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Happy Friday Pre Rollers! Welcome to another edition of The Pre Roll, the cannabis newsletter that keeps you up-to-date on the industry happenings you need to know.

Here’s what we’re rolling up this week:

• President Biden’s historic remarks

• Wana Brands arrives in Europe

• Alpine IQ acquires Dispense

…and more. Let’s get to it.

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🚨 Roll Call

Policy

Momentous mention. During last night’s State of the Union address, his last before the upcoming election, President Joe Biden took time to tout cannabis pardons and his directive to review the scheduling status of cannabis. The remarks carry added significance as the first mention of cannabis reform by a sitting United States president during a State of the Union address.

The comments set off an immediate wave of reactions from across the industry — from brands to tech companies to some of the largest multi-state operators.

President Biden also reiterated that no one should go to jail for use or possession of cannabis:

In the lead-up to the election, look out for the President to increasingly talk about the issue as it remains incredibly popular with voters.

Business

Wana worldwide. Wana Brands, one of the largest edibles brands in the United States, is set to enter the European market through a partnership with Switzerland-based Alpen Group.

Wana Brands is owned by Canopy Growth, a global cannabis and consumer packaged goods company.

Tech

Alpine’s acquisition. Alpine IQ, a leader in behavioral marketing automation and loyalty tools with over 3,600 retail partners across North America, announced its acquisition of cannabis eCommerce provider Dispense as part of an plan to expand the range of products it offers to retailers. The two organizations see joining forces as an opportunity to supercharge their efforts to help retailers with consumer engagement and revenue acceleration.

The purchase is another sign of Alpine IQ’s impressive growth. The company claims revenue has increased from $150,000 in 2020 to $26 million in 2023.

🇺🇸 State of the Industry

Illinois: Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity revealed that a new allotment of loan applications are open for licensed social equity cannabis dispensaries.

Massachusetts: State regulators indicated they are not ready to allow cannabis dispensaries to sell lottery tickets just yet.

New Jersey: A pair of Jersey City police officers fired for legally using cannabis while off-duty filed a lawsuit when the city ignored orders to reinstate them.

Ohio: The registration fee for medical cannabis cards has dropped drastically to a mere one cent.

📊 Business

Bayou City Hemp Company bringing beverages to Houston

The hemp processing and extraction company teamed up with Silver Eagle Distributors Houston to introduce legal hemp-derived THC-infused seltzers to the biggest city in Texas.

💻 Tech

Elevated Signals secures Series A investment

The pioneers in modern manufacturing software raised $7.9 million CAD in funding led by Yaletown Partners, with participation from Third Kind Venture Capital, WGD Capital, Colin Harris, Raiven Capital, and Pareto Holdings, in order to expand from cannabis to climate tech.

🏆 Awards & Honors

America’s Best Startup Employers (Forbes): Cannabis eCommerce giant Jane Technologies checked in at #399 on the list that evaluated companies on three primary criteria: company reputation, employee satisfaction, and growth.

🌏 Around the World

Greece: Prescription cannabis for medicinal use is now legally available.

Thailand: Health Minister Cholnan Srikaew says recreational cannabis will be banned by the end of the year, but use for medical purposes will still be permitted.

💨 Quick Hitters

• An annual cannabis salary guide from cannabis industry jobs platform Vangst discovers 86% of cannabis companies plan to hire in 2024.

• The Mille Lacs Band of Ojibwe is building a 50,000-square-foot cannabis cultivation facility on tribal land in Minnesota.

• Brooklyn’s first black- and woman-owned cannabis dispensary opened in the Park Slope neighborhood.

• Dispensaries are closing in the Bay Area as cannabis sales slump.

📚 What We’re Reading

• Companies Were Big on CBD. Not Anymore. (The New York Time)

• How Cannabis Brand Nowadays Could Help Alcohol Distributors Out of a Slump (Inc.)

• Michigan wants to study marijuana’s health benefits. It’s not easy. (The Washington Post)

• The Best Weed Accessories Are High Art for Your Tabletop (GQ)

• How Moffat, Colorado is learning to love its 420-acre cannabis farm (Rocky Mountain PBS)

• Illinois touts improvements in making marijuana industry equitable, but critics say more needed (ABC 7 Chicago)

• How To Protect Your Cannabis Trademarks in a Legal Landscape That Is Half-Baked (Best Lawyers)

🎙️ Potcasts

• Ohio clearing the haze around its recreational cannabis rollout plan (Cincinnati Edition)

• Aaron Miles Talks Cannabis: The Road to Verano and the Future of MSOs (Proud To Work In Cannabis)

📼 Video of the Week

🔎 Job Board

• Principal Engineer, Core Services

  • LeafLink

  • $230,000—$295,000

• Director, Analytics & Business Intelligence

  • Connected Cannabis

  • $175,000—$200,000

• Growth Marketing Manager

  • Alpine IQ

  • $85,000—$100,000

📨 Puff, Puff, Pass Reeferal Program

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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