Congress gives intoxicating hemp a one-month reprieve 🌿

HEMP
Congress gives intoxicating hemp a one-month reprieve 🌿

The Senate Committee on Appropriations approved a bill on Sunday that postponed the upcoming ban on hemp-derived cannabinoids until Dec. 11..

The change, which would still need approval, only gives the industry one extra month, but hemp operators appear optimistic. 

It means that a legislative lifeline for the hemp industry could come in the legislative session after midterms.

What they’re saying: “For months, hemp advocates have been working with Representatives Andy Barr and Angie Craig on a real regulatory solution,” said Jim Higdon, co-founder of Cornbread Hemp.

“Their bill, the Lawful Hemp Protection Act, sets a national potency standard and closes loopholes that allowed foreign-made synthetic THC to proliferate in an unregulated market. A one-month extension for non-synthetic hemp products gives the Barr-Craig bill room to move forward.”

Zoom out: President Donald Trump signed an appropriations bill last year that included an end to the 2018 Farm Bill’s redefinition of legal cannabinoids. The language is set to take effect on Nov. 12.

The federal legalization of hemp-derived cannabinoids allowed for the explosion of a hemp industry that allowed THCA flower, edibles, and hemp THC beverages to thrive across the US, even in states where medical and recreational cannabis remained illegal.

Reality hits: That industry is facing an existential crisis, but it could have one additional month to survive.

Once the midterms are in the rearview, the legislature will have a few extra weeks to decide if they want to allow the ban to set in, or if they are willing to get started on a legitimate regulatory framework for an industry that is already here.

"We at Keef are thrilled that the tireless efforts of so many have provided this important step for the industry," said Blake Patterson, the company’s chief revenue officer. 

"Guardrails and regulations are going to be the backbone that sets the tone for everyone in the value chain, including the farmers, to make sensible plans."

-ZH

Senate candidate James Talarico took to the State House floor to speak against the THC ban in Texas: 

“Texans aren’t going to stop smoking weed and eating edibles because politicians in Austin say so. Texans will still use THC — but instead of getting it safely from a local small business, they’ll go back to getting it from the black market. From the drug cartels. This ban is a gift to the cartels. 

We are now telling full-grown adults how to live their lives. This is the nanny state at its worst; this is big government at its worst.Instead of fully funding our schools, guaranteeing healthcare, or making childcare more affordable — this Legislature is focused on banning a product that gives people a little peace. We’re making people’s lives harder, not easier.”

Watch the full speech »

Color-coded drink caps proposed by New York Congressman 🍹

Rep. Nick LaLota's (R-NY) Safe Sips Act would mandate a single, uniform color code on caps and closures of THC, alcohol, and other intoxicating beverages nationwide. Check out the Congressman’s Tweet on the Act. We commend the Congressional staffer that had the awesome assignment of visiting bodegas, dispensaries, and liquor stores throughout the District to put this video together.  

Second MO dispensary unionizes 🤝

Workers at Springfield, Missouri's Key Cannabis Dispensary ratified their first union contract Thursday, securing wage hikes, bonuses, and more time off — only Missouri's second cannabis dispensary to do so.

Sweed launches Smart Surveys

Cannabis dispensary POS and operating system Sweed launched Smart Surveys, an AI-powered feedback tool that automates customer surveys and Google Review invitations meant to boost SEO and local visibility.

Cannabis New Brunswick touts $2 pre-roll sales

Cannabis NB, the provincially-owned and managed retailer in New Brunswick, Canada, posted Q1 sales of $25.4M, down 2% YoY. Interesting data point: a new $2 Tuesday pre-roll deal sold 100,000 units, aiming to pull buyers from the illicit market; transactions rose 5% but average basket size fell. More from StratCann.

DC regulators kill a cannabis license sale over a family feud ⚖️

DC's ABC Board ruled Blunt DC's medical cannabis license belongs solely to Chong Nak Son, killing a transfer his son had signed with buyer Half Smoke Herb using an already-revoked power of attorney. No notarized transfer affidavit ever existed, which DC rules require for any majority sale, a reminder that thin diligence can sink a deal before regulators even weigh in.

Verano takes NJ's labor peace agreement rule to court 🧑‍⚖️

Verano filed a complaint Friday in federal court in New Jersey arguing the state's labor peace agreement mandate for cannabis licenses violates federal labor law, leaning on a favorable ruling the same court handed Curaleaf in May. If the Curaleaf logic holds here, the requirement could fall entirely, a real loss for unions that have used these pacts as their main foothold into the industry. $VRNO ( ▼ 2.57% )

Earnings season continues this week. We’ll be listening to the calls, breaking down the balance sheets, and catching up with all the key execs to bring you what you need to know.

Here’s the calendar:

TODAY:  
Grown Rogue - 5:00 PM
Green Thumb Industries - 5:00 PM

Aug. 5
Aurora Cannabis - 8:00 AM
Verano - 8:30 AM
Curaleaf - 5:00 PM

Aug. 6
Cresco Labs
Cronos Group - 8:30 AM
TerrAscend - 5:00 PM

Aug. 7
Trulieve - 8:30 AM
Canopy - 10:00 AM

Aug. 10
Village Farms International - 7:00 AM

Aug. 11
Ascend Wellness Holdings
Organigram

Aug. 12
Marimed 

Aug. 13
Chicago Atlantic - 9:00 AM

The Oakland Ballers, an independent professional baseball team playing in the Pioneer Baseball League, changed their name to the Oaksterdam Blazers as part of a promotion celebrating the city’s connection to cannabis culture. 

A Marijuana Giant That Won Over Trump Has Found Enemies Closer to Home | New York Times

ICE agents descended on a cannabis farm. The lives of an army vet, a farm worker and professor changed for ever | The Guardian

When Michael Jordan raised concerns about NBA marijuana use: "I'd like to see that paid more attention to" | Yahoo! Sports