Senators Full of SHIT
Nearly everyone from conservative Republicans to progressive Democrats voiced support for cannabis banking legislation this week. Yet, Politico is reporting that they spoke with many Senators on the Hill Wednesday who expressed support for the House's inclusion of a cannabis banking amendment in the NDAA. Still, opposition from a handful of crucial DEMOCRAT LAWMAKERS may upend the amendment. Sen. Cory Booker (D-N.J.) told Politico's Natalie Fertig unequivocally that he opposes moving the banking bill before comprehensive cannabis reform passes. In addition, a spokesperson for Majority Leader Chuck Schumer (D-N.Y.) said his position had not changed since last April when he told POLITICO that banking should not move before comprehensive reform. "I will oppose," Booker said Wednesday. "I'll do everything I can to stop it." Cory Booker, who once supported the SAFE Banking Act, now believes that cannabis businesses should not be allowed to rake in more dollars selling cannabis.
In contrast, others still sit in jail for the same activity. At the same time, advocates for the industry and state social equity programs say that access to banking is essential in the near term for those who have received licenses through various social equity programs and who often have a much harder time accessing venture capital than their white counterparts. So we are left with the two most vocal politicians supportive of cannabis reform will now kill the first real opportunity for cannabis reform in over 50 years.
ACB Lays Off 12%
After Aurora Cannabis shut down the Aurora Polaris facility, they stated it would move to an adjacent factory called Aurora Sky. In contrast, manufacturing will move to its Aurora River factory in Ontario. "We aspire to be a leaner, more agile organization that keeps pace with our competition and is on a path to profitability," a spokesperson for the company said in an email statement. From this move, they laid off 12% of their total workforce. Aurora is doing quite the opposite in one of the tightest labor markets, where companies are fighting tooth and nail to find employees. This is a clear sign of a company that is struggling to stay afloat. This layoff came after another one last year, where ACB laid off more than 1000 workers. The shrinkage in the workforce makes sense when looking at their sales for the past two years.
NY Appointments
Governor Hochul made her final two appointments to the New York Marijuana Regulatory Board this past week. This has come as a stark contrast to Governor Cuomo's slow-moving agenda for appointments. "New York's cannabis industry has stalled for far too long—I am making important appointments to set the Office of Cannabis Management up for success so they can hit the ground running," the Governor said in a press release. "I am confident Mr. McDaniel and Ms. Garcia will serve the board with professionalism and experience as we lead our state forward in this new industry," said Hochul. The first sales may begin on a Native American reservation as prospective licenses have been awarded to these tribes. Tilt Holdings (Long) recently signed a deal with a Native American tribe to open a dispensary on Long Island. In addition to licenses, municipalities can opt out of sales, similar to New Jersey, by Dec. 31st. Sales are expected to begin sometime in 2022, but with Hochul's leadership, it will be much sooner than if Cuomo was still Governor.
