Embattled MedMen CEO Adam Bierman has stepped down from the top job. He will relinquish his voting shares but will remain on the company board. A MedMen co-founder, Bierman leaves a mixed legacy: Nationally, MedMen is arguably the best known brand of the legalization era, but like many prominent plant-touching companies it has struggled to reach profitability. Business Insider
The email, apparently from a senior executive, touts several achievements and says the company is currently involved in a financing effort that is "critical to ensure that the Company is on solid footing for the balance of 2020 until we are cash flow positive."
The post also includes an anonymous "take away" which suggests the company is struggling with operational issues and a "toxic" work environment.
An Acreage spokesman confirmed the email's authenticity to WeedWeek. He declined to comment on it or the "take away."
Acreage stock was at $5.81 yesterday, down from $24.13 in May.
Acreage has agreed to be acquired by Canadian giant Canopy Growth for $3.4 billion once U.S. law permits. It has also garnered attention for naming former Republican Speaker of the House John Boehner to its board of directors. Barron's
WeedWeek endorses Sen. Elizabeth Warren (D-Mass.) for president. Voting in the Democratic primary begins with tonight's Iowa caucus.
Of the leading Democratic candidates, Warren, Pete Buttigieg and Bernie Sanders have endorsed legalizing marijuana. WeedWeek believes Warren has the best chance of winning in November. HuffPost, Chicago Tribune, Vox
Warren has demonstrated concern for rectifying the injustices of the war on drugs, while also showing that she's willing to act pragmatically to normalize the industry. Notably she is a co-sponsor, with Sen. Cory Gardner (R-Colo.) of the bipartisan States Act, which would protect state-legal REC and MED activity.
Candidates Joe Biden and Mike Bloomberg have not endorsed legalization, though both seem resigned to endorse states' rights. Sen. Amy Klobuchar (D-Minn.) says she supports legalization but has barely discussed it.
Trump has largely continued President Obama's policy of benign neglect towards the marijuana industry. It's one of very few areas where there has been consistency between the two administrations.
However, this policy has become increasingly tenuous as more states have legalized, and many aspects of marijuana policy -- from banking to pesticides to medical research and veterans access -- demand federal attention.
Trump reportedly supports states-rights and a majority of Republicans nationwide support legalization. However, influential Trump allies in Washington from Sen. Majority Leader Mitch McConnell to Fox News personality Tucker Carlson, have pushed back against legalization. Trump is not known to have pushed for cannabis reform. Politico, MarketWatch, Reddit
While some in the cannabis industry have suggested Trump will legalize in order to secure his re-election, I'm not aware of any evidence suggesting this is likely or that he has seriously considered it. It would certainly attract loud criticism from parts of his base.
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There's broad agreement on three related causes: 1) The lack of access to legal cannabis in much of the state; 2) The state's illegal market still dwarfes the legal market; 3) High taxes drive consumers to the illicit market.
????Donnell Alexander tackles these issues and much more every week in WeedWeek California. Subscribe today!
"In the United States, fear and confusion often provoke dramatic and counterproductive drug policies. Whether we consider an intoxicant to be medicine, to be socially acceptable, to be legal, has always been a matter of morality, race, and class — not just science and evidence. This makes sifting through the contradictory claims about vaping difficult."