SOTG – IYKYK
Star Buds makes history as the first cannabis logo on a pro-sports team uniform
Owned and operated by Schwazze, Star Buds Dispensary is now an official sponsor of the Colorado Summit professional ultimate disc team and will earn a spot on the team’s jerseys, according to a press release.
It’s the first time a cannabis company has snagged a spot on a pro-sports jersey.
“We’re incredibly proud to be the first cannabis company to sponsor Colorado’s first professional ultimate disc team and hope this will drive a movement toward the acceptance of cannabis in professional sports,” said Schwazze CEO and chairman Justin Dye.
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California cannabis companies streamline
Vertically integrated operations used to be the name of the game, but California cannabis companies are selling off assets and letting licenses expire in an effort to streamline and cut costs in a challenging market, reports MJBizDaily.
“We had to make hard decisions,” said NorCal Cannabis Co. co-founder and CEO Jigar Patel, which has cut back on retail to focus on cultivation. “For the first time in many years, it’s given us the opportunity to focus strictly on our core business and really strategize on how to build brands in California. It’s such a competitive market.”
One bright spot in the state: San Francisco’s Carnaval festival is likely to be the state’s first street fair which will allow legal cannabis use, per SF Chronicle. Festival executive director Rodrigo Duran said it’s taking a lot of coordination with both police and fire services.
“Because this is the first time in the state of California, there’s a lot of conversations around permitting, procedures and protocols,” said Duran. “It’s just a lengthy process.”
Ontario Liberals say they’ll put distance between cannabis stores
As part of its election campaign, the Ontario Liberal Party says it will implement a 150-meter minimum of distance between cannabis stores, according to CityNews.
“In recent years, Ontario’s downtowns and main streets have been flooded by new cannabis stores, crowding out other small businesses,” they said in a statement. “We’ll end the clustering of cannabis stores by requiring a minimum distance between them, using a similar model to the one currently applied between stores and schools.”
As of May 2, there were 1,468 licensed stores in the province, with another 445 license applications in the pipeline.
“Not that clustering is even a problem, but too late,” tweeted Matt Mauer, chair of the Cannabis Law Group at Torkin Manes LLP. “You can’t move stores that are already open and new stores are not clamouring to join the existing clusters.”
Love Hemp suspended from Aquis, loses £1.2 million investment
UK-based CBD company Love Hemp has been “temporarily suspended” from trading on the Aquis exchange, according to BusinessCann’s latest roundup of global cannabis market news.
- Peterhouse Capital Limited has departed the company
- Love Hemp execs said new advisors will be announced “shortly”
- According to management, an unnamed investor also didn’t come through with a £1.2 million for ordinary shares
It’s unclear as of yet if Peterhouse’s departure is connected to the non-payment.
See the full update on European cannabis here.