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The Taste of Freedom

September 13, 2023 Published by

The U.S. justice system is irrefutably flawed and has a dark side, but one company rose from the ashes of a cruel ruling. Richard DeLisi is one of America’s longest-serving and most harshly-punished prisoners for a nonviolent cannabis-related crime, serving 32 years of a 90-year sentence coupled with an eight-year sentence for a total of 98 years. He was freed from prison in December 2020 thanks to the valiant acts of volunteers, pro-bono attorneys, and advocates.

Finally free after over three decades of confinement, DeLisi launched his own brand, DeLisioso, providing flower, pre-rolls, and live rosin, while giving back a portion of proceeds to organizations including the restorative justice nonprofit Last Prisoner Project (LPP).

Rick DeLisi fires up a joint. / Courtesy DeLisioso

Transforming a Nightmare into an Opportunity

Like High Times founder Tom Forçade, DeLisi helped to orchestrate large-scale international pot shipments via plane in the ’70s. He was arrested in 1980 for allegedly flying 7,500 pounds of cannabis from Colombia into the U.S. and served a five-year sentence. But in 1989, police agents set up him and his brother and busted them in a sting operation. It turned out to be a lot more serious than they initially thought.

Imagine stepping into the courtroom, expecting 12-17 years as a worst-case scenario, then getting slapped with 98 years. DeLisi and his brother Ted DeLisi both received 90 years: 30 for  trafficking cannabis, 30 for conspiracy to traffic, and 30 more for racketeering, plus an additional eight years.

“I thought they were actually joking,” DeLisi says with a thick Brooklyn accent. “I thought it was some kind of a joke. I was like, ‘How could this be? This is a nonviolent crime. You’re letting all of these violent people out, and you’re trying to keep me for the rest of my life forever?’”

The outcome impacted his family immeasurably—it almost ripped them apart.

“They advised 12 to 17 years,” says DeLisi’s son Rick DeLisi, who co-founded DeLisioso. “In the beginning, we thought five to seven, but then all of a sudden, it was 12 to 17. And kind of with a ‘maximum of 17 energy,’ they went behind their words. And when they came back out and said 90 years plus eight years. I just remember my mom almost passed out.”

Free DeLisi is a nonprofit originally formed as a campaign to bring awareness to DeLisi’s unjust sentence, and now they advocate for the release of prisoners with similar nonviolent, cannabis-related sentences.

Along with the LPP and Free DeLisi, attorneys Chiara Juster, Elizabeth Buchannan, and Michael Minardi also worked pro bono on DeLisi’s case, filing for clemency applications and taking his case nationwide. Ted’s appeal was granted and he was released in 2014, but it would take another six years for DeLisi to be released.

DeLisi’s running title as America’s longest-serving prisoner for a nonviolent cannabis-related crime could soon be eclipsed by prisoners still locked up on similar charges. He continues to operate Free DeLisi to raise awareness of incarcerated citizens in need.

“It’s important to me because I’m an activist, too,” DeLisi says. “That’s what my whole thing is, to try to help the people that are still in there to get out. That’s our main focus. But we have the cannabis business just to take care of our bills. You know what I mean?”

Rick echoed his father’s statements.

“I think what’s really important about why we would be able to have a former cannabis prisoner be part of a brand is because I think that when there’s a whole industry like spearheading, and moving forward, across the nation, and each state is slowly converting to legal,” Rick says. “My father was one of the most harshly sentenced cannabis prisoners in United States history. So it would only make sense to have some sort of restitution for all the sacrifice he made for the industry that we now can appreciate.”

Courtesy DeLisioso

DeLisioso Forms

In 2021, Rick’s cousin Kenny Darby and his father attended a party with Trulieve CEO Kim Rivers and rapper Redman in attendance. Darby had the opportunity of meeting Rivers, and she knew about DeLisi’s dire situation and triumphant return to freedom.

“She was extremely motivated to help us out,” Rick says. “And she did things in such a fast way to try and facilitate a situation for us, which was great. I got to go there, kind of pheno hunt with their cultivation team, and they let me go through all the strains and with my father and choose a certain female. We ended up naming the Flamingo Kush.”

Flamingo Kush is a very kush-dominant pheno of a Kush Mints variety. DeLisi, Rick, and Darby sorted through Trulieve phenos based on the terpene content and the flower’s appeal in terms of  look.

DeLisioso’s initial strain appears to be a winner judging by how it was received at events like Hall of Flowers.

“We just celebrated our one-year anniversary as a company,” says Darby, who now serves as DeLisioso chief revenue officer. “We sold out over the last year. Our first legal product was sold on 4/20 of last year. That was a pre-roll. We sold 10,000 pre-rolls in three hours.”

Flamingo Kush / Courtesy DeLisioso

Other Nonviolent Cannabis Prisoners

Darby says the cannabis community should pay attention to cannabis prisoner Kevin O’Brien Allen, who was caught selling $20 worth of cannabis to an undercover officer in 2012 and 2013. He was initially sentenced to 10 years in 2014, but it was later extended under the state’s “habitual offender status” to life in prison without the chance of parole. Allen is locked up at Louisiana State Penitentiary in Angola, Louisiana. The LPP has launched a campaign #FreeKevinAllen to bring awareness to the situation.

