🌿 Layoffs, Legalization, and London

Hey there!

Welcome to another edition of The Pre Roll! A lot of news in the industry this week, so let's get right to it.

Roll Call

Layoffs live on. Staff reductions continue to plague prominent cannabis companies, as Tilray announced plans this week to let go of 25% of their employees. In recent months, the industry has seen the same from other MSOs Columbia Care, Curaleaf, and Trulieve. Over the last year, several ancillary tech firms — including Akerna, Dutchie, LeafLink, Leafly, and Springbig — have made cuts as well.

Legalization is popular. A new poll suggests the majority of American voters support federal legalization. This comes just a month after a bipartisan group of lawmakers called on President Joe Biden to deschedule cannabis.

Los Angeles to London. Nine U.S. passengers were arrested Tuesday at Heathrow Airport for smuggling over 700 pounds of cannabis on flights from LAX. An additional two Americans were arrested the next day. The airport has since enhanced their security.

Quick Hitters

• Cookies prepares to open its debut Asia-based location in Thailand.

• TerrAscend inks exclusive partnership with Wana Brands in New Jersey.

• Actor John Larroquette claims he was paid in weed for his role in The Texas Chainsaw Massacre.

• A cannabis retail store slated to be the first of its kind backs out of opening in British Columbia airport.

• Chicago's former Salt & Pepper Diner, of John Mulaney fame, plans to become a dispensary.

• Former cannabis executive who defrauded investors pleads guilty to securities fraud.

• Marketing of flavored cannabis products comes under fire for targeting children.

• Payments provider CanPay says it's now accepted at more than 1,000 merchant locations.

• Ayrloom launches as New York's first legal cannabis beverage to hit the market.

• California cannabis nursery adopts blockchain technology.

• The town of Garberville, California struggles financially; cannabis legalization may be to blame.

• Underground bunker used to grow cannabis raided by police in the U.K.

• Pot-growing grandma loses court case.

State of the Industry

Connecticut: Following a big opening day for the adult-use market, recreational sales finished the first week strong with more than $2 million in product sold.

Michigan: Recreational sales finally started in the city of Detroit this month, over three years after being permitted in Michigan statewide.

Missouri: Adult-use sales are set to start in February after the state's new cannabis laws went into effect in December.

New York: Local councilmembers are urging the NYPD to crack down on illegal cannabis shops in NYC.

New Jersey: The New Jersey Cannabis Regulatory Commission approved new rules to allow cannabis consumption lounges.

Virgin Islands: A bill on cannabis legalization has passed in the U.S. territory.

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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