MjLink Cannabis Business News and Press

Spendr, an all-in-one cannabis payment, rewards and marketing platform for consumers and dispensaries, has announced that it will be launching in Michigan at the Endo Cannabis Center in Adrian. This is the latest market and merchant to embrace Spendr’s frictionless ACH payment and rewards app. In March, Spendr launched in Ohio at Strawberry Fields’ Columbus dispensary, which saw a 28% increase in Average Transaction Value, faster checkout times by 1-2 minutes per transaction, and over 98% of all users continuing with the app due to its ease, seamless payments and rewards. Spendr plans to expand into additional markets and dispensaries later this year.

‘We are thrilled to be launching in Michigan at the Endo Cannabis Center in Adrian,” said Lucas Gould, founder and CEO, Spendr. “As a medical marijuana patient and cannabis consumer, I experienced first-hand the frustration of cash-only transactions. With Spendr, our goal is to deliver a faster, more convenient, and rewarding experience for consumers and merchants. We saw an amazing response in Ohio and are excited to see Michigan embrace our platform. We look forward to rolling out in more markets and will continue to work to normalize, destigmatize and improve the cannabis industry.”

“I’ve had multiple people tell me that with Spendr, it helps minimize all the headache of getting cash and easily being able to pay for the cannabis. Therefore making the whole process quick, easy, and very efficient. As a technician (budtender), it provides safe, quick, and seamless payment for the product without hassle of cash and having to even touch the money,” said Jon Roberts, dispensary technician at Strawberry Fields in Ohio. 

Spendr is the first cannabis technology platform to launch a free all-in-one app that allows consumers to pay cashless and earn rewards with every purchase. Created and developed by Gould, a medical marijuana patient and cannabis consumer with a background in finance and technology, Spendr’s mission is to normalize and destigmatize the legal cannabis industry. The app features totally compliant and secure payments via ACH transfers with FDIC-insured wallets. For merchants, it's a powerful platform with tools for payments, marketing, and rewards. 

In addition to making cannabis purchasing a faster, more convenient and more rewarding experience, Spendr is passionate about working with local and national organizations such as The Last Prisoner Project, Midwest CannaWomen and MedicateOH to sponsor, partner and collaborate on events—like expungement clinics and career fairs—that help push the whole industry toward a more normalized place. These events have impacted many lives and are a driving force for Spendr to work to improve the cannabis industry.

Cannabis use last year among young adults—19-30-year-olds—reached historic highs for the age group since 1988, the U.S. National Institutes of Health (NIH) has found through a drug and alcohol use study.

On Aug. 22, the NIH announced this and other findings from the most recent Monitoring the Future (MTF) panel study, based on survey responses collected online between April and October 2021. Funded by the NIH’s National Institute on Drug Abuse (NIDA), the MTF study is a survey conducted by the University of Michigan, and the results have been published since 1975, according to NIH.

The MTF started tracking young adult cannabis consumption for daily, past-month and past-year use in 1988, and the NIH has noted various upward consumption trends. They include:

Young adults who reported cannabis use in the past year:

Young adults who reported using cannabis in the past month:

Young adults who reported using cannabis daily (20 or more times in the past 30 days):

A Missouri resident has filed a lawsuit to take an adult-use cannabis measure off the state’s November ballot, according to The Associated Press.

Joy Sweeney, a resident of Jefferson City, Mo., filed the lawsuit Aug. 19 with support from Protect Our Kids, a political action committee (PAC) formed by Luke Niforatos of Smart Approaches to Marijuana, according to the AP.

The same PAC is also attempting to unseat U.S. Rep. Nancy Mace, R-S.C., who introduced the States Reform Act (SRA), Cannabis Business Times previously reported. The SRA would federally decriminalize cannabis and defer power to state governments to regulate cannabis.

The Missouri suit claimed the group behind the legalization initiative, Legal Missouri 2022, had not gathered enough valid voter signatures to put the measure on the ballot, and that the measure violates Missouri law and the state’s constitution, the AP reports.

