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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
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:
- It’s now generally accepted that rescheduling will end the pain associated with industry-hated tax rule 280E. Green Market Report looks at how it may play out, and how MSO Trulieve in at the forefront of that effort.
- Ben Kovler, CEO of leading MSO Green Thumb Industries, reached out to the CEO of Sam Adams-parent Boston Beer about a merger.
WSJ - The Cannabis Regulators Association met in Minneapolis.
- The Cannabis Media Council put out its second report on guidelines for cannabis advertising. Green Market Report interviewed CMC co-founder Amy Deneson.
- Following a similar announcement from rival Tilray, Canadian operator Canopy Growth said it planned to raise $250M. As Canopy exercises its option to acquire Acreage, the MSO raised $10M amid “deteriorating financial” conditions.
MJBiz - In a labor lawsuit involving leading MSO Curaleaf, the Washington D.C. court of appeals weighed in on enforcement of National Labor Relations Board orders against a federally illegal industry. Thanks for posting, OC attorney Dana Cisneros!
- Pistil Data announced the launch of daily sales data across 25 state markets.
- Nancy Whiteman, CEO and founder of leading edibles company Wana Brands, shared a few hard-earned lessons in MJBiz as she steps down.
State and local:
- The MSO-backed group supporting Florida’s REC ballot initiative put out an ad warning about dangers of unregulated weed.
Marijuana Moment - With applications for REC licenses now available, some Ohio lawmakers are still trying to change aspects of the market structure.
- In New Hampshire, a REC compromise remains in play in the legislature.
New Hampshire Bulletin - The Massachusetts town of Pittsfield settled a lawsuit with three retailers for $800,000.
Berkshire Eagle - Missouri chose 48 more microbusinesses to receive licenses via a random lottery.
Equity:
- Influencer and Green Leaf Business Solutions marketing exec Brett Puffenbarger paid tribute to the LGBTQ community’s contribution to the legalization movement.
Fun and interesting:
- Behold the Master Chiefer Helmet.
@cannabis.connoisseur.00 - Cookies gave away some smoke guns.
@berner415
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:
- Pot tax revenue continues to fall short in greenhouse growing hub Santa Barbara County.
Santa Barbara Independent - Guadelupe (Santa Barbara Co.) city council voted to raise regulatory fees.
Santa Maria Sun - Santa Cruz County approved an industry friendly measure.
- Sales continued to decline in San Francisco.
SF Examiner
Crime:
- An Oakland man has been indicted in Virginia for ferrying weed to the east coast in his Cessna. He was turned on by an informant.
Mercury News - A new documentary looks at the unsolved 2005 murder of activist Les Crane, in Mendocino.
Redheaded Blackbelt
Job moves:
- Stiiizy named Tony Shin, an attorney at aerospace and defense company Aerojet Rocketdyne, general counsel.
Culture:
- Ophelia Chong, co-founder of Asian Americans for Cannabis Education, spoke to South Side Weekly.
Upcoming:
- Upscale tasting event Hash Flight will be June 11 in Glendale.
HIGH SOCIETY
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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