- Cultivated
- Posts
- More chaos in California’s market
More chaos in California’s market
Plus, Delaware’s banking protections
Good morning.
If you missed it, watch Jay and Jeremy compare and contrast both Trump’s and Harris’ record on cannabis — and why, given the facts, Harris might still be the industry’s best bet, though far from perfect.
And, check out the webinar we produced with Park Strategies and The Wagoner Firm, to discuss the ins and outs of how to transfer cannabis licenses in New York. The recording is here.
Never a dull moment!
-JB & JR
This newsletter is 798-words or about a 4.5-minute read.
💬 Quotable
“Throughout my career, I have witnessed countless lives unnecessarily derailed by simple possession charges. These charges often result in criminal records that can make it difficult for individuals to secure employment, housing, and educational opportunities,” Florida’s Bradford County Sheriff Gordon Smith wrote in an op-ed on why he’s voting for legalization in November.
“This cycle of punishment prevents Florida from truly living up to its reputation as the “Free State of Florida.” Everyone deserves a fair chance in life, and it’s time we stop criminalizing something that we know is safer than alcohol.”
Smith has bucked the state’s Sheriffs Association, which is advocating to keep the sale and use of recreational cannabis prohibited in the Sunshine State.
👊 Quick hits
California revokes K.U.S.H Collective’s business license 🛑
California regulators revoked K.U.S.H Collective’s business license and embargoed 250 products produced by the company after an investigation by the state found that the company failed to comply with manufacturing regulations. The Los Angeles Times previously reported that some of K.U.S.H Collective’s products may have contained illegal pesticides, in an article that highlighted ongoing testing challenges in California’s market.
Delaware’s cannabis banking protections 🤝
Delaware Gov. John Carney signed a bill that would protect banks that choose to work with the state’s cannabis industry, ahead of the state launching its legal cannabis market. The bill mirrors federal legislation like the SAFER Banking Act, which would protect federally chartered banks that work with cannabis companies, though that bill’s prospects are unclear.
New Jersey hemp in limbo 🌿
New Jersey’s hemp industry is in limbo after the state said it wouldn’t uphold a new law banning hemp sales, even though the law was upheld by a federal judge. The only law state officials are upholding is preventing the sale to minors under the age of 21 — and it’s leaving operators confused, per New Jersey Monitor.
New York’s community reinvestment grant application opens 📈
Applications for New York’s community reinvestment grants opened on Wednesday. The initial round will provide up to $5 million in funding to registered nonprofits working to support youth across New York State, and it’ll be funded by cannabis tax revenue. More information here.
🏃 People moves
Former New York Office of Cannabis Management Director Chris Alexander, who stepped down from the agency earlier this year after a state investigation into the licensing delays, is taking a new role as the Executive Director of the New York State NAACP.
In more people news, Chicago Atlantic — the firm initially contracted by New York to provide loans to social equity-linked cannabis entrepreneurs — is hiring a Business Development Associate for the firm’s cannabis private credit team. Check out the job description.
🤝 Deals, launches, & partnerships
Cannabis firm Curaleaf’s Arizona dispensaries are offering “politically-inspired” cannabis strains like “Kamala Kush” and “Donald OG” ahead of the election. (Reminiscent of True-dope named after Canadian Prime Minister Justin Trudeau.)
Invincibowl released a new pipe, called the Invincipipe, which they say is unbreakable and cools the smoke before you inhale. Check it out.
😜 One fun thing
Florida’s pro-legalization Yes on 3 campaign has a new ad, touting former President Donald Trump’s endorsement of the ballot measure.
📊 Chart of the day
New York’s Office of Cannabis Management shared more data about the program’s successes, including 214 dispensaries opened to-date.
#NYcannabis provides an opportunity for all New Yorkers to participate. It's a market that champions community, equity, and small business development, but don’t just take OCM's word for it.
Check the numbers.
— NYS Office of Cannabis Management (@nys_cannabis)
7:30 PM • Oct 15, 2024
🔬 Science & research
High potency cannabis use leaves a distinct mark on DNA, according to a new paper published in the journal Molecular Psychiatry. Read more here at The Conversation.
The National Cancer Institute, a federal agency, says that between 20-40% of cancer patients are using cancer to treat side effects — but doctors say they hope that moving cannabis to a lesser schedule will help fill the gaps in research. Read more.
📰 What we’re reading
Marijuana use is rising. The government needs to correct its mistake. | The Washington Post
Vermont’s legal cannabis marketplace celebrates its second anniversary | Vermont Public Radio
What did you think of today's Cultivated Daily? |