MariMed, based in Massachusetts, wanted to take an industry-leader position in highlighting an issue that hasn’t yet gained much traction outside the cannabis space. It continues to be a hot-button topic within weed circles, though, as the industry has struggled in recent times from a variety of ills, including stalled sales in mature markets, product oversupply, price compression and illicit competition.
Splashy statement
On the federal regulatory level, the industry has held out hope for rescheduling or de-scheduling cannabis, as President Joe Biden has championed, which could wipe out the 280E problem.
But so far, there’s been little progress in Washington, even with support from lawmakers in both political parties. “State-legal cannabis businesses are denied equal treatment under 280E,” according to Oregon Congressman Earl Blumenauer, who has called the rule “grotesquely unfair treatment” while urging colleagues to reform the tax code.
In the meantime, 20 states now allow cannabis companies to deduct routine expenses like equipment, licensing fees and travel from their state taxes. That saves the industry some cash, but does nothing about the IRS problem.
MariMed’s leadership team—about 20 executives including CEO and president Jon Levine, COO Tim Shaw and CFO Susan Villare—decided the time was right to make a splashy statement and latched onto the anniversary of the original Boston Tea Party.
An immediate goal: boosting education and awareness, with the company’s website acting as a resource, and asking the public to get involved, urging their elected representatives to reform the code.
A history of stunts
Understanding the mechanics of a good stunt was key to pulling off the “Boston 280E THC Party,” and MariMed has a successful track record with its record-breaking 850-pound pot brownie. The Bubby’s Baked product became a viral sensation in 2021.
The team used the same lens to view Wednesday’s stunt, Schacter said, knowing that eye-grabbing visuals and a strong storyline could draw mainstream news coverage and social media chatter. Those, in turn, could amplify the issue far beyond any paid media, which is tightly restricted in cannabis.
The stunt could raise MariMed’s profile, both locally and nationally, a not entirely unintended consequence.
“We’ll do whatever we can to help broaden access to this miracle plant and make it more affordable,” Schacter said. “It’s about the whole industry, but if we get applauded for the stunt, we’ll take it.”
