October 2018 Rigging the $75 Billion Legal Marijuana Industry - DocDroid
October 2018
Rigging the $75 Billion Legal Marijuana Industry
Inside the US Marijuana Money Grab Happening Now
TABLE OF CONTENTS
ExecuSve Summary:
1
Condensed Reports:
7
Florida
7
Maryland
12
Arkansas
18
Virginia
24
Louisiana
30
Detailed Reports:
36
Florida
36
Maryland
53
Arkansas
67
Virginia
106
Louisiana
122
Exhibits:
153
MARIJUANA INDUSTRY INVESTIGATIVE REPORTING (22 JURISDICTIONS COVERED)
The incomplete list of marijuana industry investigative reporters Dec-18
Number of reporters 101
Investigative Reporter
Co-Author (if applic)
Hindenburg Research
QCM
N/A (Editorial)
Celene Adams
Amy Biolchini
Nick Corasaniti
Lydia DePillis
Tim Knauss
Bill Alpert
Maria Clark
James Higdon
Doug Donovan
Sam Karlin
Liam Stack
Graham Moomaw
Alyse Horn
Hunter Field
David Robinson
Jackie DeFusco
Lici Beveridge
N/A
Max Brantley
Andrew Left
Dominc Holden
Ryan Briggs
Dan Adams
Laura Vozzella
Jennifer Maloney
Saabira Chadhuri
Ben Lockhart
Matt Campbell
Jim Roscia
Kathleen Gray
Samantha Vincent
Sophie Quinton
Brian Hews
John Schroyer
Ryan Poppe
Jessica Boehm
James Quealy
Paloma Esquivel
Richard Deatley
Joe Nelson
Greg Hilburn
Duane Pohlman
N/A (Editorial)
Doug Thompson
Christopher Yee
Jack Cullen
N/A
Richard Fausset
Eric Sandy
Melissa Schiller
Dan Mihalopoulous
Rachel Hinton
Erin Cox
Lisa Bernard-Kuhn
Blake Sifton
Jackie Borchardt
Enzo Dimatteo
Claire Hughes
John Futty
Ashifa Kassam
Lisa Scheid
Fransisco Alvarado
Jeffrey Schweers
Jordan Ferrell
Fenit Nirrapali
Sam Wood
Kristen Wyatt
Rose Hackman
David Smiley
Michael Auslen
Justine Griffin
Meagan Campbell
Sam Levin
Nader Issa
Bob Norman
Bruce Barcott
Tom Scheck
Bobby Ampezzan
Naomi LaChance
Angela Bacca
Ellen Holland
Dan Goldberg
Dara Kam
Mitchell Colbert
Jeremy Daw
Kay Lazar
Aaron Gregg
Daniel Ducassi
N/A
John Hudak
Amanda Chicago Lewis
Tess Owen
Tracey Lindeman
Associated Press (unknown)
Anne Saker
Brian Slodysko
Scott Powers
Laura Nahmias
Shelley Murphy
John Leland
Mosi Secret
Victoria Bekiempis
N/A (Staff)
Hilary Gowins
N/A (Staff)
Headlines
Jurisdiction Covered Publisher
Aphria: A Shell Game with a Cannabis Business on the Side
International
Medical marijuana saga shows it's who you know that counts
New York
Challenges -- and controversy -- swirl around marijuana social equity programs in California
California
Billion-dollar company stakes claim on Michigan's marijuana industry
Michigan
How a Push to Legalize Pot in N.J. Became a Debate on Race and Fairness
New Jersey
Louisiana is trying to keep medical marijuana medical. It's harder than it sounds.
Louisiana
Politically connected Syracuse group flips NY marijuana license for pot of gold
New York
One of America's Richest Marijuana Companies (Curaleaf) Has Deep Russian Roots
National
What to know about Louisiana's medical marijuana program heading into 2019
Louisiana
Racial Justice and Pot are Colliding in Congress
National
National companies moving to take over Maryland marijuana businesses, despite state law
Maryland
Why Southern University's medical marijuana program is making little progress
Louisiana
Marijuana Legalization Has Gone Mainstream. Rick Steves Has Helped.
