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Cannabis Briefs for July 14, 2020

July 14, 2020

•Patricia Rosi has been named vice president, trade marketing at Acreage Holdings. Rosi had previously led Acreage subsidiary Wellness Connection—the top dispensary operator in Maine—for seven years. Acreage, whose board includes former U.S. House Speaker John Boehner, has a deal to be acquired by Canopy Growth for approximately $900 million, conditioned on U.S. federal legalization.

•A joint task force formed by Joe Biden and Bernie Sanders is urging that cannabis be rescheduled on a federal basis, that medical use be legalized nationally, and that states be allowed to determine whether or not to legalize recreational use. It added that the U.S. Justice Department “should not launch federal prosecutions of conduct that is legal at the state level.” The task force’s conclusions are seen as a cautious take, mirroring the approach taken by the States Act that has been under consideration in Congress rather than calling for full legalization.

•A fall referendum on adult-use cannabis appears in the offing in Arizona. The Smart and Safe Arizona advocacy group submitted 420,000 signatures in support of the referendum to the Arizona Secretary of State, of which a little over 237,000 must be verified for the measure to appear on the ballot. The proposed ballot initiative would levy a 16% retail tax on cannabis products and could generate as much as $3 billion in new state revenue over 10 years, according to the advocacy group.

•Dunlap, Tennessee-based CBD company Kat’s Naturals is releasing a limited edition Kat’s Craft Collection featuring design work by Tennessee artist Justin Helton of Status Serigraph. The new line is a partnership between Tennessee-area cannabis growers, producers, and artists that celebrates the music, art, and agriculture of the area. Consisting of local strains, the first release is 32:1 CBD:THC sublingual that promises a mood boost along with pain relief, digestion aid, and nausea relief. It is available to purchase in a 2000-mg bottle from the company’s website, where it retails for $188.

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