“He’s serving in Angola, Louisiana, which is really, you know, in a state prison that used to be a slave plantation,” Darby says. “And obviously, it’s illegal, but at the same time, life? Are you kidding?”

Countless other drug war prisoners still need help.

“Uncle [Richard] is really adamant,” Darby says. “He’s been to Washington, D.C., six times, you know, protesting and holding up pictures of prisoners and getting people to write letters and just telling people like, people don’t realize that there are so many people incarcerated for weed.”

Prisoners with unjust sentences like Allen need assistance, just as the cannabis community sprung into action to help release DeLisi. To help do this, DeLisioso is putting a portion of proceeds to action.

“Every year, 1% of our revenue—not the revenue of the complete sales, but the revenue from the DeLisioso—goes to a cause or foundation of our choice,” Rick says. “So far this year, that’s gone towards Last Prisoner Project.”

DeLisioso is currently available in Florida’s medical cannabis market, but the team plans on expanding to California, Maryland, New Jersey, and finally, New York, DeLisi’s home state.

This article was originally published in the August 2023 issue of High Times Magazine.

The post The Taste of Freedom appeared first on High Times.

Women of Influence: Kim Rivers

August 28, 2023 Published by

Arguably the most important woman in the cannabis industry, holding the position of chief executive officer at Florida-based cannabis behemoth Trulieve Cannabis Corp., a nationwide multi-state operator currently valued at $1.14B, Kim Rivers joined Trulieve at its inception and has since played a pivotal role in advancing the company’s customer-centric strategy, strong growth, strategic development and market-beating profitability. 

To assure quality, operational integrity and financial success, Rivers insists on supervising every step of the cannabis production process, from seed to sale. Before joining Trulieve, Rivers worked as an attorney in private practice specializing in mergers, acquisitions and securities for multi-million-dollar corporations. She’s also founded and operated numerous profitable enterprises, ranging from real estate to finance.

“Lean into your power, take your seat at the table and use your voice.” 

This story was originally published in issue 48 of the print edition of Cannabis Now. Read it now on the Cannabis Now iTunes app.

The post Women of Influence: Kim Rivers appeared first on Cannabis Now.

Trulieve Announces wider Q2 Loss; Cites Heat and Consumer Behavior as Factors

August 9, 2023 Published by

Summary: Trulieve Cannabis reported a more significant loss in the second quarter, attributing the decline to unusually high temperatures and decreased consumer spending. The cannabis sector faces challenges such as reduced prices, increased operational costs, and heightened competition.

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Trulieve Faces Decline in Q2 Revenue Amidst Rising Operational Costs

Trulieve Cannabis (TRUL.CD) announced a broader loss for the second quarter. The company highlighted that the unusually high temperatures and a decrease in consumer spending were negatively impacting the performance for the current quarter. The cannabis industry is currently grappling with challenges such as declining prices, rising input costs, a tight labor market, and growing competition.

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The company’s executives, during a post-earnings call, mentioned that the extreme heat primarily affected cannabis sales due to reduced store traffic, as consumers preferred to stay indoors. Eric Des Lauriers, a Senior Research Analyst at Craig-Hallum Capital Group, supported this observation, stating that extreme heat typically leads to decreased store visits.

For the reported quarter, Trulieve’s revenue saw a 10% decline, amounting to $282 million compared to the previous year. In contrast, the operating expenses surged by 205%, reaching $433 million. However, the company noted a sequential increase in its retail revenue (excluding deferred revenue) by $3 million, which was driven by increased store traffic and volume.

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Like many of its industry peers, Trulieve has implemented various cost-saving measures. The company announced its plans to reduce inventory and conserve cash by cutting wages and eliminating redundancies throughout 2023.

For the quarter ending June 30, Trulieve reported a loss of $404 million or $1.8 per share. This is a significant increase from the previous year’s loss of $22 million or 9 cents per share.

[Source: Reuters]

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The post Trulieve Announces wider Q2 Loss; Cites Heat and Consumer Behavior as Factors appeared first on Cannadelics.

Florida Advocacy Group Files Brief Against Attorney General for Challenging 2024 Ballot Initiative

July 21, 2023 Published by

The Florida-based advocacy group Smart & Safe Florida (SSF) has been hard at work trying to get a cannabis legalization initiative on the ballot for 2024. The most recent developments include new briefs filed with the Florida Supreme Court.

On July 19, Smart & Safe Florida, alongside the Medical Marijuana Business Association of Florida and Cato Institute, filed a new brief with the Florida Supreme Court in response to Attorney General Ashley Moody who is challenging the initiative. The Supreme Court is labeling this as a “high profile case.”

In the brief, SSF states that the “roadmap” for previous cannabis ballot initiatives has been guiding cannabis reform, but that Moody is attempting to alter that process. “In the past several years, this Court has established a ‘roadmap’ for sponsors of marijuana-related ballot initiatives. In drafting the Initiative, SSF followed that clear roadmap. But the Attorney General and other opponents now argue that this court should abruptly redraw the map,” the brief stated. “The Attorney General’s lead argument is that this court should discard three of its recent precedents—precedents that it expressly encouraged ballot sponsors to use as blueprints for drafting future initiatives.”