Missouri Secretary of State Jay Ashcroft certified the measure Aug. 9, following state officials’ certification of 214,535 signatures, nearly 30,000 more than are required, CBT previously reported.

In the nearly four years since the 2018 Farm Bill legalized hemp with a 0.3% THC limit in the U.S., the country’s CBD market has seen its fair share of ups and downs. In that time, the U.S. Food and Drug Administration (FDA) has not set forth regulations for the production, marketing and sale of CBD.

That lack of regulation has hindered the growth trajectory of the industry and will continue to do so, industry members tell Cannabis Business Times, and data firm Brightfield Group stated in a July mid-year report.

Kim Stuck is CEO and founder of Allay Consulting and one of the country’s first hemp and cannabis regulators who previously worked at the Denver Department of Public Health & Environment. She notes the industry isn’t achieving the same level of growth it would with FDA regulation, and that the lack of regulations allows companies to sell unsafe products.

“It’s really baffling to me that this would even happen in a country like the United States,” Stuck says.

Jonathan Miller, general counsel for the U.S. Hemp Roundtable (USHR), says, like Stuck, that there are companies doing their best to ensure they provide safe products with accurate labeling and dosing, but he notes the same issues.

Regarding product safety, Miller says: “You do have a number of companies that are a minority ... that don't use [proper] practices, that make it out of their bathtubs or their garages. They use battery acid and other harmful materials.”

From the latest research in cultivation science to tips on how to set up an extraction facility, speakers on day one of the Cannabis Conference (held Aug. 23-25 at the Paris Las Vegas Hotel & Casino) covered a broad range of topics for operators across the cannabis supply chain. Here are some highlights. 

“University Research Roundup: The Latest In Cultivation Science:” Utah State University professor Dr. Bruce Bugbee expounded on the importance of licensed businesses partnering with universities to fund and produce cutting-edge scientific research on the cannabis plant. “We’re coming to a point where university research has really helped the cannabis industry,” he said, noting the decades of underground research that preceded this newly “open” environment. Still, only a trickle of federal research grant dollars has made its way to those studying cannabis.
Dr. Michael Gutensohn, a West Virginia University associate professor, discussed his USDA-funded research into the terpene-cannabinoid metabolic network—and how, precisely, THC develops when the cannabis plant encounters biotic and abiotic stressors. This is critical to understanding why hemp “goes hot” in the field, but also to grasping the fundamental chemical building blocks of this plant.

“Pitch Workshop: Win Over Investors With The Perfect Presentation Strategy:” LeVon Terry of Capfluent and Patrick Rea of Poseidon Investment Management discussed the conversations that entrepreneurs are encouraged to have when pitching their business as a potential investment opportunity. It’s vital, Terry said, to speak frankly and clearly with investors. “It can be intimidating … to learn the language of finance in order to have these conversations, but it is important,” he said. “We appreciate entrepreneurs asking questions. Don’t be afraid to push on capital.” The conversation was moderated onstage by Colin Kelley of Merida Capital Holdings, who pointed out that due diligence is critical before and during the pitch meeting.

“Innovative And Regenerative Growing Techniques:” Julia Jacobson of Aster Farms, Mason Walker of East Fork Cultivars and Kevin Kuethe of Lume Cannabis Co. discussed alternative growing methods cannabis cultivars are using across North America, including dry farming, cover cropping, Korean Natural Farming and more. Jacobsen said the Colorado cannabis industry emits more greenhouse gases than the state’s coal mining industry, underscoring the need for more sustainable growing practices. “We plant companion crops every year. Companion crops are non-cannabis plants you plant in and around your cannabis crops to bring benefits," Jacobsen said. 
Walker also discussed the importance of independence for business owners. "We are less reliant on service providers," Walker said, adding that while partners can be beneficial, he has also had experiences with bad partners, "so it's one of the biggest benefits to our business to be able to be self reliant."

