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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:

• The Chicago Cubs became the first MLB franchise with an official CBD partner

• Tilray Brand’s acquired fellow Canadian cannabis producer Hexo Corp.

• Germany reworked its cannabis legalization proposal after hearing concerns from the EU

…and more. Let’s get to it.

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🚨 Roll Call

Business

CBD: Chicago Baseball Drinks. The Chicago Cubs have partnered with MYND DRINKS, an award-winning wellness and recovery beverage brand, to make them the official CBD partner for the franchise and the first official CBD partner of an MLB team. The collaboration will incorporate various elements including in-ballpark signage at historic Wrigley Field and several in-game features. There is even a guided meditation narrated by Cubs radio play-by-play announcer Pat Hughes as part of the rollout.

Major League Baseball was the first major professional sports league to sign a sponsorship agreement with a CBD company when they inked an exclusive partnership with CBD brand Charlotte’s Web last year.

Business

A colossal Canadian cannabis consolidation. Tilray Brands, a Canada-based global cannabis producer, announced this week it is acquiring rival Canadian cannabis firm Hexo Corp. (who confirmed with a statement of their own) for a purchase price of approximately $56 million USD in an all-stock deal. The initial reports on Monday about the possibility of the transaction led shares of Hexo Corp. to soar, but they quickly tumbled Tuesday as the word of official agreement materialized. Reports indicate the combined company will yield Tilray a leading 13% share of Canada’s cannabis market.

Policy

A revised cannabis plan for Deutschland. Germany scaled back its plans around legalizing cannabis following feedback from the EU. The German government’s newly presented legislation would permit cannabis possession and private cultivation, but not sales in licensed shops as the initial plan intended. An extended breakdown with all the details can be found here.

🇺🇸 State of the Industry

Connecticut: Sales grew in March for both the medical and recreational market, but prices have only dropped for recreational cannabis while medical cannabis prices have mostly stayed the same.

Maryland: Lawmakers approved the framework to set up a recreational cannabis market. The bill now moves to the desk of Governor Wes Moore, who is expected to sign it. If passed, residents 21 and older would be able to purchase cannabis beginning July 1.

Michigan: Cannabis sales reached a record high of almost $250 million — $9.8 million medical and $239.9 million recreational — in March according to data from the Cannabis Regulatory Agency.

Missouri: Sales for cannabis products increased to over $125 million in March, with $93.5 million coming from adult-use and another $32.7 from medical.

Nevada: The Nevada State Athletic Commission (NSAC) — which regulates all contests or exhibitions of unarmed combat, including the licensure and supervision of promoters, boxers, mixed martial artists, kick boxers, seconds, ring officials, managers, ring announcers and matchmakers — is considering changes to their rules to stop fighters from being penalized for cannabis use. A hearing is scheduled for April 24.

South Carolina: A new Winthrop University poll shows a majority of registered voters in the state back cannabis legalization. Support for medical cannabis legalization is at 76%, while 56% are in favor of recreational cannabis legalization.

📊 Business

Ayr Wellness: The vertically integrated U.S. multi-state operator acquired Tahoe Hydroponics Company, an award-winning cultivator and one of the top producers of cannabis flower in Nevada.

Cann: The cannabis beverage brand launched in New York.

Cookies: The international cannabis brand reported the closing of its Series A round of financing at an undisclosed amount, which it calls the largest raise and highest valuation in company history.

Green Thumb Industries: The national cannabis consumer packaged goods company and retailer stated it’s launching a new line of infused pre-rolls called Show Dogs under its Dogwalkers brand.

Greenlight: The vertically integrated multi-state operator issued a dividend to its shareholders, claiming to be the first MSO to do so.

Jushi: The vertically integrated multi-state cannabis operator secured $20 million in non-dilutive debt financing.

💻 Tech

engin: The recruitment software startup for the cannabis industry raised a $2.5 million seed round led by investment firm Gotham Green Partners.

Ispire Technology: The vapor technology company closed its initial public offering of 2,700,000 shares of common stock at the price of $7.00 per share.

POSaBIT: The point-of-sale and payments provider for the cannabis industry revealed it is no longer acquiring MJ Platform, Leaf Data Systems, and Ample Organics from Akerna after deciding not to match a higher bidder.

💨 Quick Hitters

• Uber and Leafly detailed their partnership at the Benzinga Cannabis Capital Conference.

• A study found public education can be used to increase support for equity in cannabis policy.

• The cannabis industry is projected to add $100 billion to the U.S. economy in 2023 says MJBizDaily.

• Another federal judge ruled it unconstitutional to ban cannabis users from possessing firearms.

• Prominent chef Roy Choi teamed up with cannabis edibles brand TSUMo Snacks to create two new flavors — Spicy Cheesy Ramen and Spaghetti & Meatballs.

• Cannabis industry market intelligence provider BDSA explored the differences between medical and adult-use markets.

• A new cannabis museum called The House of Cannabis (aka THC NYC) is now open in New York City.

• The legal cannabis industry had a drop in employment for the first time ever according to the 2023 Vangst Jobs Report.

📚 What We’re Reading

• My Husband And I Built Our Life Around Cannabis. Here's What Changed When We Became Parents. (HuffPost)

• 7 facts about Americans and marijuana (Pew Research Center)

• That weed you bought might not be as potent as promised, study finds (The Washington Post)

• We Found the Best Weed Cities in 2023 (Clever Real Estate)

• Legalising cannabis in Australia: how would it work and is there a catch? (The Guardian)

• California’s cannabis industry is broken. But here’s how we can fix one part of it (Los Angeles Times)

🗓 Upcoming Events

April 20: The National Cannabis Policy Summit is hosting “The Congressional Forum” at The U.S. Capitol Visitor Center from 11:30am - 2:30pm EDT. The event features discussions with Members of Congress — including Senate Leader Chuck Schumer — and more. Registration is free.

April 26-28: Jage Media is hosting “MJ Unpacked” at the New York Hilton Midtown in NYC.

🔎 Job Board

• VP Financial Reporting & Technical Accounting

  • Curaleaf

  • $200,000—$242,000

• Chief Operating Officer

  • Wyld

  • $250,000—$350,000

• Head of Sales

  • Connected Cannabis Co.

  • $250,000—$300,000

• Social Equity in Cannabis Program Manager

  • Washington State Liquor and Cannabis Board

  • $85,000—$95,000

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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