In attempting to “redraw” this initiative map, SSF claims that Moody is suggesting that the Supreme Court “…abandon the deferential standard of review that it has consistently applied to ballot initiatives for decades, essentially arguing that this Court committed legal error in dozens of decisions, and that it should invent a new, more lenient standard for discarding precedent.”

SSF is asking the Supreme Court to “reject these misguided efforts to jettison established legal rules in service of a thinly veiled policy agenda,” and to confirm that SSF’s initiative “satisfies the legal requirements to be placed on the ballot.”

Medical Marijuana Business Association of Florida and Cato Institute also issued individual briefs as well.

The Medical Marijuana Business Association of Florida said that Moody’s argument is “misleading because it fails to disclose that there may be a significant period in which the marijuana industry will be unregulated in the production of marijuana for non-medical personal use by adults, ignores the current regulatory scheme that would remain in place, is speculative, and is belied by Florida’s history of robustly regulating marijuana.” The organization asserts that the ballot title and summary are not misleading, and should be approved.

The Cato Institute’s brief argues that the ballot initiative does not violate the state’s single subject rule for ballot initiatives.

In order for SSF’s ballot to fully qualify, it will need to submit 891,589 valid signatures. In March, SSF submitted 420,000 signatures toward the initiative’s goal to qualify for the ballot, but only 222,881 signatures were required to prompt a Florida Supreme Court review of the ballot summary text in order to move forward.

Two months later in May, Moody submitted her opinion that the ballot doesn’t meet the requirements of the single subject rule. “We very much look forward to [Moody’s] analysis but more importantly to both written and oral arguments before the Florida Supreme Court and a positive ruling from that court,” SSF said at the time. “As an aside, it is important to note that the opinion of the Attorney General is not binding and that this matter will be decided after both sides have had their say before the Florida Supreme Court.”

By June, Moody officially challenged the initiative with a legal opinion that the ballot title and summary is “incorrect and misleading” because cannabis is still illegal under federal law. Previously, Moody also called a ballot initiative from 2021 “misleading” and the Florida Supreme Court rejected the measure.

Cannabis company Trulieve has granted a total of $39.05 million toward getting a legalization initiative onto the ballot in 2024. 

If the initiative is allowed to proceed to the ballot and is approved by voters, it would allow currently operating medical cannabis businesses to sell adult-use cannabis, but also allow state legislators to increase the number of dispensaries. For residents, it would allow adults to possess up to three ounces of flower and up to five grams of concentrates, but in its current form does not allow home cultivation and does not mention anything in regards to cannabis conviction expungement or social equity licensing.

The post Florida Advocacy Group Files Brief Against Attorney General for Challenging 2024 Ballot Initiative appeared first on High Times.

Florida AG Files Challenge to Cannabis Legalization Initiative

June 30, 2023 Published by

Florida Attorney General Ashley Moody on Monday filed a challenge to a proposed ballot measure to legalize recreational marijuana with the state Supreme Court, arguing that the initiative should not appear before voters in next year’s general election. If successful, the proposed amendment initiative from the group Smart & Safe Florida would legalize cannabis for all adults aged 21 and up. 

In a legal opinion filed with the Florida Supreme Court on Monday, Moody, a Republican who has been the state’s attorney general since 2019, argued that the proposed marijuana legalization ballot measure is misleading to voters. In the brief, she notes that according to the ballot summary, the proposed initiative would permit “adults 21 years or older to possess, purchase, or use marijuana products and marijuana accessories” for non-medical consumption.

“That is incorrect and misleading,” because marijuana remains illegal under federal law, she wrote in the state’s brief. “In previously approving similarly worded ballot summaries, the court erred.”

“[M]arijuana is independently prohibited by federal law,” the brief notes, as cited by the Orlando Sentinel. “Indeed, every individual who possesses marijuana under the scheme provided by the proposed amendment would become a federal criminal.”

The ballot summary notes that the initiative does not change federal law, but that language is “inadequate to resolve the confusion,” Moody wrote in the brief.

To qualify for the ballot, the proposal must first be approved by the Supreme Court and receive nearly 900,000 verified signatures from registered voters. If the initiative survives the challenge by Moody, it must receive at least 60% of the vote in the 2024 general election to become law.

Medical Marijuana Legalized In 2016

In 2016, the Florida Supreme Court approved a medical marijuana legalization ballot measure that went on to garner 71% of the vote at the polls in that year’s election. But in her legal brief, Moody wrote that “voters need clear guidance before being asked to lift state-law penalties for the possession of a substance that would subject users to devastating criminal liability under federal law. And the rampant misinformation in the press and being peddled by the sponsor of this initiative about its effects makes clarity all the more pivotal.”

In a 5-2 decision in 2021, the Florida Supreme Court rejected a proposed recreational marijuana initiative that was challenged by Moody. The same year, the court also rejected a second adult-use cannabis ballot proposal in a separate decision.

Campaign Responds To Challenge

After Moody filed the brief challenging the proposal, Smart & Safe Florida spokesman Steve Vancore said the campaign does not agree with Moody’s assessment of the ballot measure.

