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April 15 2022,
TOGETHER WITH
|
THE BIG IDEA
Hi all,
Happy weekend. Yeah, I’m ready for it too.
Let’s go:
- New Jersey REC, ready or not
- Feds returning $1.1M to Empyreal
Happy 420,
Alex
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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
Eaze resists SF unionization push: UFCW
Delivery app Eaze used to be among the California operators most open to organized workers. The United Food and Commercial Workers union says that’s changed since the merger with Green Dragon.
The story also raises questions about who’s running the high profile company.
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Cool kids share plan to save California cannabis
Tech company Meadow shared recommendations for how Sacramento can save the state’s ailing industry.
PLUS: The cities with the most dispensaries per capita and lots more.
NEW JERSEY READY OR NOT
New Jersey REC sales will begin April 21 at about six shops, all of them leading MSOs.
New York Times, Asbury Park Press
- State sales tax is 6.625% and there’s an additional “social justice excise fee,” a flat tax between $10 and $60 that increases as the price decreases.
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Municipalities also have the option of adding a 2% local tax. Between 60% and 87% of all tax revenue will go to designated equity zones.
- Workers with MSO Acreage Holdings voted to unionize two New Jersey shops.
Meanwhile, cartoonist Brian “Box” Brown isn’t too impressed with New York’s destigmatization campaign.
FEDS TO RETURN $1.1M TO EMPYREAL
The feds agreed to return $1.1M seized from an Empyreal Logistics, vehicle in SoCal. In return, Empyreal has agreed to drop its lawsuit against the federal government.
KCUR
- The result does not affect a similar case in which an Empyreal vehicle was stopped in Kansas, carrying cash from Missouri to a credit union in Colorado. However, it could be an indication of what to expect.
- The lawsuit Empyreal has agreed to dismiss “accused law enforcement officials in California and Kansas of acting in concert with the DEA to conduct “pretextual stops” of Empyreal’s vehicles and then turning the seized cash over to federal law enforcement.”
QUICK HITS
Federal:
- A bi-partisan group of Congresspeople, introduced a bill to prepare the federal government for the “inevitable end to cannabis prohibition.”
MJBiz - Attorney Rod Kight discusses the DEA seed letter which some wishfully interpreted to mean seeds are legal.
Business:
- Fyllo, a marketing tech firm for regulated industries, is broadening into e-sports and crypto.
Business Insider - My favorite New Cannabis Ventures headline ever: “Tilray’s illusory profit obscures fundamental weakness.“
States:
- The Pennsylvania Senate passed a banking reform bill. It now goes to the House.
Marijuana Moment - Sales have fallen in Colorado. Some blame inflation.
KDVR, Retail Wire - To legalize MED, Kentucky Gov. Andy Beshear (D) said he is considering executive action.
Fox (Local) - Despite approval in Detroit, applicants are wary of more lawsuits.
Grown In - Alaska’s top cannabis and alcohol regulator is stepping down.
Anchorage Daily News - Washington state proposed rules for its new social equity program.
Fun and interesting:
- High Times dropped its list of the 100 most influential people in weed.
- Here’s the Weedmaps guide to 4/20 events.
- The year’s grossest 420 promotion. You’re supposed to put that…in your ear?
COMPANY MILESTONES
- MSO Terrascend is acquiring five Michigan dispensaries for $28.5M. It also acquired one Maryland MED shop for $11.7M.
- Loyalty platform SpringBig announced an integration with Greenline POS, Canada’s most used system.
- MSO Trulieve expanded its partnership with Wiz Khalifa’s Khalifa Kush brand in Arizona.
- Supply chain company Backbone raised $14M.
- Wholesale platform Leaf Trade raised $12.5M.
UPCOMING
- Law firm Thompson Coburn is hosting an April 28 webinar on the future of MED.
- The National Cannabis Industry Association is hosting a NY opportunity tour in early June.
In the news
PRODUCT NEWS
- There’s a new multi-state edibles brand Betty’s Eddies.
- In Michigan, sparkling water brand Happi introduced its new flavor pomegranate hibiscus.
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