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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:

• New York reveals massive market updates

• Tobacco giant plans to buy cannabis med-tech company

• Celebrities make cannabis-related headlines

…and more. Let’s get to it.

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🚨 Roll Call

Policy

New York State of High. New York State’s Cannabis Control Board (CCB) and the Office of Cannabis Management (OCM) made some major announcements at a public meeting this week. Among the long-awaited updates was the expansion of the state’s Conditional Adult-Use Retail Dispensary (CAURD) license program. An additional 212 licensees were approved, brining the total to 463 to date.

The launch of farmers market-style sales was also outlined.

The CCB and OCM are hopeful these moves will inject life into New York’s cannabis retail market that has had a relatively slow start since kicking off just before the beginning of the year.

Business

Big Tobacco makes big bet on cannabis. Philip Morris, one of the world’s largest tobacco companies and maker of Marlboro brand cigarettes, is buying Israeli med-tech company Syqe Medical in a deal worth approximately $650 million.

Syqe Medical is known for producing a metered-dose inhaler for medical cannabis, which has approval from Health Canada and is provided to veterans in Israel through a partnership with the Israeli Ministry of Defense.

The agreement further cements the tobacco giant’s move into the legal cannabis market after it previously invested $20 million in Syqe back in 2016.

Culture

Celebs and cannabis. Celebrities made headlines this week for a range of reasons related to cannabis.

• Supermodel Gigi Hadid was arrested for possession of cannabis while vacationing in the Cayman Islands; she was released on bail and slapped with a $1,000 fine two days later after pleading guilty to the charges.

• Actress and businesswoman Gwyneth Paltrow appears to be doing quite well in the struggling California cannabis market with her backing of cannabis-infused beverage company Cann.

• Golf legend John Daly is debuting golf-themed cannabis gummies next week as part of a larger line of cannabis products planned in conjunction with Osage Creek Cultivation.

• Pop superstar Taylor Swift found time amidst her wildly successful Eras Tour to attend Questlove’s birthday party at an exclusive cannabis club in New York City, where she was seen playing an adults-only version of Uno Dare with Jason Sudeikis.

🇺🇸 State of the Industry

New Mexico: The Regulation and Licensing Department revoked a dispensary’s license for selling out-of-state cannabis products.

Vermont: Cannabis businesses are not eligible for the same federal disaster aid as traditional businesses despite suffering similar damages in last week’s flooding.

📊 Business

iAnthus appoints new CEO

The multi-state cannabis cultivator and retailer named Richard Proud as the company’s new Chief Executive Officer and Director on the Board of Directors. Proud was most recently Executive Vice President of Revenue at Curaleaf.

Parallel pulling out of Pennsylvania

The vertically integrated, multi-state cannabis company is closing a processing facility in Pittsburgh and two dispensaries in Friendship and Erie of its subsidiary Goodblend.

TILT taking part in soon-to-open cannabis mall

The global cannabis company reported the July 22 grand opening of New Dia Cannabis Co., the East Coast’s first and only cannabis mall, in Boston across from Fenway Park.

Trulieve is suing Harvest dispensaries

The Florida-based vertically integrated, multi-state operator filed a $23.8 million lawsuit against Harvest of Ohio, which owns dispensaries in Beavercreek, Columbus, and Athens, for unpaid loans and other fees.

🤝 Deals

ACT Labs acquires Green Scientific

The lab testing company for the legal cannabis and hemp markets completed its acquisition of the lab operations and all related assets from Florida-based Green Scientific.

🌏 Around the World

Ghana: Parliament approved cannabis cultivation for industrial and medical purposes.

Ukraine: Parliament gave approval on a bill to legalize medical cannabis. It must pass a second reading after amendments are made before being sent to the president for signature to become law.

💨 Quick Hitters

• A survey looking at medical cannabis use of U.S. military veterans found 91% of respondents indicated medical cannabis helped them experience a greater quality of life.

• A study found proximity is the key factor in getting cannabis users to legal shops.

📚 What We’re Reading

• Smoking weed after work? A growing number of employers don’t mind. (The Washington Post)

• Your Guide to Legal Cannabis in New York City (THE CITY)

• High times in Thailand: New weed laws draw tourists from across Asia (The Associated Press)

📼 Video of the Week

🔎 Job Board

• Vice President of Brand Experiences, Culture & Events

  • Weedmaps

  • $229,000—$259,000

• Lead Analytics Engineer

  • Jane Technologies

  • $140,000—$195,000

• Strategic Account Manager

  • Puffco

  • $100,000+

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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