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August 26 2023,
THE BIG IDEA
As you can see in the poster above, I’m moderating an all-star webinar Monday on what all things hemp-derived mean for cannabis in California and beyond. Hope you’ll join us.
In more webinar news, the first WeedWeek webinar will be September 14 when Hirsh Jain discusses Persistent Problems in the California Market. Jain has a granular view of the licensed market and is sure to be very insightful. More details to follow.
- Email me if you’d like to be considered for future WeedWeek webinars, panels and virtual events.
- Email me if you’d like to sponsor them. Since this is a new offering, we’ll be able to put together a great deal, tailored to your needs.
Other than that, the newsletter will be off next week. Have a wonderful end of Summer everyone and get ready for a fall that will be many things, but not boring.
In the newsletter:
- Why SAFE Banking hasn’t passed
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WHY SAFE BANKING HASN'T PASSED
We all know the cannabiz is badly in need of a win. For several years now, the victory that has seemed tantalizingly close is federal banking reform.
The SAFE Banking Act would protect banks that offer the industry basic banking services. Versions of it have repeatedly cleared the U.S. House of Representatives with bi-partisan support.
Senate Majority Leader Chuck Schumer supports the bill and is reportedly “confident” it will pass this year.
- Substacker Aaron Edelheit spoke to some well-placed insiders about the rampant speculation that weed will be rescheduled to schedule 3 by the end of this year. While the industry prefers descheduling, he writes, “a lot of the fears of what a Schedule 3 reclassification would mean for state cannabis businesses are completely overblown.”
- TerrAscend chairman Jason Wild detailed the MSO’s path to Canada’s largest stock market.
- A small Maryland town owns 5% of Trulieve’s operation in the state. They’re going into mediation over the profits.
- A Trulieve facility in Phoenix has six-months to get rid of its “skunky” smell.
- Text-message service provider Twilio dropped the cannabiz.
- An industry payments company sued financial services giant FIS alleging a “catch and kill” deal strategy.
- Agrify received another note about NASDAQ non-compliance.
- Former CEO Kevin Murphy and former Canadian Prime Minister Brian Mulroney, exited the board of MSO Acreage Holdings in preparation for its acquisition by ailing Canopy Growth. The deal was announced for $3.4B in Spring 2019.
- Cann Strategy discusses why breaking the grass ceiling is vital for the industry.
- Yes, there are now weed secret shoppers.
- High Times named its fifth CEO in five years. However the company could soon go into receivership, Green Market Report reports.
- Weedmaps has a new collaboration with animated show The Freak Brothers.
- Canna Law Blog discusses how to wind up a cannabis company.
State and local:
- New York regulators proposed 30 equity retail licensees elligible to open under the recent injunction, leaving more than 400 to an unknown timeline.
Green Market Report
- New Mexico tapped Native Roots exec Todd Stevens as its top regulator.
- Missouri is cracking down on lab shopping. Also St. Louis could allow consumption lounges.
St. Louis Public Radio, St. Louis Business Journal
- Maryland tax officials came up with an accounting workaround with Wells Fargo, to avoid clearly identifying pot-tax revenue.
- Maine’s congressional delegation urged the U.S. Justice Dept. to shut down nearly 300 properties allegedly linked to illegal Chinese-funded grows.
Bangor Daily News
- The Oregon Court of Appeals sided with the cannabiz and halted aspergillus testing pending a judicial review.
- Also in Willamette Week, a once-major Oregon player Chalice is in receivership and could avoid its creditors.
- Nevada approved three more consumption lounge licenses.
Las Vegas Review-Journal
- The ballot language has been set for Ohio’s November REC vote. Gov. Mike DeWine (R) opposes it.
Ohio Capital Journal
Fun and interesting:
- Industry and local government groups told the office of AG Rob Bonta that interstate trade does not create “significant risk” for federal enforcement.
- Lots of cities and counties are cutting their pot taxes to help ailing companies.
- After successfully arguing that Pro Tech, a organization which signed with several cannabis companies, is a “fake union,” the Teamsters have filed a similar claim against another organization which has signed with Caliva, a brand owned by The Parent Company. The Parent Company declined to comment. The story also notes that distributor Nabis signed a contract with Pro Tech.
- Last week I reported on Catalyst CEO Elliot Lewis’ allegations that Glass House had contracts with “fake union” Pro Tech. He provided the contracts. Glass House didn’t respond to a request for comment.
- Growing hub Santa Barbara Co. added a new data access fee for industry operators.
Santa Maria Times
- Madera (Madera Co.) awarded two equity permits.
- Mendocino Co. regulators are trying to align their rules with the state’s.
- Humboldt Co. supes will allow out of county residents to apply for equity grants.
- Clovis (Fresno Co.) beefed up fines for illegal growers.
- Can a 420-friendly hotel revive the town of Scotia (Humboldt Co.)?
- The city of Vista (San Diego Co.) aims to develop an equity program.
- Glass House completed the first tranche of its $15M Series D offering. Green Market Report interviewed the company’s leadership.
- Humble & Fume raised $4M to boost California Distribution efforts.
- Statehouse and Pelorus Capital entered a deal for the vertical operator to manage a licensed facility in Humboldt.
- Missouri based MSO Greenlight arrived in Nevada.
Cannabis Business Times
- Stiiizy celebrated their first anniversary in Michigan.
Detroit Metro Times
- Law firm Saul Ewing arrived in California with its acquisition of Freeman, Freeman & Smiley.
LA Business Journal