June 2 2023,
THE BIG IDEA
I’m a little late this week, but going forward you can expect WeedWeek on Friday mornings.
In the newsletter:
- Why doesn’t DCC crack down on burner distros?
- Trulieve exits Massachusetts
Enjoy the weekend,
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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
In recent weeks, a brash weed boss has alleged that Glass House, the company building California’s largest cannabis farm, is the “biggest black marketeer” in American history.
In videos posted on social media, Elliot Lewis, CEO of Long Beach-based retailer Catalyst Cannabis, claims huge amounts of Glass House cannabis gets diverted from the legal supply chain after Glass House has sold it to distributors.
- Glass House didn’t respond to requests for comment.
Lewis’ allegations, whether accurate or baseless, point to a larger question: Leakage from California’s legal supply chain is widely believed to be rampant.
So why don’t state regulators seem to be doing anything about it?
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TRULIEVE EXITS MASSACHUSETTS
In a bid to “preserve cash and improve financial performance” Trulieve said it would exit the Massachusetts market this year and shutter one of its few remaining California shops. The MSO has three shops in the state and a grow and processing facility in Holyoke.
- In a statement, CEO Kim Rivers said the company plans to focus on its core markets. It blamed price compression and competition for its disappointing results in Florida.
The announcement comes eight months after a local podcast The Young Jurks broke news that Lorna McMurrey, a 27-year old worker at the factory, died after collapsing during her shift. It later emerged that state authorities had been investigating the factory for safety concerns. The investigators have not released their findings.
- The Young Jurks discussed the news.
- Forbes profiles Nancy Whiteman, CEO and founder of leading edibles shop Wana Brands. The former insurance exec is one of the country’s richest self-made women. She wrote a recent piece for Benzinga on “Growing the Pie Vs. Scrabbling for Crumbs“
- May was another grim month for pot stocks.
New Cannabis Ventures
- Michigan’s once high-flying Skymint is poised to auction off its assets.
- MSO Acreage Holdings elevated COO Dennis Curran to CEO. Before joining Acreage Curran had a long career at GSK Consumer Health and Procter & Gamble. He replaces Peter Caldini, a former Pfizer exec who joined the company in 2020.
- Two dozen public PotCos lost $4B last year, much of it due to one-time writedowns.
Green Market Report
- NJ.com reports MSO Curaleaf‘s political ties helped it quickly reverse a regulatory vote to shutter two of its three shops in the Garden State.
- Cannabis union wins “signal more labor-management conflicts ahead,” Chris Roberts reports for MJBiz.
- MG Magazine has an update on weed social media.
State and local:
- Minnesota became the 23rd state to legalize REC.
- Connecticut activists say MSOs have “corrupted” the state’s social equity program.
Green Market Report
- A bipartisan bill would legalize REC in Ohio.
- Colorado Gov. Jared Polis (D) signed a bill legalizing online sales.
- At the last moment, New York regulators averted a potential distro logjam.
NY Cannabis Insider
- The Trulieve-supported push for a 2024 REC ballot initiative in Florida cleared a regulatory hurdle, but faces a likely challenge from the state Attorney General. Gov. Ron DeSantis (R), who is running for president, has made his distaste for pot clear. But before this coming fight, I was told of his quiet support of the industry.
- Illegal California farms often abandon and abuse their guard dogs.
Louisville (Ky.) Courier-Journal
Health and science:
- Psychedelics and MED show promise in end of life care.
- Thailand’s new coalition government is set to “reshape, if not reverse,” legalization.
Thai PBS World
Fun and interesting: