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May 5 2023,
THE BIG IDEA
Were you at Hall of Flowers? I’d love to hear your thoughts on how it went. Drop me a line at firstname.lastname@example.org
Let’s get to it:
- SCOOP: Cookies, Old Pal partner with ex-opioid boss
- Oregon secretary of state steps down after investigation
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WHAT YOU MISSED IN WEEDWEEK PRO
SCOOP: Cookies, Old Pal partner with ex-opioid boss
22nd Century Group CEO James Mish formerly led Noramco, a manufacturer of the active ingredients in prescription opioids sold by its former parent company Johnson & Johnson and competing opioid companies.
NASDAQ-traded 22nd Century develops proprietary varieties of tobacco, cannabis and hops plants.
- (Cannabis: Our “expertise in bioinformatics and molecular genetics helps us to pinpoint and accurately change the genetics of specific plant traits to suit market needs.”)
While partnerships between tobacco and weed companies have become increasingly common, the Cookies and Old Pal deals show a willingness to associate with the opioid industry. It also raises questions about the litigation Cookies is facing.
NEED A NEW JOB?
OREGON SECRETARY OF STATE RESIGNS OVER WEED CONSULTING CONTRACT
Oregon Secretary of State Shemia Fagan (D) resigned following an investigation by Portland-based Willamette Week.
The paper broke news that Fagan had a contract with Oregon-based retailer La Mota that paid her significantly more than her public salary, including bonuses for new licenses awarded in Oregon and New Mexico.
- Before her resignation, Fagan had hoped to succeed U.S. Senator Ron Wyden (D).
- La Mota’s owners were also substantial contributors to Fagan’s political career.
- Following an LA Times investigation, The Department of Cannabis Control is assembling a team to address labor exploitation in the cannabiz. The Nation magazine also devoted a cover story to “exploitation, abuse and death” for industry workers.
- The City of Los Angeles asked a federal court to side with Sacramento in a case over whether the city’s residency requirement for its social equity program is constitutional.
- A bill to legalize psychdelics was fast-tracked to the Senate floor.
- A bill that would require licensed businesses to pay bills over $5,000 within two weeks wouldn’t work according to libertarian writer Jacob Sullum. Canna Law Blog agrees it’s a bad idea. For more on the California industry’s debt crisis, see here.
- MedMen delayed its quarterly report due to an ongoing management review.
- Statehouse saw revenue decline in Q4.
- In a very crowded market, some growers are pulling out of Santa Barbara County.
- State election regulators are investigating a Chula Vista (San Diego Co.) councilmember for allegedly violating conflict of interest and disclosure laws pertaining to licensing.
San Diego Union-Tribune
- The city of Monterey approved four shops.
- Healdsburg (Sonoma Co.) approved pot tax rates for dispensaries.
- Edibles brand TSUMo has a new “Good Fortune Bundle” featuring products from AAPI-owned brands including Bloom Brands, Elefante, Pure Beauty and Sundae School.
- Kiva and Garden Society announced a two-way partnership. Kiva Sales and Service will distribute Garden Society products in California. Garden Society will manufacture Kiva Confections products in New Jersey.
- Rapper Lil’ Kim introduced her new brand Aphrodisiak in Vegas.
- For the fourth straight year, tech-shop Treez powered the dispensary at Hall of Flowers.
- Unrivaled announced the close of a previously announced settlement agreement.
- POSIBL implemented Lucid Green’s smart QR code tech.
- GABY announced the temporary departure of CEO Margot Micallef who will remain board chair. The company appointed president Simon Lileikis to serve as interim CEO. The company also reported results.
- The Emerald Cup Awards honoring craft product will be in the Bay Area for the first time next weekend.
- Growers have until May 19 to enter the second annual state fair cannabis awards.
Fun and interesting:
- The Senate Banking Committee scheduled a hearing for this week on SAFE Banking. Senate Majority Leader Chuck Schumer’s (D-N.Y.) former chief counsel Reggie Babin explained why he’s optimistic.
- The DEA Museum is celebrating the agency’s 50th anniversary.
- A 13-day work strike at three Chicago-area Rise dispensaries (owned by Green Thumb Industries) dispensaries ended after the MSO offered workers a substantial raise.
- Poseidon Asset Management‘s Morgan Paxhia explains why Green Thumb is “a cash cow.”
- More convenience stores are eyeing the cannabiz.
- Andrew Kaye, a C-suiter at Sweet Leaf Madison Capital, argues the industry’s death has been greatly exaggerated.
- Private equity deals are at a four year low.
- Colorado-based Terrapin delayed plans to enter New York.
- Several PotCo’s appear on the FT‘s list of fastest-growing US companies.
- AdWeek spoke to MSOs about their first forays into advertising on Twitter.
State and local:
- Maryland legalized REC. Gov. Wes Moore’s (D) $1M+ in Green Thumb Industries stock will be put into a blind trust.
Forbes, Baltimore Sun
- Wisconsin Republicans killed a REC push.
- A Nevada bill would increase customer purchasing power.
- Massachusetts pot shops can now sell clones and seeds.
- Washington state expanded its social equity program.
- Pennsylvania lawmakers filed bills to legalize REC with state-run stores.
- To combat a “trust problem” Michigan is turning to state-run labs.
Crain’s Detroit Business
- Florida will issue additional licenses to Black farmers.
Green Market Report
Health and science: