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March 31 2023,
THE BIG IDEA
We’re about to have some big announcements and in the meantime, I’m trying to figure out when’s the best schedule for sending the newsletters. Got any thoughts? Send them along. In the meantime, thanks for your forebearance.
California Pro subscribers should look out for your newsletter Monday morning.
In the newsletter:
- Florida bills would wipe out Delta-8 biz
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- Counsel, Licensing and Integration, PharmaCann — Chicago
- Senior Product Manager, Consumer, Weedmaps — Irvine, CA
- Senior Financial Analyst, Trulieve — Tallahassee, FL
TRULIEVE DENIES INVOLVEMENT WITH FLORIDA HEMP BANS
Florida-based MSO Trulieve denied supporting two state bills that would wipe out the state’s thriving Delta-8 “wild west.” Some in the hemp industry have suggested, that licensed MED companies would benefit from the elimination of this loosely regulated competitor.
Florida Phoenix, Miami New Times
The bills would limit hemp-product sales to adults 21 and older. More controversially, it would impose tight caps on how much Delta-8 can go into a product, outlawing many of the available Delta-8 edibles and vapes.
Some hemp officials have testified that they believe Trulieve supports the bill, which the MSO denies. “We have taken no stance on it,” a company spokesman said.
- Trulieve has plowed $25.5M into an effort to get REC on the 2024 Florida ballot.
- The FDA approves the first over the counter naxolone nasal spray to reduce fatal opioid overdoses.
- Dozens of states are considering bills on whether to regulate or ban kratom, a plant with “mild opioid like properties” from southeast Asia.
- In order to meet state labor requirements, MJBiz reports companies in the northeast and California have signed agreements with “fake unions,” sometimes known as company unions, that “do not have members, do not organize and have no intention of organizing workers.”
- Marlboro maker Altria said it is considering an expansion into weed products. The company has invested in Canadian player Cronos Group.
- Following Twitter’s new 420-friendly-ish stance, Retail Brew surveys the industry’s relatively few marketing options.
- Another crack in the fundraising ice: Vape maker GreenTank raised a $16.5M Series B.
- Wholesale platform Leaf Trade and point of sale system Sweed are merging into a new entity that promises to be the industry’s first B2B2C platform.
- MSO Columbia Care announced a Q4 net loss of $301M on $126M in revenue.
- Financial services provider Safe Harbor Financial entered into an agreement to resolve nearly $65M in payment obligations.
- After announcing a restructuring agreement, California brand Lowell reported a loss of nearly $50M in the last two years.
- Ben of Ben & Jerry’s is launching a new non-profit brand Ben’s Best Blnz or B3.
- California brand Kiva Confections has a new infused-ketchup, in partnership with Fatburger.
State and local:
- A federal judge narrowed the injunction blocking five areas of New York state from awarding licenses. Brooklyn and three other regions should be able to start awarding equity licenses. Only the Finger Lakes region remains under the injunction.
Canna Law Blog
- NY Cannabis Insider published a handy timeline on legalization in the state.
- Kentucky lawmakers sent a MED bill to Gov. Andy Beshear, who signed it, creating an industry in the state.
- Delaware Gov. John Carney dodged a question about whether he’ll sign two MED bills. Both may have the votes to override a veto.
- MSO Curaleaf became the biggest player in Utah’s MED market with the $20M acquisition of Deseret Wellness.
- MSO Ayr Wellness exited Arizona, selling its assets back to their previous owners.
- Massachusetts regulators suspended the license of Elev8 dispensary in Athol after the owner posted “a shirtless video…[in which he told former staff] if you step on my fucking property without my permission… you will feel it.”
- Trent Hancock shared a series of letters from Florida regulators fining labs for violations.
Health and Science:
- Dr. Peter Grinspoon, an instructor at Harvard Medical School and son of celebrated cannabis doctor and activist Dr. Lester Grinspoon, has a new book “Seeing Through the Smoke” on MED myths and realities.
- On her new podcast The Plant Lady, Jackie Bryant interviewed Luke Scarmazzo, recently out of prison after 14 years for running a California MED shop.
San Diego Magazine
Fun and interesting:
- Has Snoop cut down on weed since becoming a grandfather?