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- 🌿 Luxembourg legalizes, NBA's new CBA, and MSOs missed merger
🌿 Luxembourg legalizes, NBA's new CBA, and MSOs missed merger
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: Luxembourg legalizes cannabis, NBA signs new CBA, MSOs miss merger deadline, and more. Let’s get to it.
Alex Lipnik
July 07, 2023
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.
If you’re enjoying the content, don’t forget to share the newsletter with colleagues, family, and friends using your unique referral link at the bottom.
Here’s what we’re rolling up this week:
Luxembourg legalizes cannabis
NBA signs new Collective Bargaining Agreement
MSOs miss merger deadline
…and more. Let’s get to it.
Was this email forwarded to you?
🚨 Roll Call
Policy
Source: Encyclopedia Britannica
Luxembourg legalizes cannabis. Luxembourg officially legalized cannabis cultivation and consumption for adults, becoming the second country in the European Union to do so behind Malta.
The bill allows people to grow up to four plants and possess up to three grams.
In a risk reduction and crime prevention approach, Bill 8033 plans to legalize the domestic cultivation of cannabis under certain conditions. The cultivation, from seeds, of four cannabis plants per domestic community is authorized for adults. As a corollary, personal consumption in the private sphere is authorized. The place of cultivation must be either the domicile or the habitual residence and the plants must not be visible from the public road. At the same time, a simplified criminal procedure is introduced for certain behaviors which remain prohibited, namely the consumption, possession, transport and acquisition in public, for their sole personal use, of a maximum of three grams of cannabis by persons majors.
During debate leading up to the vote, Minister of Justice Sam Tanson called cannabis criminalization "an absolute failure" and argued "we must dare to take another path" and "seek solutions".
Business
Source: Deadspin
NBA signs CBA. The National Basketball Association and the National Basketball Players Association signed a new Collective Bargaining Agreement, which included updates around cannabis. Most notably, it removes cannabis from the league’s prohibited substances list.
The league suspended random testing for cannabis when it restarted play in the Orlando bubble following the onset of the COVID-19 pandemic. The move continued into the following season and again last season.
The deal also allows players to invest in and promote cannabis companies. In a summary of key changes, the NBA outlined the parameters as follows:
Investment. A player may invest in a company that makes products containing only CBD. A player may also hold a passive, non-controlling interest in a company that makes products containing marijuana.
Promotion. Players will continue to be prohibited from promoting marijuana companies, but a player may promote a company that makes products containing only CBD.
The new seven-year CBA will take effect on July 1, 2023, and run through the 2029-30 season. The full text can be found here.
Business
MSOs miss merger deadline. Cresco Labs and Columbia Care missed the June 30th deadline to complete the merger between the two colossal cannabis operators.
The deal, which would make Cresco the largest cannabis company in the United States, was first disclosed in March of last year. The deadline was extended in February.
The jointly delivered press release stated the companies “are working amicably with respect to the next steps in relation to the transaction and will provide further updates in the near future”. At this stage it is unclear whether they intend to complete the transaction.
🇺🇸 State of the Industry
Arkansas: A new state law allows medical cannabis cardholders to carry concealed handguns, despite potential discrepancies with federal law.
Connecticut: Adult residents can now grow cannabis at home.
Maine: New legislation states that legal use or possession of cannabis is not a violation of probation, parole, or pretrial release.
Minnesota: Cannabis products are subject to a new 10 percent tax.
New York: Per Governor Kathy Hochul, the Cannabis Social Equity Investment Fund received a $150 million investment.
Ohio: The Coalition to Regulate Marijuana Like Alcohol submitted the necessary signatures to get its cannabis legalization effort on the November ballot.
Oklahoma: A lawsuit taking aim at increased fees for cannabis businesses was filed against the Oklahoma Medical Marijuana Authority.
📊 Business
MedMen adds new CEO and CFO
The nationwide cannabis retailer announced the appointments of Ellen Deutsch as Chief Executive Officer and Amit Pandey as Chief Financial Officer. Deutsch most recently served as Senior Vice President of Market Development and Shared Services at vertically integrated, multi-state operator Acreage Holdings. Pandey joins from Clever Leaves International, a NASDAQ-listed global medical cannabis company, where he served as Executive Vice President and Interim Chief Financial Officer.
Würk stays in-house for COO
The HR software company and payroll provider elevated Jennifer Meadows to the role of Chief Operating Officer. Meadows joined Würk in 2020 and previously served as director of operations.
💻 Tech
Cure8 achieves HIPAA compliance
The cannabis IT services provider formally verified its compliance with the HIPAA Security and Privacy rules.
🌏 Around the World
Germany: A cannabis legalization bill is expected to be submitted to the cabinet by mid-August.
💨 Quick Hitters
Lawmakers Matt Gaetz (R-FL) and Robert Garcia (D-CA) introduced amendments to relax rules around past cannabis use for military recruits and those seeking security clearance.
A study in Washington State suggests that recreational cannabis legalization led to fewer fatal and serious injury collisions.
New York State’s 16th adult-use dispensary is the first to open in Johnson City.
📚 What We’re Reading
📼 Video of the Week
🔎 Job Board
Director Supply Chain Planning
Curaleaf
$135,000—$165,000
Senior Analyst, Cost Accounting
Cresco Labs
$80,000—$90,000
Trulieve
What did you think of today's newsletter?Your feedback helps us create the best newsletter possible. |
Stay tuned for more cannabis industry news next week!
