65. A Very Canadian Pot Scandal with Jesse Staniforth
Jesse Staniforth, Editor of WeedWeek Canada, updates Alex and Donnell on breaking Canadian stories. There is no lack of scandal: Cannabis giant Canopy Growth fired founder and CEO Bruce Linton and CannTrust, a major licensed producer, is estimated to lose C$350 Million for ignoring the law. New regulations limiting THC in edibles exacerbate the over-packaging crisis. The country continues to battle the illicit market which is now also available online and is known by the cool name "MOMS" (mail order marijuana sites). Plus, Alex and Donnell discuss Jay-Z's partnership with Caliva.
In a historic bipartisan vote, the U.S. House of Representatives voted to protect state legal marijuana businesses by a 267-165 margin. While the measure reportedly has support from President Trump, it's not clear whether it can pass the Republican-controlled Senate.
Even if it doesn't, Canna Law Blog describes the risk to REC businesses as "relatively marginal."
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China's drug enforcement agency called legalization in the U.S. and Canada, "a new threat to China." The deputy director of the China National Narcotics Control Commission said the number of cannabis users had grown more than 25% in 2018.
Major players including Canopy Growth and several global accounting firms joined a group which seeks to establish international standards for the industry in areas such as promoting responsible use, environmental protections and corporate governance.
"The hope is that this will be to cannabis what Fair Trade is to coffee," Lara Wood, chair of the Global Cannabis Partnership advisory board told Bloomberg. The story also suggests creating a set of best practices could also help attract institutional investors such as pension funds, which still largely consider cannabis a vice industry.
Rick Petersen, who wrote the standards, and previously wrote a similar document for the World Lottery Association, said the goal is to create a framework before a scandal forces the industry's hand.
WeedWeek Council is a new initiative to build a community of industry leaders, and share their insights with WeedWeek's audience.
We asked councilmembers about their favorite and least favorite markets. Here are a few interesting responses.
Trista Okel, CEO, Empower Body Care (topicals):
Cindy Orser Ph.D., Chief Scientific Officer, at testing company Digipath says Arizona doesn't have the water to grow cannabis and should be the first state to import product from Oregon. (Oregon has voted to allow cannabis exports, though they're likely years off.)
Orser is also bullish on Colombia:
A councilmember who wishes to remain anonymous writes:
WeedWeek Council is supported by our partner, market research firm SoapBox Sample.
Despite a last minute push, New York lawmakers failed to legalize REC in the last days of the legislative session. They did expand decriminalization in the state, though the pro-legalization Drug Policy Alliance had some harsh criticism of the new law.
🍁WW Canada has been all over the country's new rules for edibles and manufactured products.
In this week's Seeing Green column, I argue the regulations are deeply flawed.
Since its founding in 2010, the company has suffered several public security breaches before this recent success. CEO Jessica Billingsley said Akerna will use the proceeds to pursue an aggressive acquisition strategy.
Investor's Business Daily, Forbes
Three new studies reached somewhat contradictory results on how living near dispensaries affects youth cannabis use in Los Angeles County.
As many have pointed out, the history of legalization is deeply entwined with the movement for LGBTQ rights.
Weedmaps has a roundtable discussion on queerness in the cannabis industry.