“How To Launch A Cultivation Business:” Speakers in this session included Kyle Landrum, chief production officer of Trulieve; Chris Ball, owner and CEO of Ball Family Farms; Obie Strickler, CEO of Grown Rogue; and Sarah Strickler, director of community relations for Grown Rogue. The four speakers sequentially discussed the steps of launching a business: Finding your location/region, funding your operation, building out your facility, selecting your genetics, building your brand, ingratiating yourself in the local community, and more. But, as Obie Strickler stressed, “there is no such thing as a good deal with a bad business partner.” All four speakers agreed: “if you don’t love weed, then this industry is not for you,” Ball said. 

“How To Build Out And Set Up An Extraction Facility:” Kim Eastman, vice president of manufacturing at Jushi, and Crystal Hoffman, former regional director of operations for Slang Worldwide, discussed key goals when establishing an extraction facility, including creating a high-quality product, maintaining terpene integrity, maximizing cannabinoid recovery, and recovery. "You want to make sure the facility and property are taken into consideration. ... Your needs vs. what you already have in that facility,” Hoffman said.They also discussed selecting the correct equipment for a facility, which is ultimately the largest expense. "Ethanol is no joke. It has even more requirements than hydrogen carbon. ... There's a lot of engineering requirements. ... We recommend a consultant or someone who knows what they are doing,” Eastman said.

Despite price corrections from a post-pandemic sales boom, the cannabis industry is still showing major growth, and experts predict that growth will continue rapidly.

That’s according to the State of the Industry presentation put on Tuesday at the 2022 Cannabis Conference in Las Vegas, where thousands of attendees gathered to learn from 90-plus speakers and network with more than 180 exhibitors.

Noelle Skodzinski, editorial director of Cannabis Business Times and the Cannabis Conference, delivered the State of the Industry presentation, using data from media research partners to highlight opportunities available for cannabis while discussing the many challenges ahead for the industry as more states open up medical and adult-use markets.

RELATED: Highlights From Cannabis Conference Day 1 

Cannabis data and research company Headset projects the cannabis market will be valued at $45.8 billion by 2025, according to the presentation. Skodzinski noted that would represent an 11% compound annual growth rate (CAGR) for the industry—more than double the anticipated CAGR of the alcohol market, which New Frontier Data projects will reach $72.5 billion by 2025.

Of course, getting to these levels will require facing and overcoming numerous challenges.

WASHINGTON, D.C., Aug. 22, 2022 – The National Industrial Hemp Council of America (NIHC) announced at the 2022 Business, Research and Farm Summit at Oregon State University’s Global Hemp Innovation Center, that the NIHC Verify Program designed to increase testing and labeling standards for CBD products and other hemp derivatives has been launched.

“Everything NIHC does is focused on consumer safety,” said NIHC president and CEO Patrick Atagi. “We believe consumers have the right to know what’s in their product and the right to feel safe. NIHC Verify sets the standard for consumers seeking the safe use of hemp derivatives and provides the missing framework for regulators seeking to regulate hemp derivatives.”

Last fall, NIHC announced its intention to launch a pilot program establishing standards for product testing protocols and laboratories. Earlier this year, NIHC continued the effort by signing an MOU with ASTM to develop the ASTM HempQ + NIHC Verification Program.

The NIHC Verify program is centered around the five pillars of safety that include testing for potency, pesticides, heavy metals, microbiologicals and residual solvents. Designed with consumer health and safety in mind, the ASTM + NIHC HEMPQ laboratory certification program is the first independent program utilizing Good Laboratory Practices (GLP), specifically highlighting safety in the hemp industry. Program requirements are reviewed and managed by the Safety Equipment Institute (SEI), an affiliate of ASTM International; this program was formed with input by state attorneys general and other law enforcement agencies. The NIHC Verify program is operated by NIHC and takes the first step toward product safety.

