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October 3 2024,
THE BIG IDEA
Hi all,
Next week I’ll be at Benzinga in Chicago. If you see me there, say hi.
In the newsletter:
- Trulieve sues Florida GOP over REC vote
And lots more,
Alex
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TRULIEVE SUES FLORIDA GOP OVER REC VOTE
MSO Trulieve sued the Florida Republican Party and two TV stations alleging “deceptive” and “demonstrably false” ad campaigns opposing November’s REC ballot initiative.
Miami Herald
- The ad features a gardener who rushes to start planting but is confronted by a “Big Weed” character who says, “Actually, we wrote the amendment, so we’re the only ones that can grow it.”
- The “gist of the ad” is that Trulieve drafted the proposal to minimize competition, the lawsuit alleges. Trulieve operates 151 dispensaries in Florida, about double its closest competitor.
- Opponents of the bill have seized on the lack of home grow.
- Gov. Ron DeSantis, who vetoed an anti-hemp bill favored by Trulieve, says it would help the state’s “monopoly” of licensed growers, though it would also allow the legislature to expand the number of operators.
- A leading Democrat supporting the measure says it should be followed by an overhaul in the state’s market structure, which mandates vertical integration.
- Donald Trump also endorsed the measure.
Trulieve has spent more than $90M to pass Amendment 3, making it one of the most expensive ballot initiatives in history. It requires 60% support to pass, and is likely to be close.
QUICK HITS
Federal:
- Vice President Kamala Harris endorsed legalization in an appearance on podcast All the Smoke. The Sacramento Bee dug into her record.
- A leaked opposition research dossier on Republican Vice Presidential candidate JD Vance called his opposition to legalization a ‘notable’ vulnerability.
Marijuana Moment
Business:
- An entity controlled by Silicon Valley billionaire Jim Clark acquired once high-flying delivery app Eaze for $54M, but the company faces an investor law suit and additional questions about its future.
Green Market Report - A lender to MSO Cannabist is “tired of being ghosted.“
Green Market Report - Retail tech company Dutchie released a major update to its platform.
- Ignite, a cannabis company started by Instagram celebrity Dan Bilzerian, and Bilzerian’s father were indicted on federal fraud charges.
Las Vegas Review-Journal - MJBiz takes a look at how major markets still lack lab testing controls, such as non-partial ‘reference labs.’
- MJBiz is doing a survey on diversity in the biz.
- Longtime industry lawyer Hilary Bricken and lawyer turned consultant Marc Hauser chop it up on industry pitfalls.
State and local:
- Employees of MSO Green Thumb Industries in New Jersey want to exit their union, UFCW Local 360.
MJBiz - New hemp rules took effect in Georgia as the state battled Hurricane Helene.
MJBiz - An Arkansas ballot initiative to expand its MED program will not be on the ballot, the state’s Secretary of State said. Supporters are planning legal action.
AP - A Nevada banking program has been a “game changer” for dispensaries.
Nevada Appeal - NY Cannabis Insider, which broke some big stories in the last few years, is shutting down, editor Brad Racino announced.
- A lawsuit challenging Minnesota’s market structure was dismissed.
Health and science:
- A leading federal drug official said cannabis is taking ‘lessons’ from the alcohol and tobacco industries.
Marijuana Moment
Fun and interesting:
- A writer in the NY Times misses the old days of red-eyed stoners.
- Puffcon “drenched DTLA in dabs.”
Leafly
CALIFORNIA HITS
State:
Gov. Gavin Newsom ended the legislative season with a spate of bill signings and vetoes. Key results:
- SIGNED: In a win for the industry, SB 1059 resolves a conflict between numerous cities, including LA, and the state over how pot should be taxed.
- SIGNED: AB 1775, the new ‘Amsterdam’ law allows pot cafes to serve food.
- SIGNED: SB 1498 allows lawsuits against potcos that market to children.
- SIGNED: A win for patients, AB 2555 extends tax exemptions for MED donated by license holders.
- Gov. Newsom VETOED AB 1111, the ‘farmer’s market’ bill. He expressed concern that the bill’s “broad elligibility, which extends to the vast majority of licensed cultivators” would undermine the existing market structure and strain the DCC.
Newsom’s office also touted the confiscation of $2.3M in illegal plants and several illegal pesticides.
Business:
- DCC director Nicole Elliott did not make a previously scheduled appearance at Meadowlands, an industry gathering in Mendocino County.
- Out Front Magazine has a story on Coastal Sun and Jetty Extracts, two companies at the “forefront of the clean, sustainable weed movement.”
Local:
- Sacramento is developing plans for lounges.
KCRA - LA County opened a 45-day public comment period on industry zoning and operation.
- In Santa Barbara County, a hearing on odor issues was delayed.
CoastalView - GreenState checked out the Emerald Triangle during harvest season.
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