The Daily Hit is a recap of cannabis business news for Nov. 17, 2022.
ON THE SITE
Your Take: Cannabis Conferences Can’t Call Themselves Inclusive – Yet
The cannabis industry is often seen as an innovative market, one that can show other sectors a thing or two regarding business operations as well as inclusion and equity. While it’s possible, the current trajectory often looks to be more of the same rather than trailblazing. Read more from Narmin Jarrous on the lack of inclusivity in industry events.
Oregon Craft Cannabis Companies Unite to Compete with Big Pot
Two notable Oregon craft cannabis companies have merged under one umbrella to compete in a market that has been facing existential economic headwinds and rapid consolidation. East Fork Cultivars, a grower and manufacturer, and Peak Extracts, a CO2 extractor and product maker, will combine as East Fork Group. Read more here.
Curaleaf Chairman: Cannabis Could Emulate Tobacco Oligopoly
The modern marijuana industry is headed toward massive consolidation that will eventually feature just a handful of companies atop a global supply chain, predicted Curaleaf Executive Chairman Boris Jordan during an appearance at an investor forum this week. Read more here.
IN OTHER NEWS
New York City
A raid in Bay Ridge, Brooklyn, yesterday could signal the beginning of the end of New York’s gray market era, and a transition towards a fully licensed and regulated retail cannabis market. The joint operation between the NYC Sheriff’s office, the Department of Consumer and Worker Protection, the Office of Cannabis Management (OCM), and NYPD resulted in the arrest of two individuals accused of operating an illegal cannabis and tobacco shop called Big Chief. Read more here.
Federal prosecutors dismissed a forfeiture case involving the transportation to Colorado of more than $165,000 in cash collected from medical cannabis dispensaries in Missouri. The cash was being transported to Colorado in October 2021 by Denver-based courier company Empyreal Logistics through Kansas, where neither medical nor adult-use marijuana is legal. Read more here.