Here are the top 5 stories from the previous week
Good morning MRR readers! It has been a crazy past week. We’ve seen a lot of rhetoric leading up to midterms regarding cannabis, so make sure to get out there tomorrow and vote to ensure we have a great and green future ahead for the industry. This past week, however, we’ve seen bombshells out of Canada from the government-backed CBC regarding organized crime in legal cannabis within the Canadian market that are damning, the authority in charge of regulation for Canada has blasted the CBC saying there is no evidence to support the claims. That, along with Coppola joining cannabis, Sacarmucci saying Trump intends to legalize cannabis, Canna Grow House successfully defended against a RICO lawsuit and much more! We’ll let you dive right in, just remember as always click the image following the snippet in order to read the full story.
Canada’s Largest Cannabis Producers Deny Mafia Ties After Investigative Report
The largest Canada-based marijuana producers denied to MarketWatch that they have done business with or taken investment cash from people tied to organized crime, after a bombshell report to that effect that did not name names.
Canadian Broadcasting Corp., the country’s government-backed news outlet commonly referred to as CBC, posted a report late Thursday that said some of the country’s major licensed marijuana producers had “longstanding ties” that included business dealings with members of the mob. Beyond links to a powerful Montreal, Quebec, crime family, the report also said that one of the large licensed producers acquired a business with ties to a drug trafficker. That deal included stock and rented space for a pot growing facility, according to the report.
Eliminating mob ties and organized crime from the cannabis business was one of the arguments government officials used in favor of recreational legalization, which took effect Oct. 17 in Canada.
Anthony Scaramucci Says Trump Will Legalize Cannabis After The Midterm Elections
Anthony ‘The Mooch’ Scaramucci is convinced that President Trump will tackle marijuana legalization once the midterm elections wrap up.
Although the former White House Communication Director didn’t last very long in the Trump administration, he claims to keep in contact with Trump. And those conversations apparently involve discussing Trump’s stance on cannabis.
“I think he’s going to legalize marijuana,” Scaramucci said in an interview this week, when asked about whether or not Trump would consider lifting the federal ban on the plant. “I think he’s waiting for after the midterms. I think he’s on the side of legalization.”
Scaramucci isn’t the first big player in the Republican Party to report this either. Back in October, Rep. Dana Rohrabacher—who has been one of the strongest voice for cannabis legalization in the GOP—gave a similar statement, expecting the laws to change sometime next year.
Canna Craft Grow House In Colorado Wins Against RICO Lawsuit
A Colorado jury likely threw cold water on future legal challenges against cannabis companies by homeowners who consider filing racketeering lawsuits alleging proximity to pot operations hurts their property values, analysts and industry lawyers said Thursday. A federal jury in Denver on Wednesday rejected claims involving the odor from a pot farm made in a case that was closely watched by the marijuana industry. It was the first such lawsuit to reach a jury. Three others are pending in California, Massachusetts and Oregon.
“The big takeaway is that the verdict is likely to curb the enthusiasm for bringing these lawsuits in the future,” Vanderbilt University law professor Rob Mikos said. He said it’s easy to show marijuana companies are violating federal laws against pot, but the Colorado verdict shows the difficulty In proving actual harm. “There was a thought that this would be easy money,” Mikos said about such claims.
Film Director Francis Ford Coppola Jumps Into The Cannabis Industry
Francis Ford Coppola is adding cannabis to his wine and hospitality empire. The famed film director has inked a licensing deal with the Humboldt Brothers, a Garberville business that owns Humboldt County marijuana farms, to produce a limited edition of three different cannabis flower strains.
The Grower’s Series by Francis Ford Coppola will be available at select licensed pot dispensaries in California and through Chill, a Bay Area marijuana-delivery service. The deal was made through a separate business entity, the Sana Co., which Coppola established earlier this year, rather than the Family Coppola, the Geyserville-based business that comprises his wine brands.
Still, the announcement represents another significant milepost as the wine industry explores whether the emerging marijuana sector is a friend or foe. “Wine and cannabis are two ancient and bounteous gifts of Mother Nature, linked by great care, terroir and temperateness. Expertise making one applies to the other,” Coppola said Thursday in a prepared statement. “As with growing grapes, location matters, and the Grower’s Series reflects California agricultural expertise creating a true blend of art and science.”
The CEO Of Molson Coors Says The Market For Cannabis-Infused Beverages Could Be Worth Billions
The CEO of Molson Coors is bullish on cannabis-infused beverages. Speaking on Wednesday during the company’s third-quarter earnings call, CEO Mark Hunter said the cannabis market could total $7 billion to $10 billion in Canada alone. Nonalcoholic cannabis-infused beverages could account for as much as $3 billion, or 30% of the total market.
“We decided as a business that we did not want to be a spectator as this new market opened up,” Hunter said. “And we clearly wanted to be a participant.” A specialized growth-oriented team at Molson has been “chasing down an opportunity in cannabis,” he added. In August, Molson Coors entered into a joint venture with HEXO, a Quebec-based marijuana cultivator, to produce cannabis-infused beverages for the Canadian market.
As always subscribe to our Daily Digest by signing up at the bottom of this article to get the latest in retail-related news in the cannabis industry delivered to you daily. Also, make sure to check out our CBD Special Report – Integrating CBD Into Your Cannabis Retail Strategy, available now in digital format along with our Quarterly Retail Report, this quarter entitled Understanding The Ancillary Market. If you were at CWCB in Los Angeles, you were lucky enough to get a physical edition of these reports. Make sure to grab a copy at RAD Expo this week in Portland!
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