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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:

• GTI teams up with Magnolia Bakery

• Congressman Earl Blumenauer retires

• Federal cannabis bills brought before Congress

…and more. Let’s get to it.

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🚨 Roll Call

Business

Get Baked. Green Thumb Industries, one of the largest cannabis companies in the United States, has teamed up with the New York City-based, world-famous Magnolia Bakery on a collaboration featuring two limited-edition THC-infused chocolate bars.

The treats will celebrate Magnolia’s most iconic, fan-favorite flavors — banana pudding and red velvet cupcakes:

• Swirled Famous Banana Pudding Bar: a swirl of creamy vanilla pudding, crunchy vanilla cookies and freeze-dried bananas, containing 10mg THC per piece and 100mg THC per bar.

• Red Velvet Piece Ahhh Cake 1:1 Bar: flavors of moist crimson cake, cream cheese tang and rich dark chocolate, containing 10mg THC and 10mg CBD per piece and 100mg THC and 100mg CBD per bar.

This is the bakeshop’s first foray into the cannabis industry. The bars will be available at RISE Dispensaries in Illinois, Nevada and Massachusetts.

Policy

Congressional cannabis champion. Congressman Earl Blumenauer, a champion of federal cannabis reform, announced this week he will not seek re-election in 2024. He has served in elected office at every level—as a State Legislator, Multnomah County Commissioner, Portland City Council member, and for the last 27 years in the House.

Blumenauer became involved in cannabis reform during his first term in state politics when Oregon became the first state to decriminalize cannabis in 1973. He continued advocating to end the failed war on drugs throughout his time in Congress. Blumenauer authored the report “The Path Forward: Rethinking Federal Marijuana Policy” and in 2017 co-founded the Congressional Cannabis Caucus.

His replacement is still unknown, but they will have big shoes to fill in the cannabis world.

Policy

Getting their Acts together. A bipartisan bill, sponsored by Rep. Nancy Mace (R-SC), was filed last week aiming to amend the Controlled Substances Act with regards to cannabis. The bill builds upon the States Reform Act, which was introduced in 2021.

The legislation comes just over a month after House Democrats submitted the MORE Act for consideration, in an effort to decriminalize cannabis.

Despite the positive momentum from both parties, it will be tough to get anything passed with new House Speaker Rep. Mike Johnson (R-LA), who strongly opposes cannabis legalization, at the helm.

🇺🇸 State of the Industry

Arkansas: Dispensaries sold more than $211 million worth of products in the first three quarters of 2023, putting the state on pace to set a record for medical cannabis sales this year.

Missouri: State Senator Karla May sent a letter to the Division of Cannabis Regulation and Attorney General Andrew Bailey demanding an investigation into “egregious exploitation” of social equity cannabis licenses.

Ohio: A recently conducted cost-benefit analysis found recreational cannabis legalization, which will be on the November 7 ballot, would generate about $260 million in net benefits for society.

Pennsylvania: Lawmakers held a hearing to discuss the topic of legalizing adult-use cannabis.

📊 Business

Hara Supply opens new manufacturing facility in New Delhi

The world’s largest cones and combustibles manufacturer reported the opening of its 15th manufacturing facility to meet the international market’s exploding demand, and facilitate the production and distribution of customized pre-roll tube packaging for the global cannabis industry.

PUFF building largest cannabis company HQ in U.S.

The colossus Michigan-based cannabis company is moving its corporate HQ from Madison Heights to a renovated, 20,000-square-foot building in Troy, which it says will be the largest cannabis company headquarters in the United States.

🤝 Deals

Dama acquires Candid AI

The cannabis banking and payments solutions provider has agreed to acquire the digital eCommerce product recommendations platform.

💻 Tech

Green Check expands services marketplace

The cannabis fintech added a new wave of partners to its services marketplace, Green Check Connect, to give its over 8,000 cannabis business customers further value in the following categories: lending, payments, armored car services, CPA/tax advisory, legal, loyalty/e-commerce, education/training, marketing/PR communications, retirement benefits, specialty staffing, and consulting.

Simplifya launches cannabis regulations database and hemp tracking software

The regulatory and operational compliance software firm revealed two new offerings: a searchable database of cannabis regulations, known as RegFinder, and an expanded hemp license tracking platform, known as Simplifya Verified.

🏆 Awards & Honors

Power Partner Awards 2023 (Inc.): Cannabis eCommerce giant Jane Technologies made the annual list of high-caliber B2B companies devoted to providing entrepreneurs with the tools and resources they need to start, run, and grow their business.

2023 Clio Cannabis Awards (Clio): Winners were announced for the annual awards celebrating the creators at the forefront of cannabis marketing and communications; the highest honor, Clio Grand, went to documentary The Sentence of Michael Thompson and short film Black Women Are Resting.

🌏 Around the World

Malta: Regulators issued licenses to the European Union’s first two cannabis associations, allowing them to legally grow and distribute cannabis.

💨 Quick Hitters

• The City of Santa Monica, California approved zoning changes to finally permit the sale and delivery of adult-use cannabis.

• Country music legend Willie Nelson’s cannabis brand Willie’s Reserve will soon be available in Michigan.

• Rap icon and Wu-Tang Clan member Method Man introduced his cannabis brand TICAL Official in Missouri.

• Acreage debuted its Superflux craft cannabis brand in New Jersey.

• Harlem’s first legal adult-use cannabis dispensary, Gotham Buds, is officially open across from the historic Apollo Theater.

📚 What We’re Reading

• Why cannabis smells like skunk – and how that could soon change (New Scientist)

• ‘People just can’t pay their bills’: Oklahoma’s wild marijuana market is about to shrivel (POLITICO)

• The medical cannabis pioneers of Georgia: first pharmacy sales in US start in the Deep South (CNN)

• Nearly a year after legalization, Mississippi cannabis facilities adjust to new market, regulations (Mississippi Public Broadcasting)

• High times in Basel: Swiss city experiments with recreational cannabis (SWI swissinfo.ch)

📼 Video of the Week

About Green Gold Land: During the pandemic, many Chinese immigrants lost their jobs and had to look for new opportunities for money. They found a new “gold mine” - marijuana cultivation in states that have loose regulations. The film Green Gold Land shows how the Chinese community was thrilled about this opportunity and how this dream slowly collapsed. Read more here.

🔎 Job Board

• National Director of Sales Operations

  • Jeeter

  • $175,000—$200,000

• Risk and Compliance Manager

  • LeafLink

  • $85,000—$125,000

• Business Development Representative

  • Spendr

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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