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TILT Holdings Reports Fourth Quarter and Full Year 2022 Results

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Q4 revenue up 9% quarter over quarter to $44.3 million

FY 2022 cash from operations up significantly to $8.6 million, compared to cash used of $8.6 million in FY 2021

Recently completed refinancing of legacy debt, reducing principal debt outstanding by nearly half

ARIZONA: TILT Holdings Inc., a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, is reporting its financial and operating results for the three and twelve months ended December 31, 2022. All financial information is reported in U.S. dollars and prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) unless otherwise indicated.

“2022 was a pivotal year for TILT and the cannabis industry at large,” said Chief Executive Officer Gary Santo. “Our sector faced headwinds from the overall economic environment and, to a greater extent, the sector itself adapting to cannabis as a commodity more rapidly than expected. Our financial results were not immune to these patterns. We did maintain positive adjusted EBITDA and produced positive cash flow from operations for the year, and we are committed to upholding both these trends in 2023.”

Santo continued, “Operationally, last year we signed six new brand partnerships, launched over 100 new brand partner SKUs, and won multiple awards for outstanding products, including our recent edibles wins at NECANN last week for a newly launched chocolate we produce for our partner CODA and for our own house brand millionaire shortbread. In addition, we outperformed market trends in each of the states in which we operate, highlighting the benefit of our strategy to support brand partners instead of prioritizing our own products. We also brought innovation back to Jupiter with multiple new product announcements and improved distribution terms which drove better margins in the second half of the year.

“Looking back on 2022, while our overall performance may not have been as strong as we had hoped at the outset of the year, we remained focused on implementing and refining our business strategy. We believe our asset-light approach and nimble structure coupled with the now-completed refinancing and debt reduction efforts, allows us to enter 2023 with positive momentum, a stable capital structure, on-going positive cash flow from operations and a team fully equipped to tackle the critical optimization phase of our strategic pivot.”

Q4 2022 Financial Summary

  • Revenue was $44.3 million in the three months ended December 31, 2022, compared to $54.1 million in the prior year period. The decrease in revenue was primarily driven by a significant customer order in the Company’s inhalation technology business in December 2021.
  • Gross profit was $8.3 million in the three months ended December 31, 2022, or approximately 19% of revenue, compared to $11.2 million or approximately 21% of revenue in the prior year period. The decrease in gross profit was primarily driven by price compression in the Company’s cannabis operations in Massachusetts.
  • Net loss was $73.1 million in the three months ended December 31, 2022, compared to a net loss of $20.1 million in the prior year period. The increase in net loss was primarily driven by a $54.6 million goodwill impairment related to current market conditions and its impact on the fair value of our reporting units.
  • Adjusted EBITDA (non-GAAP) was $(0.4) million in the three months ended December 31, 2022, compared to $4.5 million in the prior year period. The decrease was driven by the aforementioned price compression in the Company’s cannabis operations in Massachusetts.

Recent Financing Update

  • In February 2023, the Company announced a series of transactions that alleviated its near-term debt maturity and further reduced its non-revolving debt from $86.7 million at December 31, 2021 to $46 million on February 16, 2023. The Company repaid $2 million of debt as one of these transactions, retiring the remainder of its 2019 senior debt facility with no further obligations. For junior noteholders, the Company revised and extended terms to provide for amended and restated promissory notes with an aggregate principal balance of $38 million and issued $8.2 million of secured promissory notes to satisfy certain outstanding accounts payable.
  • In conjunction with the refinancing of the junior notes in February 2023, the Company completed a sale-leaseback transaction for its Pennsylvania cultivation and manufacturing facility for approximately $15 million.
  • Altogether, as of February 28, 2023, the Company had a cash balance of approximately $5 million and principal debt of approximately $46 million.
  • Completed final action in March 2023, by amending existing revolving credit facility to increase credit availability, improve terms and extend maturity date.

Q4 2022 Operational Highlights

  • Launched social impact driven brand Black Buddha Cannabis in Massachusetts for both patients and adult-use customers.
  • Unveiled CCELL by Smoore’s latest technology release, EVO, through the Company’s wholly-owned subsidiary, Jupiter.
  • Expanded partnership with cannabis lifestyle brand, Highsman, with the launch of “H” by Ricky Williams in dispensaries throughout the Commonwealth of Pennsylvania for medical patients.
  • Entered into an exclusive, five-year manufacture, supply and distribution agreement with Curaleaf International to bring Jupiter manufactured Liquid QueTM vaporizer to new territories abroad, for use as a medical device with extracts developed by Curaleaf International.
  • Partnered with Coda Signature, one of the cannabis industry’s leading infused chocolatiers, to launch the brand in Massachusetts for both patients and adult-use customers.
  • Announced that Jupiter will launch a proprietary initiative called Concept LVT, a first-of-its-kind, patent-pending rig-less dab solution that is an affordable, easy and clean way to experience cannabis concentrates.
  • Announced the launch of Little Beach Harvest’s ancestral plant medicine, in partnership with Shinnecock Indian Nation, to both patients and adult-use customers across Massachusetts.