“We believe the language as written clearly complies with the requirements of the Constitution. We look forward to bringing this matter to the Florida Supreme Court and are confident that the court will conclude that there is no lawful basis to set aside the ballot initiative,” Vancore said in a public statement. “This important issue should be entrusted to the citizens of Florida — over a million of whom have already signed the Smart & Safe Florida petition saying they support it — to decide for themselves through democratic choice.”

Daniel Russell, an attorney specializing in cannabis law, accused Moody of politicizing the issue.

“This document is more Fox News fear-mongering intended to produce goodwill from ‘the base’ than a legal document filed by Florida’s chief legal officer on behalf of the state’s 22 million residents,” Russell told The News Service of Florida in an email. “It reeks of conservative nonsense and Nixonian views on a substance that is legalized for recreational use in 23 states, three U.S. territories, and the District of Columbia. I believe that the Supreme Court of Florida will see this for what it is and allow voters to decide the next steps for Florida’s future.”

Proposal Would Legalize Weed For Adults in Florida

The proposal from Smart & Safe Florida would allow the state’s current providers of medical marijuana to begin selling cannabis to all adults aged 21 and up. Consumers would be permitted to purchase up to three ounces of marijuana at a time, including no more than five grams of cannabis concentrates. The proposed constitutional amendment ballot measure allows state lawmakers to authorize additional adult-use cannabis business licenses, although there is no requirement for the legislature to do so. The initiative also retains Florida’s current vertically integrated business structure, which requires operators to control the production and marketing of marijuana from seed to sale.

The Smart & Safe Florida campaign is sponsored by Trulieve, the state’s largest medical marijuana provider, to the tune of contributions totaling more than $38 million, according to data from the state Division of Elections. Earlier this month, Trulieve announced that the proposal had received enough signatures from Florida voters to qualify for the 2024 general election ballot.

“Our investment demonstrates our firm belief that Floridians are ready to experience the freedom to use cannabis for personal consumption; a freedom which is currently enjoyed by more than half of America’s adults,” Trulieve CEO Kim Rivers said in a statement from the company on June 1. “With over 965,000 validated signatures from nearly every part of our state, it is clear these voters share that belief. We are thrilled the campaign has made this milestone and look forward to seeing this initiative on the ballot next November.”

The post Florida AG Files Challenge to Cannabis Legalization Initiative appeared first on High Times.

Florida AG Files Challenge to Cannabis Legalization Initiative

June 29, 2023 Published by

Florida Attorney General Ashley Moody on Monday filed a challenge to a proposed ballot measure to legalize recreational marijuana with the state Supreme Court, arguing that the initiative should not appear before voters in next year’s general election. If successful, the proposed amendment initiative from the group Smart & Safe Florida would legalize cannabis for all adults aged 21 and up. 

In a legal opinion filed with the Florida Supreme Court on Monday, Moody, a Republican who has been the state’s attorney general since 2019, argued that the proposed marijuana legalization ballot measure is misleading to voters. In the brief, she notes that according to the ballot summary, the proposed initiative would permit “adults 21 years or older to possess, purchase, or use marijuana products and marijuana accessories” for non-medical consumption.

“That is incorrect and misleading,” because marijuana remains illegal under federal law, she wrote in the state’s brief. “In previously approving similarly worded ballot summaries, the court erred.”

“[M]arijuana is independently prohibited by federal law,” the brief notes, as cited by the Orlando Sentinel. “Indeed, every individual who possesses marijuana under the scheme provided by the proposed amendment would become a federal criminal.”

The ballot summary notes that the initiative does not change federal law, but that language is “inadequate to resolve the confusion,” Moody wrote in the brief.

To qualify for the ballot, the proposal must first be approved by the Supreme Court and receive nearly 900,000 verified signatures from registered voters. If the initiative survives the challenge by Moody, it must receive at least 60% of the vote in the 2024 general election to become law.

Medical Marijuana Legalized In 2016

In 2016, the Florida Supreme Court approved a medical marijuana legalization ballot measure that went on to garner 71% of the vote at the polls in that year’s election. But in her legal brief, Moody wrote that “voters need clear guidance before being asked to lift state-law penalties for the possession of a substance that would subject users to devastating criminal liability under federal law. And the rampant misinformation in the press and being peddled by the sponsor of this initiative about its effects makes clarity all the more pivotal.”

In a 5-2 decision in 2021, the Florida Supreme Court rejected a proposed recreational marijuana initiative that was challenged by Moody. The same year, the court also rejected a second adult-use cannabis ballot proposal in a separate decision.

Campaign Responds To Challenge

After Moody filed the brief challenging the proposal, Smart & Safe Florida spokesman Steve Vancore said the campaign does not agree with Moody’s assessment of the ballot measure.

“We believe the language as written clearly complies with the requirements of the Constitution. We look forward to bringing this matter to the Florida Supreme Court and are confident that the court will conclude that there is no lawful basis to set aside the ballot initiative,” Vancore said in a public statement. “This important issue should be entrusted to the citizens of Florida — over a million of whom have already signed the Smart & Safe Florida petition saying they support it — to decide for themselves through democratic choice.”

Daniel Russell, an attorney specializing in cannabis law, accused Moody of politicizing the issue.

