June 22 2023,
THE BIG IDEA
WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
Mad dash for Herbl cash
With Herbl now in receivership, apparently the largest in cannabis history, brands and other parties are vying to recoup as much of what they’re owed as possible. The situation is poised to inflict further pain on California’s battered industry.
But one former Herbl partner brand may be better positioned to collect.
Cresco Labs has faced fraud arbitration amid deal push
As MSO Cresco Labs pushes to close its $2B acquisition of rival Columbia Care, it has been embroiled in a fraud arbitration related to another deal. The claims stem from Cresco’s acquisition of California operator Origin House, which closed in January 2020. Origin House denies the allegations.
GREAT JOBS AT LEADING COMPANIES
SCHUMER "Confident" SAFE BANKING WILL PASS THIS YEAR
Senate Majority Leader Chuck Schumer (D-N.Y.) reportedly told an industry entrepreneur he’s “confident” SAFE Banking will pass the Senate and be enacted this year.
Following a brief informal meeting, Colorado-based Wanda James, CEO of Simply Pure, told Marijuana Moment that Schumer said there’s enough GOP support to move it to the House, where it has passed several times. She also fely buoyed by conversations with Colorado Senators John Hickenlooper(D), who was governor when Colorado legalized REC, and Michael Bennet(D).
“Lawmakers, advocates and stakeholders might have different opinions about what the final product should look like…But the sentiment that James heard from key senators was confidence that something is achievable, even if that means incrementalism first.”
- The NCAA’s medical committee said athletes shouldn’t be punished for cannabis use.
- Canadian once-giant Canopy Growth reported another grim quarter.
- MSO TerrAscend won conditional approval to uplist to Canada’s largest stock exchange, a first for a company with plant touching operations in the U.S.
State and local:
- Vermont expanded MED access without Gov. Phil Scott’s (R) signature.
- Planet 13 received Nevada’s first consumption lounge license. It hopes to open at its Vegas megastore in Q1 2024. Thrive and SoL cannabis also received licenses for the Vegas and Reno areas, respectively.
Las Vegas Review-Journal
- A proposed ordinance could cut down on so-called “fake dispensaries” in Vegas.
- Ohio renewed its contract with track and trace provider Metrc.
- A coalition of prohibitionists is suing New York over legalization. Meanwhile regulators raided unlicensed shops in New York City.
Green Market Report
- Washington state “upended” its CBD market.
Health and science:
- Scientists found CBD in a common Brazilian plant.
- Washington Post columnist Dr. Leana Wen said cannabis use shouldn’t be celebrated.
- Much remains unknown about what legalization means for worker safety in all industries.
Property Casualty 360
- Former WeedWeek California editor Donnell Alexander wrote a guide to celebrating Juneteenth with cannabis.
Fun and interesting:
- The state assembly passed the cafe bill sending it to Gov. Newsom.
- CalMatters finds the illegal market is still thriving.
- In a first in the U.S. program, regulators are giving a combined $4M in grants to localities to expand retail access.
- A San Diego pediatrician argued for an industry-opposed packaging bill.
Marin Independent Journal
- The Parent Company shareholders approved the controversial merger with Gold Flora.
- Statehouse got an extension on its Series A debt from June 19 until July 1.
- Stiiizy is suing Texas clothing company STZY LLC for trademark infringement.
The Fashion Law
- Once high flying brand Flow Kana is once again owned by its founders Flavia Cassani and Mikey Steinmetz.
- Jane Technologies launched a new PoS system.
- National City (San Diego Co.) issued its last three storefront permits, despite ongoing efforts by two unsuccessful applicants to stop the process in court.
San Diego Union-Tribune
- A group of Humboldt farmers are raising money to fight an upcoming ballot initiative they fear could further devastate the community.
- In West Oakland, thieves are using heavy machinery, including a forklift, to hit shops.
- A United Airlines worker at SFO is accused of a long-running scheme to steal weed from checked baggage.
- The Central Coast’s industry is in crisis. SLO and Santa Barbara Counties are taking different approaches.
Central Coast News, Coastal View
- Herbl shuttered its Santa Rosa facility. A sign says it owes $20,400 in back rent.
The Press Democrat
- Lynwood-based (LA County) drivers for Amuse voted to unionize.
- Brand Shango is expanding throughout California.
- Cookies arrived in Arizona with a Tempe store.
- Viola is entering the Illinois market.
- MedMen parted ways with Ana Bowman, its sixth CFO in six years, and is looking for her replacement.
- Social media maven Elizabeth Udell called out West Hollywood consumption lounge The Woods for keeping exotic birds in suboptimal conditions. “It’s a BUZZKILL.”
- Harris Bricken attorney Griffen Thorne was named a California rising star by SuperLawyers.com.
- The state fair announced its second annual weed winners.
- Doc “American Pot Story: Oaksterdam has its LA premiere on June 29.
- Tech shop Meadow is hosting a June 27 webinar on CA Delivery Ledgers.
- Oliver Summers’ memoir of his 30 year cannabiz journey, The Duke of Pico, , is now available.