THC-infused "social tonic" Cann is having a moment.

Forbes has a feature which sees it "coming hard at hard seltzer." New York magazine calls it the drink of the summer, hitting some key points here:

It is thanks to celesbian hairstylist Riawna Capri ... that I know about Cann. Riawna and her partner both beautiful and wellness-y and Californian, seem to have a really nice life, and when I saw them drinking pastel-pink and -green cans of weed seltzer on Instagram, I knew I had to have it. 

Started by two former Bain consultants, Cann aims for the "healthy hedonist" market. The beverages come in 8 oz. cans in trendy flavors like lemon lavendar and blood orange cardamon. Each can contains 2 mg of THC and 4 mg of CBD. The company has a partnership with, and investment from, MSO Green Thumb Industries, which is helping it to expand nationally.

For years before Cann arrived on the scene, insiders had been predicting something like it: upscale brands that appeal to non-traditional cannabis consumers. Amid concerns about pulmonary health, the pandemic has been the long awaited catalyst cannabis drinks were waiting for.  Even as some execs predict they'll become very popular, beverages remain a tiny portion of the legal market. (Related: Cannabis branding has begun to pay off, says MJBiz.)

Still that gives a savvy brand like Cann a lot of fresh powder, even if a good many Cann drinkers graduate to stronger products.

The only thing anyone seems to dislike about it is the price: A six-pack of Cann in my part of LA costs $24, 13x (or more!) per mg of THC as a pack of edibles.

PLUS: Will weed beer be big?
Forbes

Jackie Bryant did a fascinating story for WeedWeek about all the reasons why crypto is a good fit for the cannabiz, and all the reasons it might not be:

Cryptocurrencies can provide cannabis companies with blockchain transparency and security, the ability to transact online and internationally, an inflation hedge in a volatile foreign exchange market, and a formal banking alternative that isn’t subject to regulatory scrutiny. Culturally, using crypto currencies could also be a fit for many in the cannabis industry, especially those who have operated in the legacy market and are used to working outside laws and regulations.

Despite its potential benefits, using cryptocurrencies comes with a number of question marks. The volatility of crypto prices creates risk for sellers and can trigger tax issues. There are also a number of unknown factors in dealing with cryptocurrency which the cannabis industry could further  amplify.

Read it before you make the leap.

This story was made possible by Dama Financial.

The CEO of Marlboro maker Philip Morris International, which was spun off from Altria, the U.S. maker of Marlboros, spoke to Bloomberg about his openness to entering the cannabis market.  

• Philip Morris is "assessing factors like the toxicity of cannabis, efficacy and differences between pharmaceutical and consumer options," CEO Andre Calantzopoulos said.
• He implied the focus would be on smoke-free products.
• Bloomberg: "It could be part of the company’s 'Beyond Nicotine' strategy, which includes adding botanicals to expand risk-reduced products with new flavors like cloves, star anise or chamomile. Areas of opportunity could also include sleep aid, energy or calm control," the company has said.
• Altria has invested in Canadian player Cronos Group and has waded into lobbying on various aspects of federal and state U.S. cannabis policy.
• The FDA moved to ban menthol cigarettes and flavored cigars.
  CNN

Quick Hit

1. A Denver hotelier wants to take 420-friendly lodging national. 
   Westword

What else is happening:

• The Texas House approved a bill that would expand qualifying conditions for MED. The Lone Star state currently has one of the most restrictive state MED programs.
  Texas Tribune
• Congressional staffers told Business Insider that cannabis use is "fairly prevalent" on Capitol Hill. (Paywall.)
• Amid protests from cannabis businesses, an Oklahoma judge put off the implementation of a Metrc tracking system for the state's MED industry. Metrc has also disgruntled businesses in California.
  CBS (Local)
• The folks pushing for potency caps in Colorado aren't giving up.
  Denver Post
• LinkedIn bubble burster Rob McPherson can't make the numbers add up for Canadian giant Canopy Growth.
• Barron's serves up a guide to investing in pot stocks. (Paywall)
• Massachusetts hemp farmers feel like the "ugly step-children" of cannabis.
  Boston Globe
• Axios looks at the race to invest medical psychedelics that don't make you hallucinate. 
• Syracuse University is starting a cannabis certificate program in partnership with (WeedWeek advertiser) Green Flower.
  University Business
• What does OG cannabis activist Dana Beal do now?
  New York Times
• TechCrunch profiles Jim Belushi.
• Seth Rogen has discovered the secret to happiness, according to the New York Times magazine, or has come closer than the rest of us.