April 29 2022,
THE BIG IDEA
I’m excited to say our new California dispensary map is live for WeedWeek Pro subscribers. That’s in addition to our tax and license maps covering all 58 California counties and about 180 cities.
In today’s newsletter:
- Is Elon Musk’s Twitter safe for weed?
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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
“We’re in a very tight spot,” Eaze exec tells team
Delivery app Eaze’s survival was in question before it acquired Colorado-based retailer Green Dragon, executives told staff in a Zoom meeting this month, a recording of which was shared with WeedWeek.
The sometimes contentious meeting between the company’s leadership and engineering team offers a rare look inside a major cannabis company navigating consolidation, slowing growth in some states and the many challenges inherent in the federally illegal industry.
As with any merger, the combined company has had to align the companies’ cultures and…
Read the whole thing (unlocked)
Can the LA market recover?
Plant-touching Angelenos often refer to the city as the world’s biggest weed market. But no one says governing it would be easy. LA’s booming illegal markets and big city politics all but ensured a difficult time for Cat Packer, the first head of the city’s Department of Cannabis Regulation (DCR), who stepped down last month.
Interim director Michelle Garakian has plans…
IS ELON MUSK'S TWITTER SAFE FOR WEED?
Cannabis social media celebrated the news of Elon Musk acquiring Twitter for $44B and taking it private. It’s not hard to see why: Musk is a rich guy who makes dumb 420 jokes and is willing to be photographed smoking a joint.
Many believe Musk will normalize cannabis on the platform, which would be a major symbolic and operational victory.
- Twitter is generally seen as more 420 friendly than Instagram, though there are still complaints. It may just be that Instagram is more central to the cannabis industry.
- Twitter currently accepts cannabis ads in Canada where it’s federally legal. Neither Facebook/Instagram or Google/YouTube do.
- In the U.S., Twitter only accepts ads for CBD topicals, with further conditions.
I don’t pretend to know what the world’s richest man will do with the platform, but Bruce Barcott has a smart take at Leafly:
“Musk’s championing of free speech could make Twitter the most 420-friendly platform—but it could also turn the entire Twitterverse into an ugly free-for-all of political propaganda, unchecked conspiracy theories, and hate speech.
“One year from now Twitter could be the social platform most welcoming to cannabis companies and consumers. But will cannabis companies and consumers want to appear on Twitter one year from now?”
My old friend Molly Ball wrote Time‘s cover story on Musk’s new toy. She doesn’t see weed involved.
- A study found most legal states make more in pot taxes than booze taxes.
- Bankers associations from all 50 states urged Congress to pass banking reform.
- NORML executive director Erik Altieri argues a pro-legalization platform is the Democrats’ best hope in the mid-term elections.
- MJBiz says Eaze-owned Green Dragon‘s tense relations with organized labor in Denver has become a PR problem.
- Following a short seller report, REIT Innovative Industrial Properties is facing a class action lawsuit. The REIT rejects the claims in the report.
- Major junk food producers are asking Congress to stop cannabis copycat brands.
- “High Times is celebrating the four-year anniversary of its IPO filing by once again extending the offering. This time it’s being extended to June 30, 2022. Not that anyone can buy any stock. The company was told by the SEC that it couldn’t sell any more shares until it posted updated financial information, which it hasn’t.”
Green Market Report
- The global market for natural fiber composites, including hemp, flax, jute, pineapple, banana and coir, is set to hit $9.3B by 2026.
- Canadian producer Canopy Growth said it’s cutting 250 jobs in a bid to reach profitability. Company critic Rob McPherson posted Canopy executive compensation.
- Michigan company Golden Shores has created a beeswax tip for joints that contain a wildflower seed. After smoking, throw them in the grass.
- New York’s top regulator said she expects REC sales to begin by the fall.
- The Illinois “supercase” on dispensary licensing could last into next year.
- Kentucky Gov. Andy Beshear (D) greenlit a cannabis research center at the University of Kentucky. He’s exploring whether he can legalize MED via executive order.
- This meme, which I can’t confirm, shows all the crops that are more profitable than weed in California.
- President Biden commuted the sentences of 75 non-violent drug offenders, eight of whom had been serving time for cannabis offenses. Biden also pardoned three individuals, one of whom had been convicted of a non-violent cannabis crime. The president has been under pressure to free more non-violent drug offenders.
- Honeysuckle Media put together a 4/20 billboard campaign in Times Square to support indigenous cannabis in New York.
Health and Science:
- Healio hosts a point/counterpoint on whether health insurance should cover MED.
- Cops slammed a MED smoker to the ground at a 4/20 rally in Melbourne, Australia.
- New Cannabis Ventures provided an update on the bicycle accident that severely injured founder Alan Brochstein and his progress. Get well soon Alan!
Fun and interesting:
- Jackie Bryant wrote an essay on growing at home and George Orwell.
- This meme of the best strains of the 1970’s made the rounds on social media.
- The New York Times looks back at the first hundred years of gummies.
- Michigan operator Fluresh arranged $48M in new debt and debt refinancing.
- UPC platform Lucid Green raised a $10M Series B.
- Flaming Lips lead singer Wayne Coyne signed an edibles deal with The Nirvana Group, a leading Oklahoma company.
- San Francisco-based attorney Jason Rosell leads the newly formalized cannabis restructuring practice at law firm Pachulski, Stang, Ziehl & Jones.
- Safe Harbor Financial named Tyler Beuerlein Chief Strategic Business Development Officer.
- MedMen named seasoned retail exec Ed Record as CEO.
IN THE WEEDS
- New Cannabis Ventures’ podcast spoke with the CSO of Forian, a publicly traded data and analytics company that’s going green.
- Data player Headset looked at revenue across 1,700 pot shops across North America.