Your weekly recap of the top 5 stories from the previous week
Good morning MRR readers! We hope you enjoyed our Retailing Workshop – Retailing: Beyond The Basics during CWCB this past week in Los Angeles, but don’t get settled in just yet as RAD Expo and New West Summit open their doors this week in Portland Oregon and Oakland California respectively. We will bring you the latest from the floor of both shows so make sure to stay tuned. To get you caught up on all the latest news from the past week we’ll jump right into our weekly recap. As always just click the image following the snippet to read the full story.
The major story from last week comes from the federal government again, this time it’s the White House confirming the Buzzfeed story it originally refused to acknowledge regarding a “secret committee on cannabis” to try to propagate negative attitudes toward pot and portray the drug as a national threat.
ONDCP Acting Director James Carroll says the “intent of the marijuana policy coordinating committee” is to work with federal and state partners to assess “rapidly changing drug markets.”
Carroll insisted the committee was neither secretive nor subjective, saying in his Sept. 21 letter that federal officials are taking a “completely objective” approach while seeking “all perspectives, positive or negative.”
Also in the news, Constellation Brand’s investment in Canopy Growth Corporation has already netted it more than $1 billion in unrealized gains thanks to the marijuana producers surging stock.
“Reported basis results reflect $639 million unrealized gain for an increase in fair value of the initial investment in Canopy Growth Corporation; $1.3 billion unrealized gain has been recognized since investment in November 2017,” Constellation Brands said in its earnings release.
MedMen is making yet another splash in the cannabis market, this time by acquiring Chicago area dispensary Seven Point. MedMen made the acquisition following a major shift in Illinois that saw a law passed positioning marijuana as an opioid alternative.
Financial terms of the deal were not disclosed. MedMen said in the statement it will pay a combination of cash at closing, deferred cash, and shares of the company. The transaction, which is subject to state approval, is expected to close within 90 days. A MedMen spokesperson was not available to comment.
Our friends at Wilson Elser recently teamed up with the law group over at Borden Ladner Gervais to put together a comprehensive guide for those of us in the industry that travel internationally regarding what to do at the US border, especially our friends in Canada traveling to the US after recent reports have come to light that the CBP is handing out lifetime bans to people working in the Canadian cannabis industry.
TOPICS COVERED RANGE FROM:
- When am I inadmissible?
- How do I answer questions at the border?
- How can I prepare for a border crossing?
- Can I call a lawyer? What other remedies do I have?
- and much, much more!
Last but not least, certain weed-infused candies could start disappearing from store shelves across Washington early next year.
The Washington State Liquor and Cannabis Board announced during a meeting Wednesday that it will “re-evaluate” all edible marijuana products in an effort to cut back on foods that may be appealing to children.
Washington state, which legalized recreational pot in 2012, has long had rules barring products that are “especially appealing to children.” Even so, the board has received public complaints that some candies being sold in stores could be enticing to kids, said spokesman Brian Smith in an email.
When the board looked into the complaints, “they too had concerns,” Smith said. In response, the agency will now re-evaluate all edible products and could strip approval from some candies already on store shelves.
In a presentation posted online, the agency identified colorful gummy and hard candies as ripe for a regulatory crackdown.
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!
To Read The Special Reports Click One Of The Images Below