🌿 Marc Fogel finally freed, Trump taps new DEA lead, and Green Check integrates with Plaid

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:

• Marc Fogel finally freed

• Trump taps new DEA lead

• Green Check integrates with Plaid

…and more. Let’s get to it.

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🚨 ROLL CALL

News

Happy homecoming. An American teacher who had been held in a Russia since 2021 was finally freed earlier this week. Marc Fogel was serving a 14-year prison sentence on drug-trafficking charges after 17 grams of medical cannabis was discovered in his luggage at Moscow’s Sheremetyevo International Airport. The cannabis, which is illegal in Russia, was prescribed in the United States to treat his chronic back pain.

Fogel was designated as “wrongfully detained” by the Biden administration at the end of last year.

Russian cybercriminal Alexander Vinnik was released as part of the exchange to bring Fogel home.

Policy

DEA director. President Donald Trump has selected Terry Cole — a DEA veteran and current top public safety official in Virginia — to lead the Drug Enforcement Administration, only a few short weeks after appointing Derek Maltz as interim Acting Administrator of the agency. Trump’s original pick, Chad Chronister, withdrew from consideration back in December.

Within the last year, Cole has made multiple posts across social media reiterating his stance opposing cannabis.

The nomination could have major ramifications for the ongoing, but delayed, effort to reschedule cannabis under federal law. Pending Senate confirmation, which will be required to make the position permanent, he would be tasked in large part with overseeing it. To date, he has not publicly commented on the situation that started under former President Joe Biden.

The Deputy Director of NORML, a nonprofit public-interest advocacy and lobbying group for cannabis policy reform, spoke candidly about his view of the news:

Tech

Financial fabric. Cannabis fintech Green Check announced an integration with global data network Plaid to expand access to consumer-permissioned financial data, so banks, lenders, insurance companies, payment processors, and other service providers can make more informed decisions and increase operational efficiency.

Plaid’s APIs will also enhance compliance services, offering a more robust risk management solution for the cannabis ecosystem to ensure customers are ready to engage with Green Check's vetted financial partners.

Green Check's platform serves over 13,000 cannabis-related businesses and a wide range of business service providers that underwrite them.

🇺🇸 STATE OF THE INDUSTRY

Idaho: A bill aiming to impose a $300 minimum fine on those convicted of cannabis possession is heading to the Senate for a vote after passing in the House last month.

Maine: A group of health experts and industry producers is pushing for the state to regulate intoxicating hemp-derived products by creating age limits and capping the amount of THC in beverages.

Michigan: Governor Gretchen Whitmer proposed adding a wholesale tax on cannabis products as part of a $3 billion infrastructure plan.

New York: The Office of Cannabis Management (OCM) launched a cannabis banking directory to connect licensed businesses with banks and credit unions.

Oklahoma: A pair of legislators introduced a bill to prevent cannabis businesses from deducting business expenses from their taxes.

Texas: A new poll from the University of Houston Hobby School of Public Affairs found more than 60% support for legalizing recreational cannabis among Texans.

💼 BUSINESS

Canopy Growth broadens beverage lineup

The Canadian cannabis corporation added two new flavors to its Deep Space Propulsion drinks portfolio — Rocket Root Beer and Charged Cream Soda.

💻 TECH

Metrc maintains contract in Massachusetts

The cannabis regulatory technology company signed a new contract to continue supporting the regulation of the state’s adult-use cannabis market.

🌏 AROUND THE WORLD

Brazil: The state-owned Brazilian Agricultural Research Corporation is preparing a long-term research program focused on cannabis cultivation.

💨 QUICK HITTERS

• New York cannabis retailer The Travel Agency became the first cannabis business to advertise in Broadway theater magazine Playbill.

• Cannabis seed bank Royal Queen Seeds unveiled a satiric out-of-home marketing campaign across major cities in German promoting home-grow.

• A judge blocked an effort in Colorado Springs to repeal recreational cannabis sales, which were approved by a wide margin at the ballot box in November.

• Vertically integrated multi-state operator Cansortium Inc. officially changed its corporate name to FLUENT Corp. and got a new symbol on the Canadian Securities Exchange.

• Craft cannabis company Grown Rogue named Josh Rosen as its new Chief Strategy Officer.

📚 WHAT WE’RE READING

• Calif. pot industry faces 'extinction event' following big tax hike (SFGATE)

• Opinion | Wisconsin needs to change its marijuana laws. Racial disparities are one reason why. (Milwaukee Journal Sentinel)

• Ohio’s marijuana industry set for growth but needs clarity on rules to reach potential (Crain’s Cleveland Business)

• Inside the UK legal medicinal cannabis factory where ex-military guards protect the crop (Mirror)

🎙️ POTCASTS

• Navigating the Gray: The Legal Tightrope of Cannabis Risk & Compliance (The Dime)

• Bluegrass Bud: Kentucky Medical Cannabis Arrives (High Rise)

📽️ VIDEO OF THE WEEK

🔎 JOB BOARD

• Transactional Business Attorney (Highly-Regulated Industries)^Verified

  • KK Legal & Advisory Services

  • $150,000—$170,000

• Director, Sales

  • Connected Cannabis Co.

  • $150,000—$200,000

• Product Innovation Manager (Flower & Pre-Rolls)

  • Green Thumb Industries

  • $85,000—$105,000

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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