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
Trulieve CEO Kim Rivers, Courtesy Trulieve

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.

Read the story

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:

State and local:

Health and science:

Fun and interesting:

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:

Local:

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