National
Virginia picked five companies... Officials won't explain why some bidders won and some lost
Virginia
The Exclusive Industry That's Supplying Pennsylvania's Medical Cannabis
Pennsylvania
Applicant for Arkansas medical-marijuana growing license secretly videotaped meeting
Arkansas
Marijuana legalization in New York: Here's the money behind politically charged pot war
New York
Investigation reveals city leaders privately supported Bristol casino before plan was made public
Virginia
Clinton pharmacist (Marco Moran, OTC:DEWM) will head to prison in compound pharmacy scheme
Mississippi
Investor Alert: Marijuana Investments and Fraud
National
The underbelly of Arkansas politics revealed in unsealed text messages
Arkansas
Cronos: The Dark Side of the Cannabis Space
Canada
Inside the Trump Administration's Secret War on Weed
National
Hidden testimonials show attempts to influence marijuana licensing
Pennsylvania
Payments for marijuana licenses appear to skirt state law
Massachusetts
Dozens of companies compete for a piece of Va.'s limited medical marijuana market
Virginia
Corona Brewer Bets $4 Billion on Cannabis Startup
Canada
The money behind Utah's contentious medical marijuana initiative
Utah
Let's Be Blunt: (State Rep) Bob Ballinger's Suspicious Ties to Medical Marijuana Licensing
Arkansas
More money flowing into Florida's medical marijuana market
Florida
Police to investigate if marijuana bribes offered to state employees
Michigan
OSBI confirms inquiry into allegation of bribery by Board of Pharmacy Executive Director over medical marijuana Oklahoma
Marijuana Bills Increasingly Focus on Social Justice
National
Corruption and Bribery Alleged in Lawsuit Filed Over Marijuana Permit Process
California
Local corruption becoming hurdle for mariuana license seekers in California
California
Regulators Seek To Ban All Non-State Approved CBD Products
Texas
Tactics scrutinized in Phoenix medical-marijuana dispensary cases
Arizona
Federal agents search Adelanto's mayor's home, City Hall amid corruption probe
California
FBI agents serve search warrants at home of Adelanto mayor, City Hall and elsewhere
California
House keeps medical marijuana monopolies intact
Louisiana
Calls come for Ohio's medical marijuana licensing process to be redone
Ohio
Medical pot mishandled
Arkansas
Woods trial: Marijuana money proposed for Christian school
Arkansas
Allegations of corruption fly as Baldwin Park approves development agreements for all its marijuana businesses California
Stern still fighting Iowa for CBD dispensary license
Iowa
Marijuana Entrepreneurs Film Documentaries of Corruption in Las Vegas Marijuana Industry Amidst Legal Battle Nevada
A Dying Southern Town Needed a Miracle. Marijuana Came Calling.
Arkansas
Canada Cannabis Producers Receive Millions From Offshare Tax Havens
Canada
Pot exects show the green for ex-regulator's bid for Cook County Board seat
Illinois
Plan to diversify Maryland medical marijuana market might boost white firms instead
Maryland
Will Ohio's medical pot program go up in smoke?
Ohio
Who is cashing in on Canada's marijuana 'Green Rush'?
Canada
Ohio auditor finds flaw in medical marijuana business license scoring process
Ohio
The ex cops, politicans and friends of Bill Blaire cashing in on legal weed
Canada
Rejected companies cry foul in N.Y. medical marijuana selection process
New York
Lawsuit challenges Ohio's racial quota for medical-marijuana growing licenses
Ohio
Canadian marijuana advocate blasts 'hypocricy' of ex-police cashing in on cannabis
Canada
State agency ordered to open up about marijuana applicants
Pennsylvania
Florida Pot Growers May Soon Get Rich
Florida
Mike Sweets brings medical marijuana link into FBI probe
Florida
Canadian Connection: how an equity firm bought its way into the FL marijuana industry
Florida
Marijuana experts scored prospective Md. pot businesses. Some had ties to them
Maryland
Medical marijuana permits leave losers fuming in Pa.