“This document is more Fox News fear-mongering intended to produce goodwill from ‘the base’ than a legal document filed by Florida’s chief legal officer on behalf of the state’s 22 million residents,” Russell told The News Service of Florida in an email. “It reeks of conservative nonsense and Nixonian views on a substance that is legalized for recreational use in 23 states, three U.S. territories, and the District of Columbia. I believe that the Supreme Court of Florida will see this for what it is and allow voters to decide the next steps for Florida’s future.”

Proposal Would Legalize Weed For Adults in Florida

The proposal from Smart & Safe Florida would allow the state’s current providers of medical marijuana to begin selling cannabis to all adults aged 21 and up. Consumers would be permitted to purchase up to three ounces of marijuana at a time, including no more than five grams of cannabis concentrates. The proposed constitutional amendment ballot measure allows state lawmakers to authorize additional adult-use cannabis business licenses, although there is no requirement for the legislature to do so. The initiative also retains Florida’s current vertically integrated business structure, which requires operators to control the production and marketing of marijuana from seed to sale.

The Smart & Safe Florida campaign is sponsored by Trulieve, the state’s largest medical marijuana provider, to the tune of contributions totaling more than $38 million, according to data from the state Division of Elections. Earlier this month, Trulieve announced that the proposal had received enough signatures from Florida voters to qualify for the 2024 general election ballot.

“Our investment demonstrates our firm belief that Floridians are ready to experience the freedom to use cannabis for personal consumption; a freedom which is currently enjoyed by more than half of America’s adults,” Trulieve CEO Kim Rivers said in a statement from the company on June 1. “With over 965,000 validated signatures from nearly every part of our state, it is clear these voters share that belief. We are thrilled the campaign has made this milestone and look forward to seeing this initiative on the ballot next November.”

The post Florida AG Files Challenge to Cannabis Legalization Initiative appeared first on High Times.

Georgia Clears Way for Independent Pharmacies To Sell Cannabis Oil

June 16, 2023 Published by

Regulators in Georgia have opened the door for medical cannabis patients in the state to have far greater access to treatment. 

The state Board of Pharmacy “has released a set of regulations that will allow Georgia’s independent pharmacies to dispense cannabis oil to eligible patients enrolled in a registry maintained by the state Department of Public Health,” according to Northwest Georgia News.

The outlet reports that state regulators have “granted manufacturing licenses thus far to two companies.” 

“Trulieve Georgia and Botanical Sciences LLC have begun producing cannabis oil and have opened dispensaries in Marietta and Macon, with more to come,” according to the outlet. “Separate from those dispensaries, the 2019 law also authorizes independent pharmacies to sell cannabis oil to eligible patients.”

“This gives an opportunity for virtually every community to have access,” said Andrew Turnage, executive director of the Georgia Access to Medical Cannabis Commission, which oversees the medical cannabis program, as quoted by Northwest Georgia News. 

“They set a pathway for independent pharmacies to apply and subject these pharmacies to inspection and regulation for this medicine,” he added.

Lawmakers in the Peach State first legalized medical cannabis treatment with the passage of Haleigh’s Hope Act in 2015, which granted eligible patients access to low-THC cannabis oil. 

The state General Assembly followed that up with “Georgia’s Hope Act” in 2019, “which authorizes the Georgia Access to Medical Cannabis Commission to oversee the regulated licensing of limited, in-state cultivation, production, manufacturing, and sale of low-THC oil as well as dispensing to registered patients on the state’s Low-THC Oil Registry,” according to the state Access to Medical Cannabis Commission’s official website. 

After Republican Gov. Brian Kemp signed the bill into law that spring, the commission was “administratively attached for budget, procurement, and human resources support…to the Office of the Georgia Secretary of State,” the government website says.

According to the website, patients with the following conditions are eligible for cannabis oil prescriptions: “Cancer, when such diagnosis is end stage or the treatment produces related wasting illness or recalcitrant nausea and vomiting; Amyotrophic lateral sclerosis, when such diagnosis is severe or end stage; Seizure disorders related to diagnosis of epilepsy or trauma related head injuries; Multiple sclerosis, when such diagnosis is severe or end stage; Crohn’s disease; Mitochondrial disease; Parkinson’s disease, when such diagnosis is severe or end stage; Sickle cell disease, when such diagnosis is severe or end stage; Tourette’s syndrome, when such syndrome is diagnosed as severe; Autism spectrum disorder, when (a) patient is 18 years of age or more, or (b) patient is less than 18 years of age and diagnosed with severe autism; Epidermolysis bullosa; Alzheimer’s disease, when such disease is severe or end stage; AIDS when such syndrome is severe or end stage; Peripheral neuropathy, when symptoms are severe or end stage; Patient is in hospice program, either as inpatient or outpatient; Intractable pain; [and] Post-traumatic stress disorder resulting from direct exposure to or witnessing of a trauma for a patient who is at least 18 years of age.”

But the state’s thousands of eligible patients were unable to obtain the cannabis oil until earlier this year, when the first two medical cannabis dispensaries opened for business last month. 

Trulieve, a medical cannabis company, operates both of those dispensaries, which are located in the towns of Macon and Marietta.

“We believe that access to medical cannabis improves lives, and Trulieve is proud to be the first to provide that access to the state of Georgia,” said Trulieve CEO Kim Rivers in a press release at the time of the opening. “We look forward to providing high quality products and an elite experience.”

