California’s cannabiz has weeks to avert a July 1 excise tax hike from 15% to 19%. The flailing industry, which saw the lowest Q1 sales since 2020, says the increase would send even more of its customers to the unlicensed market.

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In case you missed it: Big Calif. consultant HdL faces $14M civil rights lawsuit

• HdL declined to comment

Federal:

• Trump’s 2026 budget request would remove existing protections for state legal MED businesses.
  Marijuana Moment
• Hemp advocates are sounding the alarm over a GOP bill that would “close the hemp loophole,” from the 2018 Farm Bill which gave rise to the hemp industry. An alcohol exec recommends regulation, not prohibition, for hemp drinks. 
  Marijuana Moment, Cannabis Business Times
• The Small Business Administration’s new lending policy targets hemp and cannabis adjacent businesses.
  Canna Law Blog

Business:

• Backed by Poseidon, Connecticut retailer Budr acquired three The Botanist shops from MSO Acreage.
• Is the “golden era of THCA” over?
  MJBiz
• It’s a tough time for weed REITs.
  New Cannabis Ventures
• HR platform Vangst made its third acquisition in a bit over a year.
• Veteran marketer Angela Pih weighed in on what to do when your brand runs aground.
• Top Ten Liquors CEO Jon Halper shared learnings from selling low-dose hemp beverages.

State and local:

• The Texas hemp ban bill, currently sitting on Gov. Greg Abbott’s (R) desk, is attracting some fierce criticism from the cannabis community. Meanwhile, lawmakers sent a separate MED expansion to Gov. Abbott. 
  MySA, George Allen, @jollyroger, Fort Worth Star-Telegram
• The Massachusetts House passed a bill to overhaul the state’s industry. Equity group @mass_eon argues the weakening of ownership caps would enable big companies to dominate the market. Also, a judges ordered documents to be made public in the dispute that has consumed its regulator for several years, Grant Smith-Ellis reports.
  Talking Joints Memo
• New York Gov. Kathy Hochul(D) recommended Jessica Garcia to chair the Cannabis Control Board. Garcia currently works for the Retail, Wholesale and Department Store Union. 
  Spectrum
• Minnesota held its first REC license lotteries.
  Star-Tribune
• Illinois froze shop permitting in a bid to support equity applicants.
  Crain’s Chicago Business
• The industry-backed group pushing for a 2026 REC ballot initiative in Florida will have to defeat a new law limiting ballot initiatives.
  Orlando Weekly
• North Carolina’s Democratic governor formed a panel to assess legalization.
  AP

Health and science:

• More older adults are using cannabis, an NYU study found.

Fun and interesting:

• Universal Pictures has found a director for its upcoming Snoop Dogg biopic. No word yet on the cast.
  Axios
• California-based brand Jeeter celebrated national donut day with Jay and Silent Bob.
  IdentifyLA

State:

• The State Assembly passed bill, supported by much of the cannabis industry, to regulate hemp products like cannabis.
  Capitol Weekly

Business:

• The state released Q1 sales of $1.08B down about 12% YoY, and the lowest since 2020. However, the total number of units sold was up slightly YoY.
  MJBiz
• Retailer Catalyst announced a big push into wholesale distribution, “As much bio mass as you can eat,” CEO Elliot Lewis posted.
• Green Horizons, a big production facility in the Coachella Valley, says it’s cash flow positive a year after opening.
  Marijuana Venture

Local:

• Law firm Manzuri posted a tough assessment of LA’s industry.
• Grow hub Santa Barbara Co. cut $1.4M from its cannabis budget.
  Santa Barbara News Press

Upcoming:

• The Legacy Genetics Project is hosting a community meeting June 20 in SF.
• Vote for the California Cannabis Awards Consumers’ Choice Award through June 25.
  GreenState