Pennsylvania
Budding pot industry ripe for corruption
National
A billion-dollar industry, a racist legacy: being black and growing pot in America
National
How profitable will medical-marijuana shops be? Very, says confidential pitch for investors
Florida
Meet Florida's Legal Drug Cartels
Florida
How public officials got into the weed game
Canada
Big Pharma's anti-marijuana stance aims to squash the competition, activists say
National
Marijuana organizations given green light on political donations
Illinois
Did Florida's Pot Czar pad his resume?
Florida
GW Pharma is moving CBD bills on the down low
Louisiana
Charges: Minn. medical marijuana execs illegaly distributed oils
Minnesota
Medical Marijuana Commission itself may still be grappling with the merits of medical marijuana
Arkansas
Sheldon Adelson fights marijuana legalization while funding pro-marijuana research
National
How Rick Scott Rigged Florida's Medical Marijuana Program for Profiteers
Florida
Colorado-owned Florida Cannabis Company Opposes 'Colorado-Style' Legalization
National
State-approved medical marijuana company falters amid 'financial constraints'
New York
Judge refuses to let Florida House of Representatives intervene in fight over medical marijuana license process Florida
How the Trump Campaign Got its 'Golden Ticket' to Big Marijuana
National
Why Florida's Medical Marijuana System is Ripe for Corporate Takeoever
Florida
Marijuana dispensary licenses to the highest bidder?
Massachusetts
Lawmaker who pushed medical pot in Md. is part of team applying to sell the drug
Maryland
Judge keeps tight lid on names in medical marijuana dispute
Florida
Assessing New York's Medical Marijuana Program: Problems of Patient Access and Affordability
New York
Worry about bad marijuana -- not Big Marijuana
National
How Black People Are Being Shut Out of America's Weed Boom
National
How New York Totally Screwed Up Legalizing Medical Marijuana
New York
The business of marijuana: as legalization looms, who is poised to profit? The chosen few
Canada
Cost of medical marijuana in Minnesota leads some to return to illegal sources
Minnesota
What you need to know about marijuana initiative
Ohio
Some lawmakers worry medical marijuana could spur corruption
Louisiana
State pot committee heavy with commercial interests
Florida
Lobbyists prepare for medical marijuana boomlet
New York
Marijuana licensing went awry early on, records show
Massachusetts
For Pot Inc., the Rush for Cash is Underway
New York
Is New York Too Corrupt For Medical Marijuana?
New York
Former Politicans Square Off for Delaware Dispensary License
Delaware
State, Insiders Stand To Benefit From Illinois' Medical Marijuana Law
Illinois
Court Upholds Initial Cap on New Jersey Marijuana Dispensaries, Nonprofit Requirement
New Jersey
Hindenburg Research Syracuse New Times MjBizDaily MLive New York Times CNN Health Syracuse New Times Barron's Times Picayune Politico Baltimore Sun The Advocate New York Times Richmond Times-Dispatch West Virginia Public Broadcasting Arkansas Democrat-Gazette LoHud WJHL Hattiesburg American Securities Exchange Commission Arkansas Times Citron Research BuzzFeed News City & State Pennsylvania Boston Globe Washington Post Wall Street Journal Deseret News Blue Hog Report Florida Politics Detroit Free Press Tulsa World Stateline Los Ceritos Community Newspaper MjBizDaily Texas Public Radio The Republic Los Angeles Times The San Bernandino Sun News Star WKRC Pine Bluff Commercial NW Arkansas Democrat-Gazette San Gabriel Valley Tribune Quad-City Times HeadlinePlus New York Times Cannabis Busintess Times Chicago Sun Times Baltimore Sun WCPO Cincinatti Al Jazeera The Plain Dealer () Now Toronto Times Union The Columbus Dispatch The Guardian Reading Eagle Miami New Times Tallahasee Democrat First Coast News Washington Post Philadelphia Inquirer Associated Press The Guardian Miami Herald Tampa Bay Times Maclean's The Guardian Chicago Sun Times WPLG Leafly Minnesota Public Radio News Arkansas Public Media The Intercept Huffington Post Alternet Politico News Service of Florida Alternet Alternet Boston Globe Washington Post Politico Drug Policy Alliance Brookings Institute BuzzFeed News Vice News Montreal Gazette The Guardian The Cincinnati Enquirer Associated Press Orlando Sentinel Politico Boston Globe New York Times Newsweek MJBizDaily Huffington Post MJBizDaily
Publish Date Journalist Contact Info
Co-Author Contact Info
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2-Page Overview (December 2018 update) Marijuana is transitioning from the underground to legal markets globally at an accelerated rate. The total global market is around $150 billion in annual sales. Cowen Group projects $75 billion in annual legal marijuana sales in the US by 2030 (link). 34 states in the US currently have legalized cannabis production and sales (link). Most of these states (24 out of 34) have created oligopolies with limited licenses to produce and sell cannabis.
