April 29 2023,
THE BIG IDEA
Running a bit late today so let’s get to it.
In the newsletter:
- Hall of Flowers: A buyer’s view
- BREAKING: Delta-8 partner drops Cookies suit
- SAFE Banking returns
Lots more too,
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WHAT YOU MISSED IN WW CALIFORNIA PRO
BREAKING: Delta-8 partner drops suit against Cookies
In a sharp reversal, a company which licensed the Cookies brand for Delta-8 products dropped its $38M lawsuit against the popular brand, which alleged a wide array of wrongdoing over the course of their yearlong relationship. The former plaintiff said additional information came to light and that “certain third parties influenced us to file suit based upon allegations that we learned were not true.”
The popular brand faces additional litigation as well.
Hall of Flowers: A buyer’s view
When Hall of Flowers returns to Santa Rosa next week, Sean Shepherd will be the most popular guy there: He’s a dispensary buyer who pays his bills.
We asked him what he’s looking for in new partners.
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FOR SAFE BANKING, NINTH TIME'S THE CHARM?
A bi-partisan group of Senators and Congresspeople reintroduced a SAFE Banking bill that would allow banks to serve the industry without fear of federal penalties.
- Several changes have been applauded by equity advocates who expressed concerns that the bill would primarily benefit larger companies.
- For more on the mood in Washington, check out my recent interview with Sen. Majority Leader Chuck Schumer’s (D-N.Y.) former chief counsel Reggie Babin, who’s now with law and lobbying firm Akin Gump.
Lawyer turned consultant Marc Hauser, who’s not optimistic about the bill’s chances, thinks it’s the ninth time SAFE Banking has been introduced. He notes that it comes soon after the Senate failed to advance a bill to support MED research for veterans.
- The MED bill, Hauser notes, was “blocked by a group of senators that, in a Kafka-esque turn, included co-sponsors of the new SAFE Banking Act.”
- Twitter quickly relaxed its rules for pot ads. Packaged products can now be included in creative.
- The mother of Lorna McMurrey, the 27-year old Trulieve worker who collapsed during a shift last year and then died, spoke at an event sponsored by the National Council for Occupational Safety and Health. The group named Trulieve one of its “dirty dozen” unsafe employers.
The Young Jurks
- Following a system failure on 4/20, cannatech provider Dutchie promised a pay out to affected retailers.
- Highlyte by Amnesia, which aims to keep brands compliant on social media, raised $1M in seed funding.
- Distru Nabis opened the “world’s largest” weed warehouse in California’s central valley, halfway between Oakland and LA.
- Digiday discussed how cannabis is becoming more important to Jack in the Box’s marketing strategy.
- In Michigan, Stiiizy offered jobs to 400 workers laid off by a Burger King franchise.
State and local:
- The WSJ discusses the industry’s challenges in New York and California.
- Canna Law Blog discusses how labor laws compound the state industry’s woes.
- The former head of Michigan’s licensing board, a former Republican speaker of the state house, pleaded guilty to accepting bribes for approving license applications.
- Both chambers of the Minnesota legislature have now passed a REC bill. They need to be reconciled before heading to Gov. Tim Walz (D) who has said he will sign it.
- Delaware legalized REC without the governor’s signature.
- Colorado launched a loan program for equity businesses.
- MSO Trulieve opened Georgia’s first dispensary in Macon.
- The Denver Post profiled Cirrus Social Club, a forthcoming consumption lounge which aims to attract women and gays.
- Singapore executed Tangaraju Suppiah, 46, by hanging for trying to traffic about 2.2 pounds of cannabis.
Fun and interesting:
- NBC did man on the hill interviews during SF’s 420 celebration.
- Tommy Chong is 84, and he’s not slowing down.
- Meet the Gentleman Smugglers.
- “Reports of weed’s uncoolness have been greatly exaggerated.”