Business
Market collapse "imminent," California biz warns
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December 17 2021,
TOGETHER WITH
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THE BIG IDEA
Happy Friday everyone,
We’ll be publishing on a light schedule for the rest of the year. But while you’re enjoying the holidays, don’t forget to look our for our year in review issue and predictions from some top execs.
In the newsletter today:
- California revolt escalates
- Curaleaf reaches new heights, in debt financing
Read up,
Alex
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Business
Curaleaf reaches new heights, in debt financing
QUICK HITS
Politics:
- Toi Hutchinson is replacing Steve Hawkins as CEO of advocacy group Marijuana Policy Project. Hawkins had been serving a dual-role as CEO of MPP and industry lobby U.S. Cannabis Council where he remains CEO.
Business:
- Shares in ag-tech firm Agrify plunged almost 20% after short seller Bonitas Research published a report alleging the company “created artificial demand for its product by financing undisclosed company insiders to act as independent customers.” Agrify didn’t immediately respond to a request for comment.
Green Market Report - Drug giant Pfizer agreed to pay $6.7B to acquire Arena Pharmaceuticals, a company with a cannabinoid-drug pipeline.
Green Entrepreneur - High end bongmaker Puffco said it would temporarily halt online sales on account of the post office’s vape ban.
Leafly, Vaping 360 - The supply chain crisis has hit the cannabiz, and not just for vape hardware.
- Many PotCos aren’t wild about vaccine mandates.
MJBiz - Despite the growing market, it’s been a brutal year for pot stock investors.
MarketWatch - 4th MVMT, an equity company pursuing a franchise model in California and Illinois, landed a bunch of celeb invesors.
- AdWeek‘s Terry Stanley has a thorough report from Hall of Flowers. (It kindly quotes me.)
- Green Market Report lists the top 10 cannabis companies by revenue.
States:
- New Jersey began accepting applications for REC growers, processors and testers, not yet dispensaries. Hundreds of applications landed in the first hours. The system promptly suffered a glitch, opening the risk of litigation, attorney David Feder posted.
Asbury Park-Press - About 28% of New York towns are opting out of pot shops. And a top regulator said sales could begin as early as late 2022. Last we heard, the estimate was 2023.
Gothamist, MJBiz - Ohio is moving to consolidate regulatory control within one agency.
Grown In - An Illinois judge affirmed a stay on awarding 60 craft grow licenses, further delaying the process.
Grown In
Health and science:
- An analysis found the heavy metal content of some cannabis could hurt human health.
New Atlas
Equity:
- Seriously-ill, 90-year old federal prisoner Horacio Estrada-Elias, who was sentenced to life in prison for pot trafficking, was granted compassionate release.
CNN
Fun and interesting:
- Celeb Stoner named its top celebrity brands of 2021.
IN THE WEEDS
- Lawyer Khurshid Khoja argues the cannabiz needs crypto.
Coindesk - Consultancy The Brightfield Group looks back at growth in 2021.
- Former Massachusetts regulator Shaleen Title wrote a paper on building meaningful equity in the cannabiz.
- Tech shops FlowHub, LeafLink and Headset released pre-holiday market data.
- Cannabis Doing Good published an anti-racism guide for the industry.
- I had a great time talking weed on the Respect My Region podcast.
- Ganjapreneur talks to Beard Bros.‘ Jeff and Bill Levers about their pivot from cultivation to media.
UPCOMING
- The Cannabis Marketing Association is hosting a January 18 virtual conference on the future of cannabis marketing.
- Tradecraft Farms and High Times Delivery are hosting a concert tomorrow to benefit LA’s homeless. Performers include IDK and Fatlip of Pharcyde.
PRODUCT NEWS
- A new brand called Terps by Doc and Bentley will produce ultra-rare strains in limited batches and celebrate legacy Emerald Triangle growers.
Forbes - MSO Columbia Care launched what it says is the U.K.’s most extensive vape line.
- Retired NBA great Dwayne Wade is launching a California brand in partnership with Jeeter.
BNC - High Times‘ Jon Cappetta goes national in the latest list of his favorite products. He also drops his favorite NYC consumption lounge.
- Jane West accessories are coming to Canada, alongside its branded pre-rolls. (pictured)
ON SOCIAL
- Natura VP Josh Schmidt asks if you prefer green or purple.
- Crosby, Stills and Nash’s David Crosby visited Ridgeline Farms in Humboldt.
@ridgeline_farms - In his comic Brian “Box” Brown reflects on the dawn of cannabis.
BACK TO THE DESERT
WEEDWEEK HIGH SOCIETY -- 12/17/21
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Cypress Hill’s B Real, System of a Down’s Shavo, rapper Too Short, & WonderBrett co-founder Brett Feldman celebrate the grand opening of B Real’s Dr. Greenthumb dispensary in Cathedral City, Calif.
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