Hi all,

If anything the news seems to be accelerating.

In the newsletter:

• Planet 13 bets big on Florida
• The latest on Schedule III

And lots more,

Alex

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Planet 13 bets big on Florida

Known for its mega stores in Orange County and Las Vegas, Planet 13 is the latest west coast operator to bet its future on Florida’s friendly business climate. I spoke to co-CEO Larry Scheffler about his plans for the Sunshine state, his assessment of some other major markets and Florida Gov. Ron DeSantis’ mixed signals on weed.

Read the interview…

Since news that the Feds are likely to move cannabis to Schedule III, conventional wisdom has settled that it will resolve hated tax rule 280E. Everything else seems up in the air.

Marijuana Moment has been all over it:

• Congressional researchers said it’s ‘likely’ the change would happen. The White House declined to say whether President Biden endorsed the move. Speaking to a congressional committee, DEA head Anne Milgram declined to comment on it and anti-legalization activist Kevin Sabet said he’s exploring a lawsuit. A former GOP Congressman said it would make Republicans more comfortable voting for bank reform.
  Marijuana Moment
• NPR and Mother Jones discussed what it could mean for MED research.
• Investors remain wary of cannabis ETFs.
  Reuters

National:

• States generated more than $4B in pot tax revenue last year, a new record, according to a report from Marijuana Policy Project.
  Bloomberg

Business:

• MSOs Curaleaf, Cannabist, Trulieve, Green Thumb Industries, Verano, Ascend Wellness and others reported earnings. Top public companies lost more than $2B on more than $9B in revenue.
  New Cannabis Ventures, Green Market Report
  
• Las Vegas-based retailer Planet 13 closed a previously announced sale of a Florida location enabling it to acquire VidaCann’s 26 stores in the state.
  Benzinga
• Canadian operator Canopy Growth exercised its options to acquire Jetty Extracts and Wana Brands as it seeks to enter the U.S. market.
  MJBiz
• MJBiz interviewed Joe Hodas who was recently promoted to CEO of big edibles maker Wana Brands.

State and local:

• The troubled Massachusetts Cannabis Control Commission is looking for a new executive director.
  Boston Business Journal
• A new initiative from Mayor Eric Adams (D) aims to shut down unlicensed shops in New York City.
  Politics NY
• New York Gov. Kathy Hochul (D) said she would restructure the state’s regulator and fired its current leader after a report found problems with the state’s REC rollout.
  NY Cannabis Insider
• New Maine regulations will make pot stops more like liquor stores.
  News Center Maine
• Florida Politics asks whether county GOP chapters will follow Gov. Ron DeSantis to oppose the Trulieve-backed REC ballot initiative.
• South Dakotans may have another chance to legalize REC in November.
  Dakota News Now
• Delaware released draft REC guidelines.
  Delaware Business Times
• New Hampshire Gov. Chris Sununu (R) said he would sign a REC bill if lawmakers make additional changes.
  Marijuana Moment
• A new group aims to legalize Kansas.
  Lawrence Kansas

Crime:

• The California woman who stabbed her boyfriend to death in a psychotic episode brought on by cannabis use is appealing her conviction. Her sentence did not result in jail time.
  Law & Crime
• The feds charged a man with duping investors out of $600,000 while promoting a weed theme park in Alaska.
  McClatchy

International:

• Two years after the country legalized, Thailand’s prime minister wants to ban it again.
  AP

State:

• The Department of Cannabis Control added data through the end of 2023 to its public dashboard.

Business:

• Lawyers at Sheppard Mullin suggest the new lawsuit challenging California’s pot labor law is one to watch.
  National Law Review
• Oxford Cannabinoid Technologies, a British firm backed by Snoop Dogg’s Casa Verde vehicle, is leaving a London stock exchange after losing 97% of its value.
  Daily Mail
• “Bidders are circling” High Times stores and other assets.
  MJBiz
• U.S. Senator Cory Booker (D-N.J.) visited big Sacramento operator Natura.

Local:

• Posh Green Cannabis Boutique, the only Black-woman owned pot shop in San Francisco, needs to raise $200,000 by May 31 or the landlord will sell the space.
  SFGate
• Many SF dispensaries continue to struggle, CBS reports.
• The impact of growing on Humboldt County watersheds in coming under scrutiny.
  Mad River Union
• Santa Monica city council continues to wrestle with retail.
  Santa Monica Daily Press
• The city of Los Angeles sued a shop alleging it owes more than $200k in back taxes.
  Law360
• The DCC raided a store in San Rafael (Marin Co.) suspected of making illegal sales.
  Marin Independent Journal
• The L.A. Times checks out a psychedelics community center in the rural town of Grass Valley (Nevada Co.).
• West Hollywood gave a temporary tax break to pot shops.
  Beverly Press
• The Sacramento Municipal Utility District sued a man accusing him of stealing electricity for a grow operation.
  Northern California Record
• Workers at two The Cannabist shops in LA voted to join the Teamsters union.
• A group of San Diegans protested cuts to the equity program and other programs which benefit marginalized communities.
  San Diego Voice
• Monterey County Now reviewed the recent state audit on local licensing.
• Santa Barbara County will tweak its licensing process in response to the same audit.
  CoastalView.com

Company milestones:

• Stiiizy is opening a store in Fresno.
• Jones Soda Co. partnered with Street League Skateboarding.
  Benzinga
• Retailer Embarc opened the first dispensary in Madera (Madera Co.) and the company’s second in Fresno.
  The Business Journal

Upcoming:

• DCC will host a June 4 virtual meeting on a draft environmental impact report for licensing in Mendocino.