FY 2022 Financial Summary

  • Revenue was $174.2 million in the twelve months ended December 31, 2022, compared to $202.7 million in the prior year. The decrease in revenue was primarily driven by lower volumes and pricing in the Company’s inhalation business, partially offset by continued growth in the Company’s cannabis operations.
  • Gross profit was $38.2 million in the twelve months ended December 31, 2022, or approximately 22% of revenue, compared to $50.2 million or approximately 25% of revenue in the prior year. The decrease in gross profit was primarily driven by pricing pressure in both the Company’s inhalation technology business and cannabis operations.
  • Net loss was $107.5 million in the twelve months ended December 31, 2022, compared to a net loss of $35.1 million in the prior year. The net loss was primarily driven by the aforementioned goodwill impairment in the fourth quarter.
  • Adjusted EBITDA (non-GAAP) was $2.8 million in the twelve months ended December 31, 2022, compared to $22.3 million in the prior year. The decrease was driven by lower revenue in the Company’s inhalation technology business and pricing pressure for both inhalation and cannabis operations.
  • Cash provided by operations was up significantly to $8.6 million for the twelve months ended December 31, 2022, compared to cash used of $8.6 million in the prior year. The increase was primarily driven by significant improvements to working capital.
  • Total cash balance was $2.2 million at December 31, 2022, compared to $7.0 million at December 31, 2021. This cash balance included restricted cash of $1.3 million at December 31, 2022, compared to restricted cash of $2.7 million at December 31, 2021. Unrestricted cash and cash equivalents were $2.2 million, compared to $4.2 million at December 31, 2021.

Earnings Call and Webcast

TILT management will host a conference call today at 5:00 p.m. Eastern time to discuss its financial and operational results, business strategy and future outlook, followed by a question-and-answer period.

Date: Thursday, March 16, 2023
Time: 5:00 p.m. Eastern Time
Toll-free dial-in number: (877) 423-9813
International dial-in number: (201) 689-8573
Conference ID: 13736759
Webcast: TILT Q4 2022 Earnings Call

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be broadcast live and available for replay in the investor relations section of the Company’s website at www.tiltholdings.com.

Governor Lamont Announces Start of Adult-Use Cannabis Sales at Connecticut’s First Group of Licensed Retailers

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New Industry Will Bring Jobs, Economic Growth, and Reinvestment in Communities Harmed by Cannabis Prohibition

CONNECTICUT: Governor Ned Lamont today announced that first legal retail sales in Connecticut of adult-use cannabis to all adults aged 21 and over began this morning at several retailers that have been licensed to sell the products. The licensed retailers were permitted to begin selling cannabis products effective at 10:00 a.m. today.

The opening of the adult-use cannabis market in Connecticut marks the start of an expanded cannabis industry that prioritizes the safe and equitable regulation of adult-use cannabis, as well as the preservation of the medical marijuana market, which continues to serve nearly 50,000 patients in the state. The law implementing these measures was signed by Governor Lamont in 2021 and contains comprehensive reforms addressing equity, criminal justice, public health, and public safety.

This new industry is expected to bring hundreds of new, good-paying jobs to Connecticut as businesses continue to open and expand, including work in production and jobs directly handling cannabis products, as well as industry support like technical jobs, administrative and information technology positions, and security.

The law takes a comprehensive approach to promoting social equity, focused on the neighborhoods most impacted by the war on drugs. It provides for expungement of past cannabis-related crimes and reserves half of all cannabis business licenses for people from impacted neighborhoods. In addition, more than half of the revenue from cannabis sales will be dedicated to a new fund that will be invested in those neighborhoods.

“Today marks a turning point in the injustices caused by the war on drugs, most notably now that there is a legal alternative to the dangerous, unregulated, underground market for cannabis sales,” Governor Lamont said. “Together with our partners in the legislature and our team of professionals at the Department of Consumer Protection, we’ve carefully crafted a securely regulated market that prioritizes public health, public safety, social justice, and equity. I look forward to continuing our efforts to ensure that this industry remains inclusive and safe as it develops.”

“An old conviction for a low-level cannabis possession shouldn’t hold someone back from pursuing their career, housing, professional, and educational aspirations,” Lt. Governor Susan Bysiewicz said. “Governor Lamont and I welcome this change to help people regain their freedom and the opportunity to pursue the careers and jobs they rightfully deserve.”

The Connecticut Department of Consumer Protection has overseen the regulation of the adult-use cannabis market in the state, ensuring that it prioritizes public health and safety.

“This is an exciting day for Connecticut and our team at the Department of Consumer Protection, which has worked tirelessly to stand up this safe, well-regulated and equitable new market,” Consumer Protection Commissioner Michelle H. Seagull said. “We will continue to ensure the patients in our medical marijuana program receive the standard of care and service they have come to expect, and as always, we encourage all adults who choose to purchase and use cannabis to do so responsibly.”

The Social Equity Council was created by that same law that Governor Lamont signed in 2021 and has been tasked with ensuring the adult-use cannabis market is grown equitably and to bring funds from the program back to the communities hit hardest by the war on drugs.

“The opening of this new marketplace is an important milestone in the work of the Social Equity Council and a culmination of a lot of hard work over the past year,” Paul O. Robertson, deputy commissioner of the Department of Economic and Community Development and chair of the Social Equity Council, said. “In my role as chair, I will be focused on ensuring we fully capitalize on this opportunity to lend a helping hand to those negatively impacted by the war on drugs.”

There are three taxes on the retail sale of cannabis, including the state’s usual 6.35% sales tax, a 3% sales tax dedicated to the city or town where the sale occurs, and a tax based on THC content that will cost approximately 10% to 15% of the sale price.

