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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:

• Cannabis-related legislation takes center stage in Washington

• Two prominent tech players get in the cannabis game

• A major cannabis company rebrands

…and more. Let’s get to it.

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🚨 Roll Call

Policy

Acronyms aplenty. It was a big week in Washington, with several pieces of cannabis-related legislation making headlines.

• SAFER: Senate Majority Leader Chuck Schumer (D-NY), alongside Senators Jeff Merkley (D-OR), Steve Daines (R-MT), Kyrsten Sinema (I-AZ), and Cynthia Lummis (R-WY), introduced the bipartisan Secure and Fair Enforcement Regulation (SAFER) Banking Act — an updated version of the bill previously referred to as the SAFE Banking Act — ahead of a scheduled vote by the Senate Banking Committee next week on September 27. Key Republicans are already split on the new text.

• MORE: Democrats in the U.S. House of Representatives, led by Rep. Jerrold Nadler (D-NY), ranking member of the House Judiciary Committee, refiled the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act. The federal legalization and expungement bill has passed the chamber twice, but has yet to gain support in the U.S. Senate.

• CURE: The bipartisan Cannabis Users Restoration of Eligibility (CURE) Act, sponsored by Reps. Jamie Raskin (D-MD), Nancy Mace (R-SC), and Earl Blumenauer (D-OR), passed through the House Committee on Oversight and Accountability. The bill would prevent federal employment or security clearance refusals based on prior cannabis use.

Keep an eye out for follow up information as each of these bills progresses.

Tech

Oh Canada! Two prominent financial technology organizations announced partnerships with cannabis technology companies this week to enter the Canadian cannabis market.

Square, the commerce and financial services firm started by X (formerly known as Twitter) co-founder Jack Dorsey, is partnering with cannabis eCommerce giant Jane Technologies to offer cannabis retailers a fully integrated omnichannel solution. With the Jane platform, dispensaries processing with Square will be able to supplement their brick-and-mortar business with an online store, where customers can select items from an up-to-date menu and order for pick-up or delivery. An Early Access Program is open for authorized cannabis sellers in Ontario to begin testing the Square for Retail point of sale (POS) in stores before it is launched more widely.

It remains to be seen what this means for Jane’s own POS it debuted in June.

Global fintech Adyen is partnering with cannabis POS provider Cova Software to bring a fully integrated payments solution to cannabis businesses.

This is perhaps the “infrastructure that processes over $1.2 trillion in transactions annually” referenced by Cova in June when it launched its Cova Pay product in Canada.

Business

New brand, who dis? Columbia Care, one of the largest cannabis companies in the United States, officially rebranded to The Cannabist Company. The new name and brand identity, the company says, reflects its continued dedication to building a cannabis company for the future, which fosters innovation, creativity, and passion across its teams, adult-use and medical customers, partners, and the industry.

Cannabist was originally launched in 2021 as the formerly Columbia Care’s national retail brand, which now accounts for 36 locations across the country. The process of converting its retail portfolio to the Cannabist brand across the country will continue into 2024.

🇺🇸 State of the Industry

Alaska: In an effort to ease the tax burden on cannabis businesses and help them compete against the black market, the state is considering moving its cannabis tax system from a tax per ounce to a sales tax.

Massachusetts: Cannabis Control Commission chair Shannon O'Brien has been suspended from her position indefinitely; no reason has been given for the suspension.

Minnesota: The Minnesota Supreme Court ruled cannabis odor alone doesn’t justify probably cause for police to search a car.

📊 Business

Canopy Growth secures $50 million private placement

The North American cannabis and consumer packaged goods company entered into agreements with institutional investors in the offering to provide additional liquidity, further strengthen its financial position, and use the funds for working capital and other general corporate purposes.

High Tide reports third quarter results

The Canadian cannabis retailer shared its financial results for Q3 2023. Revenue for the third quarter increased to $124.4 million, up 30% YoY; gross profit increased to $34.6 million, up 34% YoY.

💻 Tech

Distru partners with Pistil Data

The seed-to-sale ERP revealed an integration with the cannabis market intelligence company allowing mutual clientele to access critical data inside its platform where business operations are managed and save considerable time from switching between tools.

Nabis teams up with Eaze

The wholesale cannabis platform joined forces with the California cannabis delivery service to create a streamlined distribution channel for retail delivery, private label products and an expansive network of brand partners.

💨 Quick Hitters

• A record number of banks are serving the cannabis sector.

• Cannabis marketplace Leafly is suing regulators in New York over a third party marketing ban.

• Aurora Cannabis partnered with Brazilian herbal medicine company Herbarium to expand its CBD portfolio in the country.

• MariMed’s Bubby’s Baked brand released new THC-infused blueberry muffin bites.

• Workers at a Phoenix dispensary went on strike, the first labor action of its kind in Arizona.

• Cheech and Chong’s Cannabis Co. is collaborating with Dreamz Dispensary to bring its products to New Mexico.

• GlassPass Founder & CEO was included on the Bay Area Inno Under 25 list.

📚 What We’re Reading

• Opinion: I’m the Black owner of a California cannabis company. Here’s why there aren’t many others (Los Angeles Times)

• I was arrested for trying to buy cannabis 15 years ago. Now, I run a multi-million dollar business selling weed. (Business Insider)

• Apple picking season? In Colorado, you can pick your own hemp (NPR)

• The Goldilocks Option of Cannabis Reform (Slate)

🔎 Job Board

• Supply Planner

  • Kiva Confections

  • $90,000—$100,000

• Sales Analyst

  • Urbn Leaf

  • $65,000—$75,000

• Manager, Sales (Inside)

  • VIBES Fine Rolling Papers

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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