In Forbes, Will Yakowicz calls the fight over Delta-8 THC, an intoxicating cannabinoid which can be derived from hemp, "a battle for the future of the cannabis industry."

The products containing Delta 8 are widely available in smoke shops and gas stations in states where REC and MED aren't legally available or are hard to find. About a dozen states, some of which have legalized, have banned Delta 8.

• “I see it as a fight for the future of cannabis,” said the founder of a Texas-based company. “For anyone trying to limit this, taking on that prohibitionist stance—whether they’re motivated by business interests, political or religious—is really just fighting against cannabis.”
• Joe Bayern, CEO of mega-MSO Curaleaf takes an opposing view: “I think it should be framed as one of the most high-profile health risks available in the marketplace today,” says Bayern. “The fact that these products are showing up completely unregulated and untested in mainstream channels, available to anybody, including children, is an incredibly dangerous proposition that needs to be addressed.”
• Some states are trying to split the difference by legalizing it as long as it passes through the regulated market.

Read the whole thing.

Prominent lawyer Robert Hoban called Delta-8, "a tale of American ingenuity."

• SCOOP: Hoban's firm, Hoban Law Group, is being acquired by Clark Hill. Hoban (the attorney) told WeedWeek he would lead the merged firm's global cannabis group.

Weed lit up the Internet this holiday weekend after we learned 21-year old Sha'Carri Richardson would be barred from running the 100-meter dash at the Tokyo Olympics after she tested positive for THC. 
Axios

Richardson, one of the fastest female sprinters in history, said she smoked to cope with the death of her mother. As part of her one month suspension, she had to complete a counseling program.

• The move by the U.S. Anti-Doping Agency was panned by cannabis activists, the industry, and in much of the mainstream media.
• The ADA said cannabis violates "the spirit of sport."
  N.Y.Times
• President Biden suggested the rules governing pot use by athletes should be changed in the future.
  Marijuana Moment
• NPR explored why weed, which isn't generally considered a performance-enhancing drug, is grounds for suspension.
• On Tuesday it was reported that she won't run in the 4 x 100 meter relay, her last chance to appear at the games. 
  N.Y.Times

The Parent Company, said it would terminate an announced $50M investment for 6.2% of California-based grower Glass House Group.
MJBiz  

• In a statement to WeedWeek, Glass House CEO Kyle Kazan wrote, "While the investment portion of an agreement with TPCO was negotiated in May, we then faced the task of working out a 10-year offtake and retail agreement in less than a month, in order to meet our closing date. That proved a bit too ambitious, and since we did not need it, we went without it. This does not change Glass House’s plans."
• A statement from The Parent Co. didn't give a reason for ending the deal.

Quick Hit

1. Analyst Alan Brochstein says the bullish thesis for pot stocks is playing out.
   New Cannabis Ventures

Goings on:

• Surprising no one, an Insider analysis found senior executives at leading potcos are overwhelmingly white guys.
• The California legislature passed significant changes to the state's licensing regime.
  MJBiz
• Leading Canadian operators have racked up staggering losses while handsomely rewarding their bosses. 
• Entourage Effect Capital principal Matt Hawkins wrote about how to invest in cannabis without buying pot stocks.
  Kiplinger
• Investor Jason Wild discussed how he grew his assets under management from $80,000 to $1.7B.
  The Business Brew (Podcast)
• New Yorkers no longer have to sneak out to their "weed spot." But partiers in the city are panicked about cocaine spiked with fentanyl.
  N.Y.Times, New York
• Here are the seven star attractions of Planet 13's new Orange County (Calif.) superstore.
  L.A.Times
• Jackie Bryant put together a list of her eight favorite California value brands.
  UpRoxx