“A common issue within the hemp and cannabis industry revolves around product testing consistency. We often hear how the same product tested at different labs will each produce different results,” said Lakshmy Mahon, president of Global Data Vision and the lead on the NIHC Verify Program. “At NIHC, our goal is two-fold. The first is consistent testing, so consumers have confidence in the hemp products they buy. The second goal is transparency, which aligns with NIHC’s mission to empower consumers with information.”

The ASTM +NIHC Certification incorporates ASTM’S 16 standards for overall lab safety practices, including product quality controls, quality management systems, and testing methodologies, along with testing for the five pillars developed by NIHC. Once labs have met these rigorous standards and have completed the corresponding audit, manufacturers/producers/retailers can apply for the NIHC Verify seal that may be used on product packaging. This is the first step in ensuring that products are tested within labs that meet the highest possible standards.

A First Circuit Court of Appeals panel ruled 2-1 Aug. 17 to uphold a Maine federal judge’s August 2021 decision that the state’s residency requirement for cannabis business owners is unconstitutional, Law360 reports. An attorney for the plaintiff-appellee says the decision demonstrates that U.S. cannabis businesses are afforded constitutional protections.

BOCA RATON, Fla., Aug. 23, 2022 (GLOBE NEWSWIRE) -- springbig (the “Company”) (NASDAQ: SBIG, SBIGW), a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, today introduced its social equity program. The newly launched initiative aims to provide equitable opportunities for social equity license holders in marginalized communities that have been disproportionately impacted by the war on drugs.

SYDNEY, Australia, Aug. 23, 2022 (GLOBE NEWSWIRE) --  Tilray Brands, Inc. ("Tilray" or the "Company") (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has received approval and verification from The Natural Health Science Foundation ("NHSF") of its flagship product, Tilray Purified Oral Solution (“OS”) CBD100, to be used in clinical trials in Australia and New Zealand.

Denise Faltischek, chief strategy officer and head of international, Tilray Brands, said, “The NHSF (Natural Health Science Foundation) Quality and Equivalency test approval is a testament to the high standards Tilray Medical upholds across all international cannabis markets. As Tilray continues to grow, we are extremely proud to be recognized as a trusted cannabis partner and for the quality standards we deliver for patients worldwide.”

George Polimenakos, general manager, Tilray Medical ANZ (Australia and New Zealand), noted, "We are extremely pleased with this outcome and proud to provide EU-GMP certified products to patients in Australia and New Zealand. Having our product quality validated by the NHSF demonstrates Tilray's commitment to delivering the highest quality cannabis products to our patients.”

The NHSF is an independent not-for-profit organization that assists patients, consumers, and healthcare professionals in making informed natural medicine choices based on robust science. NHSF believes natural medicines will be valuable in modern scientific medical practice if they follow best practices of quality, safety, and efficacy through transparency and evidence.

Nigel Pollard, chairman, Natural Health Science Foundation, said, "Tilray Purified OS CBD100 has been thoroughly assessed by independent experts and has met the Quality & Equivalence standards of the Natural Health Science Foundation. This means the product has a basis of reproducibility which serves as a valid medical intervention, from a scientific point of view, for patient use and to test in a clinical trial."

In addition to the approval received from the NHSF standard of scientific reproducibility for clinical trials, the New Zealand Ministry of Health has verified that the Tilray Purified OS CBD100 has met its quality standards to ensure consistency of the products that medical practitioners prescribe to their patients.

WOBURN, MA — PRESS RELEASE — Bloom Automation Inc., an agri-tech company specializing in cannabis trimming equipment, today released the Bloom Artificial Intelligence Engine 2.0—a suite of new algorithms that visually analyze cannabis flowers for faster, more accurate machine trimming.

The AI software update makes Bloom’s robotic cannabis trimming system twice as fast as human trimmers and creates possibilities for other identification-related tasks such as defoliation, harvest weight prediction, and flower bucking.

