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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.

According to a new study conducted by the Pew Research Center, an overwhelming share of U.S. adults (88%) say marijuana should be legal for medical or recreational use.

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

• Florida OKs cannabis ballot measure

• Romney rips rescheduling

• MPP & NORML nix merger

…and more. Let’s get to it.

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🚨 Roll Call

Policy

Put it to the people. Voters in the Sunshine State will finally get to vote on recreational cannabis after the Supreme Court of Florida signed off on language for a proposed constitutional amendment to go on the November ballot. A poll from the end of last year revealed 67% of respondents said they would vote in favor.

Governor Ron DeSantis, who predicted earlier this year that the measure would make it on the ballot, believes voters will reject what he calls a ‘radical’ proposal.

Despite the opposition from the governor, the campaign in support of legalization, the most expensive in U.S. history, has gained reinforcement from a number of MSOs of late, joining Florida-based Trulieve that has spearheaded the initiative.

If the ballot measure passes, it would be a massive boon for industry and undoubtedly make Florida one of the largest recreational markets in the country.

Policy

Romney rips rescheduling. U.S. Senator (R-UT) and former Republican presidential candidate Mitt Romney, along with colleagues from the Foreign Relations Committee, Ranking Member Jim Risch (R-ID) and Senator Pete Ricketts (R-NE), sent a letter to Drug Enforcement Administration (DEA) Administrator Anne Milgram to voice concerns over HHS’s recommendation to reschedule cannabis from schedule I to schedule III under the Controlled Substances Act.

The letter follows a wave of comments on the matter from prominent Democrats:

• President Joe Biden mentioned his directive to review the scheduling status of cannabis in his State of the Union address

• Vice President Kamala Harris emphasized a need for speed with regards to the ongoing discussions around rescheduling during a roundtable conversation at the White House on cannabis reform

• A group of twelve senators, including Majority Leader Chuck Schumer (D-NY), Bernie Sanders (D-VT), Elizabeth Warren (D-MA), Cory Booker (D-NJ), and John Fetterman (D-PA), wrote a letter to Attorney General Merrick Garland and DEA Administrator Anne Milgram urging for cannabis to be descheduled

Cannabis continues to be a red-hot topic ahead of the November presidential election.

Policy

Merger no more. A potential merger between two of the most prominent groups lobbying for cannabis policy reform — Marijuana Policy Project (MPP) and the National Organization for the Reform of Marijuana Laws (NORML) — was called off when the latter’s board voted to halt conversations. While a merger is off the table, the two Washington DC-based organizations will continue to work together in an effort to end cannabis prohibition.

News of a possible merger surfaced in October of last year in prominent cannabis publication Marijuana Moment, noting both were struggling amid fundraising challenges and leadership transitions.

🇺🇸 State of the Industry

Hawaii: A bill to legalize recreational cannabis is dead after the House declined to hold a vote on the matter.

Massachusetts: The Governor's Council unanimously approved a request by Governor Maura Healey to mass pardon tens of thousands of people convicted of simple cannabis possession.

New York: A state Supreme Court judge scaled back a ruling to only strike down rules surrounding advertising and marketing after initially ruling to invalidate all regulations for the adult-use market.

📊 Business

Delinquent payments plague cannabis operators in 2023

A new report from cannabis consulting firm Whitney Economics found delinquent payments exceeded $3.8 billion; without regulatory intervention, that number is expected to top $4.2 Billion in 2024.

🤝 Deals

Standard Wellness secures Utah medical cannabis pharmacy

The multi-state operator acquired the dispensary from The Cannabist Company, formerly Columbia Care, to become vertically integrated in the state as it already is in Ohio and Missouri; it has licenses to cultivate, process, and dispense in Maryland.

💨 Quick Hitters

• A proposed change to Minnesota’s adult-use cannabis law would allow THC beverages to be sold on tap.

• Former Jackass star Steve-O declined an appearance on the Club Random podcast because host Bill Maher refused to withhold smoking cannabis while recording the episode.

• Timeless Vapes expands into New Jersey through a partnership with iAnthus.

• The 420 Hippie Hill event in San Francisco’s Golden Gate Park has been cancelled due to a lack of financial support.

• Restaurant chain Ike’s Sandwiches is teaming up with Weedmaps to drop a 4/20 special, the THC (Turkey, Honey, and Cheetos) Sandwich.

📚 What We’re Reading

• Oklahoma's lax marijuana laws made it a green utopia for the cannabis industry. Then came the mass murder. (Business Insider)

• The Big Problem for Marijuana Companies? What to Do With All That Cash (The Wall Street Journal)

• In 2018, Republicans accidentally legalized cannabis. Now 22 AGs want them to undo it (The Hill)

• From raided to rewarded: NY’s unlicensed cannabis shops get license priority, sparking outrage (NY Cannabis Insider)

• OPINION: Is cannabis legalization worth It? Absolutely (The Nevada Independent)

🎙️ Potcasts

• THC Infused Beverages: Cantrip's Journey Through the Hemp-Derived Looking Glass (Cannabis Law Now)

• Socrates Rosenfeld, CEO & Co-Founder, Jane Technologies (The Green Rush)

📼 Video of the Week

🗓 Upcoming Events

April 16: Board of Certified Safety Professionals is hosting the “OSHA Enforcement and Guidance on Protecting Workers within the Cannabis Industry” webinar online at 11:00 AM Eastern Daylight Time.

🔎 Job Board

• Brand Partnerships Manager

  • Ascend Wellness Holdings

  • $75,000—$100,000

• CRM, Associate Marketing Manager

  • Curaleaf

• Product Development Scientist - Edibles

  • Green Thumb Industries (GTI)

📨 Puff, Puff, Pass Reeferal Program

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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