As of today, the retailers in Connecticut that have been licensed to sell cannabis products to all adults aged 21 and older include:

  • Affinity Health and Wellness (New Haven)
  • The Botanist – Danbury (Danbury)
  • The Botanist – Montville (Montville)
  • Fine Fettle Dispensary – Newington (Newington)
  • Fine Fettle Dispensary – Stamford (Stamford)
  • Fine Fettle Dispensary – Willimantic (Willimantic)
  • RISE Branford (formerly Bluepoint Wellness of Connecticut) (Branford)
  • Still River Wellness (Torrington)
  • Zen Leaf Meriden (formerly Willow Brook Wellness) (Meriden)

Cannabis Orchards Announces Agreement with National Institute of Health to Screen Minor Cannabinoids for Epilepsy Treatment

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CANADA: Cannabis Orchards Inc., a biotechnology company focused on the research, development and commercialization of minor cannabinoids and innovative industrial hemp varieties, announced it has signed an agreement with the National Institute of Health (NIH) to participate in the Epilepsy Therapy Screening Program(ETSP) to study minor cannabinoids for epilepsy treatment. 
The use of minor cannabinoids as an anti-seizure drug was subject to a patent submission in September 2022 by Cannabis Orchards Inc.
The ESTP involves studying compounds in various pre-clinical models of epilepsy to determine the safety and efficacy of new candidate drugs for use as novel epilepsy treatments. Almost all common epilepsy drugs have been included in the ETSP program, including cannabidiol (CBD). After a rigorous qualifying process, Cannabis Orchards Inc. has successfully been chosen to submit minor cannabinoids, such as cannabigerolic acid (CBGA) and cannabichroneme (CBC), for inclusion in the program.
Statement from Cannabis Orchards CEO, Dr. Jamie Ghossein
“After engaging in a rigorous qualifying process, we are proud to have been selected to register minor cannabinoids, namely CBGA and CBC, for inclusion in this world-renowned program. Minor cannabinoids will now be studied in the same way as common anti-seizure drugs as new alternatives for epilepsy treatment.”
Cannabis Orchards Inc. has successfully produced CBGA isolate and completed shipment to the NIH in Q3, 2022.
“Minor cannabinoids have demonstrated promise as alternatives to anti-seizure drugs for epilepsy treatment, including CBD. With differing efficacy and side effect profile, minor cannabinoids may prove effective as anti-seizure medications for chronic use with enhanced tolerability compared to standard therapies.”
Currently, Epidiolex (CBD) is the only FDA-approved cannabinoid treatment for drug-resistant epilepsy. With a market size expected to reach over USD 1.0 billion in 2023, there is a large market opportunity to offer alternative cannabinoids with enhanced efficacy and tolerability compared to CBD.
“Over the last several decades, minor cannabinoids were not possible to study as no Cannabis variety produced enough content for isolation and testing. After several years of plant breeding efforts, Cannabis Orchards has successfully produced novel industrial hemp variety with minor cannabinoid content, allowing for the isolation and study of minor cannabinoids in various models of disease. We look forward to leading the way for new therapeutic development using minor cannabinoids. This exclusive agreement highlights the start of a pipeline for minor cannabinoids as therapeutic options for various disease models.”

E-40 and Channel Tres Set to Top Lineup at Emerald Cup Harvest Ball 2022

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CALIFORNIA: The brightest minds of cannabis will descend to celebrate the beginning of the journey to the 19th annual Emerald Cup with the 2022 Harvest Ball.  The Emerald Cup is thrilled to announce E-40 and Channel Tres as headliners for the festival, bringing a whole new energy that will electrify the weekend and add an exciting element for attendees. Discovery has been a key focal point for this year’s Harvest Ball. The way in which cannabis embraces the discovery of different cannabis strains and brands was used as a source of inspiration for this year’s musical lineup. Taking place on December 10 and 11, 2022, at the Sonoma County Fairgrounds in Santa Rosa, California, the two-day gathering and festival celebrate the peak of the harvest season, allowing access to the best of California cannabis while exploring a unique array of musical acts.  The 2022 lineup will deliver some amazing sets that align with past highlights including SantiGold, Rebelution, The Roots, Damian Marley, Big Wild, Keak the Sneak, and Cut Chemist. 

 

“The Emerald Cup has always been a highly curated cannabis marketplace with ‘new discovery’ avenues for culture and weed,” says Emerald Cup Founder Tim Blake. “Music and cannabis have been intertwined throughout the history of the Cup. We’re excited to announce this year’s musical line-up, featuring some of the hottest acts to discover – old and new. Check out the artists on our two music stages, they’ll surely keep you moving and grooving on the dance floor.”

  • Harvest Ball musical acts lineup announced with headliners Bay Area legend E-40 and Los Angeles-based artist Channel Tres converging at the 2022 Emerald Cup Harvest Ball

  • Additional music acts include (A-Z) Arise Roots, Canabliss, EAZYBAKED, Flamingosis, Joe Samba, Kamaiyah, Lee Fields, Satin Jackets, Smoakland + more.

