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Sundie Seefried burst onto the cannabis industry scene 10 years ago as the CEO of Partner Colorado Credit Union, where she launched Safe Harbor Financial, a program to service the new marijuana businesses popping up across the state after voters legalized adult use.

Safe Harbor garnered dozens of marijuana business clients in its first two years, and on April 20, 2016, Seefried published "Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty."

The book became - and remains - the ultimate blueprint for safe and successful marijuana banking, establishing Seefried as a cannabis industry pioneer.

In 2022, Seefried spun off Safe Harbor into its own separate business entity and took the company public on the Nasdaq stock exchange.

Today, Safe Harbor serves more than 600 marijuana business clients in 40-plus states and has executed well over $20 billion in transactions.

Seefried spoke with MJBizDaily about what the next decade holds for Safe Harbor and marijuana banking overall, including rescheduling and SAFER Banking. Read story >

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• Illinois adult-use marijuana sales drop 2% in September to $136.5 million. Read story >
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Weekly roundup of MJBizDaily's most-viewed stories

R E T A I L

Wyld dominates edibles category in adult-use marijuana markets

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Wyld is well on its way to becoming the top-selling cannabis edibles brand in every U.S. market, a goal the Oregon-based company has set as states continue to launch regulated adult-use marijuana markets.

Of the 13 adult-use markets analyzed by MJBizDaily, Wyld was the top-selling brand in more than half.

"We don't plan on slowing down any time soon," Rachael Smith, Wyld's marketing production manager, told MJBizDaily.

Wyld leads the edibles category in sales so far this year in six Western states, including Arizona, California, Colorado, Nevada, Oregon and Washington, as well as Michigan, where sales rival California based on several metrics.

The only other brand to lead multiple states in the analysis was Green Thumb Industries' Incredibles brand. Read story >

R E A L  E S T A T E

Commercial landlords soften on renting to cannabis businesses

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Cannabis companies that once struggled to find space to conduct cultivation, manufacturing and retail operations are benefiting from a tumultuous commercial real estate market that's prompting landlords to reconsider leasing to marijuana-related businesses.

High interest rates, loans coming due and a glut of commercial space in the aftermath of the COVID-19 pandemic have made finding tenants for commercial properties challenging.

An estimated $1.6 trillion in property financing is expected to mature over the next two years, according to Washington, D.C.-based CoStar Group, a commercial real estate information and analytics firm.

At the end of the first quarter of 2024, $35 billion in loans were past due or in nonaccrual status, the highest figure in 11 years, according to the Federal Deposit Insurance Corp.

"People are starting to scramble to find tenants to make their payments," said Ryan George, CEO of 420 Properties. Read story >

E N F O R C E M E N T

California regulators revoke K.U.S.H. Collective's cannabis business license

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California regulators revoked the business license of K.U.S.H. Collective and issued a consumer advisory for all its products.

As part of its enforcement actions, the state Department of Cannabis Control also ordered an "embargo" on nearly 200 stock-keeping units (SKUs) produced by K.U.S.H. (Kinder Understanding Sensitive Healing).

"In the interest of public health and safety, the DCC is implementing an embargo on all cannabis products manufactured by K.U.S.H. Collective and is issuing a consumer advisory to alert cannabis consumers to the risks posed by these products," the DCC said in an announcement.

The DCC said that during its investigation into K.U.S.H. Collective, the Van Nuys-based company failed to show that its cannabis products were cultivated, processed, manufactured, packed and properly stored at its licensed facility, a requirement under California's adult-use marijuana law.

"The Department has probable cause to believe the products subject to the embargo may be adulterated or misbranded and therefore, may pose a risk to cannabis consumers," the DCC added. Read story >

R E T A I L

California MJ lounges, retailers outline plans to embrace cafe law

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California cannabis microbusinesses and retailers hope a new state law that widely expands their ability to offer food, drinks and live music will drive growth and provide a template for other regulated markets.

Marijuana retailer The Artist Tree designed its newest store near Los Angeles International Airport with kitchen space in anticipation of the long-awaited policy change in the world's largest cannabis market.

Other California marijuana stores, such as Sacramento-based chain Perfect Union, which has yet to feature on-site consumption, are weighing the new options to expand beyond traditional marijuana retail channels.

"Expanding these opportunities to cannabis retailers with on-site consumption is a win for both businesses and consumers across the state, fostering community engagement and growth," said Angelica Sanchez, senior director of government affairs and compliance at Perfect Union, which operates nine stores, primarily in Northern California. Read story >

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N E W   S E R I E S

Tune into every Friday to the Reporters' Notebook podcast, featuring MJBizDaily reporters and host Jay Rosenthal of Cultivated Live.

In this week's episode, hear from MJBizDaily reporter Chris Roberts about the intersection of Presidential politics and cannabis. Specifically, Vice President Kamala Harris' call for federal legalization and former President Donald Trump's impact on the Amendment 3 election on Florida. Watch episode >

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