July 15 2022,
THE BIG IDEA
Lots to read in today’s newsletter, let’s get to it.
- Does going vertical make sense in California?
- SCOOP: MedMen sued again
- PLUS: Millions likely to vote on legalization in November
So much more,
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Correction: This newsletter previously announced the launch of concentrates company Olio. It had launched in 2017.
WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
Does going vertical make sense in California?
The country’s biggest and most successful cannabis operators, have built their empires on vertical integration. By controlling cultivation, factories and retail in multiple states, players like Curaleaf, Trulieve, Green Thumb Industries have grown quarterly sales well into the nine figures while continuing to expand their geographic footprints and sometimes even turn a profit.
As the California market has struggled, west coast players like StateHouse (Harborside), Unrivaled and The Parent Co. are betting on vertical strategies.
SCOOP: MedMen sued again
- Senate Democrats could unveil their legalization bill as soon as next week. It faces steep odds in the upper chamber.
- The industry had a great Fourth of July weekend.
- RIV Capital says it’s in New York for the long haul.
- Plummeting prices in Michigan are undermining small business.
Detroit Metro Times
- Michigan retailer Lume “abruptly” closed four shops. It has more than 20 more in the state.
- REIT Pelorus Equity Group execs Rob Sechrist and Travis Goad discussed their lending program.
New Cannabis Ventures
- Data shop Headset takes a look at turnover within the industry.
- Branding agency @wickandmortar says brands are failing.
State and local:
- New York state regulators approved rules for equity retail licenses.
- Leafly discusses all the ways New York is screwing it up.
- MJBiz discusses the Texas industry’s prospects.
- Denver’s first delivery service shut down.
Health and science:
- Three scientists called California’s “industry friendly regulation” bad for public health.
- Also happening here: an industry-opposed law that would put bigger warning labels on products has support from the L.A. Times,
- The NYPD, the country’s biggest police force, will stop testing officers for cannabis use.
- Ann Shulgin “radiant nexus of psychedelic community” passed through a “doorway to the other side of existence.“
Fun and interesting:
- Netflix has a new docu-series “How to Change Your Mind,” based on the bestseller by Michael Pollan.
- Also on Netflix, a strain from Stranger Things made the leap to Leafly.
- Psychedelics fund Iter Investments closed on its first vehicle with commitments of more than $20M.
- California-based VCC‘s beverage CQ is arriving in Massachusetts, its first new state. (Pictured)
- SF-based industry lawyer Marc Hauser, and author of newsletter Cannabis Musings, is leaving law firm Reed Smith to form a consultancy. He plans to continue the newsletter.
- Cannabis Business Times is hosting a July 26 webinar on navigating the California market.
- The first Psychedelic Law Summit is set for September 8.
- Canna Pharma is October 12-13 in San Diego.
- Dr. Jeff Chen, CEO of Radicle Science, is a finalist for San Diego CEO of the year.