🌿 FLUENT completes RIV Capital acquisition, recreational cannabis and opioids research, and C3 Industries gears up for growth

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.

Thanks for following along this year! A quick newsletter to close out 2024.

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

• FLUENT completes RIV Capital acquisition

• Recreational cannabis and opioids research

• C3 Industries gears up for growth

…and more. Let’s get to it.

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🚨 ROLL CALL

Business

Mega merger. Cansortium, operating under the FLUENT brand has completed its acquisition of RIV Capital, which operates the Etain brand in New York. The deal adds a retail, wholesale, and cultivation presence in the Empire State to FLUENT’s already strong multi-state footprint.

In total, the joint enterprise will be comprised of 42 dispensaries across four of the largest U.S. states by population — Florida, New York, Pennsylvania, and Texas.

The new corporation will operate under the FLUENT name and common shares will continue to trade on the Canadian Securities Exchange under the symbol "TIUM.U" and on the OTCQB Venture Market under the symbol "CNTMF."

Current FLUENT Chief Executive Officer Robert Beasley will act as CEO of the combined business.

The two prominent vertically integrated cannabis companies originally announced the intended business combination in May and received approval from the New York Cannabis Control Board in October.

Research

Revealing research. New research examining the effect of recreational cannabis legalization on opioid overdose deaths estimates that it is associated with a decrease of approximately 3.5 deaths per 100,000 individuals.

The research was published in June of last year, but only became public on the Social Science Research Network (SSRN) earlier this month.

Another study from 2023 found that for patients receiving long-term opioid therapy, receiving medical cannabis for a longer period of time was associated with reductions in opioid dosages, which may lower their risk of opioid-related death.

Business

Great growth. Ann Arbor, Michigan-based multi-state operator C3 Industries expanded its reach in two states this month with the opening of new dispensaries in Missouri and New Jersey under its High Profile Cannabis Shop retail brand.

The openings bring C3’s total to 31 stores nationwide across Michigan, Missouri, Massachusetts, Illinois, New Jersey, and Connecticut. Additional locations are scheduled to open throughout 2025.

C3 also operates almost 275,000 sq. ft. of total cultivation and processing facilities.

🇺🇸 STATE OF THE INDUSTRY

Delaware: There were 15 retail licenses awarded through a lottery in anticipation of dispensaries opening in April 2025.

Massachusetts: The Cannabis Control Commission has found a new director, more than a year after the previous one resigned.

Tennessee: A judge temporarily blocked new testing rules that would have banned the sale of hemp products statewide.

💼 BUSINESS

MediPharm sells facility for $5.5 million

The producer of purified, pharmaceutical-quality cannabis concentrates is set to sell its Napanee, Ontario facility to the biotechnology company.

🤝 DEALS

Greenway acquiring cannabis CPG brands

The Canadian cultivator of high-quality greenhouse cannabis has entered into an asset purchase agreement for all brands owned by Choice Growers Cannabis.

💨 QUICK HITTERS

• Outgoing Congressman and Congressional Cannabis Caucus co-founder Earl Blumenauer (D-OR) sat down with C-SPAN for an exit interview to discuss his cannabis legacy.

• A Canadian man is facing life in prison in Dubai after being caught traveling with unprescribed cannabis used for chronic pain.

• Country music icon Willie Nelson released a cannabis cookbook.

📚 WHAT WE’RE READING

• Trump Administration May Be Good For Rescheduling In ‘25, Say Cannabis Leaders (Forbes)

• THC drinks gain popularity in the US – but can they fully replace alcohol? (The Guardian)

• Cannabis operators report Instagram page ‘shadow bans’ and closures (MJBizDaily)

• German medical cannabis companies aren’t coming down from their high—they‘re predicted to bring in $1 billion in sales by 2028 (Fortune)

🎙️ POTCASTS

• The future of cannabis research and regulations (On Point)

📽️ VIDEO OF THE WEEK

🔎 JOB BOARD

• Senior Sales Manager, Illinois and Ohio

  • Kiva Brands

  • $118,000—$135,000

• Senior Specialist, E-Commerce Experience

  • Ascend Wellness Holdings (AWH)

  • $75,000—$85,000

• Director of Revenue Planning

  • Curaleaf

📨 PUFF, PUFF, PASS REEFERAL PROGRAM

Stay tuned for more cannabis industry news next year in 2025!

💚,

The Pre Roll Team

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