  • Emerald Cup unveils Emerald Cup Sessions and Phase 1 of the music lineup that spans a variety of genres

  • 2023 Emerald Cup Awards judges and participants of the Small Farms Initiative at the 2022 Harvest Ball to be announced Monday, October 31, 2022

  • Weekend Passes are on sale now at www.theemeraldcup.com

 

Celebrating BIPOC Small Businesses in Honor of Small Business Saturday

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By Veronica Castillo

Small Business Saturday is recognized and celebrated the Saturday after Thanksgiving. This is the day to celebrate and support small businesses in our own communities. In large cities, small businesses are the majority of the businesses. The Business Journal reports: New York City has about 560,000 small businesses, Los Angeles has about 340,000 small businesses, Chicago has about 235,000, and Miami has about 180,000.

The Importance of Small, Online Businesses

Small businesses and online businesses are very important to our economy. Just how important? Check out these small business and online business facts:

  • There are 32.5 million small businesses in the U.S.
  • Small companies create 1.5 million jobs annually.
  • 64% of new jobs are because of small businesses.
  • In 2019, small businesses with 10–499 employees performed $70.6 billion worth of R&D work, and employed over 500,000 R&D workers. 
  • Immigrants make up 12.5% of small business owners nationwide.
  • 1.79 billion people bought something online last year (2021).
  • 36% of all small or personal businesses are making their sales on the internet.
  • 18% of local mobile searches convert to a sale within one day.

According to Statista, e-retail sales surpassed $5.2 trillion worldwide, with new heights expected in the coming years.

Keba Richardson Shares Insights on Launching a Small Business Online 

In honor of Small Business Saturday, this month we feature Keba Richardson, owner of K Rich Consulting Co., a company focused on helping people build highly profitable, purpose driven businesses online.  Keba is a visionary keeping up with the changes in our many systems, one being the move from brick and mortar to online retail. She has been launching online businesses for about 10 years now, and offers services to help business owners launch online businesses and/or transition from brick and mortar to online. 

Published author,  CBD business owner, and business coach/consultant, Keba is a mother of one, based in Atlanta, GA.  She is very passionate about health/fitness, and holds a degree in Business Economics.   Specialties include: CBD and holistic health industries, organic social media marketing, strategy, and digital revenue strategizing. 

What kind of services do K Rich Consulting Co. offer? 

“We offer E-commerce coaching/consulting for people who desire to start CBD or herb/supplement brands online and digital revenue coaching/consulting: we help people turn their knowledge and expertise into digital products and services such as courses, coaching programs, or paid memberships.

Our ideal client is someone that wants to launch an online business that is cannabis/hemp, health/wellness based and who wants to turn their knowledge and expertise into digital products and services.”

How important is it for small businesses to have an online presence?

“Extremely important. The average person looks at their phone 500 times per day. As a business owner you need to be where your customers are and today, and in the future, they are online shopping and scrolling social media.”

Do brick and mortar locations need to consider an online sales platform/strategy? 

“Yes! So they are more visible, to build brand awareness, and because a strong presence online helps you stand out and helps you build social proof with potential customers.”

Do cannabis/hemp businesses need different considerations to be successful online? 

“Yes. Although the farm bill made hemp/cbd legal in all 50 states, as a business owner you still need to make sure you’re in compliance with the specific hemp laws in your state. Also with marketing, there’s a lot of red tape on social media and with running paid ads; business owners need to have a good creative marketing strategy in place.”

K Rich Consulting offers online courses/program development for business owners; can you share more insight on this?

“We currently have an automated course called ‘How To Start A 6 Figure CBD Business From Home’, and I offer consulting services to people who desire to create courses and/or coaching programs online.” 

Can you explain what digital revenue is?

“It’s e-commerce, offering products and services that can be purchased online.” 

Photo Credit: Pretty Women Love Cannabis

Veronica Castillo is a writer from Miami, with a pre-cannabis and psychedelics background in insurance and human resources. Currently, she is a resident of the road covering cannabis, psychedelics, and plant-based lifestyles all over the U.S and soon abroad. Follow her journey on IG: www.instagram.com/vee_travelingvegcannawriter and LinkedIn: https://www.linkedin.com/in/vee-traveling-veg-canna-writer/

Column Sponsors

CLS Med-Can: A medical marijuana transportation service based out of Missouri.

 

 

Sky High PEO: A full-service employment organization that helps companies manage benefits and payroll.

 

Your Highness Podcast: A podcast featuring uncomfortable and honest conversations surrounding inclusiveness, accountability.

MJNews is streaming live on @Cannected.TV

MARIJUANA CHANNEL ONE | TURN ON. TUNE IN. SUBSCRIBE. 

 

Ohio Congressman Dave Joyce Statement on White House Cannabis Announcements

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DISTRICT OF COLUMBIA: Congressman Dave Joyce (OH-14), a Republican Co-Chair of the Congressional Cannabis Caucus, issued the following statement in response to the White House announcement regarding cannabis expungement and descheduling efforts:

“With nearly two thirds of Americans in agreement on the need for federal cannabis reform and 76% of Republicans in support of the federal government removing any obstacles if states choose to legalize cannabis, I’m pleased to see the White House begin to seriously engage on the topic. 

“Last year, my late colleague and Republican Cannabis Caucus Co-Chair, Don Young, and I called on the President multiple times to reschedule cannabis under the Federal Controlled Substances Act. I applaud the President for listening and rejecting the all-or-nothing approach demanded by so many in his own party.

