March 18 2022,
THE BIG IDEA
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In today’s newsletter:
- Why brands love DTC
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WHY BRANDS LOVE DTC SALES
In recent years, mainstream brands like Warby Parker and Stitch Fix became Wall Street darlings by sidestepping retailers to sell direct to consumers (DTC). Market conditions for these brands have recently become much more challenging, but the DTC model has found converts among cannabis brands.
Conversations with several operators and ancillary businesses suggest the model is on the rise in California, where the super-competitive market and complex regulatory situation make them an attractive option.
- Observers expect the trend to spread nationwide.
- Federal authorities charged a “Russian oligarch” with making illegal political contributions through a cannabis business, in connection with previously convicted individuals Lev Parnas, Andrey Kukushkin and Igor Fruman.
- A Wall Street analyst said MSOs face steepening competitive risk.
- MSO TerrAscend launched a shoppable iPhone app, named for its Apothecarium store brand, in California and New Jersey.
Green Market Report
- MJBiz interviewed Chris Beals, CEO of Weedmaps’ parent company.
- A new NCIA survey of 396 operators found 37% aren’t profitable.
North Bay Business Journal
- Metrc landed Minnesota’s track and trace contract.
- Lindsey Bartlett asks if social media could soon become more 420-friendly.
- Business Insider suggests these three skills will help you land a six-figure job in the cannabiz.
- A New York bill would allow the state business tax deductions that 280E blocks for federal taxes. Also in Marijuana Moment, an editorial suggests a New York could raise money for equity entrepreneurs by issuing bonds.
- Cannabis Wire reports on the push for tax reform in California.
- California regulators introduced a new compliance tool.
- Illinois plans to make dozens more equity dispensary licenses available in Q3.
- Applicants filed more than 170 retail applications on the first day New Jersey accepted them.
- Competing MED bills advanced in Georgia’s House and Senate.
- Burglars posing as law enforcement have been robbing Oklahoma MED businesses.
- National Law Review asks what the Mississippi MED market will look like.
- Following the big vape recall, Grown In discusses the big industry issues in Pennsylvania.
Fun and interesting:
- CelebStoner celebrated 25 female celeb stoners.
IN THE WEEDS
- Mike Tyson’s Tyson 2.0 brand launched ear shaped edibles, in honor of Tyson biting off a chunk of Evander Holyfield’s ear. They’re coming to Massachusetts, Nevada and California.
- Wana Brands is launching live rosin gummies in Colorado.
- I just learned about Tempo, infused crackers. You can find them in California.(Pictured)
- Breaking Games has a new party game called Suddenly Stoned.