May 19 2023,
THE BIG IDEA
Happy Friday! Let’s get to it:
- How can PayRio enable credit card payments?
- Cookies plaintiff has been to court over Dutchie, MedMen
- Frustration with New York’s equity fund
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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
How can PayRio enable credit card purchases?
Led by JP Morgan veteran Aubrey Amatelli, San Jose-based payments startup PayRio offers dispensaries a way to accept credit card payments. How is that possible?
The VC who’s gone to court over Cookies, Dutchie and MedMen
An entity controlled by Gron Ventures general partner Thomas Linovitz seeks to oust Berner and his allies from the Cookies board. Linovitz has also been involved in litigation over Dutchie and MedMen.
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NY EQUITY LICENSEES FED UP WITH UNFUNDED STATE VEHICLE
NY Cannabis Insider reports that the team tasked with raising $150M to support equity businesses hasn’t raised any of the money. Once it is raised, the state is supposed to throw in an additional $50M.
The fundraising team includes NBA Hall of Famer Chris Webber and executives from financial firm Siebert Williams Shank.
A group of equity licensees have sent a letter to state regulators about the state’s Dormitory Authority, which selected the fund managers, alleging an “alarming and unacceptable” lack of communication and transparency.
- A group called SAFE Banking for Equity wants the bill expanded to enable access to all financial services, including capital markets.
- A DEA official said get ready for new rules governing synthetic cannabinoids.
- Companies including Curaleaf, Ayr Wellness, TILT Holdings and Planet 13 reported earnings.
- Illinois said it would change its tracking software from BioTrack to Metrc. It’s Metrc’s 24th state.
- MSO Green Thumb Industries faces 10 federal complaints from the Teamsters.
Green Market Report
- Easier to use consumption devices have catalyzed concentrate sales.
State and local:
- A group of Illinois transporters has sued the state alleging it has allowed rampant illegal delivery operations.
Green Market Report
- Minnesota appears likely to send a REC bill to the governor.
- The New Hampshire Senate killed a REC bill, but the year’s legalization effort may not be dead yet.
- Following the resignation of Oregon’s Secretary of State, for her consulting contract with embattled operator La Mota, Gov. Tina Kotek (D) said neither she nor her staff, had had contact with the company since she took office.
- In early May, a Cal Fire inspector shot a licensed grower’s dog while serving a search warrant in Trinity Co., Calif. The incident has sparked outrage.
- In California, Blue Face, from Fig Farms, won Best in Show at The Emerald Cup Awards. See the full list of winners. Here’s Lindsey Bartlett’s dispatch from Forbes.
- Florida’s Republican attorney general is fighting a proposed 2024 REC ballot initiative backed by MSO Trulieve.
Miami New Times
- 420-“inclusive” hotel The Lexi Las Vegas opens June 2.
Travel Agent Central
Health and science:
- A study found legal states see a huge reduction in tobacco use.
- A Law360 podcast discusses psychedelics’ inflection point.
- Despite international criticism, Singapore executed another man for trafficking weed, about three pounds.
Fun and interesting:
- The New York Times tried weed wine, an illegal delicacy made by adding cannabis to the grapes as they ferment.
- Mary Jane Gibson interviewed Frenchy Cannoli protégé the Dank Dutchess.