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🌿 Nebraska eyes November ballot, The Cannabist Company flees Florida, and Trulieve puts pickleball partnerships in place

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: Nebraska eyes November ballot, The Cannabist Company flees Florida, Trulieve puts pickleball partnerships in place, and more. Let’s get to it.

Author

Alex Lipnik
September 06, 2024

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:

  • Nebraska eyes November ballot

  • The Cannabist Company flees Florida

  • Trulieve puts pickleball partnerships in place

…and more. Let’s get to it.

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🚨 ROLL CALL
Policy

Source: Zach Wendling / Nebraska Examiner

Third time is a charm. Nebraska Secretary of State Bob Evnen, the state’s top election official, confirmed organizers had gathered enough signatures to get measures to relating to medical cannabis on the ballot in November.

Nebraskans for Medical Marijuana submitted more than 114,000 signatures in July. This was the group’s third attempt to get the issue in front of voters.

The two petitions would legalize cannabis for medical use and regulate the state’s medical cannabis industry.

Signatures are still in the process of being verified before of the ballot measures can be certified. The deadline to certify the ballot is next week.

Business

Source: The Cannabist Company

Farewell to Florida. The Cannabist Company, formerly known as Columbia Care, is selling its Florida assets for a total of $16.4 million in multiple agreements. A leading MSO is acquiring one cultivation facility, while a joint venture between MINT Cannabis and Shango is set to acquire all 14 dispensaries in market along with two cultivation and manufacturing facilities.

The Cannabist Company will retain one MMTC License once the deals are done.

“We are pleased to announce our definitive agreements to transition our Florida operations over to a leading multistate operator and the MINT Shango JV. This strategic move aligns with our ongoing efforts to build a better business - rationalizing our footprint and focusing on our growth markets to enhance profitability. As previously disclosed, our Florida assets are better suited for other operators’ portfolios, allowing us to eliminate loss-making operations that represent less than 5% of revenue, while bringing in non-dilutive capital to further bolster the balance sheet.”

David Hart, CEO, The Cannabist Company

Upon closing of the transactions, the company will remain operational in 13 markets, although an ongoing exit from Washington, DC will bring that down to 12.

Business

Source: Talking Joints Memo

In a pickle. Trulieve, one of the biggest cannabis companies in the United States, announced partnerships with two of the leading pickleball organizations in the world — the PPA Tour and MLP.

Both organizations have explosive growth and popularity. The Professional Pickleball Association is the largest professional and amateur pickleball tour in the world, and boasts over 275,000 spectators across 25 tour stops nationwide and 20 million more watching on broadcast. Major League Pickleball is the foremost team-based coed pickleball league featuring nearly 100 players across 22 celebrity-owned teams.

"Pickleball is experiencing explosive growth across the country, and we are thrilled to partner with both the PPA Tour and Major League Pickleball to support the pickleball revolution. As the exclusive cannabis sponsor of these select events, we look forward to connecting with athletes, educating spectators on the benefits of cannabis, and supporting the top players of the fastest-growing sport in America."

Trulieve Chief Executive Officer Kim Rivers

Pickleball has been the fastest-growing sport in the U.S. for three straight years and each entity hopes to leverage that success to engage followers, reach new audiences, and foster a sense of community that accelerates cannabis education and acceptance through the sport of pickleball.

🇺🇸 STATE OF THE INDUSTRY

Arkansas: Medical cannabis sales are down slightly compared to last year.

Kentucky: Applications reached nearly 2,300 for medical cannabis dispensaries.

Missouri: The MO Hemp Trade Association filed a lawsuit in an effort to stop Governor Mike Parson’s ban on hemp-derived THC products.

Ohio: Adult-use cannabis sales topped $44 million in the first month.

🤝 DEALS

SNDL to purchase Indiva

The Canadian liquor and cannabis retailer is making the acquisition, which includes a state-of-the-art facility in London, Ontario and a portfolio of leading owned and licensed brands including Pearls by Grön, No Future, Wana, and Bhang Chocolate, to enhance its product offerings and further solidify its position in the Canadian cannabis market.

đź’¨ QUICK HITTERS

  • The campaign for Vice President Kamala Harris criticized former President Donald Trump for "brazen flip flops" on cannabis.

  • Pre-rolls are the fastest growth category in the cannabis industry.

  • Musician and record producer Shooter Jennings teamed up with Country Cannabis on a proprietary “Snake Mountain” strain.

📚 WHAT WE’RE READING

  • 26 states may soon need to regulate cannabis – here’s what they can learn from Colorado and Washington (The Conversation)

  • Marijuana Is Too Strong Now (The Atlantic)

  • Michigan marijuana prices hit a record low in July. Why? (Crain's Detroit Business)

  • Two years in, Minnesota’s THC market hasn’t lost its buzz (The Minnesota Star Tribune)

  • Ohio marijuana companies hyped coming recreational sales. The state slapped them with $212,500 in fines (Cleveland.com)

  • D.C.'s medical marijuana dispensaries are getting smoked (Axios)

  • THC seltzers quietly find a foothold in cannabis-cautious South Dakota (South Dakota Searchlight)

🎙️ POTCASTS
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Stay tuned for more cannabis industry news next week!

đź’š,

The Pre Roll Team

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