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Leading Canadian producer Canopy Growth, agreed to buy multi-state operator Acreage Holdings for $3.4B once the U.S. legalizes REC federally. The deal would create a multi-national juggernaurcompany with businesses on several continents and licenses in more than a dozen states.
Vice asks 'Which countries will legalize next?' and predicts the U.S. goes REC in 2023.
New Jersey Senator and presidential candidate Cory Booker (D) said he will only support REC legalization if the bill contains equity provisions for the communities most affected by the war on drugs. He is now working to include them in the STATES Act. Booker sponsored the more liberal Marijuana Justice Act which would expunge past convictions and support investment in those communities.
He's throwing down the gauntlet as legalization becomes more central to the Democrat's agenda.
Also: Federal regulations to support businesses in struggling "opportunity zones" could benefit cannabis businesses.
The Boston Globe dives into a bitter contest between three men to win the first retail license in Mattapan, a majority black neighborhood. While all three candidates are black, one has formed a partnership with Sea Hunter Therapeutics, (part of TILT Holdings), and there are questions about how much control he would cede to the multi-state operator.
While activists sa can cannabis can create "generational" wealth in low income communities, the story raises the possibility that partnerships between minority entrepreneurs and multi-state operators will look more like tokenism.
While the exact terms of these partnerships are unclear, one young, black entrepreneur who has partnered with Seahunter on an Oregon shop compared himself to a "franchisee," and described the agreement as fair.
On the west coast:
L.A. also became the first city to sue an unlicensed dispensary. The move is seen as an effort to help licensed businesses compete against the grey market. 🌴For lots more see WW California.
Cannabis Wire, L.A. Times
Financial giant Bank of America initiated coverage of four Canadian cannabis stocks. Analyst Christopher Carey gives a buy rating to Canopy, Aurora and his all around favorite, Quebec-based HEXO. He gave Cronos Group an underperform rating. 🍁For more see WW Canada.
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CEO, Critical Mind Inc., Adelanto, CA
Affiliations: CA State Bar; Board Member, Adelanto Growers Association
Critical Mind, Inc. is a Medical Cannabis Cultivation and Manufacturing Facility located in Adelanto, CA. Providing the highest quality Cannabis products. Compliance without Compromise!
Numerous unanswered questions means insurers remain reluctant to cover cannabis businesses, Cannabis Wire reports.
A study of 250 Colorado patients undergoing minor surgery found cannabis users may require more anaesthesia than non-users. These included dosages of propofol, midazolam and the opioid fentanyl.
The study’s author said it raised questions about interactions between cannabis and other drugs.
In The New Yorker, Canadian Stephen Marche complains legalization has made marijuanaweed boring:
He concludes: "Canada is proving, once again, the deep political power of boredom: if you want to suck the power and glamour out of drugs, let the government run them."
Seattle alt-weekly The Stranger has a big story on the secret history of cannabis legalization.
It explains how billionaires George Soros, a Hungary-born financier, Peter Lewis, the CEO of Progressive Insurance, and John Sperling, founder of the University of Phoenix, contributed $70M dollars over 20 years to legalization efforts directed by Ethan Nadelmann, founder of the Drug Policy Alliance.
“Marijuana legalization is more or less unstoppable now, so that gives me a sense of tremendous pride,” Nadelmann said.
WaPo has the latest on cannabis cookbooks, which have become very ambitious:
Jen Doll advises against edibles on the third date.
The first "bong symphony" didn't go well.
Designer Jonathan Adler, who calls himself an "aesthetic libertine" has a new line of cannabis adjacent accessories. They look like ashtrays.
OKWhatever explains why you can't tell when you smell like weed.
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