WALKING THE WALK
New York to reserve first retail licenses for people with cannabis convictions
Gov. Kathy Hochul announced a retail plan for New York that would ensure people with cannabis convictions have first dibs at the state’s forthcoming licenses, reports the New York Times. The initiative is designed to right some of the wrongs of the war on drugs.
- Applicants can have cannabis convictions on their record or be the family member of someone with convictions
- A proposed $200 million budget would go toward securing storefronts for successful applicants
- Chris Alexander, the executive director of the Office of Cannabis Management, said an estimated 100-200 retail licenses will be reserved for community members disproportionately affected by prohibition
- Applicants will also be evaluated on business plans and experience
“I could press the green button right now and have 40 dispensaries online,” Chris Alexander said, referring to the currently open medical dispensaries. “But instead we’ve decided that the folks who have been most impacted actually have the space and the real runway to participate in a meaningful way.”
AND, to talk more about this and much more, join us TONIGHT in Brooklyn at The William Vale for Business of Cannabis: New York Sessions. More.
Enjoy Cannabis Daily each morning at 7 a.m.
Cannabis isn’t SAFE in DC
Perhaps unsurprisingly, the SAFE Banking Act language lead sponsor Rep. Ed Perlmutter (D-CO) tried to have included in an omnibus spending bill for the 2022 fiscal year did not make the cut, according to the latest draft of the bill.
At a House Rules Committee meeting, Rep. Ed Perlmutter (D-CO) reportedly said, smiling, “I appreciate this bill. I hope the next one has SAFE Banking in it,” according to Marijuana Moment.
And despite efforts to have D.C.’s ban on adult-use cannabis sales lifted, the omnibus bill, which is likely to be voted on in both the House and the Senate this week, keeps the ban in place. There is a provision to protect state medical cannabis programs, but not adult-use programs, from any federal interference.
PARTY IN ALBERTA
Alberta festival-goers will be able to have cannabis products delivered
After turning over online cannabis sales to private retailers, Alberta will also allow cannabis deliveries to designated areas at festivals and events, reports the Calgary Herald.
“This is a big deal — Alberta has been very willing to have unique and beneficial conversations on this,” said Nathan Mison, president of Diplomat Consulting and former executive with cannabis retail giant Fire & Flower.
The designated areas also include consumption zones, although combining cannabis and alcohol will be prohibited—because that’s never happened at a festival!
Canopy Growth deleted from S&P/TSX 60 Index
After joining in 2019, Canopy Growth will no longer be included in the S&P/TSX 60 Index, which includes some of Canada’s largest companies, reports MJBizDaily.
Since being added, Canopy’s stock has dropped by 90%.
Its addition to the index in 2019 was a first for any cannabis company. At the time, then-CEO Bruce Linton released a statement saying, “First traded on the TSX Venture Exchange on April 4, 2014, I cannot think of a better way to celebrate our 5th year anniversary as a publicly traded company than being added to the TSX’s large-cap index.”