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🌿 Eaze resurrects, a potentially pro-cannabis AG, and major market milestones

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: Eaze resurrects, a potentially pro-cannabis AG, major market milestones, and more. Let’s get to it.

Author

Alex Lipnik
November 15, 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:

  • Eaze resurrects

  • A potentially pro-cannabis AG

  • Major market milestones

…and more. Let’s get to it.

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🚨 ROLL CALL
Business

Source: TechCrunch

Back from the dead. Embattled cannabis delivery giant Eaze announced it is making a comeback merely a month after indicating it was winding down operations and laying off close to 500 workers. The company raised $10 million in Series B funding, which will be used to reopen 70 Eaze and Green Dragon locations across California, Colorado, Florida, and Michigan — 57 retail stores, 11 delivery hubs, and two production facilities.

Key upcoming initiatives include:

  • Recruiting for more than 1,000 operational positions across four states

  • Expanding Florida production capacity from 32,000 to 64,000 square feet of flowering canopy

  • Opening new dispensaries and expanding delivery capacity across Florida, California, Colorado and Michigan

  • Launching refreshed brand marketing campaigns highlighting Eaze's newly launched scheduled delivery capabilities, and new product innovation at all Green Dragon locations

  • Building new brand partnerships across all territories and developing new market-specific product offerings

Chief Executive Officer Cory Azzalino will maintain his position at the helm.

"We are excited to build on the accomplishments of the first 10 years of Eaze Technologies Inc., and expanding our retail, delivery, and private label brands into new markets. We deeply value the contributions of all those who were part of Eaze Technologies Inc.'s journey and remain committed to creating a company that continues to push forward with innovation and care. As we move ahead with this new chapter, Eaze Inc. is focused on sustainable growth and delivering for our customers and communities. The $10 million investment will allow us to strengthen our supply chain, enhance the customer experience, and set the foundation for long-term success."

CEO Cory Azzalino

Before temporarily shutting down last month, the cannabis delivery pioneer had completed over $1 billion in deliveries across its 10-year history.

Policy

Source: MarketWatch

Open the flood Gaetz? President-elect Donald Trump intends to nominate now former Florida congressman Matt Gaetz as attorney general, a decision that drew immediate shock across the political world.

Despite the generally unfavorable reactions, Gaetz has a relatively robust record of supporting pro-cannabis policy, consistently co-sponsoring cannabis legislation.

Most notably, he was one of just three Republicans in the House to vote in favor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act aimed at decriminalizing and descheduling cannabis at the federal level in 2022.

He did, however, oppose the recent recreational cannabis amendment in Florida even though he previously led the charge on the state’s medical cannabis effort.

The catch? There are concerns about a House Ethics Committee probe into sexual misconduct and illicit drug use, among other allegations, against Gaetz leading to speculation that his confirmation may be unlikely.

Business

Source: Fast Company

Hitting the cannabis jackpot. While results have varied across states so far this year, at least two budding legal cannabis markets have major milestones to point to.

In Missouri, cannabis sales have reached $1.4 billion in less than two years since the legal recreational market launched. The figures for the first half of 2024 are already outpacing more established markets.

The Office of Cannabis Management in New York says it expects $800 million in revenue from legal cannabis dispensaries by the end of the year, which would beat totals from the lawsuit littered 2023.

🇺🇸 STATE OF THE INDUSTRY

Arizona: Total cannabis sales continue to decline, dropping for the third month in a row.

New Jersey: The statewide ban on hemp product sales is now being enforced.

Pennsylvania: There is "will in the House to move forward" on cannabis legalization next session, according to House Majority Leader Matt Bradford.

💼 BUSINESS

Hara Supply looks to enhance luxury smoking experience

The world’s largest manufacturer of cones and combustibles is expanding its premium filter tip offerings for pre-roll joints and blunts in an effort to cater to the growing demand for high-quality pre-roll products.

🌏 AROUND THE WORLD

Italy: Prime Minister Giorgia Meloni is aiming to ban hemp, reversing a law put in place in 2016.

💨 QUICK HITTERS
📚 WHAT WE’RE READING

  • Trump plans to revoke many Biden policies. Where does that leave marijuana? (NPR)

  • We Need to Ensure Legal Cannabis Is Safe (Scientific American)

  • The Uneven Playing Field in Louisiana’s THC Beverage Industry (Biz New Orleans)

  • Editorial: Government started the get-high-with-hemp free-for-all. Time to stop it. (Chicago Tribune)

🎙️ POTCASTS
📽️ VIDEO OF THE WEEK
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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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