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May 31 2024,
THE BIG IDEA
Hi all,
I took a week off and there was an onslaught of news. Let’s try to get through it.
In the newsletter:
- SCOOP: Glass House products spotted in NYC raid
Read up,
Alex
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WEED WEEK CALIFORNIA PRO
SCOOP: Glass House products spotted in Brooklyn raid
Glass House products appear in footage from a raid on an unlicensed warehouse in Brooklyn. The products are packaged for wholesale, suggesting they were diverted from California’s legal supply chain.
Responding to a burglary call last Friday police found millions of dollars of unlicensed weed awaiting distribution to unlicensed dispensaries. ABC News footage tweeted/X’d by Mayor Eric Adams’ office…
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QUICK HITS
Federal:
- In a development dividing the cannabis community, the U.S. House Committee on Agriculture passed an amendment to the upcoming farm bill that would effectively end the intoxicating hemp industry, which arose from the 2018 Farm Bill.
NORML - Biden administration “drug czar” Rahul Gupta said he anticipated rescheduling would lead to interstate trade.
Star Tribune (Minnesota) - Biden’s re-election strategy is to get more people to smoke weed, Oklahoma Sen. James Lankford (R) said.
- The Drug Enforcement Administration clarified that it does not believe THCA constitutes legal hemp. Here’s my previous story on Cookies’ bet on THCA.
Marijuana Moment, WeedWeek
Business:
- Goodness Growth (Vireo) is suing fellow MSO Verano for $861M after the latter terminated a deal to acquire the company.
MJBiz - In litigation first reported by Law360, leading California brand Stiiizy was hit with a lawsuit alleging its dangerous high-potency products induced psychosis in an unnamed Marin Co. 15-year old male. A spokesperson for Stiiizy said they are reviewing the lawsuit and can’t comment. However, it called a press release from the plaintiffs lawyer “makes false, inflammatory and defamatory statements and allegations. To be clear, we do not market or sell our products to minors.” Read the complaint.
4KRON - Web portal Weedmaps reported a loss of $15.7M for 2023 and is the latest industry player to stop hosting quarterly earnings calls.
Green Market Report - MSO Trulieve settled litigation with Harvest of OH dispensaries in Ohio.
- Cansortium (Fluent) said it would acquire RIV Capital (Etain) creating a company with presence in New York, Florida, Texas and Pennsylvania.
- Canadian operator Tilray announced plans to raise $250M to prep for the U.S. market.
MJBiz - HR company Vangst announced a partnership with mainstream payroll provider Gusto, offering its services to the cannabiz.
- For the first time, a study found cannabis now outpaces alcohol as Americans’ preferred daily drug of choice. Wary professors discussed the result.
NY Times, Washington Monthly - Attorneys with Troutman Pepper look at the varied landscape of tobacco and cannabis flavor bans (and restrictions).
State and local:
- With November’s REC ballot looming, Florida is behind in awarding its vertical-mandated licenses. Gov. Ron DeSantis, who is putting political capital into opposing the REC initiative, is expected to veto a restrictive intoxicating hemp bill. He then expects the hemp industry to support his opposition to REC.
MJBiz, CBS - Chris Alexander, head the New York’s state cannabis agency, resigned.
The City - Minnesota Gov. Tim Walz (D) signed a bill allowing growing to start this year.
Star-Tribune - Two key hemp bills sputtered in Illinois.
Green Market Report - An Illinois bill to restrict intoxicating hemp stalled.
WTTW - Rhode Island Gov. Dan McKee (D) named Oklahoma regulator Michelle Reddish to lead the state’s program.
News from the States - With state regulator in turmoil, New York state attorney general Letitia James secured a $15.2M judgement against an operator with six unlicensed shops.
- Legalization’s prospects dimmed in New Hampshire.
The Keene Sentinel
Health and science:
- Chronic weed smoking is not good for your lungs.
Cannabitch
Equity:
- Missouri Independent reporter Rebecca Rivas wrote about why the word marijuana doesn’t offend her.
International:
- On the eve of a major election, South African president Cyril Ramaphosa signed a bill legalizing in private settings, but not an industry.
The Namibian
Fun and interesting:
- Country star Jelly Roll said weed has kept him sober.
Taste of Country
CALIFORNIA HITS
State:
- Lawyer Shay Aaron Gilmore looked at the 14 cannabis bills that made it out of committee this year in the state legislature. They include cafe bill 1775.
- The Department of Public Health put out a warning against Mary Jones hemp-derived sodas, sold at retailer Total Wine, calling them unsafe though not getting into specifics.
SFGate - Canna Law Blog discusses what rescheduling means for California.
- A major law enforcement group stopped fighting legalization.
SFGate - Why efforts to legalize psychedelics continue to struggle.
SFChronicle
Business:
- Forbes profiles “kings of the preroll” Jeeter.
- Investor and consultant Seth Yakatan flagged a bad omen at vertically integrated Statehouse.
Local:
- SFGate columnist Drew Magary enjoyed the scene at the Barbary Coast lounge.
- An op-ed in the Sacramento Bee discusses the “final frontier” of cannabis lounges.
- A federal class action lawsuit against Humboldt County’s cannabis abatement program is making national news. Meanwhile, Humboldt growers are getting frustrated by billing errors and permit suspensions.
Redheaded Blackbelt - Operator Gold Flora reported a Q1 loss.
- In a close vote, Watsonville (Santa Cruz Co.) city council reduced the industry’s regulatory burden.
The Pajaronian - Petaluma (Sonoma Co.) took a step towards allowing dispensaries.
Petaluma Argus-Courier - Visalia (Tulare Co.) could open to dispensaries.
San Joaquin Valley Sun - There’s a “psychedelics social club” in Santa Barbara.
The Independent - Oakley (Contra Costa Co.) tweaked its penalties for unlicensed activity.
SiliconValley.com
Company milestones:
- Superstore retailer Planet 13 is adding a tattoo shop to its Vegas complex.
- Gelato has a new deal with pro surfer Greg Browning.
Job moves:
- Glass House named insurance exec John ‘Jay’ Nichols Jr. to its board.
Crime:
- Unlicensed farms create substantial environmental damage in Siskiyou County.
The Guardian
Upcoming:
- The state’s Cannabis Advisory Committee is meeting virtually on June 6.
- Roger Volodarsky of dab rig maker Puffco touted this year’s Puffcon festival, September 28 in downtown LA.
- In a June 26 webinar, Harris Sliwoski lawyer Griffen Thorne and consultant Hirsh Jain will discuss whether California’s market can be saved.
- The Reggae on the River festival returns to Humboldt, August 2-4.
HIGH SOCIETY
Green Horizons co-founders Los Arias and Michael Meade celebrate the opening of their new cultivation campus in Coachella alongside California State Treasurer Fiona Ma and local dignitaries.
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