Comments Off on WeedWeek, 1/27/18: Dealflow Heats Up As Cannabiz Ignores AG Sessions

WeedWeek, 1/27/18: Dealflow Heats Up As Cannabiz Ignores AG Sessions

Posted by | January 27, 2018 | Cannabis News, Weed Week News by Alex Halperin

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IN OTHER WEEDWEEK NEWS:
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So much news.
POLITICS
A bipartisan group of 52 Senators and Congresspeople has called on Attorney General Jeff Sessions to reinstate the Cole Memo which protects state legal cannabis businesses from federal prosecution.
States, especially the most recent to legalize, are concerned about what the Cole Memo decision will mean for pot tax revenue.
Aaron Smith, head of the embattled National Cannabis Industry Association, said lobbyists told him Sessions did not alert President Trump of his decision to rescind the Cole Memo. Sessions is “on an island,” Smith said.
The federal Rohrabacher-Blumenauer amendment, which protects state legal MED activity, was extended through February 8 as part of the federal budget deal. Subscribe to the WeedWeek podcast for our exclusive interview with Congressman Blumenauer. It drops Monday.
San Francisco will vote on a pot tax and a city cannabis commission in November. Leafly’s Peter Hecht looks at why Calaveras County, Calif.,banned commercial grows.
Congresswoman Barbara Lee (D-Calif.) discussed the Marijuana Justice Actbill with S.F. Weekly. Canna Law Blog has an update on equity programs in Oakland and S.F.
Vermont became the ninth state to legalize REC and the first to do so through the state legislature. The law takes effect July 1 but does not allow for a state industry, which is still under study. The Onion weighed in.
Maine Gov. Paul LePage (R) wants to further delay REC sales.
John Morgan, a wealthy cannabis activist and personal injury lawyer, issuing Florida to allow smokable MED. Joe Redner, a well-known Tampa strip bar owner and cancer patient, is suing the state to grow his own.
Maryland lawmakers may reorganize the state’s cannabis commission.
Michigan REC supporters face some opposition.
The Indiana House voted to study MED legalization. Georgia lawmakersadvanced a MED bill.
Pro-legalization Texas Congressman Beto O’Rourke (D) is running a longshot candidacy for Ted Cruz’s (R) Senate seat.
In Virginia, a House panel defeated a bill to decriminalize. A bill in Oklahoma would pre-emptively restrict MED ahead of the state’s June vote.
Mexico’s tourism minister said the country should legalize REC in tourist spots like Cancun and Los Cabos. He then walked back the remarks. With the legal U.S. market hurting cartels, The L.A. Times reports Mexico is “warming” to legalization.
Greece hopes legalizing MED will help with the country’s employment crisis.
A Russian presidential candidate and reality TV star proposed legalizing cannabis, saying it’s safer than vodka.
BUSINESS
Canada’s Aurora Cannabis agreed to buy smaller competitor CanniMed Therapeutics for C$1.1 billion ($850M) (Reuters) to form the world’s most valuable cannabis company. Aurora paid C$43 a share, up from its initial offer of C$24. Pending shareholder and regulatory approval, the deal brings 2018 cannabis deals to $1.2 billion, more than double the 2017 total. For more see the Financial Post.
Hedge fund Lakewood Capital Management revealed short positions in Aurora and Canopy Growth, the two largest Canadian MED producers. Aurora said it wasn’t concerned.
Canopy Growth meanwhile wants to open dispensaries in the Canadian provinces which allow private ownership.
Seattle-based Privateer Holdings raised $100M in Series C funding(MJBiz), a record in the industry. Privateer says proceeds, about 10% of which arrived after AG Sessions rescinded the Cole Memo, will fund overseas acquisitions. The non-disclosed donors include “ultra high net worth individuals, family offices and institutions,” (TechCrunch) from the U.S., Canada, Australia, Europe and Asia. GQ profiles Privateer investor and sometime Trump friend Peter Thiel.
Upscale California brand Canndescent raised $10M in series B growth capital. Investors included Floret Ventures and Altitude Investment Partners.
The CEO of online brokerage TD Ameritrade said interest in cannabis and bitcoin are fueling “frenetic” trading activity(CNBC), especially among Millenials. For more on “out of control” pot stocks see Reuters and Vice.
High Times plans to raise $50M in an IPO and will trade over the counter if the NASDAQ rejects its application. As of September 30, it reported assets of $3.6M and debt of $38.6M.
MedMen and other U.S. cannabis companies are looking to go public in Canada, CNBC reports.
The California Growers Association sued to block the state from allowing mega grows. The San Francisco Chronicle recounts the travails of a small business in the legal climate. MJBiz has more on California’s developing business climate.
A Baldwin Park, Calif., city councilwoman received a $4,400 campaign contribution from the CEO of cannabis company Rukli, the day after she awarded his company an exclusive cannabis transport permit in the city.
Business Insider profiles oil maker Cura Cannabis Solutions which is chasing a $1 billion valuation.
N.Y. Times tech columnist Farhad Manjoo says cannabis could be big.
The Economist looks at the industry’s banking problem.
“Self-regulatory organization” the National Association of Cannabis Businesses, is proposing national packaging standards. A public comment period will begin in a few weeks. A Colorado recycling non-profit seeks toreduce industry waste.
The Asbury Park Press reports on the obstacles facing would be cannabis entrepreneurs in New Jersey. Gov. Phil Murphy moved to expand the state’s MED program.
With new state taxes, California customers are paying up to 40% more for weed than last year. After seeing a decline, Montana will remind MED providers to pay their taxes.
Massachusetts anticipates $63M in pot taxes during the first year of REC sales, roughly 0.15% of the state budget.
An applicant for an Oakland license defended his decision to offer a city official a trip to Spain, ostensibly to study the Iberian cannabis situation. The official declined the offer.
Colorado announced a recall of Bronnor vape pens for containing excess residual ethanol (alcohol).
Oregon increased penalties for selling to minors. After stores were busted selling to minors, the state’s top pot regulator said “your friends in government are really, really disappointed.”
Massachusetts may send “secret shoppers” into dispensaries to ensure they’re following rules.
The Associated Press is expanding its cannabis coverage.

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