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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:

• Cannabis companies report Q3 financial results

• New York reaches a settlement

• South Africa legalizes cannabis for personal use

…and more. Let’s get to it.

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🚨 Roll Call

Business

Q3’s a crowd. A host of plant-touching and ancillary cannabis companies reported financial results for the third quarter of 2023 to mixed results. Click a company below for further details on both financial and operating highlights.

• Acreage

• Ascend Wellness

• AYR Wellness

• Cresco Labs

• Green Thumb Industries

• Leafly

• MariMed

• Schwazze

• springbig

• The Cannabist Company (formerly Columbia Care)

• Trulieve

• Verano

• Weedmaps

Cannabis companies are looking to finish the year strong. Keep an eye out for end-of-year results in the new year.

Policy

New life for New York. Regulators in New York have reached “an agreement in principal” with a group of service-disabled military veterans to settle a lawsuit that has paused the industry since early August. This could jumpstart the state’s fledgling industry.

A New York Supreme Court judge initially issued a temporary restraining order blocking the Office of Cannabis Management (OCM) from issuing and approving new retail licenses. The decision came after a lawsuit was filed by the group of military veterans alleging the agency’s process for prioritizing applicants violated the state’s Marihuana Regulation and Taxation Act.

A judge later ruled at the end of August he will not exempt any Conditional Adult-Use Retail Dispensary (CAURD) licensees from the injunction put in place because the OCM failed to comply with a court order.

The Cannabis Control Board later finalized regulations to expand the state’s recreational rollout, including eight types of businesses: plant nurseries, cultivators, processors, cooperatives, distributors, dispensaries, delivery services and microbusinesses.

The approved changes also mean existing medical dispensaries, including MSOs, will be eligible, despite previous pushback.

Policy

SXSA. South Africa has officially passed a bill to legalize cannabis for personal use. The Cannabis for Private Purposes Bill was adopted by the National Assembly on Tuesday after being under consideration since 2018.

The new law does not allow for sale or purchase of cannabis, meaning residents will be required to grow it themselves.

The bill also provides expungement of criminal records for those convicted of possession, use, or dealing of cannabis.

🇺🇸 State of the Industry

Connecticut: The combined sales for adult-use and medical cannabis totaled almost $25 million for the month of October.

Florida: The Florida Supreme Court expressed skepticism over Attorney General Ashley Moody's argument for keeping recreational cannabis legalization off the ballot in next year’s general election.

Missouri: Nearly 100,000 cannabis convictions have been expunged from government records since recreational cannabis was legalized a year ago.

📊 Business

PAX partners with artist on exclusive vaporizers

The global cannabis brand announced the launch of its limited edition holiday collection “Love: Hits Different,” in partnership with artist James Goldcrown.

💨 Quick Hitters

• Ole Miss launched a new online graduate program focusing on medical cannabis.

• High Times shared its best fall-inspired edibles just in time for the holidays.

• Detroit awarded a second round of adult-use cannabis licenses.

• The executive director of the Cannabis Control Commission resigned after speculation about his future.

📚 What We’re Reading

• Stanford grads created a hangover-free alternative to beer: In just 4 years, they’re on track for $36 million in annual sales (CNBC)

• Marijuana legalization faces tough odds in red states despite Ohio win (The Washington Post)

• Why Some Seniors Are Choosing Pot Over Pills (The New York Times)

• Spain’s confusing cannabis policies spark similar problems faced by US states (POLITICO)

• Why cannabis enthusiasts are divided over legislation to legalise recreational marijuana in Australia (Australian Broadcasting Corporation)

🔎 Job Board

• Product and Growth Marketing Specialist

  • Flourish Software

  • $60,000—$75,000

• Sales Development Representative

  • LeafLink

  • $45,000—$60,000

• International E-Commerce Marketplace Associate

  • Boveda

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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