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  • 🌿 Kamala Harris unveils federal legalization plan, RIV Capital and Cansortium merger gets approval, and Wyld dominates cannabis edibles market

🌿 Kamala Harris unveils federal legalization plan, RIV Capital and Cansortium merger gets approval, and Wyld dominates cannabis edibles market

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: Kamala Harris unveils federal legalization plan, RIV Capital and Cansortium merger gets approval, Wyld dominates cannabis edibles market, and more. Let’s get to it.

Author

Alex Lipnik
October 18, 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:

  • Kamala Harris unveils federal legalization plan

  • RIV Capital and Cansortium merger gets approval

  • Wyld dominates cannabis edibles market

…and more. Let’s get to it.

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🚨 ROLL CALL
Policy

Source: Noah Berger / AFP

Law of the land. U.S. Vice President and Democratic nominee for president Kamala Harris unveiled a plan to legalize cannabis at the federal level as part of her campaign agenda, vowing to work with Congress “to ensure that the safe cultivation, distribution, and possession of recreational marijuana is the law of the land.”

This comes only a matter of weeks after she told NBA veterans Matt Barnes and Stephen Jackson that she supports cannabis legalization on their “All the Smoke” podcast this week.

Business

A major merger milestone. Cannabis acquisition and investment firm RIV Capital and Cansortium, a vertically-integrated multi-state cannabis company operating under the FLUENT brand, received approval from the New York Cannabis Control Board for their previously announced business combination. The move was originally announced at the end of May.

"We are thrilled to have received regulatory approval in New York to move forward with our business combination transaction, bringing us closer to completing this important step for both of our companies. The respective teams have worked diligently and collaboratively since announcing the transaction to facilitate a smooth transition following the closing, and I remain confident that the full integration of our two companies will bring tremendous value for our stakeholders."

Robert Beasley, Chief Executive Officer of Cansortium

The new corporation will operate under the Cansortium name and Cansortium 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."

Business

Source: MJBizDaily

Winning in the Wyld. In an analysis of 13 adult-use markets, cannabis news outlet MJBizDaily found that Wyld was the top selling edibles brand in more than half.

Wyld also ranks third in Illinois, fourth in Missouri, and fifth in Maryland. In total, the company has sold almost $250 million worth of products this year.

🇺🇸 STATE OF THE INDUSTRY

Connecticut: Cannabis sales dropped 12% in September.

Illinois: The state experienced its first-ever year-over-year drop in cannabis sales revenue in September.

Ohio: Dispensaries have completed close to 1.5 million transactions worth nearly $110 million since recreational sales kicked off in early August.

💼 BUSINESS

Cannect Wellness secures $7.5 million in funding, sets sights on Illinois

The craft cannabis cultivator raised the round to complete construction of phase one of their 62,000 square foot, state-of-the-art cultivation and product manufacturing facility located just outside of Chicago.

🤝 DEALS

Dark Horse grabs Greenlight Dispensary

The cannabis manufacturer known for its edibles and concentrates acquired the Arkansas dispensary location and will transition it to operate under its Speakeasy retail brand.

💨 QUICK HITTERS
📚 WHAT WE’RE READING

  • Meet The Fintech Startup Powering The Cannabis Industry (Forbes)

  • While Minnesota’s cannabis industry wades through regulations, Wisconsin’s accelerates without many (Minnesota Star Tribune)

  • Hemp beverage group forms to influence farm bill fight (POLITICO)

  • The cannabis industry is awaiting a legal green light, but can businesses survive? (The Guardian)

  • Opinion | Marijuana use is rising. The government needs to correct its mistake. (The Washington Post)

🎙️ POTCASTS
📽️ VIDEO OF THE WEEK
🔎 JOB BOARD

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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