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April 16 2023,
THE BIG IDEA
It was great to see so many of you on this week’s east coast swing. Not sure I’m over Manhattan’s new pervasive smell. California Pro will be out tomorrow.
In today’s newsletter:
- An insider’s view of SAFE Banking
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- 📈Customer Success Manager, Media, Fyllo — Chicago
- 👩💻Senior Software Engineer, Platform, Weedmaps — Remote
- 🧮️Accounts Payable Supervisor, Trulieve — Remote
EXCLUSIVE: The road ahead for SAFE Banking
Former chief counsel to Senate Majority Leader Chuck Schumer (D-N.Y.), Reginald Babin has been deeply involved in efforts to pass federal cannabis reform. He has since left Schumer’s office for Akin Gump Strauss Hauer & Feld LLP a powerhouse DC law and lobbying firm.
I caught up with Babin at the Benzinga’s Cannabis Capital Conference in Miami to ask him about what’s next for SAFE Banking, the prospects for ending 280E and what would “inarguably” be the best way to legalize.
- Following layoffs in the state and alleged labor violations, MSO Curaleaf was denied renewal of a New Jersey REC license, which could shut down one of the busiest stores in the country. The company called it an “outrageous act of political retaliation.“
Green Market Report, NJ.com
- Cookies raised an undisclosed amount of Series A capital, led by Entourage Effect Capital.
- A report from recruiting platform Vangst found a 2% drop in weed jobs last year, the first ever decline.
- Gen Z’s favorite product type is vapes. For older generations, it’s flower.
Green Market Report
- Morgan Paxhia of Poseidon Asset Management shared three takeaways from the Benzinga conference in Miami.
- Fast food chain Jack in the Box became the first fast food company to make a media buy on Weedmaps.
- Cannabis LAB asked Chicago Atlantic exec Steven Ernest about his investment plans.
- Legal U.S. sales now exceed chocolate sales.
- The Chicago Cubs became the first MLB team to partner with a CBD brand, MYND Drinks.
- Cartoonish Brian “Box” Brown shared his take on Wiz Khalifa’s partnership with MSO Trulieve. He also created a zine on Rebranding Reefer Madness, in partnership with pipemaker GRAV.
State and local:
- A study of Colorado product found widespread potency inflation. WeedWeek‘s reporting on potency inflation in California is the basis of several lawsuits.
- Alabama greenlit 90 MED license applicants to advance to the scoring process.
- About to sign a REC bill, Maryland Gov. Wes Moore (D) wouldn’t say if he still has stock in MSO Green Thumb Industries where he previously sat on the board.
- Ahead of 4/20, Denver released new guidance on cannabis hospitality.
- Michigan sales climbed in March.
New Cannabis Ventures
- An investigation alleges La Mota, Oregon’s second largest dispensary chain, owes state and federal taxes.
- Virginia is poised to ban delta-8 products.
- Germany said it would scale back its legalization push.
- At Benzinga, Uber and Leafly officials discussed their delivery partnership in Toronto.
Fun and interesting:
- Leafly shared its top 21 events for 4/20.