“I also commend the President’s recognition of the need for state and local level expungement efforts. The bulk of petty, non-violent cannabis convictions take place at the state and local level, so to truly remedy the unjust war on cannabis, we must start there and vacate antiquated offenses that are no longer even considered a crime. More than 14 million cannabis-related records at the state and local level continue to preclude Americans from stable housing and gainful employment – two cornerstones of safe and prosperous communities.

“Republicans have long championed policies that help remove barriers preventing people from achieving their American dream, especially barriers created by the federal government. Incentivizing the expungement of these state and local records and addressing their unjust consequences, is — and can further be — a bipartisan cause. If lawmakers work across the aisle and build on the bipartisan consensus established by the HOPE Act and the PREPARE Act, we can take unprecedented action to transform lives, pave the way for millions of Americans to reach their full potential, and give lawmakers on both sides of the aisle the answers they need to legislate not only a responsible end to prohibition but also a safer future for our communities.

“Today’s announcement from the White House recognizes two truths: that continued and complete federal cannabis prohibition is no longer the will of the American electorate, and that the President knows his party’s all-or-nothing approach to cannabis reform has failed to produce results in Congress.

“The President has acted. Now it’s time for Congress to do the same. Passing bills that simply check the box on this issue won’t get the job done. We need legislation that can establish the bipartisan consensus necessary to become law. I look forward to continuing to work with my colleagues in both chambers to make that a reality and stand ready, willing, and able to work in good faith on this issue with anyone regardless of political affiliation.”

GKUA + Weedmaps + Young Money = The 1st GKUA VIP Party Series with Mellow Rackz

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“GKUA teamed up with Weedmaps, the party sponsor, to give away VIP tickets at dispensaries across the Bay Area. Weedmaps is connecting visitors to dispensaries offering GKUA products and tickets to this inaugural GKUA VIP Party.”- GKUA

By Veronica Castillo

You may have seen her on the red carpet at the BET Awards in 2022, and/or her single: Diamonds, and/or on stage at Rolling Loud Miami. If you haven’t had the pleasure of experiencing a Mellow Rackz performance, continue reading. This summer could be your chance! 

Mellow Rackz is a Haitian beauty from South Florida, Young Money artist, social media star, and known as the fastest rising star in America, and she is headed to California to launch the GKUA Party Series! 

California is rich in cannabis and music culture, especially in the Bay area. This summer, GKUA, Young Money, and Weedmaps are offering an experience to party, network, and elevate with Weezy’s weed and tribe. 

Learn more about the party series and the collaboration from GKUA and Weedmaps below. 

GKUA, Weedmaps, the Party Series, and Mellow Rackz

The GKUA VIP Party series connects cannabis enthusiasts with access to a series of exclusive private parties, featuring Young Money artists, local talent, and great locations. The GKUA team said: “GKUA is Lil Wayne’s Weed and everyone knows Wayne loves to party…so, we do it right!”

President of GKUA, Beau Golob added: “The GKUA Inspired program, we have had since the founding of GKUA, and seeks to connect inspired artists and Lil Wayne‘s Weed with local audiences across the legal states.” 

The first in the series of GKUA VIP Parties features Mellow Rackz, performing at SF Temple for budtenders and GKUA VIP guests on Wednesday, August 24, 2022.

SF Temple is one of the most popular clubs in the Bay Area, with the hottest list of international DJs, multiple levels of dance floors, walls of video screens, full bars and a rooftop area.

I asked the Head of Global Partnerships at Weedmaps, Andrew Hagstrom, about Weedmaps collaborating with Lil Wayne’s brands, he stated: “We are always on the lookout for brands and individuals that align with our mission and are synonymous with cannabis culture – Lil Wayne’s GKUA brand is a great example of this and we are excited to collaborate with this brand, kicking off with the GKUA VIP Party Series in the Bay Area.”

GKUA Party Series, Mellow Rackz Tickets

When I asked the team for insight into the party series, they said: “The idea of the parties is to provide a dynamic fun environment, with just enough people to give it energy, and mix in a full bar, amazing DJs, our guest MC, Young Money‘s Mellow Rackz, an inspired audience, and let’s dance!”

GKUA is a brand very focused on collaboration and bringing artists and creatives of all kinds together. GKUA says: “People are ready to get out this summer and move their bodies and feel inspired and that is what GKUA is all about.”

When I asked GKUA how they would describe Mellow Rackz to someone that isn’t familiar with her yet, they responded: “She is an amazing talent. She is a fresh artist on the scene with Young Money and Lil Wayne. She’s on her way into the lives of music lovers everywhere.”

Fans in the Bay Area should head to their favorite dispensary to grab that GKUA and VIP tickets. Check out GKUA products online at gkua.com or on their brand page on weedmaps.com. 

Column Sponsors

CLS Med-Can: a medical marijuana transportation service based out of Missouri.

Sky High PEO: a full service employment organization that helps companies manage benefits and payroll.Pass Your Test: a company offering detox products that cleanse the body of toxins.

The Number Grinder, a New York based BIPOC Accountant providing a full suite of services, including  as: financial consultations, budgeting, taxes and filing, reporting and more. 

 

 

Higher Travels, a black woman owned travel agency based out of Missouri booking cruises, hotels, and experiences all over the world.

The Florida Hemp Olympics is a BIPOC woman owned organization hosting various games and events, testing your knowledge of hemp.

