August 26 2022,
THE BIG IDEA
Happy end of summer! I’ll be taking next week off and will see you after labor day.
In the newsletter:
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This has been updated to reflect that the new USCC head Khadijah Tribble remains Curaleaf SVP corporate social responsibility.
WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
Calif. cannabiz defeats label bill, for now
The cannabiz scored a big win in Sacramento this week with the defeat of legislation that would have added bright yellow warning labels and “graphic” language to weed packaging. Supporters of the Right to Know Act shelved their bill after accusing the industry
SCOOP: Three more women sue Jungle Boys
Three women who previously worked for Jungle Boys have sued the storied SoCal operator alleging sex discrimination, underpayment and other labor violations.
The case follows a similar pending suit filed in April by…
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CLOCK IS TICKING ON FEDERAL REFORM
Supporters and activists are split over a push for federal legalization and a more limited reform that would allow banking access. One of the key issues is whether banking reform would support equity goals or just be a boon to larger players who are eager to integrate into the financial system.
- Sen. Ron Wyden (D-Ore.) who co-authored the cannabis Administration and Opportunity Act with Sen. Majority Leader Chuck Schumer (D-N.Y.) and Sen. Cory Booker (D-N.J.) said he hopes this Congress can pass “some key reforms” by the end of the year.
The American Prospect
Meanwhile, a bill that could lay the groundwork for interstate trade, is heading to the desk of California Gov. Gavin Newsom.
- A “spoke” of the federal investigation into Florida Congressman Matt Gaetz reportedly involves an alleged public corruption scheme to influence cannabis policy in Florida.
The Daily Beast
- Nitin Khanna, an entrepreneur with a troubled past who led vape brand Select, before it was acquired by Curaleaf, has sued the MSO in a $1.5B RICO claim.
Portland Business Journal
- Curaleaf is urging a federal judge to throw out a lawsuit alleging the MSO stole employee tips.
- The Washington Post reported on the state industry’s woes. The libertarian Cato Institute sees the article as a endorsement of its low-tax, low-regulation worldview.
- MSOs Trulieve and Green Thumb Industries squabbled on social media over an alleged “knock off” brand.
- Motley Fool discusses what’s going on with San Diego-based REIT Innovative Industrial Properties.
- MedMen exited Florida selling 14 open stores, a coveted license and its grow for $67M, $16M less than when the sale was announced in February. Exec and commentator Michael Bowen called it a great deal for buyer Green Sentry.
State and Local:
- Pennsylvania is the latest state where falling prices are crushing mom and pop shops.
- Mayor Eric Adams (D) announced New York City’s new equity program, Cannabis NYC.
- New York State legislators released a breakdown of anticipated retail licenses by region.
- In Washington state, an industry lobbyist criticized pending legislation.
- Canna Law Blog looks at the state ballot initiatives coming up in November.
- California Gov. Gavin Newsom vetoed a bill to allow safe injection sites. Some critics think it’s because he has his eye on the White House.
Marijuana Moment, SF Chronicle
- The industry wants Vegas consumption lounges to have outdoor patios.
Health and Science:
- The DEA issued its seventh grow license to support MED research.
East Bay Express
- Weed and hallucinogen use reached record highs among young adults last year.
Fun and Interesting:
- Cartoonist and activist Brian “Box” Brown has a new book: Cannabis: The illegalization of weed in America
- The NY Times encountered some infused beverages. Cannfounder Jake Bullock discussed what the grey lady got right and wrong.
- Respect My Region launched The Mids Report, a video series for budget conscious cannabis lovers.
- MSO TerrAscend closed on its acquisition of Michigan chain Pinnacle for $28.5M.
- Lender Bespoke Financial plans to expand its buy-now pay- later service for dispensaries.
- Tech player Dutchie launched a new POS system.
- Stiiizy opened its first store outside California, in Michigan.
Crain’s Detroit Business
- In partnership with Mike Tyson’s brand Tyson 2.0, former wrestling star Ric Flair’s line Ric Flair Drip is launching big this fall in partnership with MSO Verano.
- California brand Old Pal arrived in Maryland, its eighth state.
- Beverage brand Cann sold its 10M can.
- AdvisorShares launched a new weed ETF: MSOX
- Steven Hawkins stepped down as head of lobby U.S. Cannabis Council. He’s been replaced by Curaleaf SVP corporate social responsibility Khadijah Tribble.
Cannabis Business Times
- Beleaguered Unrivaled Brands named Robert Baca as interim Chief Legal Officer.
- Roie Edery, boss of e-commerce platform Ginger, makes the case for DTC sales.
- Pistil Data CEO Jeffrey Graham sees flower prices dropping nationwide.