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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.

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

• Jane Technologies launches first-of-its-kind consumer rewards program

• U.S. Treasury Secretary Janet Yellen supports cannabis banking legislation

• Verano introduces industry-first national cannabis membership club

…and more. Let’s get to it.

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🚨 Roll Call

Tech

Going for gold. Cannabis eCommerce giant Jane Technologies has brought to market a first-of-its-kind consumer rewards program for the cannabis industry. Called Jane Gold, the patented technology allows cannabis brands that cannot ship direct-to-consumer the ability to provide exclusive rewards and cash-back opportunities to their customers. Consumers receive rebates through an ACH-transfer to a linked bank account.

In a beta run, the Jane Gold program delivered the following results:

• Brands saw an average increase of 7% in overall sales (60% coming from first-time shoppers)

• Dispensaries saw a 30% increase in average order value (AOV) per customer and a 12% increase in sales (non-participating dispensaries in the same geographic market saw an 18% decrease in sales)

Papa & Barkley and Wana Brands are among the initial brands to participate in Jane Gold.

Policy

Bank on it. During a House of Representatives Appropriations subcommittee hearing, United States Treasury Secretary Janet Yellen told lawmakers she would welcome legislation on cannabis banking.

The comments were made in response to a question from Representative David Joyce (R-OH) asking about the current administration's position on the Secure and Fair Enforcement Regulation Banking (SAFER) Act.

The bill would ensure that cannabis businesses, historically forced to operate on a heavily cash basis, would have access to deposit accounts, insurance, and other financial services.

Business

Join the club. Cannabis multi-state operator Verano is innovating with the introduction of Cabbage Club, an industry-first national cannabis membership initiative offering consumers the opportunity to unlock exclusive benefits including monthly store credits, coupons, merchandise, early access to product drops, line-skipping privileges, special event access, concierge service, and more.

There will be three tiers, each with different perks:

• Dime Membership ($149): $10 store credit applied to your account every month, plus $25 value in members-only seasonal coupons and additional surprise rewards – totaling $265 in annual cash value.

• Quarter Membership ($249): $20 store credit applied to your account every month, plus $50 value in members-only seasonal coupons and additional surprise rewards – totaling $485 in annual cash value.

• Silver Dollar Club (invite-only): the top tier membership level that can’t be joined, only earned. Membership expands on Dime and Quarter tiers by adding secret perks, only revealed to the very select few.

To start, Cabbage Club will be offered at 13 Zen Leaf dispensaries in New Jersey and Illinois, but Verano plans to slowly expand it across its 13-state footprint throughout the year. Consumers can join the Cabbage Club now.

🇺🇸 State of the Industry

Arkansas: Paperwork has been filed for a constitutional amendment to legalize recreational cannabis.

Arizona: Cannabis sales topped $1.4 billion in 2023, the majority coming from the recreational market.

New Hampshire: Lawmakers put forth a new proposal to legalize recreational cannabis in hopes of appeasing criteria outlined by Governor Chris Sununu, including a controversial franchise model which would open stores under state oversight.

New York: A total of 114 new licenses have been approved by the Cannabis Control Board; they also voted to waive licensing fees for cannabis cultivators for two years.

Virginia: Governor Glenn Youngkin vetoed a bill that would have established a recreational cannabis market.

📊 Business

Ispire closes $12.3 million public offering

The leader in the development, design, and distribution of cannabis vaping products closed a public offering of 2,050,000 shares of common stock at a price of $6.00 per share for gross proceeds of $12,300,000.

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🤝 Deals

High Tide acquires Queen of Bud

The retail-forward cannabis company and North America’s second-largest cannabis retailer by store count has entered into a definitive agreement to acquire the premium Canadian cannabis brand.

💻 Tech

Springbig unveils integration with Lightspeed

The SaaS-based cannabis loyalty and marketing solutions provider announced an integration with the leading point of sale and commerce platform in an effort to expand its reach beyond the cannabis industry.

🌏 Around the World

Germany: The cannabis legalization bill cleared its final hurdle and is set to take effect on Monday, April 1.

Switzerland: The country’s largest cannabis study is underway in the canton of Zurich, with 7,500 people taking part over five years.

💨 Quick Hitters

• Boxing champion Mike Tyson’s ear-shaped edibles, Mikes Bites, are now available in the New York market.

• Former Minnesota governor and professional wrestler Jesse Venture is getting into the cannabis game with his own line of edibles.

• Costa Mesa, California is on the verge of capping the number of cannabis retailers allowed to operate in the city.

• Edibles company Dr. Norm’s developed a cannabis-infused Peanut Butter Cup Brownie in collaboration with Punch Extracts.

• Ayr Wellness revealed its flagship cannabis brand, kynd, has launched its first line of premium edibles amidst the debut of its strategic rebrand.

📚 What We’re Reading

• They Signed Up to Grow Weed. Then New York State Pushed Them Into the Black Market (Rolling Stone)

• Biden, at risk with young voters, is racing to shift marijuana policy (Los Angeles Times)

• Dot-com bust survivor creates new kind of cannabis dispensary in Roselle (NJBIZ)

🎙️ Potcasts

• Pioneering the Cannabis Beverage Market With Luke Anderson From Cann (Proud To Work In Cannabis)

• Boris Jordan on Curaleaf's European Strategy: Building Coca-Cola of Cannabis (The Dime)

📼 Video of the Week

🔎 Job Board

• Head of Finance and Accounting

  • 1906

  • $160,000—$200,000

• Associate Attorney - Litigation

  • Vicente

  • $100,000—$130,000

• Technical SEO

  • Weedmaps

  • $92,000—$100,000

📨 Puff, Puff, Pass Reeferal Program

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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