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March 11 2023,
THE BIG IDEA
The plant lost one of its great pioneers this week. Most of us wouldn’t be doing what we’re doing if it wasn’t for Raphael Mechoulam. Whoa…
Also in the newsletter:
- Emerald Triangle digs out
- TPCO is enmeshed in lawsuits
- First thoughts on the SVB collapse
Let’s get to it,
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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
Emerald Triangle Digs Out
Some Emerald Triangle farmers, who have plenty on their plates already, have been snowed in for weeks. Mendocino County grower Nikki Lastreto, who has been snowed in for three weeks, said the weather has also been “a reminder of how great our community is.”
TPCO enmeshed in litigation
The Parent Company’s (TPCO’s) February announcement of a merger of equals with Gold Flora had some onlookers confused. This week it emerged that the company is involved in several lawsuits.
Silicon Valley Bank quietly served ancillary companies, Tyler Beuerlein of Safe Harbor Financial told WeedWeek. The executive shares an initial thought on what the bank’s sudden collapse means for the cannabiz.
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Raphael Mechoulam dies at 92
Pioneering Israeli chemist Raphael Mechoulam, who is credited with isolating THC and CBD and discovering the endocannabinoid system, died at 92.
Jewish Telegraphic Agency
- “Most of the human and scientific knowledge about cannabis was accumulated thanks to Prof. Mechoulam,” Hebrew University President Asher Cohen said in a statement. “He paved the way for groundbreaking studies and initiated scientific cooperation between researchers around the world. Mechoulam was a sharp-minded and charismatic pioneer.”
“Smoke one out for him in remembrance,” High Times wrote.
- Reuters looks at how states struggle to fight the gray market.
- MSO Trulieve reported 2022 revenue of just over $1.2B, but was not profitable.
- Michigan based Skymint is in receivership and faces several lawsuits. It’s one of five Michigan companies in receivership.
MJBiz, Green Market Report, Crain’s Detroit Business
- Losses mounted at loyalty program SpringBig which says it’s close to turning a corner.
Green Market Report
- MSO Ascend is trying to get MedMen’s counterclaim over the failed sale of the latter’s New York assets, thrown out of court.
- Gardening company Scotts Miracle-Gro, says it remains committed to the industry, despite struggling.
State and local:
- Oklahoma’s REC ballot initiative fell far short. Most observers, myself included, don’t see it as a significant blow to legalization efforts.
- WeedWeek‘s look at potency inflation in California led to lawsuits. NY Cannabis Insider‘s investigation changed state policy.
Health and science:
- The New York Times asks if weed is good or bad for sleep.
- Drug Topics discusses the role of the pharmacist in legalization.
Fun and interesting:
- CBD manufacturer Green Roads filed for Chapter 11 bankruptcy.
- Boston-based Harpoon Brewery launched its first infused beverage Rec. Weed in Massachusetts. (Pictured)
- California’s Stiiizy is coming to Illinois.
- Michigan-based Pipp Horticulture acquired the assets of Grow Glide.
- Puffco launched its Proxy Desert collection.