NY’s cannabis industry is full of energy 📈

It was great to see so many of you at Revelry in NYC this weekend.

The energy in New York’s cannabis industry was palpable, in the packed room, the product selection (and, selfishly, sampling), and the general excitement about what’s now an over $2 billion market.

I briefly spoke to one of the event organizers, Jacobi Holland, who said there were over 500 buyers in the room at the B2B event on Friday — nearly doubling the 300 who attended last year. That’s a lot of business in one day. 

It’s yet another sign that despite the constant doom-and-gloom in the public markets and the lack of federal reform, there’s a ton of energy on the ground.

-JB

Trump administration to warn about kids and THC ⚠️

The Make American Health Again Commission is planning to work with Health and Human Services Secretary Robert Kennedy Jr. to warn minors about the dangers of THC and vaping. The warning is part of a larger series of initiatives from the commission. Marijuana Moment has more. 

Second Minnesota tribes signs dispensary compact 🤝

Mille Lacs Band will be able to open up to eight off-reservation cannabis dispensaries as part of a compact it signed with the State of Minnesota. The agreement allows the Mille Lacs Band to join the state's current roll out of adult-use businesses. Gov. Tim Walz signed the state's first compact in May with the White Earth Nation. 

Psychedelic therapy program advances in Massachusetts 🍄

A pilot program to use psychedelic drugs in therapy (bill S.1400) proposed by senator Cindy Friedman passed a Joint Committee on Mental Health, Substance Use and Recovery hearing last Thursday. The next step is a hearing with the Joint Committee on Health Care Financing in November. 

California cannabis tax to be reduced in October 💵

After being increased to 19% on July 1st, California’s cannabis excise tax will be reduced back to 15% following a bill with an almost unanimous state senate vote last Wednesday. The bill goes into effect on October 1st and will prevent a tax increase until at least June 2028.

Budr re-opens acquired dispensaries in CT 🎉

Budr is planning to celebrate re-openings at three Connecticut dispensaries today in Danbury, Montville and Vernon. The stores were formerly operated by The Cannabist, but were sold off when the company left the state.CT Insider has more.

Ayr Wellness files unaudited interim earnings report for Q1 📉

Ayr Wellness reported a $57 million loss on $107 million in revenue. The company missed its May 31 deadline to file its first-quarter report. Two months later, it announced a massive restructuring with plans for divestments across the country.

Bong water not an effective smoke filter 💨

Researchers from the University of Wisconsin-Madison and Chulalongkorn University found that there was no significant difference in the presence of potentially harmful carcinogens between joints and bongs. This seems to dispel the myth that bong water can filter out harmful chemicals. The study was withdrawn reportedly due to "conflicting bureaucracy issues," but there is no way of knowing if that is code for "spilled the bong water."  

Cannabis generates $1 billion a year for New Brunswick GDP, chamber study says | CBC News

Ballot Questions to Repeal Adult-Use Cannabis Sales Can Advance | Talking Joints Memo