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August 19 2022,
THE BIG IDEA
- Two economists’ dismal view of legalization
Cheer up, it’s Friday,
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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO
Until its heartstopping seventh chapter — “Legal Weed in 2050” — many cannabis executives will find themselves nodding along with “Can Legal Weed Win: The blunt realities of cannabis economics,” by UC Davis economists Robin Goldstein and Daniel Sumner.
Then, as if cresting the peak of a roller coaster, readers may find themselves holding their stomachs and questioning their life choices. I certainly did.
Goldstein and Sumner, against all industry predictions, expect weed sales to shrink, by a lot.
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PUSHBACK GROWS AGAINST TRULIEVE-BACKED FLORIDA REC PLAN
- “No home grow, the entire Florida recreational market handed to the existing medical market, and the legislature doesn’t have to license anyone else,” attorney and drug policy activist Shaleen Title tweeted. “Congratulations to Trulieve on one of the most revolting, monopolistic measures yet. Good Luck.”
- Here’s cartoonist Brian “Box” Brown’s take.
Trulieve CEO Kim Rivers told Miami New Times that the company supported all REC measures. However, it has backed this one with $5M, far more than the $250,000 it gave to a 2022 proposal that included homegrow.
- “The clear reading of this is that the state can create new licenses and players in to the market…the amendment even gives a 6-month lead time to do so,” a Trulieve spokesperson told MJBiz.
- With the clock ticking on this Congress, Cannabis Regulators of Color Coalition published a paper with 10 recommendations for how a banking bill can be more equitable.
- In a Maine lawsuit, a federal appeals court found 2-1 that cannabis markets are legal enough to be governed by the Constitution’s commerce clause. While this isn’t close to a green light for interstate trade, it’s a nod in that general direction.
- Weedmaps is laying off about 10% of its 600-person team, Business Insider learned.
- Leading edibles brand Kiva has problems with New York’s proposed rules.
NY Cannabis Insider
- After suing and reaching a settlement, MSO Ascend Wellness Holdings terminated its deal to buy MedMen‘s New York license. MedMen CEO Ed Record said the company is considering all options.
Seeking Alpha, MJBiz
- Lots of companies reported earnings.
- So, you want to be a cannabis lawyer?
Canna Law Blog
State and local:
- New York City cops seized 20 weed trucks.
- Clark County (Las Vegas) regulators continue to weigh the rules for consumption lounges.
- Michigan set a monthly sales record in July despite falling prices.
- In November, Missouri could be the first state where voters decide whether to clear past cannabis offenses.
- Voters in at least seven Ohio cities will decide on decriminalization in November.
- Metrc landed Alabama’s MED track and trace contract.
Fun and interesting:
- Leafly checked out the scene at the Transbay Challenge IV in LA, boasting some of the best weed in California.