June 7 2024,

THE BIG IDEA

Hi all,

Happy summer! Let’s get to it.

In the newsletter:

  • Michigan biz sells more weed than California’s

Read up,

Alex

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MICHIGAN BIZ SELLS MORE WEED THAN CALIFORNIA'S

michigan

In another sign of deep trouble in California, Michigan’s legal market, serving a population roughly a quarter as large, is now selling more units than the Golden State’s.
SFGate

According to data from BDSA, Michigan retailers sold 22M products in March, compared with 21.3M in California. California still generates more cash due to higher prices.   

  • California Q1 sales of $1.2B were the lowest since Q2 2020, at the beginning of the pandemic.
    Green Market Report

QUICK HITS

Federal:

  • A GOP-chaired House subcommittee added bank reform and removed a longstanding block on an industry in Washington D.C. to a key spending bill. The change owes to Rep. Dave Joyce (R-Ohio), a longtime backer of cannabis reform.
    Marijuana Moment
  • Data firm Headset found that public comments on federal rescheduling overwhelmingly support it.
  • U.S. Secretary of Health and Human Services Xavier Becerra (D), who’s running for governor of California, talked cannabis at the Cal Matters Ideas Festival.
  • A panel of FDA advisors rejected MDMA (ecstasy) as a treatment for PTSD.
    NPR

Business:

State and local:

Equity:

Fun and interesting:

CALIFORNIA HITS

State:

  • Product recalls, mostly for the mold aspergillus, are on the rise. “These recalls are the result of increased inspections and product testing,” a Department of Cannabis Control (DCC) spokesperson said.
    MJBiz
  • California announced $41M in community development grants, funded by pot taxes.
  • Canna Law Blog discusses the AB 374, the cannabis cafe bill.

Business:

  • Retailer Catalyst is spinning out WFTP Ventures to crowdfund new store openings. The “Reg A” offering, the kind of mini-IPO High Times previously pursued, has a minimum buy in of $200.
  • Raw Garden parent Central Coast Agriculture reached a $1.3M settlement with the Santa Barbara County Air Pollution Control District over a factory in Lompoc. The company has installed a solvent recapture system and is expected to install emissions control equipment by September.
    KEYT

Local:

Crime:

Job moves:

  • Stiiizy named Tony Shin, an attorney at aerospace and defense company Aerojet Rocketdyne, general counsel.

Culture:

Upcoming:

HIGH SOCIETY

Reefer
Photo by Andrew Patino, (Courtesy: Cannabis Media Council)

J. Elaine Marcos performs in the LA revival of Reefer Madness: The Musical, which plays through July 21 at The Whitley. The production is sponsored by the Cannabis Media Council, Kiva Confections and Hearst Newspapers.

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