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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.

A quick, but sincere, thank you to everyone that has taken the time to read The Pre Roll in our inaugural year of publication. We are so appreciative of the support and hope you have found value in our newsletter this year. Look out more content and updates as we grow in 2024.

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

• President Joe Biden issues pardons for cannabis convictions

• Interstate cannabis commerce takes a hit in California

• Ukraine legalizes cannabis for medical use

…and more. Let’s get to it.

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🚨 Roll Call

Policy

Pardon me. President Joe Biden announced he is granting pardons to thousands of Americans convicted of certain cannabis offenses on federal lands and in Washington DC.

Despite being welcomed news, experts say the move may have limited reach since it does not include anyone convicted on state charges.

Biden is also commuting the sentences of 11 people serving disproportionately long sentences for non-violent drug offenses.

Policy

California Dreamin’. The prospect of interstate cannabis commerce in California took a major hit as Attorney General Rob Bonta determined it could “result in significant legal risk to the State of California under the federal Controlled Substances Act” in a letter published earlier this month.

This comes just over a year after Governor Gavin Newsom signed a bill to create interstate cannabis commerce pacts.

Policy

Ukraine legalization. Ukraine has officially voted in favor of legalizing medical cannabis. According to Yaroslav Zheleznyak, People's Deputy of Ukraine, the law will come into effect six months after its publication meaning in the second half of 2024.

In the interim, the Ukrainian government will work to develop the necessary supporting framework to ensure the new law is implemented successfully.

Selling or supplying cannabis for recreational use still remains illegal.

🇺🇸 State of the Industry

Florida: The state Office of Medical Marijuana Use hinted 22 additional licenses for medical cannabis operators could be moving forward soon, nearly doubling the size of the state's legal cannabis industry.

Missouri: Combined medical and recreational cannabis sales exceeded $1.2 billion through November, on pace for over $1.3 billion total in 2023.

📊 Business

Curaleaf commences adult use sales in New York

The multi-state operator and international consumer cannabis products company began sales of wholesale adult use products across the state of New York after receiving approval from the New York State Office of Cannabis Management.

Green Dragon grows in Florida

The subsidiary of Eaze opened eight new Florida medical cannabis dispensaries, bringing its total to 36 across the state.

Theory Wellness becomes employee-owned

The Massachusetts-based cannabis company is transitioning its ownership entirely over to its employees, in what is known as an employee stock ownership plan (ESOP), becoming the largest of its kind in the country.

💻 Tech

POSaBIT applies to list shares on TSX

The cannabis fintech filed its application to list its common shares on the TSX Venture Exchange, a public marketplace for emerging companies.

💨 Quick Hitters

• A recent study in the Journal of Sports Economics found evidence suggesting cannabis legalization appears to improve basketball recruiting outcomes for in-state colleges but hurts recruiting outcomes for football programs in NCAA D1 sports.

📚 What We’re Reading

• Where Marijuana Laws Stand in the U.S. as Biden Pardons Thousands (TIME)

• Broken promises: How marijuana legalization failed communities hit hardest by the drug war (POLITICO)

• DeSantis promised to ‘drain the swamp’ in Florida. But his record on medical marijuana raises questions (CNN)

• An African history of cannabis offers fascinating and heartbreaking insights – an expert explains (The Conversation)

• Biden poised to loosen restrictions on marijuana, but some say it’s not enough (The Guardian)

• Colombia's cannabis industry in crisis over regulatory, political hurdles (Reuters)

• She Immigrated Legally. She Married a U.S. Citizen. But She Was Denied Citizenship for Working in Legal Cannabis. (POLITICO)

• Is pot legal now? Why marijuana is both legal and illegal in US, despite Biden pardons. (USA TODAY)

🎙️ Potcasts

• Cannabis investors - what you should know (Cannabis Investing Podcast)

📼 Video of the Week

🔎 Job Board

• Director of Banking Operations

  • LeafLink

  • $140,000—$185,000

• Marketing Manager

  • Curaleaf

  • $90,000—$110,000

• Trade Marketing Manager

  • Ascend Wellness Holdings

  • $85,000—$100,000

📨 Puff, Puff, Pass Reeferal Program

Stay tuned for more cannabis industry news next year!

💚,

The Pre Roll Team

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