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🌿 President Biden’s record-setting clemency, a mega Canadian cannabis acquisition, and Boston Beer doubles down on drinks
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 record-setting clemency, a mega Canadian cannabis acquisition, Boston Beer doubles down on drinks, and more. Let’s get to it.
Alex Lipnik
December 13, 2024
together with
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 record-setting clemency
A mega Canadian cannabis acquisition
Boston Beer doubles down on drinks
…and more. Let’s get to it.
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🚨 ROLL CALL
Policy
Oh My Darling, Clemency. In the largest single-day grant of clemency in modern history, President Joe Biden commuted almost 1,500 sentences and pardoned 39 people convicted of non-violent crimes as well, including simple use and possession of cannabis. A full list can be found here.
The move drew praise from Last Prisoner Project (LPP), a national nonprofit dedicated to cannabis criminal justice reform and freeing those incarcerated by the War on Drugs.
Biden also alluded to further acts of clemency that will take place before the end of his term.
“I will take more steps in the weeks ahead. My Administration will continue reviewing clemency petitions to advance equal justice under the law, promote public safety, support rehabilitation and reentry, and provide meaningful second chances.”
He has taken similar actions in each of the previous two years regarding federal offenses relating to cannabis.
Business
Source: Organigram
Weed The North. Canada has a new largest cannabis company by market share as Organigram announced the acquisition of Motif for $90 million — $50 million in cash and $40 million in stock. Together, the two companies boast a combined market share to 12.4%.
“Winning in Canada, the world’s largest federally legal recreational market, supported by leading brands and best-in-class operations, innovation and product development, provides the platform to unlock global opportunities as evolving attitudes towards cannabis drive regulatory changes in new and exciting markets.”
“Organigram has a proven track record of executing on Canadian M&A, successfully capturing and growing market share with highly complementary acquisitions that add to our existing strengths. This deal is about a leading public cannabis company joining forces with Canada’s top private licensed producer. We are extremely excited about leveraging our combined competitive advantages and respective market positions to continue to grow in Canada and beyond.”
The deal bolsters Organigram’s status for vapes and infused pre-rolls in particular, as Motif holds the #1 (21.2%) and #3 (9.4%) positions in those categories, respectively.
Business
Source: Boston Beer Company
Can of cannabis. The Boston Beer Company unveiled a new non-alcoholic cannabis cocktails brand called Emerald Hour. Each drink comes in a 355mL can and contains 10mg of THC.
To start, the beverages will be sold at licensed cannabis retailers in Ontario and come in two flavors:
Cranberry-Citrus: made with real lime and cranberry juice.
Ginger-Lime: featuring specially selected ginger extracts, mule-style.
The company found itself in the news earlier this year when it was revealed that Green Thumb Industries CEO Ben Kovler sent a letter to Boston Beer founder Jim Koch expressing interest in a potential merger.
Boston Beer has previously dipped its toes into the cannabis market with its infused iced tea brand TeaPot.
🇺🇸 STATE OF THE INDUSTRY
Illinois: The state Supreme Court ruled that the smell of raw cannabis is sufficient to warrant a vehicle search; a previous ruling determined the smell of burnt cannabis was not.
Massachusetts: The state’s Cannabis Control Commission outlined a regulatory framework for social consumption establishments.
Minnesota: The Office of Cannabis Management decided to ditch its license pre-approval process and move forward with a standard licensing cycle.
Ohio: Monthly cannabis sales are over $73 million.
Texas: Lieutenant Governor says lawmakers will look to ban all forms of consumable THC.
💼 BUSINESS
Cannabist Company partners with Edie Parker
The experienced multi-state operator launched its partnership with the female-founded cannabis lifestyle brand.
🤝 DEALS
Canopy completes acquisition of Acreage
The Canadian cannabis company finalized the acquisition of the American cannabis operator; the agreement was initially reached in 2019.
💻 TECH
Dutchie dispensaries see skyrocketing sales on Green Wednesday
The cannabis tech giant saw average dispensary sales on their platform increase by 91% and the average basket increase by 9% when compared to a typical Wednesday.
🌏 AROUND THE WORLD
Canada: The government missed a deadline to implement a program aimed at pardoning those with cannabis possession records.
Czech Republic: Beginning in April 2025, general practitioners will be allowed to prescribe medical cannabis to patients; currently only specialized doctors are able to.
Israel: The Ministry of Economy is proposing an anti-dumping levy on cannabis imported from Canada in an effort to protect local cannabis growers and manufacturers.
💨 QUICK HITTERS
Cannabis media company Cannabis Business Executive is winding down operations.
TerrAscend expanded the role of Chief Legal Officer Lynn Gefen to include Chief People Officer too.
The City of Norwalk, Connecticut’s third and final cannabis dispensary opened this month.
Grön and Curaleaf debuted a set of exclusive Prickly Pear flavor offerings in Arizona.
📚 WHAT WE’RE READING
Elton John says legalizing marijuana is 'one of the greatest mistakes of all time' (Entertainment Weekly)
Calif. pot shops owe $1.3 billion in back taxes as panic grows over industrywide solvency (SFGATE)
Ranch With a Cannabis Farm—and a Gold-Bearing Stream—Hits the Market in Northern California (Mansion Global)
Biden commutes sentences for 1,500 people. Some say he could do a lot more (NPR)
🎙️ POTCASTS
Making cannabis fun again! (High Rise)
🔎 JOB BOARD
Ascend Wellness Holdings
$150,000—$175,000
Flowhub
$80,000—$100,000
Lucid Green
$75,000—$80,000
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📨 PUFF, PUFF, PASS REEFERAL PROGRAM
Stay tuned for more cannabis industry news next week!
💚,
The Pre Roll Team
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