Veronica Castillo is a writer, editor, publisher, and bud & breakfast travel partner from Miami, with a pre-cannabis and psychedelics background in insurance and human resources. Currently, she is a resident of the road covering cannabis, psychedelics, and plant lifestyles all over the U.S and soon abroad. Follow her journey on IG: www.instagram.com/v2_traveling_veg_canna_writer and/or on Linkedin: https://www.linkedin.com/in/vee-traveling-veg-canna-writer/ 

MJNews is streaming live on @Cannected.TV

 

The Bronx Defenders and the Bronx Community Foundation Join Community Leaders and Elected Officials to Launch The Bronx Cannabis Hub

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New Resource Will Help Those Harmed By The War On Cannabis

To Participate In The Legal Cannabis Industry 

NEW YORK: The Bronx Defenders and The Bronx Community Foundation, along with U.S. Senator Chuck Schumer, New York State Senator Gustavo Rivera, and Bronx Borough President Vanessa L. Gibson, joined Bronx community leaders – including the Drug Policy Alliance, Mothers on the Move, 1 Freedom For All, TakeRoot Justice, and All That Jive NYC – who have spent decades fighting for cannabis legalization and undoing the decades of harm caused by its criminalization, to announce the launch of The Bronx Cannabis Hub.

“As public defenders, we have seen first-hand the impact marijuana criminalization and its racist enforcement by the NYPD has had on the people in the Bronx,” said Justine Olderman, Executive Director of The Bronx Defenders. “For decades, a single marijuana arrest could result in a person losing their job, healthcare, home, and even separation from their children and deportation from their families. Now that cannabis is legal, a new economy is taking shape, and the communities most harmed by this failed drug war must be at the forefront. We are proud to join The Bronx Community Foundation and our other partners today to launch The Bronx Cannabis Hub, a new resource that will provide critical training, guidance, and legal support to turn historical harm into economic opportunity.”

“Communities of color in The Bronx have suffered disproportionately from the harms of cannabis prohibition, from arrest and incarceration to job loss and eviction,” said Desmon Lewis, Co-Founder of The Bronx Community Foundation. “The Bronx Community Foundation is proud to partner with The Bronx Defenders on The Bronx Cannabis Hub, a first-of-its-kind initiative that will right some of these historic wrongs, by helping our communities to participate in the new, legal cannabis industry. In doing so, The Hub will further The Foundation’s goals of advancing neighborhood stability, solving systemic and institutional challenges, and building generational wealth.”

The Bronx Cannabis Hub is a new resource designed to give Bronx residents harmed by decades of cannabis prohibition the means to participate in the new, legal cannabis industry. A project of The Bronx Defenders in partnership with The Bronx Community Foundation, the Hub also aims to work in coalition with Bronx-based community organizations to educate, engage, and advocate for Bronxites in the cannabis industry. The Hub will also launch a clinic in partnership with cannabis legal expert Cristina Buccola, Esq., in tandem with pro bono law firms and support from the New York Cannabis Project, to assist eligible candidates with the licensing process and create educational programming.

“We are thrilled to see the launch of the Bronx Cannabis Hub as a true community resource supporting social equity in New York’s legal cannabis landscape. During the decade-long fight to pass the Marijuana Regulation and Taxation Act we were clear that the people and communities most impacted by devastating enforcement of the marijuana arrest crusade should be those to benefit from the legal industry. The Bronx Cannabis Hub will be a crucial part of fulfilling that shared vision and opening up opportunities and avenues for community members – especially those who have been directly impacted – to thrive in New York’s new green era,” said Kassandra Frederique, Executive Director, Drug Policy Alliance.

“The cannabis economy will give black and brown communities a chance to build generational wealth as we heal from the war on drugs and poverty,” said Wanda Salaman, Executive Director of Mothers on the Move. “Marijuana is a plant many of our ancestors traditionally used for healing. We are happy to partner on The Bronx Cannabis Hub to make sure those most impacted benefit the most.”

“We support community-led efforts. And the work we are set out to do with this hub will bridge the wealth gap created by the “war on drugs” (a.k.a the war on black and brown people), and it will create transgenerational wealth to those same BIPOC communities devastated by this fake war. FREE THE PLANT, FREE THE PEOPLE!,” said Hector Gerardo, Executive Director of 1 Freedom For All.

“The mission is to support people who have been the most impacted, who want to be educated on the plant and/or interested in entering the legal marijuana industry and directing the economic benefits of the marijuana industry back into our communities that have been violently targeted and devastated by the Drug War.  Only true democracy will achieve the progressive change we need, especially in this “new” industry, and we look forward to supporting the community/families as they rebuild the livelihood that was taken from them because of outdated racist policies,”said Pilar DeJesus Senior Advocacy Coordinator at TakeRoot Justice.

‘It’s an honor to work on righting some of the harms caused by the War on Drugs by lending my expertise as an attorney and educator to The Bronx Cannabis Hub,” said Cristina Buccola, Esq., a Founding Collaborator. “I’m thrilled to be a part of this program to develop top-tier educational programs and vetted legal services for New Yorkers who’ve experienced the greatest disparate impact due to cannabis enforcement.”

