Hi,

Happy Friday. Let’s get to it.

In the newsletter:

• Trump’s re-election brings new uncertainty for cannabiz
• SCOOP: Operator Gold Flora sued for alleged non-payment

Read up,

Alex

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SCOOP: Gold Flora sued for alleged non-payment

The parent company of Santa Cruz Co.-based Coastal Sun sued vertical operator Gold Flora alleging it’s owed overdue product payments.

Read the story

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What you missed:

1. How does Metrc add value? (Seven key takeaways)
2. Metrc seeks growth in licensed supply chain

Industry folks expressed “cautious optimism” following the re-election of Donald Trump. Trump has endorsed banking reform and rescheduling, though some Republicans in Congress are not on board. The picture will likely become clearer as Trump nominates an Attorney General and other key figures.
Law360, Green Market Report, MJBiz

After spending close to $150M on Florida’s unsuccessful Amendment 3, Trulieve CEO Kim Rivers said there’s an opportunity to legalize through the legislature. The loss sent pot stocks tumbling.
Fox, New Cannabis Ventures

Opposition to the Florida measure was financed by the intoxicating hemp industry, which has allied itself with Gov. Ron DeSantis since he vetoed a bill that would have essentially banned hemp products. A Miami Herald/Tampa Bay Times investigation found that numerous hemp products in the state were contaminated with pesticides.

Another Miami Herald investigation found that a man who plead guilty to securities fraud for involvement in a scheme tied to Trump’s social media company, and another who paid a civil penalty, were previously beneficial owners of Alleaves, parent company of regulatory software company BioTrack. Alleaves said neither is still involved with the company.

In other election day news:

• REC ballot initiatives also fell short in North Dakota and South Dakota.
  USA Today, KELO
• Two Nebraska MED initiatives passed, but they face a legal challenge.
  WOWT
• Massachusetts voters rejected an initiative to legalize some psychedelics.
  NPR
• Oregon voters appear to have approved a measure making it easier for workers to unionize.
  OPB

And:

• Media strategist Hunter Saab shared a deep thought about the election.

State:

• California’s crackdown on hemp-derived products continues.
  Hemp Gazette

Business:

• A group of social equity transport companies in Illinois is suing the state alleging it promised them a place in the supply chain then reversed course to allow MSOs such as Green Thumb Industries, Cresco Labs and Pharmacann to transport their own goods and destroying the value of the equity licenses.
  Green Market Report
• The former SVP of corporate social responsibility sued MSO Curaleaf, alleging she was fired after complaining about sexual harassment and racist comments. The company announced Q3 revenue of $331M and a loss of $44M.
  MJBiz, New Cannabis Ventures
• Rival MSO Green Thumb Industries slightly beat estimates.
  New Cannabis Ventures
• Trade group U.S. Cannabis Council rejected several board applications from hemp-related businesses. Hemp lawyer Rod Kight, who was rejected, asks ‘Who does USCC represent?’
  Forbes
• MSO Terrascend entered the Ohio market, its sixth state, with the acquisition of a dispensary.
• MSO Green Thumb Industries invested $20M in beleaguered agtech company Agrify. While some suggest it involves a bid for a NASDAQ listing, Marc Hauser at Cannabis Musings isn’t sure.
• The family who started Green Dragon and then was fired after Eaze acquired the Colorado-based retailer, has a new Colorado retail venture: Fired Cannabis.
  The Denver Post
• A Vox feature discusses how weed became America’s drug of choice.
• MSO Slang Worldwide filed for bankruptcy in Canada.
  Benzinga

State and local:

• Maine announced another recall.
  WMTW
• Nevada regulators issued a warning about product contaminated with an unapproved pesticide.
  Fox
• Many cities in northeast Ohio, the Cleveland area, have moratoriums on pot shops.
  Axios
• Tennessee’s first cannabis restaurant is about to open.

Health and science:

• A study on mice and humans found cannabis use during adolescence may lead to thinning of the cerebral cortex.
  Medscape

Fun and interesting:

• Legendary stoner and very active nonagenarian Willie Nelson talked about his new album, cannabis cookbook, Kris Kristofferson and what makes a good song.
  CBS

State:

• A recent court ruling raises questions about whether the secretary of state should accept filings from cannabis companies.
  NatLawReview

Business:

• Retailer Embarc put out a ‘Potlitico’ ad campaign aiming to take the edge off election anxiety.
  AdWeek
• Wildfire risk is making many growers uninsurable.
  Bloomberg
• Lawyers with Seyfarth Shaw discussed trademark considerations pertaining to cafes.
• Today at noon, Origins Council is hosting a webinar kicking off the Legacy Cannabis Genetics study designed to lay the groundwork for California’s appellations program.
• A new study from Oaksterdam University found packaging requirements in California have led to a tremendous amount of waste.
  Marijuana Moment
• Stiiizy products are now available in Missouri.

Local:

• An op-ed argues Sacramento should scrap a cannabis lounge pilot program.
  SacBee
• Santa Cruz Co. supes greenlit a smoking lounge pilot program.
  Pajaronian
• Based on unofficial results, it looks like Stanislaus Co. (Modesto) voted to tax several existing retailers.
  Modesto Bee
• Fresno says a partnership with the state is helping to crack down on unlicensed activity.
  Fresnoland
• Santa Barbara Co. industry group CARP Growers is offering farm tours to the public next week.
  CoastalView