The post Georgia Clears Way for Independent Pharmacies To Sell Cannabis Oil appeared first on High Times.

Supreme Court Review for Florida Rec Cannabis Bill Set in Motion, AG to Challenge

May 17, 2023 Published by

The political committee Smart & Safe Florida is sponsoring the “Adult Personal Use of Marijuana” proposal, which obtained well over the required 222,881 petition signatures to trigger an imperative Supreme Court review. 

On Monday, Florida Attorney General Ashley Moody (R) formally submitted the proposal to the court, along with her opinion that it does not meet legal requirements to land on next year’s ballot. The Supreme Court reviews initiatives, specifically ensuring that constitutional amendments are limited to single subjects and that they contain clear language.

Moody has specifically claimed that the initiative violates the state Constitution’s single subject rule, requiring ballot proposals to focus on a single, individual issue only. Moody previously made the same argument about a 2022 legalization measure, which the Supreme Court ultimately invalidated.

“In accordance with the provisions of Article IV, section 10, Florida Constitution, I respectfully request this Court’s opinion as to whether the proposed amendment ‘Adult Personal Use of Marijuana’ complies with the single-subject requirement of Article XI, section 3, Florida Constitution, and whether the ballot title and summary of the amendment complies with the substantive and technical requirements in section 101.161(1), Florida Statutes,” Moody’s new court filing reads. “I believe that the proposed amendment fails to meet the requirements of Section 101.161(1), Fla. Stat., and will present additional arguments through briefing at the appropriate time.”

Activists countered with a statement shared Tuesday, sharing their appreciation for Moody’s transmittal to the Supreme Court while they “respectfully disagree with her statement that she believes it does not comply.”

“We very much look forward to her analysis but more importantly to both written and oral arguments before the Florida Supreme Court and a positive ruling from that court. As an aside, it is important to note that the opinion of the Attorney General is not binding and that this matter will be decided after both sides have had their say before the Florida Supreme Court,” reads a statement from the Safe & Smart campaign. 

Trulieve spokesman Steve Vancore also shared the company’s belief that “the ballot language meet’s Florida’s single subject and related laws.” Trulieve is the largest cannabis producer in Florida and has put more than $38 million to date behind the effort to put adult-use cannabis in front of voters in the state.

“As a majority of American adults now enjoy the freedom to use cannabis for personal consumption, we hope the court will agree that the Smart & Safe amendment meets Florida’s ballot sufficiency laws and will allow the voters to have a vote on this important matter,” Vancore said. 

The Safe & Smart committee needs both Supreme Court approval and at least 891,523 validated petition signatures for the measure to land on the 2024 ballot. According to the state’s Division of Elections website, the committee had 786,747 signatures as of Tuesday.

Under the initiative, adults over the age of 21 would be allowed “to possess, purchase, or use marijuana products and marijuana accessories for non-medical personal consumption by smoking, ingestion, or otherwise.” Additionally, the proposal allows state-licensed medical cannabis operators — of which there are currently 22 — to “acquire, cultivate, process, manufacture, sell and distribute such products and accessories.” 

The initiative does not allow for residents to grow at home for personal use. Should the initiative make the ballot, it must receive approval from 60% of voters to be enacted, since it’s a constitutional amendment.

A poll published by the University of North Florida’s Public Opinion Research Lab (PORL) in February also found that 70% of respondents supported the measure, either “strongly” or “somewhat.”

“Efforts to put recreational marijuana in front of voters in 2024 are in the beginning stages, but support for it is high across the political spectrum,” said Dr. Michael Binder, PORL faculty director and professor of political science. “If it makes it onto the ballot next year, and that’s a big ‘if,’ it has a good chance of reaching the 60% supermajority needed to pass.”

The post Supreme Court Review for Florida Rec Cannabis Bill Set in Motion, AG to Challenge appeared first on High Times.

Georgia’s First Medical Cannabis Dispensaries Open

May 2, 2023 Published by

There are nearly 30,000 registered medical cannabis patients in Georgia, but for years, they have had no option to legally purchase and obtain the product they have been prescribed.

That changed on Friday, when the state’s first medical marijuana dispensaries opened their doors for business.

The medical cannabis company Trulieve is behind each retailer, located in Macon and Marietta. 

“We believe that access to medical cannabis improves lives, and Trulieve is proud to be the first to provide that access to the state of Georgia,” said Trulieve CEO Kim Rivers in a press release. “We look forward to providing high quality products and an elite experience.”