“For far too long, the criminalization of cannabis and the War on Drugs has ravaged Black and Brown communities throughout New York – divesting millions of dollars from these communities through the racially disproportionate enforcement of marijuana laws,” said Akele Parnell, New York Cannabis Project. “Now, as cannabis prohibition comes to an end, New York is on the verge of launching a multi-million dollar cannabis industry, and it’s critical that the communities most harmed by cannabis prohibition are at the forefront of this new industry. The Bronx Cannabis Hub will provide critical training, information, resources, and support to those disproportionately impacted by the War on Drugs who are looking to enter the regulated cannabis industry.”

When New York passed the Marihuana Regulation and Taxation Act (MRTA) last year, it did more than just legalize adult recreational cannabis use and pave the way for a regulated cannabis industry in New York – it also committed to repairing the historical harms of cannabis prohibition and guaranteeing fair and equitable access to the new cannabis economy in three distinct ways:

  • Automatic expungement of past cannabis convictions;
  • Community investment (40% of tax revenue from cannabis sales invested back into communities disproportionately impacted by cannabis arrests); and
  • Social equity in licensing.

Social equity in licensing means that those most harmed by the war on cannabis should be first in line to get licenses to participate in the new, legal market.

“The Bronx Cannabis Hub will catalyze a new generation of cannabis entrepreneurs in a borough that bore the burdens and injustices of the War on Drugs. It is an example for New York and the nation – paving the way for communities and individuals to seize the opportunity for renewal marijuana reform provides,” said U.S. Senator Chuck Schumer.

“I am so proud that respected, trusted Bronx leaders are stepping up to provide free application assistance for cannabis licenses. The Bronx is deeply impacted by overcriminalization and aggressive enforcement of a failed war on drugs, so it’s high time that our community benefit first from economic opportunities in the cannabis economy,” said State Senator Gustavo Rivera, 33rd District, The Bronx. “I’m thrilled to support these efforts to ensure that justice-involved and impacted community members can obtain licenses and generate wealth for our neighborhoods.”

“Once underground, the cannabis industry is coming into the light, and it is important that our borough take full advantage of the social and economic benefits to our communities,” said Bronx Borough President Vanessa L. Gibson. “I want to thank The Bronx Defenders and The Bronx Community Foundation for putting equity and social justice in the forefront through their launch of The Bronx Cannabis Hub to educate and empower our residents through this process. The legalization of cannabis is a first step towards undoing the damage caused by years of disproportionate mass incarceration and prosecution of Black and Hispanic New Yorkers, who have suffered under unfair drug laws and policies in our country.”

New York is now set to start handing out these licenses, and the state has made clear that the first 100-200 retail dispensary licenses (Conditional Adult-Use Retail Dispensary or “CAURD licenses”) are reserved for individuals who have a cannabis-related arrest or who have a close family member with such an arrest.

Unfortunately, the application process is complicated, and there are bad actors who have emerged to take advantage of this by charging exorbitant fees and entering into predatory contract agreements. After consulting with community groups, staff, elected officials, and coalitions in this space, it became clear that for these social equity provisions to work, there needs to be non-predatory resources and support to help Bronxites apply for these licenses.

One of the first orders of business for the Hub will be to help screen potential candidates for eligibility for the CAURD licenses. On Wednesday, July 20, the Bronx Community Hub held its first educational webinar to discuss how to navigate applying for a license and explaining how the Hub plans to support Bronx-based community leaders to keep the state accountable.

WSLCB Policy Statement: Transfer of Wet Flower from Licensed Cannabis Producers to Licensed Cannabis Processor

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This policy statement describes how the Washington State Liquor and Cannabis Board (WSLCB) will continue to allow licensed cannabis producers to wholesale and transfer wet cannabis flower to licensed cannabis processor locations without packaging wet cannabis flower into lots. 

For complete context and analysis of this topic, please read more here:

POLICY STATEMENT: In addition to the provisions of WAC 314-55-075(1) allowing a licensed cannabis producer to produce, harvest, trim, dry, cure, and package cannabis into lots for sale at wholesale to licensed cannabis processors, cannabis producers may wholesale and transfer wet flower to licensed cannabis processor locations without packaging into lots. This policy statement supersedes and replaces Board Interim Policy (BIP) 04-2016 and any agency guidance concerning this topic.

Policy Statements are agency-level documents declaring plans or intentions of an agency. Policies are different from procedures, standard operating procedures, or guidance because they apply to the entire organization and are primarily intended to set direction. In contrast, procedures or guidelines typically include specific instructions used to accomplish defined tasks that may be described in a policy.

Notice of WSLCB Policy Statement Number PS 22-03 was filed with the Washington State Code Reviser on July 20, 2022  as WSR 22-16-004.

Additional information can be found on the WSLCB Policy Statements webpage.

Majority Leader Schumer, Senate Finance Committee Chair Wyden And Senator Booker Release Discussion Draft Of Cannabis Administration & Opportunity Act

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Legislation To End The Federal Cannabis Prohibition And Unfair Targeting Of Communities Of Color

DISTRICT OF COLUMBIA:  Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chair Ron Wyden (D-OR) and Senator Cory Booker (D-NJ) today released a discussion draft of the Cannabis Administration and Opportunity Act, proposed legislation that would help put an end to the unfair targeting and treatment of communities of color by removing cannabis from the federal list of controlled substances and empowering states to implement their own cannabis laws. 

Ending the federal prohibition on cannabis is becoming increasingly urgent as more and more states continue to legalize adult and medical use of cannabis. Despite the fact that cannabis is illegal under federal law, the majority of Americans live in a state where cannabis is legal in one form or another and more than 90 percent of Americans believe it should be legalized for either adult or medical use.

