Let’s Make a Difference Together

June 15, 2020

Happy Monday CannaGather community. It’s easy to feel overwhelmed these days, but as we navigate through our individual paths, remember that we’re all in this together.

Join us on June 18 for a free, live CannaGather Digital: The Asian SituationYou can RSVP here (use promo code jbdigital). This Thursday, we’ll chat with high-profile Asian cannabis operators about the racial divide in America and their experiences in the industry. Our guests include Hanu Labs CEO Seibo Shen, community activist Ophelia Chong, and senior cannabis educator Keiko Beatie.

Sign up for free to CannaGather’s Leaflet for weekly break downs on current cannabis news, along with resources for navigating the industry.

For CannaGather partnerships and other opportunities, email us here.

// CannaGather Calendar

Use promo code jbdigital

June 18 // The Asian Situation

June 25 // More Medical, More Money

Our live, online events feature insight from the cannabis industry’s top thought leaders and ensure our community stays up-to-date without leaving the house.

If you’d like to speak at, sponsor, or otherwise collaborate on a CannaGather Digitallet us know!

// Social Equity Spotlight

Let’s Make a Difference

Each week, we will highlight a different organization that is working to enhance social equity efforts and promote minority owned businesses in the cannabis industry.

C.E. Hutton, a minority-focused business development and management firm, provides a variety of tools to entrepreneurs and companies. They note that only 19% of the cannabis market is represented by minority business ownership, and only 1% is represented by African Americans. This, after years of prohibition have ruined the lives of countless Black individuals and and others from disenfranchised communities.

// Finance

Around the Industry

Cannapreneur Partners, a cannabis investment firm specializing in early-stage startups, announced that Kevin Harrington — an original “Shark” on ABC’s Shark Tank, creator of the infomercial As Seen on TV brand and prominent business executive — will serve as a strategic advisor and brand ambassador for the firm and its portfolio companies. Harrington, who recently made a personal investment in Cannapreneur Partners, will also offer his expertise at the firm’s upcoming webinars and live events focused on early-stage startups in the cannabis sector.

Kadenwood, a consumer seed-to-shelf CBD company, announced the addition of PGA Tour Pro Golfer Rickie Fowler as it’s newest brand ambassador. Fowler will be featured in the promotional campaign for its brand of performance-based CBD personal care products, LEVEL SELECT™, which helps users maintain a healthy and active lifestyle, from smaller everyday activities to physical exercise, competitive sports and more.

HEXO Corp. (TSX:HEXO) (NYSE: HEXO), a Canadian consumer packaged goods cannabis company, reported Q3 net revenue of CA$22.1 million ($16.2 million). Hexo’s net loss fell from CA$298 million in Q2 to CA$19.5 million during Q3. They entered the U.S. market in April after forming a CBD beverage joint venture with Molson Coors.

Schwazze, formerly operating as Medicine Man Technologies (OTCQX: SHWZ), announced that it will acquire 14 Star Buds locations in Colorado.

Vireo Health (CNSX: VREO) (OTCQX: VREOF), a multi-state cannabis company, announced that Bruce Linton resigned from the company’s board of directors, after just seven months with the company.

// Legal

The Push for Federal Legalization

Police reform is top-of-mind for congressional Democrats right now, and legalization has become part of the conversation. House members sent around a sign-on letter to other lawmakers last week, urging them to “consider another crucial issue towards criminal justice reform: eliminating the failed prohibition on cannabis.”

The “Dear Colleague” letter, led by Earl Blumenauer (D-OR) and Barbara Lee (D-CA), was crafted ahead of this week’s expected House Judiciary Committee vote on a policing reform bill filed by other Democratic leaders. While this bill does not include cannabis reform, Blumenauer has released a police accountability plan to “legalize marijuana and decriminalize other drugs to reduce over-policing of communities of color.”

“We have seen for the last 50 years the cannabis prohibition used disproportionately against people of color, especially young Black men,” the letter reads. “The use of cannabis is fairly uniform across different racial groups, but the people caught up in the net of cannabis enforcement are heavily skewed towards these young Black men.”

They continue on to call for the the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act, a bill sponsored by Judiciary Committee Chairman Jerrold Nadler (D-NY) that would “legalize cannabis, provide restorative justice to communities of color torn apart by the failed War on Drugs, stop the nonsense of not being able to research it, remove the barriers to people getting medicine, and eliminate the impacts of cannabis prohibition on educational funding and access to public housing.”

You can find the full letter here.

What this means and why you care: Legalization is an important aspect of racial and criminal justice reform. Prohibition, and the broader War on Drugs, has unfairly impacted communities of color, and the time is ripe for change.

// Community

The Real Deal with Cannabis Retail

Retail is at the core of the cannabis industry. The process of getting patients and adult-use consumers quality medication and products is rapidly evolving, so it’s crucial to stay on top of the latest in the space.

Last Thursday, we got together with top retailers across the nation to discuss the current state of affairs, regional struggles and triumphs, and what federal legalization would mean for their businesses. Our guests included Seun Adedeji, CEO of Elev8 Cannabis; Drayten Howell, Founder and CEO of Indacut; Gary Krol, an educator, informer and advocate of the Connecticut Medical Marijuana Program; and Adam Hijazi, founding board member of the Long Beach Collective Association.

Check out last week’s full episode here.

Sign up for free to CannaGather’s Leaflet for weekly break downs on current cannabis news, along with resources for navigating the industry.

For CannaGather partnerships and other opportunities, email us here.

Written by Justin Bernstein

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