The big get bigger in Florida

AMENDMENT 3
The big are getting bigger as campaign heats up

What’s happening: On November 5th, Floridians will vote on whether to amend the state constitution to allow for legal cannabis sales. Against that backdrop, the big medical cannabis operators in the state continue to expand their footprints — looking to capture the massive would-be market. 

The latest: Just yesterday, Trulieve and Planet 13 both announced expansions of their retail footprint. For Trulieve’s part, they’re adding shop #152 and #153 to their portfolio. At nearly the same time, Planet 13 announced store #28 in Florida (and their 32nd shop throughout the country). Normally, that would be somewhat interesting news within the industry. But against the backdrop of Amendment 3, it might be undercutting the Yes on 3 messaging.

Back up a bit: The chief opponent of Amendment 3, Florida Republican Governor Ron DeSantis, has called out Trulieve as a monopoly and as the one, true beneficiary of legalization via Amendment 3. That’s the messaging the No on 3 campaign has mostly found an audience with — that a vote for Amendment 3 is a vote for a monopoly, not solely the right to smoke legal weed. 

As well, Trulieve has largely funded the Amendment 3 initiative to the tune of ~$100 million. So getting bigger while under the political microscope might help DeSantis make the case against legalization.

What’s next: The Amendment 3 fight is at a fever pitch right now, with under three weeks to go to November 5th. 

It is, by a long shot, the most expensive legalization measure ever to hit a state’s ballot. But the threshold for passage is 60%, and polling puts it right around that mark. But whether that measure passes or not, it’s clear that medical cannabis operators are going to build their Florida moat deeper and wider as fast as possible whether legalization comes in 2024 or somewhere further down the line. 

-JR 

“My pledge is, as president, I will work on decriminalizing it, because I know exactly how those laws have been used to disproportionately impact certain populations, and specifically Black men,” Vice President Kamala Harris said at a town hall hosted by Charlamagne tha God. 

Harris continued to push the ‘Opportunity Agenda’ for Black men she released on Monday, of which federal cannabis legalization is a critical part. In the interview, Harris also blamed the Drug Enforcement Administration for slowing down the process of rescheduling cannabis from Schedule I, like heroin, to the much less restrictive Schedule III.  

California cannabis cafes coming ☕

A few weeks back, California Governor Gavin Newsom signed a bill that would allow cannabis retailers to open cannabis cafes. (We had an entire discussion about it with MJBizDaily’s California-based reporter Chris Casacchia on Reporters’ Notebook.) Now, retailers are figuring out how to make it happen.

South Dakota GOP says they’ll regulate cannabis sales if ballot passes 🤝

South Dakotans will vote on whether or not to decriminalize cannabis in November. But the ballot measure wouldn’t set up a regulated market — that would have to be done by the state legislature. And even though he’s against the ballot, South Dakota’s Republican House Majority Leader says they’ll put in a “good faith” effort to create a regulatory regime. More from South Dakota Searchlight.

Wisconsin’s growing hemp-derived THC market 🌿

Minnesota is working through their cannabis rule-making process with the possibility of opening recreational cannabis dispensaries within the next few quarters. But as that happens, Wisconsin has seen a boom in unregulated, hemp-derived THC brands hitting store shelves. The Star-Tribune took a look. 

Getting FlynnStoned all over NY 🗽

Mike Flynn, the owner of the Syracuse, New York dispensary FlynnStoned Cannabis Co., is looking to spread his brand of dispensaries around the state, including a location in Manhattan. According to NewYorkUpstate.com, he’s consulting with 30 would-be dispensary partners throughout New York. 

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Investing in cannabis can be hard (but it doesn’t have to be)

If you read Cultivated Daily on a regular basis, you know that the cannabis industry is poised for growth. The combination of new state markets opening up, the trajectory of rescheduling, and perhaps even cannabis banking reform, the sector is on the verge.

But, investing in cannabis can be a rocky road. The ups and downs of the market make for many restless days and nights. 

Accredited investors have another option: investing in cannabis real estate.

Introducing MJ REIT.

MJ REIT aims to provide investors with above market income coupled with stability by investing in commercial real estate where the owner of that property has a cannabis tenant. 

So, if you’re interested in learning more about MJ REIT, follow them on LinkedIn or learn more on their website.

Kamala Harris touts her pro-legalization stance: 

New York’s Cannabis Control Board has been busy both getting stores open and letting the world know that the proverbial corner has been turned. The latest exhibit? The chart below touting both overall sales and the number of legal stores opened/opening in the state.  

With Amendment 3, will Florida follow other states in ‘righting wrongs’ of past drug policy? | WLRN

Op-Ed: Banning hemp products isn’t the way to protect public health or foster fairness for marijuana businesses | Marijuana Moment

Football and CBD: A complicated relationship | The Athletic