July 2, 2020
Happy Thursday for everyone except one CBD company in particular, a popular edibles brand wants ideas for a new name, and Colorado is stepping up to the plate to serve their cannabis community better.
The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what’s happening within the cannabis industry.
First up today, a Company that Sold CBD in Dick’s Sporting Goods Stores Files for Bankruptcy
According to Hemp Industry Daily, Myaderm, a company in Englewood, Colorado said in its June 28th bankruptcy filing that it owed creditors somewhere between $1- and $10 million. The company estimated its assets at between $500,000 and $1 million.
Myaderm started selling a CBD Sport Cream at 200 Dick’s Sporting Goods stores around the country in December of 2019. Myaderm also was selling at 35 Golf Galaxy stores nationally.
At the time it started selling Myaderm’s products, Dick’s Sporting Goods senior buyer Regan Drew said the company was “excited” to offer CBD products as part of the chain’s sports-medicine offering. The sporting goods chain is based in Corapolis, Pennsylvania.
**Next, Edible Maker Dixie Brands is Changing Their Name
According to MJ Biz Daily, Denver-based edibles producer Dixie Brands said it will change its name in a move to separate itself from the historic context of the word “Dixie.” The 10-year-old Denver-based company, which has operations in six states, announced the move on its website and social media.
For those unfamiliar, “Dixie,” a popular song in the 19th century, was widely used as a marching tune and anthem of sorts for the Confederate Army during the Civil War.
In a statement on its website, the Denver cannabis company explained:
“Recently, the national conversation about racism and injustice has focused our attention to the pain the Dixie name can cause due to the historical context of the word. We stand shoulder to shoulder with the Black community, and we stand firmly against racism and injustice.
“To stay true to these values, we have decided to change our name …. We hope this change is a small step forward for a more just and equal world.”
The company hasn’t come up with a new name yet but said it is committed to doing so as soon as possible. If you have a name idea for them, they said suggestions can be emailed at firstname.lastname@example.org, according to the Denver alt-weekly Westword.
** Our top and final cannabis news story is that the Colorado Governor has Signed a Cannabis Social Equity Bill
Ganjapreneur reports, Colorado Gov. Jared Polis (D) has signed cannabis industry social equity legislation which also includes provisions allowing the governor to pardon low-level cannabis possession cases up to two ounces that occurred prior to legalization in the state.
Under the law, a social equity applicant has resided for at least 15 years between 1980 to 2010 in an area disproportionately impacted by the drug war, or was arrested for a cannabis offense or had a parent, guardian, spouse, sibling, or child arrested for a cannabis offense, or had their assets seized related to a cannabis investigation, or meets household income thresholds.
The law allows groups of social equity licensees to collectively own a majority stake as long as the social equity licensee or group holds at least 51 percent ownership in the company. Social equity licensees may also be eligible for financial aid and other incentives from the state.
The licenses will be available for retail locations, delivery businesses, and potentially social-use clubs, according to a Colorado Politics report.
State Rep. John Collins, a Democratic co-sponsor of the bill, called the measure “the first of many actions that must be taken to have racial equity in our state.”
**That was today’s buzz! Thanks for listening…for more cannabis news and insights from industry professionals, visit TRICHOMES.com