“We’re excited to announce Bloom’s 2.0 AI Engine for more reasons than one,” said Jon Gowa, CEO and founder of Bloom. “The new AI increases the speed of our machine while also opening the door to support a wide range of third-party applications and equipment.”

The AI performance leap is powered by a confluence of machine learning advances and an ever-expanding database of images collected through years of R&D. Updates to the system’s graphics processing unit (GPU) also enabled the update.

The Bloom trimming system works by manicuring the flowers before their removal from the stem using a robotic arm and cameras to visualize which leaves to remove. The machine shears the leaves cleanly and prevents the overhandling common to traditional, hand-trimming methods.

Cannabis Conference 2022 begins today in Las Vegas. It’s the sixth annual event produced by Cannabis Business Times, and this year’s educational and networking opportunities come at a critical time in the industry.

Backed by an award-winning magazine and a team of talented writers, editors and designers, Cannabis Conference is the only North American conference focused exclusively on plant-touching operators. The event is guided by an advisory board comprising cultivation and dispensary experts, and features more than 40 education sessions led by more than 90 industry experts. Cannabis Conference 2022 also includes a sold-out expo floor showcasing more than 170 technology and solutions providers that serve cannabis cultivation and dispensary businesses.

Registration opens at 8 a.m. PT today, Aug. 23. Starting at 10 a.m. PT, All-Access Pass registrants will gain special admission to pre-show workshops on a variety of topics, including new product trends, university research, business development and more.

Chris Conrad and Mikki Norris, legendary human rights activists, will provide the keynote address this afternoon. Their tireless work since the late 1980s has been instrumental in educating people around the world about the benefits of cannabis and hemp legalization—and they will share the story behind their reform efforts.

Tomorrow, Merida Capital Holdings Managing Partner Mitch Baruchowitz will provide the Day 2 keynote: “From Pioneering Founder to Foundational Investor: Mitch Baruchowitz Shares Crucial Strategies for Building a Successful and Long-Term Cannabis Company.” Merida has deployed more than $275 million, and has some $450 million in assets under management across the cannabis ecosystem.

Additional Cannabis Conference 2022 speakers include Chris Ball, Wendy Bronfein, Kim Eastman, Chima Enyia, Bob Groesbeck, Jesce Horton, Rezwan Khan, Claudio Miranda, Mojave Richmond, Anna Shreeve, Hope Wiseman and many more leaders from across the industry!

Retail sales data provider BDSA has reported that monthly sales growth in New Jersey’s adult-use market has outpaced that of other adult-use markets tracked by the firm.

The state’s market is succeeding despite having a lower per capita retail count compared to other adult-use markets, according to a press release from BDSA.

The Oregon Liquor and Cannabis Commission (OLCC) is continuing to voice concern about product integrity in the state’s cannabis market.

A new poll conducted by The Dallas Morning News and The University of Texas at Tyler indicates wide support for both medical and adult-use cannabis legalization.

Out of polltakers, 72% stated they either “strongly support” or “support” the legalization of medical-use cannabis in Texas, while 20% stated they “strongly oppose” or “oppose” it.

When asked their opinions about legalization of adult-use cannabis in Texas, 55% of respondents said they “strongly support” or “support” it, while 35% of respondents either “strongly oppose” or “oppose” it.

Texas has a limited medical cannabis program, restricted to only tinctures, edibles and topicals, and those products have a 1% THC weight limit. An additional regulatory restriction is that the vertically integrated cannabis companies operating in the state can only store their inventory overnight at one facility where they must cultivate, process and manufacture all their product.

Beto O’Rourke, Democratic nominee for Texas governor, tweeted in response to the Houston Chronicle’s reporting on The Dallas Morning News/UT Tyler poll:

We are going to legalize marijuana in Texas while generating nearly $1 billion a year in new revenue and savings. https://t.co/BW1jyKkEv4

I had no idea what I was getting myself into back in 2014 when I decided to pursue a dispensary license. Legal cannabis was new on the East Coast, and much of the red tape that I experienced was unique to that market. Without a blueprint, we gained experience through trial and error when establishing Mary & Main in Maryland. Here are 7 things I wish I had known about opening a cannabis dispensary, and important lessons I learned through the process.

