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.

Here’s what we’re rolling up this week:

• The NCAA reconsiders its stance on cannabis

• Jane Technologies launches a point-of-sale

• HERBL collapses

…and more. Let’s get to it.

Was this email forwarded to you?

🚨 Roll Call

Policy

NCAA to reconsider stance on cannabis. There is support from the NCAA Committee on Competitive Safeguards and Medical Aspects of Sports to remove cannabis from the Association's banned drug list and testing protocols. The news comes after the committee was asked to evaluate the NCAA’s cannabis policy and whether drug testing should be limited to performance-enhancing substances.

A temporary pause on testing for cannabis at NCAA championship events may be considered as well while legislative action is being discussed.

Input on the issue will be gathered during the summer and a final decision is expected to come in the fall.

Tech

Jane joins the POS party. Cannabis eCommerce giant Jane Technologies announced this week the upcoming launch of its new point-of-sale offering. The solution utilizes features exclusive to the Jane platform, such as its extensive product catalog, integration capabilities, e-commerce IP, and ads engine, and includes custom hardware and a debit card payment system.

Moving into the POS market will allow Jane to connect the online and in-store cannabis experience for its retailers and their customers. It also gives Jane a product to compete with eCommerce rival Dutchie which launched its own POS in August of last year.

The POS is the latest in a series of product launches for Jane over the last few years. In 2021, the company launched a headless eCommerce solution called Jane Roots. It followed up with a cannabis shopping iOS app in 2022.

Jane also raised $100 million in Series C funding and expanded into Canada in 2021.

Business

A distribution disaster. HERBL, a leading California cannabis distributor, has collapsed according to MJBizDaily. The company had fallen behind on a key loan and has potentially tens of millions of dollars in unpaid invoices outstanding to brands.

Financial news outlet MarketWatch also reports most or nearly all of its staff has been laid off. As of 2022, the company had over 200 employees and claimed to deliver to more than 1,000 licensed retailers.

🇺🇸 State of the Industry

Alabama: The Medical Cannabis Commission put a hold on issuing licenses due to “potential inconsistencies” in the application process.

Rhode Island: Lawmakers approved legislation allowing recreational cannabis businesses to advertise statewide.

📊 Business

Aurora announces Q3 2023 financial results

The Canadian cannabis company reported its financial results for Q3 2023. Revenue increased to $64 million, up 27% YoY.

High Tide reports third consecutive quarter of record revenue

The Canadian cannabis retailer published its financial results for Q2 2023. Revenue increased to $118 million, up 46% YoY.

MedMen CFO resigns

The struggling multi-state cannabis operator disclosed the resignation of Ana Bowman as Chief Financial Officer. The search for a new CFO is underway.

RIV Capital releases financial results

The cannabis acquisition and investment firm shared its financial results for Q4 and fiscal year 2023.

Uncle Arnie’s gets backing of Boston Beer Co. founders

The cannabis beverage startup received investments from two founding partners of the brewery famous for its flagship Sam Adams lager and former Ally Financial CEO Michael Carpenter, among others. The capital will be used to fuel expansion.

🤝 Deals

Tilray officially takes Hexo

The global cannabis cultivator and producer revealed the completion of its acquisition of rival cannabis company Hexo. The deal was initially announced in April.

💻 Tech

Metrc renewed in Ohio

The provider of cannabis regulatory technology systems announced the renewal of its track-and-trace government contract with the State of Ohio.

Treez adds veteran senior executive

The cannabis POS company welcomed Suresh Khanna as President and COO after several years as an executive advisor. Khanna previously held notable roles as CRO and President at NextRoll and Director of Sales at Google, and most recently co-founded Pieces, a startup enabling developers to save, search, and reuse code snippets using AI.

💨 Quick Hitters

• Albuquerque, New Mexico now has more dispensaries than liquor stores.

• Burglars in Oakland, California used a forklift to target a local cannabis business.

• A survey report from Whitney Economics indicates less than 25% of cannabis operators are profitable.

📚 What We’re Reading

• Reversing the Damage of Cannabis Criminalization (YES! Media)

• The buildings constructed from cannabis (BBC Future Planet)

• I smoked weed in New York. Legalise it, but don’t have high expectations (The Sydney Morning Herald)

• Fighting for the voice of minority cannabis businesses (The Hill)

📼 Video of the Week

🔎 Job Board

• Senior Manager, SEC Reporting

  • TerrAscend

  • $110,000—$140,000

• People Business Partner

  • Treez

  • $95,000—$115,000

• Senior Software Engineer, Full Stack

  • Jane Technologies

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

*Did someone forward you this newsletter? Sign up here.