MedmEn rent lawsuit.
Real estate firm Thir Equities Group filed a lawsuit in a New York federal court claiming that MedMen Enterprises failed to pay rent on a Chicago property in August of 2021. The claim is that MedMen owes more than ~$950k and MedMen did acknowledge that they had signed and stopped paying their rent at that property. The highlight of this case was the fact that MedMen argued that the lease can't be protected by federal law due to the fact that cannabis is a federally illegal business. MedMen said in the motion that, “as Plaintiff well knows, however, it is not entitled to judicial enforcement of the Lease and the Guaranties or the damages it seeks because the distribution and sale of marijuana and the lease of real estate for such purposes is still illegal under Federal law.”
NY Tribal Market.
Over 100 dispensaries, which come in all shapes and sizes, have opened up on Native land while the rest of New York is waiting for the first official retail license. Tribes from Long Island to upstate New York are taking advantage of the state’s unexistent rollout of cannabis licenses, giving these Tribes a foothold in a potential multibillion-dollar market. We have written before about the Shinnecocks massive dispensary in Southhampton but smaller tribes are also getting involved by selling cannabis out of their local gas station. The NY market is an absolute mess with a massive black market and a brutal strategy for its adult-use rollout, at least the Tribes of NY are taking advantage of lawmakers' inability to get anything done in this state. nytimes.com
60% of American Back Legalization.
Three in five U.S. voters think that marijuana should be legalized across the country and almost half say it should be a “top” congressional priority according to a survey from Morning Consult and Politico. Among racial demographics, Black voters were most supportive of marijuana reform at 71 percent, compared to 58 percent for white people and 67 percent for Hispanic voters. A majority of Democrats (71 percent), independents (61 percent) and people under 65 said they back cannabis legalization. The U.S. has all this support from its citizens but the federal government can't even get a cannabis banking reform bill across the line. marijuanamoment.net