💚,
The Pre Roll Team
*Did someone forward you this newsletter? Sign up here.
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.
If you’re enjoying the content, don’t forget to share the newsletter with colleagues, family, and friends using your unique referral link at the bottom.
Here’s what we’re rolling up this week:
Luxembourg legalizes cannabis
NBA signs new Collective Bargaining Agreement
MSOs miss merger deadline
…and more. Let’s get to it.
Was this email forwarded to you?
🚨 Roll Call
Policy
Source: Encyclopedia Britannica
Luxembourg legalizes cannabis. Luxembourg officially legalized cannabis cultivation and consumption for adults, becoming the second country in the European Union to do so behind Malta.
The bill allows people to grow up to four plants and possess up to three grams.
In a risk reduction and crime prevention approach, Bill 8033 plans to legalize the domestic cultivation of cannabis under certain conditions. The cultivation, from seeds, of four cannabis plants per domestic community is authorized for adults. As a corollary, personal consumption in the private sphere is authorized. The place of cultivation must be either the domicile or the habitual residence and the plants must not be visible from the public road. At the same time, a simplified criminal procedure is introduced for certain behaviors which remain prohibited, namely the consumption, possession, transport and acquisition in public, for their sole personal use, of a maximum of three grams of cannabis by persons majors.
During debate leading up to the vote, Minister of Justice Sam Tanson called cannabis criminalization "an absolute failure" and argued "we must dare to take another path" and "seek solutions".
Business
Source: Deadspin
NBA signs CBA. The National Basketball Association and the National Basketball Players Association signed a new Collective Bargaining Agreement, which included updates around cannabis. Most notably, it removes cannabis from the league’s prohibited substances list.
The league suspended random testing for cannabis when it restarted play in the Orlando bubble following the onset of the COVID-19 pandemic. The move continued into the following season and again last season.
The deal also allows players to invest in and promote cannabis companies. In a summary of key changes, the NBA outlined the parameters as follows:
Investment. A player may invest in a company that makes products containing only CBD. A player may also hold a passive, non-controlling interest in a company that makes products containing marijuana.
Promotion. Players will continue to be prohibited from promoting marijuana companies, but a player may promote a company that makes products containing only CBD.
The new seven-year CBA will take effect on July 1, 2023, and run through the 2029-30 season. The full text can be found here.
Business
MSOs miss merger deadline. Cresco Labs and Columbia Care missed the June 30th deadline to complete the merger between the two colossal cannabis operators.
The deal, which would make Cresco the largest cannabis company in the United States, was first disclosed in March of last year. The deadline was extended in February.
The jointly delivered press release stated the companies “are working amicably with respect to the next steps in relation to the transaction and will provide further updates in the near future”. At this stage it is unclear whether they intend to complete the transaction.
🇺🇸 State of the Industry
Arkansas: A new state law allows medical cannabis cardholders to carry concealed handguns, despite potential discrepancies with federal law.
Connecticut: Adult residents can now grow cannabis at home.
Maine: New legislation states that legal use or possession of cannabis is not a violation of probation, parole, or pretrial release.
Minnesota: Cannabis products are subject to a new 10 percent tax.
New York: Per Governor Kathy Hochul, the Cannabis Social Equity Investment Fund received a $150 million investment.
Ohio: The Coalition to Regulate Marijuana Like Alcohol submitted the necessary signatures to get its cannabis legalization effort on the November ballot.
Oklahoma: A lawsuit taking aim at increased fees for cannabis businesses was filed against the Oklahoma Medical Marijuana Authority.
📊 Business
MedMen adds new CEO and CFO
The nationwide cannabis retailer announced the appointments of Ellen Deutsch as Chief Executive Officer and Amit Pandey as Chief Financial Officer. Deutsch most recently served as Senior Vice President of Market Development and Shared Services at vertically integrated, multi-state operator Acreage Holdings. Pandey joins from Clever Leaves International, a NASDAQ-listed global medical cannabis company, where he served as Executive Vice President and Interim Chief Financial Officer.
Würk stays in-house for COO
The HR software company and payroll provider elevated Jennifer Meadows to the role of Chief Operating Officer. Meadows joined Würk in 2020 and previously served as director of operations.
💻 Tech
Cure8 achieves HIPAA compliance
The cannabis IT services provider formally verified its compliance with the HIPAA Security and Privacy rules.
🌏 Around the World
Germany: A cannabis legalization bill is expected to be submitted to the cabinet by mid-August.
💨 Quick Hitters
Lawmakers Matt Gaetz (R-FL) and Robert Garcia (D-CA) introduced amendments to relax rules around past cannabis use for military recruits and those seeking security clearance.
A study in Washington State suggests that recreational cannabis legalization led to fewer fatal and serious injury collisions.
New York State’s 16th adult-use dispensary is the first to open in Johnson City.
📚 What We’re Reading
📼 Video of the Week
🔎 Job Board
Director Supply Chain Planning
Curaleaf
$135,000—$165,000
Senior Analyst, Cost Accounting
Cresco Labs
$80,000—$90,000
Trulieve
What did you think of today's newsletter?Your feedback helps us create the best newsletter possible. |
Stay tuned for more cannabis industry news next week!
💚,
The Pre Roll Team
*Did someone forward you this newsletter? Sign up here.