Marijuana Momentdives into Michael Bloomberg's record on marijuana. The Democratic presidential candidate, former New York City Mayor and media magnate "has a long history of speaking out against marijuana law reform, and [a] record on discriminatory policing tactics."
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The agency said CBD "can cause" liver damage and have adverse affects when mixed with other drugs such as alcohol.
The agency also sent warning letters to 15 companies for illegally selling the compound. The companies, it said violated rules involving interstate commerce, making unproven health claims and selling CBD as a dietary supplement.
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With many pot stocks trading at or near 52 week lows, some Wall Street traders expect them to fall further. According to a report from analytics firm S3 Partners, short sellers have added $1.4 Billion in short positions on cannabis stocks this year. Business Insider
Average borrow fees for pot stocks are climbing, an indication of short-seller interest, and now stand around 23%, up from under 17% in August.
Canada's Aurora has the highest borrow fee of any cannabis company at almost 67%. Tilray, Hexo and Aphria aren't far behind.
California Attorney General Xavier Becerra (D) filed to join a lawsuit against Santa Cruz County which has banned deliveries by companies it has not licensed. It comes as a number of cities have sued the state for allowing delivery services to operate in areas where they are not licensed to do so. LA Times
The cities suing California say state law unambiguously “[preserves] the right of local jurisdictions to regulate commercial cannabis activity at the local level.”
Becerra's motion may be an attempt by to move the case from conservative Fresno to liberal Santa Cruz.
The large number of cities and counties which don't allow licensed cannabis businesses -- and therefore enable the illegal market -- is a source of deep frustration among CA businesses.
Also in California:
An aide to LA City Councilman Jose Huizar has filed a claim against the city for $10M claiming Huizar retaliated after the aide told the feds he thought his boss was trying to extort money or bribes from cannabis companies. Huizar called the allegations "absolutely false," and said the aide had tried to secure a cannabis license while advising on the issue, a potential ethics violation. LA Times
Authorities say they used "standard cardboard boxes that were carefully routed through the private mail carrier’s trucking and delivery systems."
At least 11 people have been arrested and four UPS employees have been charged following a decade-long investigation.
The alleged ringleader was based at a UPS facility in Tucson. A local cop said the investigation took so long in part because the company did not cooperate more "proactively." (UPS says it is cooperating with law enforcement.)
Missouri legalization activist Eapen Thampy is one of nine arrested on drug trafficking charges stemming from the 2018 murder of a drug dealer in an upscale part of Columbia, Mo. None of the nine arrested have been charged with the murder. The Daily Beast
9CANNABIZ JOB MARKET LOOKS FAMILIAR
A report from cannabis HR firm Vangst projects an ongoing boom in cannabis jobs, but many of the openings will be temporary and pay meagrely.
There was a 79% increase between 2018 and 2019 in the total number of openings.
An estimated 211,000 full-time workers currently make up the industry.
By 2020, most companies will employ roughly 40% freelancers.
Most common job openings include cultivation technicians, trimmers, budtenders, brand ambassadors, directors of cultivation and delivery drivers.
10R. CRUMB ART SELLS BIG AT AUCTION
CHRIS JACKSON, GETTY IMAGES
"Stoned Agin!" a work by famed underground comic artist R.Crumb sold for $690,000 at an auction in Dallas. The work, originally intended had disappeared for about 40 years but apparently was in the private collection of the consigner. Benzinga
Also: Greenland Holdings announced a line of bongs inspired by the late muralist Keith Haring.