The WeedWeek California Pro newsletter

Every Thursday morning the newsletter delivers exclusive reporting and analysis about what’s happening in the California market and why it matters for your business.
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September 8 2022,

TOGETHER WITH

THE BIG IDEA

Happy fall and greetings from WeedWeek’s new HQ in Long Beach, California.

Let’s get to it:

  • Exclusive: We tested top Calif. prerolls for potency inflation

Plus lots more.

I’ll be at the Benzinga conference in Chicago next week. Say hello.

Alex 

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WHAT YOU MISSED IN WEEDWEEK CALIFORNIA PRO

El Blunto
Via Flower Company

WeedWeek test of seven California preroll brands suggests potency inflation is close to ubiquitous in the product category. 

  • The seven brands we tested include some of the top selling brands in California: El Blunto (Albert Einstone’s), Field (Glass House), Jeeter (DreamFields), KingRoll (StateHouse), Lowell, Pacific Stone and Raw Garden.

Of the seven brands (and nine total products) included, all of them tested below the THC levels on their label. The implied potency inflation on various products ranged from  14% to more than 500%.

How’d your favorite brand do?

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UP TO SIX STATES COULD LEGALIZE IN NOVEMBER

Public domain

The Hill looks at the six states that could legalize in November:

  • South Dakota’s bill would legalize without creating a market. The idea is to avoid the lawsuits that killed the REC initiative the conservative state passed in 2020.
  • Arkansas’ board of electors recently derailed a REC initiative, but activists are taking it to the state supreme court.
  • Deep blue Maryland is voting on a REC constitutional amendment that would bypass Republican Gov. Larry Hogan, who is ambivalent on legalization.
    Marijuana Moment 
  •  Missouri’s REC proposal, like Maryland’s, would expunge some past pot convictions. The Kansas City Star has more.
  • MED state North Dakota is likely to vote on REC.
  • Oklahoma’s Supreme Court could put off the REC vote.
    AP
  • NORML’s Paul Armentano criticized Nebraska’s Supreme Court for killing a MED ballot initiative.

Read The Hill story 

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QUICK HITS

National:

Business:

State and local:

Health and science:

Fun and interesting:

NOTABLES

Company Milestones:

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September 16 2022,

TOGETHER WITH

THE BIG IDEA

Hi all,

It was great to see many of you in Chicago this week. Forgot how much I dig that city.

Let’s get to it:

  • Why Wana Brands Left California
  • What’s working here
  • CEO Jon Avidor departs Shryne

Enjoy,

Alex

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HOW TO WIN IN CALIFORNIA: TWO VIEWS

Not all is doom and gloom here according to two plugged in execs:

Rob Sechrist, president of mortgage REIT Pelorus Equity Group, said the California market is “more nuanced than the soundbites that you hear.” While many outdoor producers can’t find buyers, he sees “indoor user/owners who grow for themselves” in a much stronger position.   

  • In this year of oversupply, he says its smart to prepare for a shortage.
  • However, he warned about dashing into interstate trade agreements:  “California should figure out its own economics before they make it more complicated.”

Brady Cobb, chairman of OnePlant, which has nine California shops, also sees upside in going vertical. The company plans to buy a high end indoor grow which “gives you the opportunity to distinguish yourself amid an endless supply of mids.”

Cobb is also CEO of Sunburn Cannabis, which recently stole bought MedMen’s vertical license in Florida, including 14 dispensaries, for $63M.

  • Cobb is especially bullish on where MedMen placed its shops. “We can fix the grow, we can’t replicate its store locations,” he said.
  • Though Sunburn has fewer stores than Trulieve and other MSOs, Cobb sees an inflated store count as a detriment. With federal legalization, he expects dispensary’s to lose their monopoly on selling legal weed.

DOGWALKER

SCOOP: CEO Avidor departs Shryne

Jon Avidor has departed his role as CEO of Stiiizy parent company Shryne Group to return to lawyering, someone familiar with the situation confirmed to WeedWeek. Avidor, who had been chairman and president, took over the CEO role last September after former CEO Brian Mitchell was indicted for fraud in relation to his work at a previous company. (Mitchell has pleaded not guilty.)

The company needs operational expertise and Avidor did not see himself in that role, the source said. Co-founder James Kim now serves as CEO; COO Mark Unterbach is adding chairman to his portfolio.

QUICK HITS

Federal:

Statewide:

Business:

Local:

  • The Santa Barbara Coalition for Responsible Cannabis filed a complaint alleging widespread illegal water usage by growers along the Santa Ynez River in Santa Barbara County. For more see the Santa Barbara Independent.
    Santa Ynez Valley News
  • An Alameda County judge upheld an order calling for two Oakland grows to stop using diesel generators.
    SF Chronicle
  • California City News counts more than 20 cities which could vote to allow retail this fall. Plus, LA, San Diego and Sacramento County residentd will vote on shops in unincorporated areas.
  • Some in Ukiah (Mendocino Co.) think Cookies’ brand is too attractive to kids.
    Ukiah Daily Journal
  • Urbn Leaf, now part of Statehouse, continues to push for a shop in San Diego neighborhood Rancho Bernardo.
    San Diego Union-Tribune
  • Green Market Report checks out the ballot measure fights in LA County’s beach cities.

Nevada:

  • A Nevada judge ruled the state’s classification of cannabis as a schedule I (banned) drug is unconstitutional.
    Las Vegas Review-Journal

Equity:

Fun and interesting:

NOTABLES

Company milestones:

Job moves:

Upcoming:

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