July 21 2022,
THE BIG IDEA
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!
In today’s newsletter:
- Schumer’s bill finally lands
- Dutchie’s payments play faces headwinds
WeedWeek regularly links to paywalled content
WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
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…
PLUS: Curaleaf goes small, Kings Garden defaults on its rent and lots more…
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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.
- It would establish a 10% national tax on pot products for the first two years, and gradually ramp the rate up to 25%.
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.”
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.
- In the Brittney Griner case, Russia accused the U.S. of disrespecting Russian law. Griner’s lawyers said she uses MED for chronic pain.
NY Post, CNN
- Seven U.S. cannabiz CEOs saw made more than $4M last year. George Archos, of Verano, made the most.
- In the Guardian, longtime cannabis journalist Chris Roberts discusses the Russian ties of American-born Curaleaf chairman Boris Jordan.
- The huge MSO is also seeking a do-over of a vote to unionize one of its Phoenix, Ariz. shops because mail in ballots were allowed.
- New seed-to-sale platform AlLeaves raised a $40M Series A.
- The non-cannabis vaping industry is out-of-control.
State and local:
- Florida may soon open the application process for more MED licenses.
- Metrc won Rhode Island’s track and trace contract.
- Connecticut named 16 license applicants to be equity REC cultivators.
- Preliminary signature verification data suggests Missouri’s REC initiative might not qualify for the ballot.
- Denver proposed reserving delivery licenses for equity applicants.
The Denver Channel
- The California State Fair’s cannabis exhibit is now up.
Health and Science:
- Amanda Chicago Lewis has an long and interesting story about a feud between influencer Alice Moon and cannabis researcher and physician Dr. Ethan Russo over a cannabis hyperemesis syndrome study.
MIT Technology Review
- Colorado-based Day Three Labs said it had secured funding to research cannabinoids as a therapy for Parkinson’s disease.
- B2B marketplace LeafLink launched a payments platform in six states.
Green Market Report
- Vireo is developing a former Pfizer site in Puerto Rico.
- California brand Presidential, known for its super-potent moon rock pre-rolls, is expanding to Oklahoma, Nevada and Michigan. (Pictured)
- Tilt Holdings launched its brand Toast in Massachusetts.
- MSO Jushi opened a Beyond/Hello store in Palm Springs.
- LA-based Ordo launched with a CRM for cannabis brands.
- Psychedelics company Compass Pathways named Kabir Nath CEO.
- Ag-tech shop Agrify named former Curaleaf exec Thomas Massie COO.
- “West Coast MSO” Unrivaled Brands counsel Joseph Segilia joined law firm Sullivan & Worchester as New York partner.
- Rick Zahnleuter, counsel for New York state’s regulator, stepped down.
NY Cannabis Insider
- Curaleaf International named Miles Worne president.
- MSO Cresco Labs elected its board of directors.
- Massachusetts operator Green Meadows named Max Jones COO. Co-founder Bob Patton moved from CEO to chairman and his son Chris Zawacki was promoted from COO to CEO.
- New York lawyer David Feder is now a licensed real estate broker as well.
- “Mature voice of cannabis culture” Mary Magazine will host the first MARY Fest 4/20 – 4/22 in New York.
- Julian Aaron highlights Cannabiz Media data on stores coming online nationwide.
- Reginald Stanfield, who is Black and received the first independent growers license in Massachusetts, shared his thoughts on social equity.
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