Georgia lawmakers legalized medical cannabis treatment in 2015 with the passage of the Haleigh’s Hope Act. The bill made it legal for physicians to prescribe cannabis oil with no more than 5% THC to patients suffering from a host of qualifying conditions. Those conditions, via the state’s Medical Cannabis Commission, are: “Cancer, when such diagnosis is end stage or the treatment produces related wasting illness or recalcitrant nausea and vomiting; Amyotrophic lateral sclerosis, when such diagnosis is severe or end stage; Seizure disorders related to diagnosis of epilepsy or trauma related head injuries; Multiple sclerosis, when such diagnosis is severe or end stage; Crohn’s disease; Mitochondrial disease; Parkinson’s disease, when such diagnosis is severe or end stage; Sickle cell disease, when such diagnosis is severe or end stage; Tourette’s syndrome, when such syndrome is diagnosed as severe; Autism spectrum disorder, when (a) patient is 18 years of age or more, or (b) patient is less than 18 years of age and diagnosed with severe autism; Epidermolysis bullosa; Alzheimer’s disease, when such disease is severe or end stage; AIDS when such syndrome is severe or end stage; Peripheral neuropathy, when symptoms are severe or end stage; Patient is in hospice program, either as inpatient or outpatient; Intractable pain; [and] Post-traumatic stress disorder resulting from direct exposure to or witnessing of a trauma for a patient who is at least 18 years of age.”

But the law’s full implementation has been beset by regulatory delays, even as the number of registered medical cannabis patients in the state has continued to grow. There are currently around 27,000 Georgians registered in the program. 

“Today is a new beginning for the over 27,000 registered medical patients Georgia,” Rivers said in Friday’s press release. “Trulieve is equally thrilled and humbled to bring the first two medical cannabis dispensaries in the state serving both Macon and Marietta communities in their health and wellness journey.”

In addition to the dispensaries in Macon and Marietta, Trulieve has plans to open three more in the state this year in Columbus, Newnan and Pooler. 

“I’m proud to open two dispensaries in both Macon and Marietta for patients to begin receiving the medicine they need,” Lisa Pinkney, president of Trulieve Georgia, said in Friday’s announcement. “I also want to congratulate the commission along with the whole Trulieve Georgia team on reaching this milestone after the hard work to date and thank both teams for moving expeditiously to approve the dispensary application and conduct the dispensary inspections.”

In March, Georgia lawmakers advanced a bill that would increase the number of available medical cannabis dispensary licenses from six to 15.

According to Axios, medical cannabis customers in the state “sign in and show their photo ID state-issued registry card to the receptionist” at the dispensary, and then “enter a showroom that looks like a cross between a jewelry store and a Gen Z-friendly wealth management firm.” 

“The stores carry tinctures ($40-$60) and capsules ($40) in indica, sativa and hybrid varieties and topical ointments ($30),” Axios reported. “Medical cannabis in Georgia is limited to 5% THC, the psychoactive ingredient in marijuana that gives users a high.”

The post Georgia’s First Medical Cannabis Dispensaries Open appeared first on High Times.

Meet the Giants In the Cannabis Industry; And All Their Problems

April 29, 2023 Published by

When the industry started, it was spoken of like a big space that different entities of all sizes could participate in, and profit from. With the progression of time, we see just how hard it is for companies to survive; and the result that the cannabis industry is essentially run by just a few giants. What are some of these companies that dominate the field? And what issues are they having?

Trulieve and its hold on Florida (TRUL on CNSX)

Right now, Florida is a medical state only, but even so, it has one of the biggest cannabis industries in the US and beyond. Currently, the state is trying to get a ballot measure approved for the 2024 elections so the people of the state can decide for themselves if they want recreational weed. The effort is organized by the group Smart & Safe Florida, with major financial backing from non-other than the biggest cannabis company in the state: Trulieve.

Trulieve is a cannabis company based out of Tallahassee, Florida, which offers residents cannabis products and services, and which has operations in several states. Trulieve provided the original seed money to get the campaign started, and has since been filtering upwards of $25 million into the campaign. Why would the company get so intimately involved in politics? It makes a lot of sense, actually. A recreational market means more clientele, and for an industry faltering on the highest levels, this is beneficial for companies that need more sales.

As of a September 22nd writing in MJBizdaily, Trulieve operates a quarter of the state’s 475 medical dispensaries. To give an idea how much it brings in compared to competitors, consider that between the dates September 9-15, 2022, Trulieve sold approximately 81,698,333 mgs worth of THC products. Its closest sales competitor Curaleaf sold 35,641,674 mg. Trulieve did its share of selling through 120 dispensaries, with the company MÜV coming in second place in terms of dispensary numbers with only 59. Curaleaf made its second place sales from its 51 dispensaries.

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This isn’t to say that despite its huge lead, that Trulieve isn’t having issues. At the end of 2022, Trulieve, like many other companies, had to make staff cuts. About 36 employees in its McKeesport Pennsylvania cultivation facility were let go. Within Florida, the company also made cuts in three other locations: Midway, Monticello, and Quincy. Though it has a large staff of approximately 8,000, this trend is not a new one in the industry.

Trulieve blamed these happenings on its own acquisition of the Arizona-based Harvest Health & Recreation, which happened in 2021. But the cuts also came right after the company reported a $115 million quarterly loss. While Trulieve rules the roost in Florida, it’s not the biggest cannabis company overall. It has a current market capital of $.9 billion according to April 21st, 2023 numbers via companiesmarketcap.com; but that puts it in 5th place overall.

Green Thumb Industries (GTII on CNSX)

There are different ways to judge the ‘biggest companies,’ and often different sites have different listings, even with the same parameters. Regardless, nearly all top spots are US and Canadian companies. The biggest cannabis company currently by market capital is Innovative Industrial; however, this company is a real estate investment company. For our purposes, we’ll look at market capital for companies involved with production and sales. Right now, the top place according to companiesmarketcap is held by Green Thumb Industries out of Chicago, Illinois.

