March 18 2023,
THE BIG IDEA
Let’s get to it.
- MSOs sue New York
- Return of California’s label wars
- Lowell’s restructing
And so much more! Read up,
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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
Labeling wars aren’t over
A bill that aims to keep weed away from kids is likely to attract strong pushback from the California cannabiz.
Introduced in February by Assembly Member Jacqui Irwin, (D-LA and Ventura Cos.) and amended with additional details this week, AB 1207 would impose significant additional manufacturing, packaging and labelling requirements on the industry, which is desperate to reduce its regulatory burden.
Unable to find a partner, Lowell plans to restructure
After failing to find a buyer, the parent of venerable California brand Lowell Smokes announced a proposed restructuring and debt settlement plan this week.
Departing Chairman George Allen told WeedWeek that even with business improving investor fatigue is “so extensive, we are hard pressed to find sources of capital that haven’t completely capitulated.”
He described the proposed deal, expected to close this month, as…
PLUS: Interstate trade: The plot thickens and much more…
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MSOS SUE NEW YORK STATE TO BEGIN LICENSING
A group of MSOs sued New York’s Office of Cannabis Management to open the licensing process.
NY Cannabis Insider
The plaintiffs, which include Curaleaf, Green Thumb Industries, PharmaCann and Acreage Holdings argue that the OCM and Cannabis Control Board “improperly assumed the role of Legislature” in creating its equity program.
- Curaleaf chairman Boris Jordan recently warned of litigation over New York’s equity program.
The case follows another lawsuit challenging the equity program’s residency requirement.
- At SXSW, legalization supporters in Congress suggests there’s a “narrow window for cannabis rescheduling.“
Green Market Report
- Canna Law Blog has a useful primer on SAFE Banking and why it matters.
- NerdWallet asks when will Medicare cover MED?
- Colorado Gov. Jared Polis (D) said he requested an update on Biden’s review order from the U.S. Department of Health and Human Services.
- Weedmaps reported meh Q4 numbers.
- Data shop BDSA predicts U.S. sales up 14% this year.
- MSO Terrascend applied to uplist to the Toronto Stock Exchange.
- The industry still struggles to attract institutional capital.
- Jesse Redmond at Water Tower Research is watching the arbitrage spread on whether the proposed Cresco Labs / Columbia Care merger will go through.
- Cookies announced a hardware, packaging and co-manufacturing partnership with Final Bell and sister company 14th Round.
- Regarding the Silicon Valley Bank collapse, Sweet Leaf Madison Capital Chief Commercial Officer Andrew Kaye wrote, “For once, the marijuana industry is not the primary victim of the banking world.”
- “The sky is falling on [Michigan company] Skymint.“
- The industry was upbeat at Spannabis in Barcelona, Lindsay Bartlett reports.
- A new report looks at infused beer market trends. Related: MJBiz has a report on brands steeped in nostalgia.
- Cartoonist Brian “Box” Brown takes on the roots vs. suits divide.
State and local:
- The Kentucky Senate passed a MED bill.
- Kansas’ MED push appears done for the year.
- Las Vegas Weekly takes a look at the city’s bumpy consumption lounge rollout.
- California Gov. Gavin Newsom announced a plan to convert San Quentin prison into a “center emphasizing inmate rehab.“
- Steve Goldner of Brand Building Cannabis introduces Quawntay “Bosco” Adams who grew up in Compton, spent 16 years in prison for a non-violent cannabis crime and is now VP and Executive Director of I-CAN Youth Foundation, which offers mentorship and sports programs to underserved youth.
Health and science:
- A study found cannabis to relieve Parkinson Disease symptoms.
American Journal of Managed Care
Fun and interesting:
- The Guardian did a “pot-crawl” around boutique LA shops.
- A Michigan shop is giving away a $30,000 weed-themed wedding.
- “Edibles that remind us of our favorite childhood snacks.“
- Beverage brand Wunder joined the stable at brand accelerator PetalFast.
- Eaze sister brand Green Dragon opened six new shops in Florida and started moving flower from a new grow.
- Mary Jones drinks landed in MIchigan.
Shanken News Daily
- Former exec Kris Krane returned to MSO 4Front as a board member.
- The new High Spirits Awards will celebrate infused beverages.
- The Northern Nights Music Festival announced its “phase one” lineup and a exclusive strain. It kicks off July 14 on the Humboldt/Mendocino border.
- Starting in May, weed-themed magic show Smokus Pocus is set for a two-month run at Area 15 in Las Vegas.
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