July 1 2022,
THE BIG IDEA
Happy holiday weekend everyone!
This week’s issue comes in a bit late. I hope you still find it valuable.
- America doesn’t have 40,000 cannabis prisoners
Last week I misstated the name of Perfect Union‘s new CEO. It’s Tom Sheridan.
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AMERICA DOESN'T HAVE 40,000 CANNABIS PRISONERS
The idea that ‘No one should be locked up for a plant’ is both a cherished belief in cannabis circles and a central argument for the legal industry’s existence.
Since its founding in 2019, Last Prisoner Project, a non-profit brainchild of industry pioneer Steve DeAngelo, has become of the most prominent cannabis charities by pledging to free the 40,000 people locked up for cannabis in this country.
However, a WeedWeek analysis of publicly available data suggests the number of cannabis prisoners could be substantially lower. For example, the 40,000 figure includes 11,730 federal cannabis prisoners, but two other non-profits put the number at roughly 3,000.
- The cannabis trailer bill passed the legislature without opposition and heads to Gov. Newsom’s desk. While it zeroes out the cultivation tax and steps up enforcement powers against the unlicensed market, several lawmakers argued that it does not do enough for social equity businesses. Canna Law Blog discusses what good regulation might look like.
- The industry opposed Cannabis Right to Know Act remains in play.
Kaiser Health News
- SoCal-based JourneyOne Ventures‘ boss Helene Servillon said the fund had raised $10M and has started to make investments. Servillon says that more than half its investors are women or people of color.
- Mike Tyson’s Tyson 2.0 brand raised a $9M Series A led by JW Asset Management, which has close ties to MSO Terrascend.
- Voters in San Diego Co. will decide in November on whether to tax cannabis businesses in unincorporated areas.
Times of San Diego
- LA City Council approved placards for licensed businesses.
- Oakland voters may get to consider the Emerald New Deal in November. It would direct pot taxes to support communities damaged by the war on drugs.
East Bay Express
- After voters rejected it, Huntington Beach (Orange Co.) will reconsider a measure to allow pot shops.
- Ventura Co. is becoming a hot spot for consumption lounges.
- The failure of a House bill means social equity dispensaries will be locked out of major markets including Tucson and Phoenix.
- State regulators approved rules for consumption lounges. They’re a rare opportunity for equity entrepreneurs in the state.
News 3 (NBC), NTNV (ABC)
Fun and interesting:
- Psilocybin microdoses are the newest fad at weddings’ signature cocktails.
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CHART OF THE WEEK
The new Charts of the Week can be found in the story on cannabis prisoners.
- Through partnerships, SC Labs is expanding to Oregon, Colorado and Michigan. Jeff Journey is the company’s new CEO.
- Phinest opened a tissue culture and indoor nursery in Sacramento.
- Marketing platform Petalfast partnered with Turning Point Brands, parent of Zig-Zag rolling papers.
- Garden Society has a new product line: pre-roll THC-V-rich Rosettes. (Pictured)
- Harborside presented anticipated cost savings from its merger into StateHouse Holdings.
- Kiva and Jetty Extracts are partnering on a limited edition of Kiva’s Lost Farm edibles.
- Garcia Hand Picked launched in Colorado.
- Winners at the California State Fair’s first ever awards for cannabis included awards for terpene and cannabinoid content, with testing conducted by SC Labs. Here’s the complete list of winners. Here’s where to get them.
- The documentary Frenchy Dreams of Hashish, about Frenchy Cannoli, premiers on 7/10 in SF.
- Tickets are on sale for the Northern Nights Music Festival, July 15-17 on the Humboldt/Mendocino border. There will be several on-site dispensaries.
- The deadline to provide equity eligibility for LA’s retail lottery is July 25.