1. Investors expect even new-stage businesses to show up with value.  

Develop your business strategy in a way that can easily be communicated to potential stakeholders. One of the biggest mistakes that many entrepreneurs make in early stages is to overvalue the license before they have a proven successful management history. Cannabis is becoming an increasingly more sophisticated industry, and investors are following suit. They are savvier on industry nuances and are looking to back companies with a proven track record and a reliable management team. This means that new-stage businesses should look to present themselves with as much value as possible. This will allow you to raise money in stages and maintain control of your business, especially early on.

2. Applications require careful organization and attention to detail.

Going through an application process can be very tedious and mentally exhausting.

The first is to stay organized. This may seem obvious, but as you put these packages together, you will find that they can range from 500 to 1,000+ pages of work, and that doesn’t just include written sections. Much of the application will include collecting sensitive paperwork (most of which will likely need to be notarized) from all the members of your team, your investors, and any affiliates of the company. This will all need to be organized in a specific order and oftentimes labeled in a specific way.                                                                

As you are collecting personal documents and information from multiple team members and vendors while working on responses in different documents, it becomes very difficult to keep track of everything. Due to the large number of applicants and the nature of the competitive process, your application is at risk of not being scored when even the smallest details of the submission process are not followed, so attention to detail is key.

Lastly, go all out with your application package. For example, if you can illustrate what you are describing in a section, add in a picture. If you can format your documents with your company branding, do it. The variety and illustrations can help your application stand out.

Bethesda, MD, August 22, 2022 -- PRESS RELEASE -- CULTA, Maryland’s top producer of craft cannabis, today announced a partnership with Old Pal. Founded in 2018, Old Pal is a multi-state cannabis lifestyle brand that’s focused on offering quality products and trusted consistency. The company focuses on value and targets consumers that are specifically looking for high-quality, fairly priced cannabis products.

“Old Pal has a proven track record of making cannabis accessible and we're excited to find new partners to serve every need of the Maryland medical patient community," said Allison Siegel, CEO at CULTA. "We believe our fresh flower and their easy-to-dose design are a winning combination."

Currently available in eight states, including Maryland, Old Pal focuses primarily on producing high-quality, beautiful cannabis at a price point that isn’t cost-prohibitive to the general public. Once the Old Pal founders began to feel pushed out of a market that was only getting more expensive, the concept of Old Pal’s always affordable flower was officially born.

“Our partnership with CULTA is the first time our cannabis will be available to medical cannabis patients in Maryland,” said Rusty Wilenkin, CEO at Old Pal. “Through this partnership, Maryland patients will have exclusive access to Old Pal’s flower and our Ready to Roll packs are a great introduction to our ethos.”

As part of the Old Pal x CULTA partnership, CULTA will release a 14g Ready to Roll bag. These convenient packs have everything a medical patient needs to roll their own cannabis. Each kit will include 14g of high-quality, pre-ground cannabis, hemp rolling papers, and a crutch. The packs are resealable so patients can keep their medication fresh and are available in indica, sativa, and hybrid. And, true to the Old Pal mission statement, the Ready to Roll bags are competitively priced.

“This is actually my favorite Old Pal product,” said Wilenkin. “So it only makes sense that this is the product we’d go to market with in Maryland. Our pre-ground flower is great for so many reasons. The flower is coarsely ground and easy to use, especially for patients with arthritis since there’s no need to use a grinder. We’re excited for new patients in Maryland to try our products.”

CULTA, a medical cannabis operator in Maryland, announced this week a partnership with Old Pal, a multistate cannabis lifestyle brand.

