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August 4 2023,
THE BIG IDEA
CannaCon is coming to Long Beach this weekend. I don’t plan to walk the floor. But since I live here, drop me a line about any fun after-parties, brunches etc.
In the newsletter:
- EXCLUSIVE: With Cookies, Entourage Effect Cap. targets MSOs
- Judge rules against Calif. regulator in burner distro case
Send tips, press releases, concerns, feedback and criticism to email@example.com
WeedWeek regularly links to paywalled content.
EXCLUSIVE: ENTOURAGE EFFECT HAS BIG PLANS FOR COOKIES
Cannabis investor Entourage Effect Capital aims to overhaul Cookies’ business model, according to a 34-page pitch deck filed in court. The deck argues that Cookies’ new direction will enable it to compete with MSOs in key states.
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Calif. appeals Judge rules for catalyst in burner distro case
A panel of California appeals judges voted 3-0 to reverse a lower court decision that threw out a retailer’s lawsuit alleging the state regulator has ignored widespread diversion to the illegal market.
The ruling enables dispensary chain Catalyst to pursue its lawsuit against California regulators.
- An FDA lawyer now lobbying for MSO Columbia Care predicted cannabis would be re-scheduled this year or next. The industry would rather see it de-scheduled, like alcohol and tobacco. The lawyer, Howard Sklamberg, doesn’t give much credence to industry fears that re-scheduling would lead to a takeover by Big Pharma. (Neither do I, FWIW.)
Green Market Report
- Sen. Majority Leader Chuck Schumer (D-N.Y.) said the Senate is “making good progress” on the SAFE banking bill.
- To mitigate industry-hated tax rule 280(e) more smaller businesses are turning to controversial loophole 471(c).
- Sales picked up in June.
New Cannabis Ventures/BDSA
- MSOs Cresco Labs and Columbia Care called off their $2B merger.
- MSO Story Cannabis acquired four stores in Arizona.
- E-cigarette maker Juul wants to raise $1B.
- The WSJ discusses hop latent viroid (HLVd), the industry’s “billion dollar threat.“
- A group of hemp product makers are suing Arkansas over the state’s ban of hemp-derived THC products.
State and local:
- A New York bill would ban pot smoking in public.
Canna Law Blog
- In Fat Nugs magazine, Nigel Despinasse goes deep on Oregon’s “Moldgate” crisis.
- The South Florida Sun-Sentinel editorialized that the state is wrong to fight a 2024 REC ballot initiative.
- In Michigan, a federal judge threw out a testing lab’s lawsuit against the state on grounds that marijuana is federally illegal.
- The New Mexico regulator cracked down on another store it said is selling out of state products.
- A Headset report found that Illinois has some of the country’s most expensive weed.
- A South Dakota man launched a “long shot” effort to re-prohibit MED.
- Longtime activist and exec Kris Krane argues lack of banking access is killing equity businesses.
Health and science:
- A study commissioned by platform CBD Oracle found a quarter of “hemp-derived” D9-THC products were made from marijuana.
- A UC San Diego study found field sobriety tests may be insufficient for determining THC impairment.
- CNN‘s Dr. Sanjay Gupta returns to the weed beat when he talks to Sue Taylor of Mama Sue Wellness about cannabis and seniors.
- The N.Y. Times reports on Oregon’s experiment with decriminalizing fentanyl and other “hard” drugs.
Fun and interesting:
- Longtime reform advocate Jesse Ventura is the latest former pro wrestler, but perhaps the first former governor, to want his own brand.
- Dallas Cowboys owner Jerry Jones seems OK with legal weed.
- Tangentially weed related, my friend Saul Austerlitz has a new book out: “Kind of a Big Deal: How Anchorman stayed classy and became the most iconic comedy of the twenty-first century.“
- MED patients feel ignored by the California REC market, CalMatters reports.
- Vertical operator Statehouse said it had entered an agreement with lender Pelorus Equity Group to extend the repayment on its Series A loan agreement until 2027.
- SCOOP: Dovel & Luner the law firm suing California brands for “systematic potency inflation” received a favorable ruling in its case against Lowell Farms. It follows a favorable July ruling in its similar case against Statehouse’s KingRoll brand.
- Glass House reports results on August 14.
- On its sixth birthday, LA’s Department of Cannabis Regulation shared some stats about the country’s largest regulated metro market.
- Taking a tougher tone, Santa Barbara Co. officials said a proposed grow needed to add carbon scrubbers to abate odors.
- A new lawsuit alleges sheriff’s deputies trespassed on a Native American reservation in Mendocino Co. last year, when they destroyed a $100,000+ crop.
- Shops could open in Ventura (city) as soon as September.
- Riverside Co. supes nixed a proposed Stiiizy shop over traffic concerns.
- Residents of Fresno’s Pinedale neighborhood are pushing back against a new pot shop.
- Laguna Woods could be a rare Orange Co. town to open up to retail.
- Cannabis Now checks out LA’s celebrity party scene.
- Leef Brands signed a purchase agreement to acquire a 1,900 acre ranch in Santa Barbara Co., where it intends to become a large scale grower.
- Petalfast partnered with vape brand Matu in Massachusetts.
- 420Property launched a new online marketplace.
- North Coast Journal named its Best of Cannabis award winners.
- The L.A. Times named its five favorite infused beverages for summer.
- Stiiizy donated $294,000 to Pomona (LA Co.) parks and schools. Last year Stiiizy donated $207,000 to the city. The donations are part of a promise Stiiizy made during the local licensing process.
- The LA Times has a new newsletter for plant (all plant) lovers.
- The boss of Palms prerolls was seen distributing them to striking writers and actors.