February 28 2022,
THE BIG IDEA
MSO Curaleaf has clarified that it isn’t exposed to U.S. sanctions against Russia. It is, however, exposed to U.S. sanctions against cannabis.
Also in today’s newsletter:
- MedMen exits Florida
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MEDMEN EXITS FLORIDA IN $83M DEAL
SoCal-based MSO MedMen said it would exit Florida, selling its assets to Florida-based Green Sentry Holdings for $83M.
Green Market Report
- Green Sentry is associated with Brady Cobb, a lawyer and entrepreneur who previously sold Bluma Wellness to MSO Cresco Labs for $213M.
- As part of the transaction MedMen will license its trademarks in the state for two years.
- Cobb is presumably aware that last year MedMen sold a controlling stake in its New York business, another up and coming market, and that sale is now being litigated.
- The deal is expected to close in Q2.
CURALEAF: WE'RE NOT RUSSIAN
MSO Curaleaf, one of the largest cannabis companies in the world, moved to quash rumors that it could be sanctioned because of its executives’ ties to Russia.
- Following Russia’s invasion of Ukraine, the company released a statement that its chairman and largest shareholder CEO Boris Jordan is American born and has only held American citizenship.
- In 2007, Jordan wrote an essay for the Washington Post explaining why Russians supported President Vladimir Putin.
- Second largest shareholder Andrei Blokh is a U.S. citizen who also holds a Russian passport, the company said. It says he is “not active” in the company.
- Jackie Bryant talked to AskGrowers, a Ukraine-based cannabis site, about life during war time.
- President Biden’s U.S. Supreme Court nominee Ketanji Brown Jackson has a thin record on cannabis reform. Here’s what Leafly found.
- New Cannabis Ventures‘ American Cannabis Operator Index broke an eleven month losing streak in February.
- Nevada retailer Thrive Cannabis Marketplace filed an ethics complaint against a Clark County (Las Vegas) commissioner who has raised questions about how Thrive “breezed through licensing hurdles” to secure a dispensary location just off the Strip.
Las Vegas Review Journal
- Muse by Clio talked to Ronit Pinto publisher and founder of Honeysuckle Media.
- The Green Entrepreneur podcast talked to Chris Ball, pro-football player turned cannabis prisoner turned CEO of SoCal operator Ball Family Farms.
- The big Michigan recall in November has operating questioning the testing system’s integrity.
- Without a statewide rescue, numerous California locations are cutting pot taxes to help businesses.
- New Jersey regulators have been dogged by discrimination and fraud allegations.
- Oklahoma MED businesses have three months to comply with the state’s new seed-to-sale tracking system.
- Local police busted an unlicensed pot shop near Buffalo, N.Y. for “gifting.”
- In Colorado, there’s a push to quasi-legalize certain psychedelics on the November ballot.
- More than 40 Vermont towns vote in town meetings today on whether to allow pot shops.
- Washington state sales surged 43% during the pandemic.
- The Maryland House voted to put REC on the November ballot.
Fox 5 (Local)
- Arizona did $1.35B in sales in REC’s first year.
- Ohio’s MED market topped $381M in 2021 sales.
Crain’s Cleveland Business
Health and Science:
- A study found college students who use cannabis show more motivation than non-users.
Fun and interesting:
- The NCAA relaxed how much THC is needed to pop a dirty test and is recommending less stringent penalties.
- Rapper 2 Chainz joked about taking a tolerance break on February 29-31. @ngaio420 encouraged everyone to join.
- MSO PharmaCann completed its previously announced acquisition of Colorado operator LivWell. The Chicago-based company now has more than 50 dispensaries across eight states.
- MED-tech company Veriheal acquired MarijuanaDoctors.com for $3M.
- David Ruderman joined SuperNet, a new credit card network for cannabis, as director of sales and marketing.
- PAX introduced Live Rosin Pods for its Era vape. (Pictured)
- Accessories brand Vessel released Ash, a 66 oz. ashtray/stashbox. ($150)
- Vape maker Grenco released its new G Pen Elite II.
- Regennabis CEO Patrick McCartan shared a cool industrial hemp infographic.
- FlowerHire CEO David Belsky shared some resume tips.
- @drowbb asked who’s the least respected brand in Canada.
- Cookies impresario @Berner415 posted that the coming Bangkok, Thailand dispensary will have a skate park.
- @wolfiememes explains how dolphins get high.
- @Lindse_y posted Ice Cube’s visit to Originals dispensary in South Central LA.
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