CULTA CEO Allison Siegel says the partnership will allow the company to bring high-quality cannabis products to Maryland’s patients, as well as a new product offering: Old Pal’s “Ready to Roll” kit, which includes a half ounce of pre-ground CULTA flower in a resealable pouch, as well as crutches and unbleached hemp rolling papers.

RELATED: ‘Branding Is Your Image’: How CULTA Approaches Cannabis Marketing in Maryland’s Medical Market

Here, Siegel shares additional details about CULTA’s collaboration with Old Pal and how it will benefit both companies, as well as Maryland’s patients.

Photo by Jill Jasuta

SiegelMelissa Schiller: What attracted CULTA to Old Pal as a potential partner? Why was the partnership a good fit for CULTA?

Allison Siegel: We are always on the lookout for partnerships that will allow us to bring high-quality cannabis products to the Maryland medical market. We met, hung out and negotiated with Old Pal. We knew of the success of their products in other markets but wanted to really get to know them as people and as a partner. Through the process, we continued to feel they were good business partners and, more importantly, great people. Above all else, this is what attracted us to the Old Pal team and made them a good fit for CULTA.

On Aug. 17, the Cannabis Regulators of Color Coalition (CRCC) held an online panel to elaborate on a recently released paper expressing the group’s opinion that, if not changed, the SAFE Banking Act and related legislative provisions will perpetuate or worsen equity issues in cannabis. 

The CRCC partnered with The Ohio State University’s Drug Enforcement Policy Center at the Moritz College of Law to host the event, held via Zoom, presenting their case on the shortcomings of SAFE Banking language to date and offering ten suggestions on how it can be improved to promote equity in both cannabis and finance.

The diverse group of high-ranking cannabis officials debunked some commonly held beliefs about SAFE Banking, backing their conclusions with data and firsthand experience leading state and city cannabis programs. 

“It’s often claimed that SAFE Banking is being passed for equity,” said Cat Packer, former Executive Director of the Los Angeles Department of Cannabis Regulation. “The reality is that the act has been passed seven times but hasn’t mentioned equity once.”

Flaws in Existing SAFE Banking Provisions

The CRCC’s position acknowledges the potential benefits of SAFE Banking, though their paper points out that it might not even be needed: despite hundreds of financial institutions already providing services to cannabis businesses, to date only one credit union has been penalized by enforcement actions.

Their position against the bill comes down to one main idea: the financial services industry has a long history of racial disparity, so there’s no reason to expect it to change without explicit direction. Since proposed cannabis banking protections don’t force financial institutions to work with cannabis companies and leaves decisions about loan eligibility to their discretion, providing safe harbor may only worsen racial inequity in the cannabis industry. 

The choppy road to launching adult-use cannabis sales in Montclair, N.J., finally smoothed out for Ascend Wellness Holdings (AWH) on Aug. 19.

The New York-based multistate, vertically integrated operator announced that its existing medical dispensary at 395 Bloomfield Ave. officially began commercial sales for adults 21 and older, becoming the 18th retail facility in the state to do so.

While Ascend’s Montclair store is open from 8 a.m.-8 p.m. daily, it has specific medical-only hours reserved for patients—as mandated by state regulators—and adult-use customers will require an appointment to visit during the initial launch.

The company’s announcement comes nearly four months after Ascend launched adult-use sales at its Rochelle Park, N.J., location on April 21, when it was among six other companies to get the nod from the state’s Cannabis Regulator Commission (CRC) to expand operations.

“After an incredible adult-use launch in Rochelle Park, the Ascend New Jersey team is thrilled to bring that same energy and enthusiasm to Montclair,” AWH President and co-founder Frank Perullo said in an Aug. 19 press release.

“New Jersey is already showing signs of a booming adult-use market, and Ascend has proactively scaled our operations and staffing to serve our customers’ specific needs in the state,” he said. “We are grateful for the support of the Montclair community and cannot wait to share the Ascend experience with the people of Montclair and the surrounding towns.”