Will rescheduling revive cannabis M&A?

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Cannabis companies and investors are awaiting the federal policy clarity they need to jumpstart mergers and acquisitions, finance experts and industry executives told Cultivated’s Chris Casacchia. That wait just got longer.

The federal government moved medical cannabis to Schedule III earlier this year. The Drug Enforcement Administration’s hearings on broader rescheduling, which would also cover recreational cannabis, concluded July 15. But on Sept. 29, a DEA administrative law judge paused the proceedings, a move that could further delay a decision. 

Rescheduling opponents want a Sept. 23 Government Accountability Office report added to the hearing record. The report found DEA lacks comprehensive scheduling policies but took no position on where cannabis belongs. The DEA must respond to the request by Oct. 13.

“Companies are going to wait for the hearing and see what comes out of the adult use rescheduling so they can get a full picture about what's actually happening,” said Frederico Gomes, an ATB Capital Markets analyst who covers the sector. “But after that, I think we're going to see M&A accelerating.”

Read the full story for Cultivated Members »

“The doors going into stores are dirty. Everything’s dirty. It smells. It smells of marijuana and other things worse than marijuana,” President Donald Trump said of “Democrat-run” cities at a rally, repeating a classic conservative Republican talking point complaining about the smell of cannabis.

Still, Trump has pushed rescheduling, and recently appointed cannabis and CBD health champion Howard Kessler as an advisor on aging, and was recently joined at the White House by boxer Mike Tyson, who is heavily involved in the cannabis industry. The evidence points to the president viewing cannabis access as a health issue, not a recreational one. 

On September 30, we reported on extra high potency hemp-derived THC drinks on bodega shelves in NYC. Some contained up to 100 mg per can, which is a PR disaster waiting to happen for cannabis.

On Friday, the state’s Office of Cannabis Management released a notice stating that these beverages are only permitted to contain 1 mg of THC per container.

-JB

A senior hire from outside cannabis signals a company thinking bigger. A quiet departure can say as much as a splashy announcement.

This week, we’re tracking the leaders who’ve taken on new roles across the sector, plus a handful of open positions worth a look if you’re considering a move of your own. 

Two highlights from today’s People Moves that underscore what’s on the industry’s mind:

Aurora Cannabis just brought on an Executive Vice President, Commercial to “…Oversee Aurora's global commercial function, with responsibility for furthering the company's medical cannabis market strategy, aligning its global portfolio, growing customer engagement and accelerating commercial capabilities across Canada, Europe, Australia, New Zealand and other international markets…”

and

Curaleaf is hiring for a variety of roles internationally in Canada, the UK, and Turkey.

Become a Cultivated Member to understand who’s moving up, who’s moving on, and who is hiring in the industry – exclusively for Cultivated Members »

Friday’s This Week in Cannabis Live was a good one. The usual crew were joined by Bryan Fields of The Dime Podcast, where they chatted about Jeremy's Organigram scoop, and what Smart Approaches to Marijuana’s misleading campaign to push the Massachusetts repeal ballot says about democracy. 

In case you missed it »

Fiona Ma, the Democratic nominee for lieutenant governor, called the state’s legal market “a complete disaster” and wants lawmakers to send a Prop 64 rewrite to voters. Steve Hilton, the Republican nominee for governor, promised to cut taxes and red tape for small dispensaries, and both say the tax burden is handing the market to illicit operators.

The Marijuana Policy Project asked supporters to lobby Congress to replace the federal hemp THC ban, now set to take effect Dec. 11, with potency limits, testing, labeling, and a 21-and-over age floor. That breaks with many state-licensed operators, some of whom view hemp’s access to interstate commerce as unfair competition and have supported recriminalization.

Michigan grower Hello Farms asked the Sixth Circuit on Thursday to reconsider last month’s decision that wiped out its $31.8 million jury verdict against Curaleaf by holding that all cannabis contracts are unenforceable. Neal Katyal, the former acting U.S. Solicitor General now representing the farm, argues the ruling breaks with precedent and would cause “unimaginable instability” in legal states. $CURLF ( ▼ 0.53% )

Long-term cannabis users tend to have lower BMIs than non-users, and a University of Colorado Anschutz team is now testing whether frequent use suppresses appetite, including through hormones like GLP-1. An early twin study in Drug and Alcohol Dependence found heavier-using families ate fewer meals and reported lower appetites, but shared genes and upbringing, not cannabis, appeared to explain it.

Cheech & Chong’s Dispensoria is opening its first California store in Forestville, partnering with locally owned In The Tree Apothecary ahead of an Oct. 24 grand opening. The model pairs the duo’s name with independent operators and already has stores in Massachusetts, Maine, Oklahoma and Montana.

And more:

Canadian cannabis retailer High Tide bought a store in Chestermere, Alberta, for C$670,000 in cash. $HITI ( ▲ 1.16% )

I’ve operated both alcohol and cannabis businesses. Here’s which is more heavily regulated. | CommonWealth Beacon