BLOOMBERG: NOT-420 FRIENDLY

Marijuana Moment dives into Michael Bloomberg’s record on marijuana. The Democratic presidential candidate, former New York City Mayor and media magnate “has a long history of speaking out against marijuana law reform, and [a] record on discriminatory policing tactics.”

Anti-legalization activist Kevin Sabet claimed that he has spoken with the “majority of presidential candidates” and most oppose legalization despite what they say on the trail.
@KevinSabet

HOW JUUL GOT BIG

As a lawsuit looms, the N.Y. Times and L.A. Times have dueling articles on how e-cig giant Juul hooked Millenials on nicotine.

  • The key ingredient was “nicotine salts.” Juul salts contained up to three times as much nicotine as previous e-cigarettes according to documents reviewed by the LAT.
  • Evidence reviewed by the LAT “depicts a Silicon Valley start-up that purported to ‘deconstruct’ Big Tobacco even as it emulated it, harvesting the industry’s technical savvy to launch a 21st century nicotine arms race.”
  • California is suing Juul for targetting teens and poor oversight.
  • Juul says it is “working to urgently address underage use of vapor products.”

President Trump has backtracked from his original call to ban most flavored e-cigs.
CNBC

KUSHY PUNCH LOSES LICENSE

Well-known California-based brand Kushy Punch lost its California license. In October, state authorities raided an unlicensed factory in the San Fernando Valley operated by the company and confiscated $21M in products.
MJBiz

  • The company has been operating for more than 20 years.
  • “We have witnessed what has been termed a cannabis extinction event, as many operators are unable to withstand the licensing delays, costs and onerous taxes that continue to be a barrier for historical brands like Kushy Punch to survive.” Kushy Punch’s lawyer said.

THE CBD MARKET: STILL CONFUSING

Senate Majority leader Mitch McConnell(R), who opposes REC legalization, is pressuring the FDA to speedily regulate CBD.
Marijuana Moment

  • McConnell, who is up for re-election next year, was key to legalizing industrial help in the 2018 Farm Bill.

Leafly published a three-part report on the CBD market.

  • Reporters tested 47 CBD products and found only about half contained within 20% of the advertised amount of CBD.
  • Five of the 47 products contained no CBD.
  • Of the various product types, tinctures and gummies were the most reliable. Water was the least, and the four capsule brands contained more

Read the whole report.

Quick Hits

  1. An observational study found “mostly positive outcomes” for autism spectrum patients who took “CBD-enriched cannabis.”
    Frontiers in Neurology

BOSTON GOES BIG ON EQUITY

Boston City Council passed significant reforms designed to benefit smaller cannabis businesses and those owned by people of color.

Under the bill, which Mayor Marty Walsh (D), who opposed REC legalization, said he would sign, the city will create a “Boston Cannabis Board” to publicly evaluate license applications on criteria such as their diversity hiring plan.
Boston Globe

Meanwhile in California, Chris Roberts looks at how California has failed craft farmers.
Vice

  • And in a blow to legal operators, California pot taxes are going up January 1.
    MJBIz
  • Nicole Elliott, Gov. Gavin Newsom’s (D) point person on the cannabis industry, emphasized that the hike “is not a discretionary action” but rather was calculated based on laws passed in 2017.

Quick Hits

  1. New Jersey may have a REC ballot initiative in 2020.
    Politico
  2. Rhode Island Gov. Gina Raimondo (D) said she would pursue REC legalization through the legislature in 2020. She said, Massachusetts Gov. Charlie Baker (R) told her “Look, you’re going to have to do it, so you probably should do it right.”
    Marijuana Moment

1,000+ LAYOFFS

Business Insider rounds up the 1,000+ layoffs which have taken place in recent weeks, amid the bear market in pot stocks.

MarketWatch rounds up companies’ excuses for their dreary earnings season. Mainly they blame Canada. ????WW Canada has way more than you want to know about everything going wrong.

  • BI‘s tireless Jeremy Berke also learns “big four” accounting firm KPMG is leading its rivals in cannabis business, thanks to a few large Canadian companies. The firm is going to make “an enormous amount of money” one observer said. KPMG declined to comment.

HOUSE COMMITTEE VOTES TO DECRIMINALIZE

In a historic vote, the House Judiciary Committee passed a billed to federally decriminalize marijuana. The Marijuana Opportunity Reinvestment and Expungement Act (or MORE Act) would deschedule marijuana, allow states to set their own laws and require federal courts to expunge many marijuana offenses. It would also include a 5% equity tax.
CBS, Congress.gov

  • Committee chair Rep. Jerrold Nadler predicted it would get a House Floor vote, where it is likely to pass, by the end of this Congress (Dec. 2020.)
    Marijuana Moment
  • It’s prospects are much less certain in Majority Leader Mitch McConnell’s (R) Senate.
  • Canna Law Blog adds some context.