE BIG IDEA
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In today’s edition:
- Can Hall of Flowers evolve?
- SAFE banking: Off to a good start?
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CAN HALL OF FLOWERS EVOLVE?
The cannabiz loves Hall of Flowers.
When it launched at the Sonoma County fairgrounds in September 2018, it quickly gained fans for its consumption-friendly spaces and sunny vibe. It was an ideal way for brands and retailers to get to know each other. The trade show also captured the optimism of the moment, the balance of cultural authenticity and business savvy that the industry likes to see in itself.
At the time, the California REC market had been open for less than a year. MedMen had gone public the previous June and would soon reach it’s all time high of…
INDUSTRY HOPEFUL AFTER SENATE BANKING HEARING
Industry leaders expressed cautious optimism after the U.S. Senate Banking Committee held its first ever hearing on cannabis banking reform this week.
Chairman Sherrod Brown (D-Ohio) seemed to express support for the latest SAFE Banking bill to pass the House as did ranking member Sen. Tim Scott (R-S.C.)
- Majority leader Chuck Schumer (D – N.Y.), Cory Booker (D – N.J.) and Ron Wyden (D – Ore.) called for additional equity provisions to be added to the bill.
- Charlie Bachtell, CEO of MSO Cresco Labs said operators should have been invited to testify before the committee but was encouraged that the issue was being heard. Still, its passage is not assured.
- The American Banking Association called for “swift passage” of the bill.
Business of Cannabis
- TerrAscend, Ascend Wellness, GrowGeneration, Weedmaps’ parent, Verano, Trulieve, Schwazze MariMed, GTI and others reported. Q1, as a rule, was tough, though overall sales rebounded in March according to data shop BDSA.
New Cannabis Ventures
- Leafly “lost last year’s profits in an single quarter, despite layoffs.“
Green Market Report
- DigiDay looked at industry ad budgets as regulations loosen (a little.)
State and local:
- The Connecticut House passed a bill that would limit THC potency in hemp-derived products.
- MSO Trulieve has now spent $38M+ to get REC on the 2024 Florida ballot.
- New Hampshire Republican lawmakers killed a REC bill.
- Behold, the Delaware market!
Canna Law Blog
- Lawyer Amy Margolis went on hiatus from her role as head of the Oregon Cannabis Association since her client, La Mota’s, consulting’s relationship with the Oregon Secretary of State came to light, leading to the Secretary’s resignation.
- Ohio REC supporters are collecting signatures for the November ballot.
Ohio Capital Journal
- San Francisco may ban new pot shops.
- The Missouri industry is fighting a proposal that would require “plain or uniform labeling.” The state surpassed $1B in sales since REC went on sale in February.
St. Louis Business Journal, NBC
- Washington became the third state to adopt an interstate trade law.
Health and science:
- A study found young men are at a greatest risk of cannabis-related schizophrenia than women. Based on the data, NORML deputy director Paul Armentano argued “acute cannabis-induced psychosis is rare.”
- The 40-year old weed trade could be ending in Christiana, Copenhagen’s anarchist enclave, on account of gang warfare.
- MED growing began in Morocco.
Fun and interesting:
- Jackie Bryant tried hemp pasta. And have you heard her new podcast The Plant Lady?