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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:

• Maryland commences adult-use sales

• NFL players and cannabis consumption

• Cova brings payments to Canada

…and more. Let’s get to it.

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🚨 Roll Call

Policy

Maryland recreational cannabis kick-off. Adult-use cannabis sales start tomorrow July 1 in Maryland. After lawmakers ironed out the final details for the recreational market in April, Governor Wes Moore officially signed the bill into law last month.

Per the Maryland Cannabis Administration, 94 medical dispensaries have paid a fee to convert to recreational sales. The Baltimore Banner created a handy map showcasing where to find them.

The arrival of adult-use sales comes two decades after Governor Robert L. Ehrlich signed a law recognizing medical cannabis in Maryland.

News

NFL players getting blitzed. In an interview with Vanity Fair this week, Kansas City Chiefs tight end Travis Kelce said he estimates 50 to 80 percent of NFL players use cannabis. Kelce, who served a yearlong suspension for smoking weed while playing football at the University of Cincinnati, also admitted new rules make it much easier to avoid discipline from the league.

Last month, former NFL running back Le'Veon Bell admitted to using cannabis before games.

The cannabis industry has attracted many former NFL players including Calvin Johnson, Ricky Williams, and Joe Montana.

Tech

Cova Pay comes to Canada. Cannabis retail software company Cova announced the launch of Cova Pay in the Canadian market. The payment solution integrates seamlessly with Cova Point of Sale and enables cannabis stores to accept and process debit and credit card payments.

The company introduced a similar offering last year for U.S. cannabis retailers.

Cova claims to power 2,000 locations across North America.

🇺🇸 State of the Industry

California: A survey from the Public Policy Institute of California found that a record-high 64% of Californians think the use of marijuana should be legal.

Connecticut: Adults over the age of 21 can grow cannabis at home beginning July 1.

Missouri: The state will soon require plain packaging to keep cannabis products from appealing to children.

New York: At least 1,000 pounds of illicit cannabis with an estimated value of nearly $11 million have been seized from unlicensed businesses so far.

Oklahoma: A report by the Oklahoma Medical Marijuana Authority discovered regulated cannabis supply outpaces regulated medical cannabis demand by at least 32 times.

📊 Business

Greenlane regains compliance with Nasdaq listing requirements

The global distributor of cannabis accessories, vape devices, and lifestyle products will continue to have its Class A common stock listed on Nasdaq after being notified in December that it was not in compliance with the minimum bid price rule.

TerrAscend to list on the TSX

The North American cannabis operator received conditional approval from the Toronto Stock Exchange to list its common shares.

💻 Tech

Ispire Technology raises $8 million

The vapor technology company raised the proceeds from the private placement of a total of 1,117,420 shares of common stock at a purchase price of $7.13 per share. The funds will be used for the development of manufacturing operations in Vietnam and California, research and development activities, marketing and promotion, and more.

springbig introduces AI assistant tool

The SaaS-based marketing solutions provider introduced the feature, powered by OpenAI’s language model GPT-3.5, to allow cannabis retailers to leverage artificial intelligence to write engaging content for their email campaigns.

🌏 Around the World

Canada: Cannabis sales grew 157% from May 2020 to May 2023 according to an industry report published by cannabis data and market intelligence firm Headset.

Colombia: The Senate rejected a bill to legalize recreational cannabis.

Malta: Despite applications from 26 potential non-profit cannabis club operators, no licenses have been granted yet. However, authorities have assured cannabis clubs they will receive support from local banks.

💨 Quick Hitters

• Florida Governor and Republican presidential candidate Ron DeSantis says he won’t decriminalize cannabis if elected in 2024.

• A study by Grand View Research estimates the global cannabis technology market will reach $23 billion by 2030.

• Viola Brands is opening its first Chicago-area dispensary.

📚 What We’re Reading

• Comic: An essential guide to recreational cannabis in Maryland (Baltimore Banner)

• Cannabis company once worth $19 billion is now so beleaguered that an analyst predicts its stock is heading to zero (Fortune)

• Where marijuana multistate operators are located by state (MJBizDaily)

📼 Video of the Week

🗓 Upcoming Events

July 27: The 2023 Cannabis Drinks Expo San Francisco will be taking place at the South San Francisco Conference Center.

August 1: The 2023 Cannabis Drinks Expo Chicago will be taking place at Morgan MFG.

🔎 Job Board

• Product and Solutions Marketing Manager

  • LeafLink

  • $85,000—$150,000

• Event Coordinator

  • Dutchie

  • $55,000—$75,000

• Director, Retail Risk Management

  • Cresco Labs

Whether you celebrate Fourth of July or Canada Day, we hope you enjoy your long weekend.

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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