By Don Jergler
When states declared cannabis operators essential during the pandemic, that kept cannabis dispensary doors open and boosted sales. That was fine and well, but it also had the effect of pushing up the costs of auditable policies – giving some companies an unpleasant surprise.
In the latest Insuring Cannabis Podcast, we spoke to a pair of seasoned cannabis insurance brokers about auditable policies and how the volatility in the industry made things worse for some.
SAN DIEGO — Some cannabis dispensaries in San Diego could be forced to close if new City Council district boundaries shake up how many dispensaries are within each district, prompting leaders of the local cannabis industry to lobby for a solution.
Each of the city’s nine council districts are limited to four dispensaries under the 2014 city law that allowed legal dispensaries in San Diego for the first time. Three of the nine districts have already reached that cap.
Job applicants for gigs at company offices and warehouses will no longer be drug-tested for cannabis (though delivery drivers are another matter). What’s more, Amazon also officially supports federal marijuana legalization, and will join social-justice organizations and drug-reform advocates in lobbying Congress to pass the most progressive legalization proposal in Washington.
Deemster Graeme Cook made his remark while sentencing a woman for importing the drug with the intent to supply.
Melissa Ardis admitted tracking a parcel containing the drug, which was addressed to her home.
Suspending the 27-year-old’s 16-month jail term for two years, Deemster Cook said cannabis importation had become a major issue “over the past 18 months”.
A group of local veterans is trying to raise awareness about mental health with the help of cannabis. The Marines founded Helmand Valley Growing Company after feeling the effects of post-traumatic stress. The veteran owned cannabis brand is sold in dozens of dispensaries in California and all profits go to veteran medical cannabis research.
“You have a lot of great men and women who went forward to fight for us and now they’ve returned and physically they’re back here but spiritually they’re not. We want to be that beacon of light to help them live that American dream that they fought to defend,” said Bryan Buckley, President and CEO of HVGC.
By Tigist Layne
ESCONDIDO — After a lengthy discussion on cannabis legalization, the Escondido City Council on May 19 directed staff not to take action toward legalizing cannabis use in the city.
Wednesday’s discussion on potentially legalizing cannabis in the City of Escondido did not require a vote, but the council did decide 3-2 to not pursue cannabis legalization and to maintain the existing prohibition of cannabis production and sales.
Recent Positively West Virginia guest Johnny McFadden is leading the medical cannabis industry for West Virginia through his business, Mountaineer Integrated Care.
When McFadden heard that West Virginia would be legalizing medical cannabis as a student at WVU, he knew he had to jump on the opportunity. The policies allowing cannabis in the state were first signed in 2017 and have presented relentless challenges for the industry so far.
Now, the industry leaders in the state are patiently and eagerly awaiting the final permit approvals, hopefully to come this summer.
Last week, the rapidly evolving U.S. cannabis industry changed forever when one of the largest U.S. multi-state operators (MSOs), Trulieve Cannabis (OTC:TCNNF), agreed to acquire a smaller but still substantial peer, Harvest Health & Recreation (OTC:HRVSF), for $2.1 billion in stock.
While most large U.S. MSOs have been scooping up smaller private companies and license holders in select states, this acquisition is the largest tie-up in U.S. cannabis history. It also occurs at a historic time, as the U.S. seems to have reached a tipping point regarding the legalization of cannabis across the country.
Chicago-based Green Thumb Industries, a cannabis company that operates in 12 states, reported $194.4 million in revenue for the first quarter—a 90% increase year-over-year due to increased demand. Ben Kovler, the CEO and founder of Green Thumb Industries, says understanding what drove the company’s growth is not difficult.
“American consumers want more weed,” says Kovler. “It’s simple.”
GTI had a strong first quarter, reporting the second highest revenues in the industry, behind only Massachusetts-based Curaleaf, and the industry’s highest margin. According to a note published by Cowen on Thursday, one of the reasons GTI is the equity research firm’s top pick is because it has the industry’s “healthiest” adjusted EBITDA margin of 36.7%.
By JOHN LEE
NUTLEY, NJ – Nutley residents launched a petition this week in opposition to Ordinance No. 3473 which prohibits cannabis businesses from operating in the township. The ordinance was introduced at the May 4, 2021 Township of Nutley Board of Commissioners open public meeting. It has been described by individuals close to the commissioners as a temporary measure.