The Cannabis Administration and Opportunity Act would ensure that Americans in all communities will not be arrested or barred from receiving essential services for using cannabis where it is legal. This proposal would also ensure state-compliant cannabis businesses will be able to access the essential financial services and will preserve the integrity of state cannabis laws while providing a path for federal regulation.

Importantly, this legislative proposal goes a step beyond legalizing cannabis by expunging federal non-violent marijuana crimes and allowing individuals currently serving time in federal prison for non-violent marijuana crimes to petition a court for resentencing. It will also establish a fund to reinvest in the communities that were hurt by the War on Drugs and provide restorative justice to communities of color.

Senators Booker, Wyden, and Schumer thank Senator Murray and her HELP Committee staff for their work in developing the Food and Drug Administration and public health components of the Discussion Draft.

“I am proud to introduce our discussion draft of the Cannabis Administration and Opportunity Act, a legislative proposal aimed at finally putting an end to the federal prohibition of cannabis and addressing the over-criminalization of cannabis in a comprehensive and meaningful way,” said Majority Leader Schumer. “The War on Drugs has too often been a war on people, and particularly people of color. Not only will this legislation remove cannabis from the federal list of controlled substances, but it will also help fix our criminal justice system, ensure restorative justice, protect public health, and implement responsible taxes and regulations.”

“Cannabis prohibition, a key pillar of the failed War on Drugs, has caused substantial harm to our communities and small businesses, and especially for communities of color,” said Senate Finance Committee Chair Wyden. “It’s as simple as this: Senators Booker, Schumer and I want to bring common sense to the federal government, end prohibition and restore the lives of those hurt most and set them up for opportunity.”

“For decades, our federal government has waged a War on Drugs that has unfairly impacted low-income communities and communities of color,” said Senator Booker. “While red and blue states across the country continue to legalize marijuana, the federal government continues to lag woefully behind. It is time for Congress to end the federal marijuana prohibition and reinvest in communities most impacted by the failed War on Drugs. I am proud to introduce this landmark piece of legislation with Senator Wyden and Majority Leader Schumer that will finally turn the page on this dark chapter in American history and begin righting these wrongs.”

The text of the discussion draft of the Cannabis Administration and Opportunity Act can be found HERE, a one pager can be found HERE and a detailed summary can be found HERE.

Summary of the discussion draft of the Cannabis Administration And Opportunity Act:

The War on Drugs has been a war on people—particularly people of color. The Cannabis Administration and Opportunity Act aims to end the decades of harm inflicted on communities of color by removing cannabis from the federal list of controlled substances and empowering states to implement their own cannabis laws.

Federal cannabis reforms are especially urgent as more and more states legalize the adult and medical use of cannabis. To date, the adult use of cannabis is legal in 18 states, the District of Columbia, the Commonwealth of the Northern Mariana Islands, and Guam; and 37 states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands have advanced laws to allow medical cannabis, with nearly all Americans living in a state where some form of cannabis is legal. These changes represent a dynamic shift in public opinion and support across the political spectrum. Today, more than 90 percent of Americans believe cannabis should be legal either for adult or medical use. Despite legalization under state law and broad public support for cannabis legalization, cannabis remains illegal under federal law.

By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal. State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.

But this alone is not enough. The Cannabis Administration and Opportunity Act includes restorative measures to lift up people and communities who were unfairly targeted in the War on Drugs. The bill automatically expunges federal non-violent marijuana crimes and allows an individual currently serving time in federal prison for non-violent marijuana crimes to petition a court for resentencing.

The legislation also creates an “Opportunity Trust Fund” funded by federal cannabis tax revenue to reinvest in the communities most impacted by the failed War on Drugs, as well as helping to level the playing field for entrepreneurs of color who continue to face barriers of access to the industry. Importantly, the legislation also ends discrimination in federal public benefits for medical marijuana patients and adult use consumers. The legislation preserves the integrity of state cannabis laws and provides a path for responsible federal regulation of the cannabis industry. Like with federal regulations on alcohol, states can determine their own cannabis laws, but federal prohibition will no longer be an obstacle. Regulatory responsibility will be moved from the U.S. Drug Enforcement Agency (DEA) to the Alcohol and Tobacco Tax and Trade Bureau (TTB), the Bureau of Alcohol Tobacco Firearms and Explosives (ATF), as well as the Food and Drug Administration (FDA) to protect public health. Additionally, revenue generated by federal taxes will support restorative justice and public health and safety research.

U.S. Senators Cory Booker, D-N.J., Ron Wyden, D-Ore., and Chuck Schumer, D-N.Y., (collectively referred to in this document as the “Sponsoring Offices”) are committed to turning the page on this sad chapter in American history and undoing the devastating consequences of current discriminatory cannabis policies. As such, they are seeking feedback from the public as they finalize their proposal. The Cannabis Administration and Opportunity Act discussion draft is a detailed legislative proposal meant to spur a robust discussion among stakeholders in order to inform the Sponsoring Offices as they work to craft a final legislative proposal. The Sponsoring Offices request comments from stakeholders and members of the public, including social and criminal justice advocates, industry stakeholders, members of the public health and law enforcement communities, members of Congress, federal officials, state and local officials, and others for review and comment.