THE BLUNTNESS: Cannabis News for The Week Ending June 19th

The Bluntness is pleased to bring you cannabis news highlights you may have missed for the week ending June 19th.

The Bluntness Exclusive

Where There's Smoke, There's Fire: Bloom Farms Sued by Board Member

In an exclusive on The Bluntness, the board of Bloom Farms was sued last week in Delaware by one of its board members. The board member, Jeff A. Menashe, who got a seat on the board of American General Resources LLC (AGR), which operates Bloom Farms, claims AGR is refusing to let independent auditors look into allegations that it doctored its books to court a seven-figure investment while its CFO ran a solar energy Ponzi scheme.

The suit accuses the other AGR board members of soliciting Menashe's investment with financials that significantly inflated its past performance and future prospects. They also allegedly concealed the role of then CFO Ronald J. Roach in the $1 billion scam to which he later plead guilty.

A Bloom Farms spokesman called the allegations "unfounded" and said the company would defend itself vigorously against them. Read more of the story here.

Cannabis Legalization

Three Once Promising States Where 2020's Dream of Marijuana Legalization Has Faded

Based on latest developments, marijuana legalization will likely be delayed in New York, Florida, and Ohio until 2021 or 2022. A combination of stalled grassroots efforts due to the COVID-19 pandemic and lukewarm support by state lawmakers cause these once promising states to look to the future for legislative or voter action.

New York should be first up in 2021, especially if New Jersey voters approve adult use legalization at the November ballot box.

You can read the entire story here.

New Jersey Assembly Approves Marijuana Decriminalization Bill

In an important vote ahead of ahead of the broader November referendum on adult use legalization, the New Jersey Assembly approved, by a vote of 62 -10, a marijuana decriminalization bill last Thursday. The legislation makes possession of up to two ounces a civil penalty punishable by a $50 fine and no jail time, according to Marijuana Moment.

Governor of Nevada Pardons Thousands With Marijuana Convictions

Nevada residents that have been convicted of low-level marijuana possession could receive pardons under a new measure implemented by Governor Steve Sisolak, according to Marijuana Moment. Pardons do not void convictions, however they can restore the right to vote, own a firearm, or serve on a jury.

Congressman Lou Correa Calls For An End To Marijuana Criminalization

During a congressional hearing on Wednesday regarding the Justice in Policing Act, California Representative Lou Correa suggested that police reform should go hand-in-hand with ending marijuana criminalization in order to address racial injustice.

As you know, when we talk about arrest disparities, specifically cannabis-related, over 650,000 Americans are arrested every year for violating cannabis laws. And according to the ACLU, in every single state, black folks are more likely to be arrested for marijuana possession, and in some states, 10x more likely than others.

- Congressman Lou Correa of California

Cannabis Industry

Cannabis Giant MedMen Begins to Reopen After Social Unrest

MedMen has re-opened eight of its 12 California locations after social unrest earlier in June. In an email to customers on Tuesday, the cannabis giant indicated it was in the process of “safely reopening some of [its] California stores.”

Company leadership went further, stating support for the company's Black employees and the Black community nationwide:

The horrifying treatment of our black colleagues and community must end…Systematic oppression and inequality must end. We are committed to using our platform to help. We will rebuild and come back stronger in a way that makes our communities proud and advances justice and equality.

- Statement form MedMen

And in a related story....

The Founders of Cannabis Giant MedMen Are Officially Out

Co-founders of cannabis retail giant MedMen have officially left their position on the company’s board, this according to a report by THC Net. Effective Wednesday, co-founder and former CEO Adam Bierman and former president Andrew Modlin, who was also a co-founder and Bierman’s partner, stepped down from the Board of Directors, according to Green Market Report.

Bierman stepped down as CEO in February 2020.

The company, which has or plans to have stores in seven legal states, has endured a number of company-wide set-backs, including forced closures as a result of recent break-ins.

Additionally, according to Green Market Report: “MedMen has been heavily criticized in the past for its extreme spending habits and the bottomless need for more capital. Bierman and Modlin have been personally accused of handling money disproportionately to benefit themselves.”

A scathing article in Politico last month exposed other numerous missteps by the founders.

Former NBA Star Al Harrington Launches Business Incubator for Black Cannabis Entrepreneurs

Al Harrington, NBA veteran and cannabis entrepreneur, has embarked on a new mission with his company Viola Brands to develop 100 Black millionaires in the cannabis industry.

Harrington, who has long advocated for diversity in the cannabis industry and made it a guiding principle of the company he founded, Viola Brands, said one of the ways he’ll achieve this new mission is through a Viola sponsored incubator program that allows black market cannabis products to become legitimate, as reported to CNBC.

Harrington is not alone is his support of greater diversity in the cannabis industry as Method Man, the award winning rapper, actor, and entrepreneur known for his work with Wu-Tang Clan, launched TICAL last week, a new cannabis venture looking to support Black owned businesses. Additionally, CJ Wallace, son of legendary rapper Notorious B.I.G. , launched Think BIG to tackle social justice and equality in the cannabis industry.

Cannabis Culture

Friend of The Bluntness: Ami Nicole, The Force Behind ACRONYM

Ami Nicole, best known by her moniker, ACRONYM, has strived to constantly create something new and engaging, bringing her vision and influence along the way. She is a multi-dimensional content creator and artist who does not stick to one niche.

ACRONYM has a passion for up-and-coming artists, and when throwing events in her home base of Detroit, her product: ‘Found In The Underground,’ showcases art of all mediums. She does it all - photographer, journalist, director, influencer, event and art curator, fashion designer.

You can read more of Ami's story in an exclusive interview on The Bluntness.