Welcome back to part two of MMLG’s Year in Cannabis. It’s our review of what’s been a busy year for the cannabis industry. Looking for part one? Right over here. Part three will be posting a little later this week.
April 2018: John Boehner Named To Acreage Holdings Board
I’m joining the board of #AcreageHoldings because my thinking on cannabis has evolved. I’m convinced de-scheduling the drug is needed so we can do research, help our veterans, and reverse the opioid epidemic ravaging our communities. @AcreageCannabis https://t.co/f5i9KcQD0W
— John Boehner (@SpeakerBoehner) April 11, 2018
With a simple tweet, John Boehner shifted the legalization dialog back in April. Boehner, a staunchly conservative Republican, had for years condemned the use of marijuana, and yet he’s pretty easily joined the board of Acreage Holdings. We’ll hold off on any cynical interpretations about money talking, and just gladly acknowledge that Boehner’s stance sure has evolved.
May 2018: Southern Glazer Presciently Forms Distro. Deal With Aphria
We’ve taken a number of deep dives on beer and spirits companies investing in canna-businesses this year, but Southern Glazer’s move was an early one. It foreshadowed even larger deals to come later in the summer, and for both companies provided a welcome bolstering of stock prices for investors on either side of the US-Canada border.
June 2018: NY Releases An Economic Impact Study On Cannabis Legalization
Governor Andrew Cuomo commissioned an economic study that painted a rosy picture for cannabis legalization in the Empire State. The conversation around legalization in New York never really went away after this study was released. And with investors and entrepreneurs chomping at the bit, Cuomo has announced this week that legalization measures should be expected in the state’s 2019 budget.
June 2018: Heineken-Owned Lagunitas Debuts THC Non-Beer
We’ve somehow still not tried this, but NorCal brewer Lagunitas released their first foray into cannabis-infused non-beers back in June with a headier THC version (10mg. of THC) and a more balanced version with 5mg. of CBD and 5mg. of THC.
July 1, 2018: Massachusetts Legalizes Cannabis
Welcome to the canna-party, Massachusetts! We love your accent! Massachusetts went legal on July 1, and by the end of November had opened retail stores that netted a tidy profit over the opening Thanksgiving week for cannabis sales in the Bay State.
July 2018: Gwyneth Paltrow’s Goop Teams Up w. MedMen
Gwyneth Paltrow’s Goop brought a sorely needed female presence to the ranks of the male-dominated celeb-cannabis space. Her partnership with MedMen was a win-win for both sides. MedMen gained exposure to Goop’s many affluent consumers, while Goop entered a new marketplace.
July 2018: WSWA Endorses Cannabis Legalization
The Wine and Spirits Wholesalers Association, one of the country’s largest alcohol trade groups, endorsed legalization and with similar regulations on the substance as the WSWA sees on its product. Like the Lagunitas and Souther Glazer news, the endorsement served as yet another sign from brewers and distillers that they were happy to embrace cannabis.
July 2018: Trend Study Indicates Shift Away From Flower and Towards Edibles
A July consumer trends study stated consumers are shifting away from flower and traditional cannabis “buds” and towards edibles and other rendered goods.
August 2018: Molson Coors Gets In On the Cannabis Game
In the build to Canada’s October legalization, Molson Coors saddled up with Montreal’s Hydropothecary.
August 2018: RBC Projects a $47 Billion Valuation for US Cannabis Market
August was the moment when normal people *really* started talking about cannabis investment. We live in a little bit of a canna-bubble, but August was when that accountant you play rec-league softball with asked you about cannabis investment tips. That’s what happens when the Royal Bank of Canada projects a $47 billion valuation on your industry.
August/September 2018: Surterra Got BUSY
In August, medical marijuana company Surterra welcomed Beau Wrigley, heir of the gum fortune, to its board. In turn, Wrigley led a massive private round of financing for Surterra. Then, in September, the company turned around and landed a naming partnership with none other than Mr. Jimmy Buffett. The MMLG blogger is an acknowledged and non-ironic Parrothead and, full disclosure, the Buffett news was easily our favorite item of the year to write about. [🎶hums a few bars to 🎶Cheeseburger in Paradise”🎶]
September 2018: We Said So Long To The #CynthiaNixonEffect
Nixon’s impact on bringing cannabis legalization to the fore of New York politics can’t be overemphasized. We’ll miss her many meme-worthy debate moments, but can’t thank her enough for backing cannabis legalization.
Stay tuned for part three of our year-in-review later this week!