Ohio’s $3 billion cannabis market

Jay and Jeremy on Wednesday chatted with Rick Schepp, who leads Green Thumb Industries/RYTHM’s beverage division. Rick discussed how disruptive he believes hemp THC drinks could be — and likened it to Red Bull dominating the energy drink market.

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“If confirmed as director, I will comply with all federal laws and fulfill all statutory responsibilities of the ONDCP,” Sara Carter, President Trump’s nominee for the White House Office of National Drug Control Policy (ONDCP), said to Sen. Cory Booker when asked about the prospects of rescheduling at her Wednesday confirmation hearing.

“However, we will continue to work extensively with research and data. We will continue to do that and explore all options.”

Trump previously endorsed rescheduling, or reclassifying cannabis to the less restrictive Schedule III of the Controlled Substances Act, on the campaign trail. But so far, there has been no progress during his eight months in office.

Ohio’s $3 billion cannabis market 📈

While New York gets all the headlines, Ohio is quietly shaping up to be a massive cannabis market. The state, which legalized medical cannabis in 2019 and launched consumer sales in August of last year, has sold over $2.2 billion worth of medical cannabis and $800 million worth of recreational cannabis since, per numbers from the Ohio DCC. 

NCIA calls for 280E reform — with retroactive relief 💰

The National Cannabis Industry Association, an industry trade group, is urging Congress to fix one of the industry’s biggest hurdles: 280E, the tax code that blocks cannabis businesses from deducting ordinary expenses. NCIA’s proposal would exempt state-licensed operators from 280E and grant a refundable tax credit for past overpayments, leveling the playing field for small businesses and equity operators that have shouldered years of outsized tax bills. Some cannabis firms, like Trulieve, have sought federal tax refunds over 280E. Read the full NCIA report here.

Edibles.com goes national 🍬

Edible Brands, the parent of Edible Arrangements, is expanding its hemp-derived THC marketplace Edibles.com to cover more than 65% of the US, with direct shipping to legal states and same-day delivery in NC, FL, GA, and TX. The platform will feature top gummy brands like Wana, Wyld, and Kiva, giving it one of the largest consumer footprints in the hemp-THC market. We caught up with Thomas Winstanley, who leads Edibles.com, in March. 

Levia founders buying back the brand from Ayr 🥤

The founders of Levia, a Massachusetts cannabis beverage brand,are buying back the rights to their brand from Ayr Wellness, which is in the midst of a restructuring process. “We have an incredible team in place, and we’re ready to execute, innovate, and reignite this brand with the same energy and vision we started with, Eric Rogers, who originally launched the brand with his partner Kristin, said.

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