Cannabis industry

With a current market capital of ~$1.68 billion, Green Thumb operates 77 dispensaries in 15 different states, which go under different names. It also has six cannabis brands of its own, with each brand geared toward specific consumer groups. The separation in names across states might make it seem to a consumer that they’re buying from a smaller, no-name brand. Consumers probably don’t always realize that they’re buying from a large, public company.

While Green Thumb is at the top of most lists, this doesn’t mean its not having problems. A simplywall.st article from earlier in April stated Green Thumb lost 56% of its stock value in the last year, leading to an earnings decline for shareholders. While the article pointed out that this is still 25% higher than three years ago, it also pointed out a 15% decline in just a month. In the week prior to the article, it went down 4.6%. Still a giant in the industry, yes, but one which is dangerously close to losing its spot.

Curaleaf (CURA on CNSX)

Curaleaf is one of the better known giants of the cannabis industry, and it, like most others, is having major issues. Currently, Curaleaf has $1.62 billion in market capital, making it the third biggest cannabis-related company in terms of market capital, and the second in terms of production and sales.

Curaleaf Backed Out of West Coast Markets, Almost Kicked Out of NJ 

Curaleaf Holdings, Inc., is based out of Massachusetts, but trades on the Canadian Stock Exchange; it’s a producer and distributor of cannabis products. In 2019, upon acquisition of an oil brand, it became the largest retailer in the US. By 2020, it earned the status of largest brand worldwide, when it bought its main competitor Grassroots Cannabis; a purchase which brought Curaleaf into 23 states.

Internationally, the company has operations in several different countries. It acquired EMMAC Life Sciences Limited which was at the time, the biggest independent cannabis operation with vertical integration in Europe. This set up Curaleaf to grow, process (EU-GMP certified), distribute, and run R&D operations in UK/European markets. These include the UK, Germany, Spain, Portugal, and Italy.

But as all good things seem to trend down for cannabis, Curaleaf has also made some heavy waves with its missteps and losses. For one, it settled a bunch of lawsuits in early 2022 concerning tainted CBD products. This likely didn’t help, as things took a downturn in general in the past year. Right before Thanksgiving, Curaleaf let ~220 employees go, supposedly as “a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead.”

Cannabis industry giants forced to layoff staff
Cannabis industry giants forced to layoff staff

Even more bad news for the company? In January the company announced it would close nearly every one of its dispensaries in California, Colorado, and Oregon, along with its cultivation and production facilities in those locations. More recently, it got a smack from New Jersey over issues with labor practices.

While it almost lost its license with the state to grow and sell marijuana (apparently because of a lack of notification to regulators about layoffs), the decision was reversed. This is not, however, the only time this company has landed in hot water over labor issues. Last year it was handed a citation by the National Labor Relations Board for resistance to working out deals with unionized workers.

Tilray (TLRY on Nasdaq)

Tilray is next on the list, and while this is one of the cannabis industry giants out of the US, its often referenced as being a Canadian company, because of the size of its Canadian branch. If it were, it would be the biggest cannabis company out of Canada, however, it was formed in the US, and is based out of New York City. Perhaps some of the confusion over where its from is because in 2020, it merged with Canadian company Aphria. It was also one of Canada’s first licensed producers. Regardless of where you consider it to be from, it has a market capital of about $1.42 billion for April 21st.

Mass Layoffs Continue in Cannabis Industry – Globally

Tilray was the first cannabis company to trade on a major US stock exchange in 2018, when it opened on Nasdaq. At that time shares sold for $17, which went up to $214 later that year, just to come back down to $29 a year later. Prior to this in 2016, it was the first company to facilitate cannabis trials approved by Health Canada. The Canadian branch was the first company from Canada to export medical cannabis into the US.

But this company is yet another example of what’s going on with the giants in the cannabis industry. In January, 2023, Tilray announced it would cut ¼ of its staff in its Cantanhede, Portuagal location. Of this cut to the facility which produces medical cannabis products, a Tilray spokesperson told MJBizdaily,

“A total of 49 jobs will be affected in the production, manufacturing, quality, quality control (laboratory), cultivation, supply chain, facilities, warehousing, logistics, procurement, and IT. These changes, which are in line with Tilray’s rightsizing to meet the needs of the current economy and the state of legalization across medical and adult-use cannabis, will take place over the next three months.”

Cannabis industry trajectory
Cannabis industry trajectory

This isn’t out of nowhere. For the quarter ending November 30th, 2022, Tilray posted net losses of $61.6 million. Its new direction of layoffs and restructuring mirror nearly every other big cannabis producer and retailer in the market, most of which are giant companies. After all, if they’re having such a hard time, how would a mom & pop get off the ground at all?

Conclusion

Other well-known giants of the cannabis industry include Canopy Growth, Aurora, and Cresco Labs. Nearly every company on the companiesmarketcap list, including these, has a downward trajectory. So, while I included the trading information of these cannabis industry giants; my personal advice is to wait on making any investments, as these companies are not a sure bet at this point.

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The post Meet the Giants In the Cannabis Industry; And All Their Problems appeared first on Cannadelics.