(Note: Only refers to state-level licensing, does not include municipality-level licensing limits) This report goes into 150-page depth into how five of these states -- FL, MD, AR, VA, LA -- have developed their legal marijuana markets. The takeaway: the industry is transitioning to legal markets through discriminatory and potentially criminal "bid-rigging" in terms of license applications and awards. The current license value given out by these states to a handful of wealthy and politically-connected owners is ~$1.8 billion. To cover up the fact that these applications are rigged, the state creates the appearance of merit-based applications that attract substantial public participation and costs. By doing this, the state collects millions in application fees and causes tens of millions in losses from its citizens typically to out of state consultants and law firms (to develop competitive applications/business plans). It's discriminatory because those harmed most by illegal marijuana, disproportionately people of color and the poor, are being shut out from this industry and not disproportionately benefitting from industry taxes.
This population has been targeted, arrested and incarcerated for marijuana crimes (most often small possession) over the last century.
This population is often legally barred from entering the industry. In cases like Virginia, people convicted of marijuana and paraphernalia misdemeanors aren't allowed to be owners and employers in the industry.
It's potentially criminal because in AR, possibly in FL and probably other states, the FBI is looking into corruption in the licensing process. Investors should understand the risk of investing in companies that have acquired licenses in limited-license states.
It's also concerning on a patient advocacy front -- there is inflated pricing because of oligopoly structures, concerns about price fixing, and concerns with patients being forced to make the compromising decision to buy legally or remain in the criminalized market to purchase uninsurable medicine more affordably. Legalization advocates have largely overlooked the role of market structure and who owns this industry as patient access issues also. The oligarchs often side with patient access advocates to push their business interests -- dissuading legal action that causes delays and liberalizing/expanding the market.
16 states are yet to legalize cannabis production and sales. Many of the states yet to legalize do not have ballot initiative rights, and the likelihood of oligopolies is high. Many of these states are in the South.
Marijuana legalization has popularized the government-contract economy and is helping to expose it. States have looked to suppress competition to avoid legal action and greater backlash, however this has done little to limit media interest. States have then legalized marijuana in ways that don't appear like marijuana (like Virginia and THC-A) as a way to limit interest and then incrementally legalize moving forward. This is working.
In short: Those whose lives have been derailed because of marijuana crimes, disproportionately the poor and people of color, are being shut out from benefitting from the mega-billion legal industry. Meanwhile, the rich and politically-connected are cornering the industry and enriching themselves with help from the state and getting away with it, so far. By winning these oligopoly business licenses, these rich and politically-connected individuals are raising hundreds of millions giving them an advantage in consolidating the industry (accelerated by US tax code 280E) and in lobbying for maintaining oligopolies and shaping future legalization at the statelevel and federally.
Adding: concern also about money laundering boosting public and private company valuations.
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