July 21 2022,

TOGETHER WITH

THE BIG IDEA

Hi all,

It’s WeedWeek‘s birthday!

Thanks so much for your attention and support, lo these seven years. Smart credible cannabiz news remains as necessary as ever, so I’m going to keep at it.

To celebrate we’re HAVING A FLASH SALE!

The FIRST FIVE of you to subscribe to WeedWeek California Pro can get 50% OFF ANNUAL SUBSCRIPTIONS with code WWBDAY50.

In today’s newsletter:

  • Schumer’s bill finally lands
  • Dutchie’s payments play faces headwinds  

Enjoy,

Alex

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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO

dutchie's
Dutchie co-founder and CPO Zach Lipson (Courtesy of Dutchie)

Dutchie’s payment play faces headwinds

Cannatech unicorn Dutchie has a new payments offering designed to secure its place at the center of dispensary tech stacks, and help it reach profitability.

Valued at $3.75B, the company’s software is used in 5,000 North American dispensaries. But the company had layoffs in June and faces a crowded field in payments. And tech investing has dried up. 

Dutchie has a great deal riding on payments. A former employee told WeedWeek

Read the story

PLUS: Curaleaf goes small, Kings Garden defaults on its rent and lots more…

Subscribe to WeedWeek California Pro today!

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SCHUMER DROPS LONG-AWAITED LEGALIZATION BILL

Senate Majority leader Chuck Schumer (D. – N.Y.) filed his long awaited bill to legalize federally. The Cannabis Administration and Opportunity Act (CAOA), which resembles a draft released last year in most respects, is unlikely to pass in its current form. 

The bill would deschedule THC from the controlled substances act and set up federal oversight. However, states would largely remain able to determine their own laws. 

Marijuana Moment reports:

“With ongoing talks about reaching a passable compromise this Congress, it’s also possible that certain provisions attached to the new lengthy legislation could serve as building blocks for something else: a more incremental reform package that Schumer has been discussing with bipartisan offices in both chambers.

In any case, the main thrust of the now-filed 296-page legalization bill closely resembles that of the earlier version, which weighed in at a mere 163 pages—though the senators highlighted a number of changes, which generally expand on the draft.”

The news inspired some pot stock short sellers to wind down their positions. Cannabiz stocks responded positively to the news. 
Bloomberg, Green Market Report

Trade group U.S. Cannabis Council applauded the bill’s author’s “for their leadership and vision” and reshared several ongoing concerns about taxation and other aspects of the legislation.  

Separately, President Biden said he’s “working on” his campaign pledge to free federal cannabis prisoners. 
Marijuana Moment

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