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Happy Friday Pre Rollers and Happy Saint Patrick’s Day! ☘️

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.

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This week we cover the death of a cannabis research pioneer, TerrAscend’s bid to be listed on the Toronto Stock Exchange, the United Nations issuing a statement on cannabis legalization, and more.

Let’s get to it.

🚨 Roll Call

News

Pioneer of cannabis research passes away. Raphael Mechoulam, a professor at The Hebrew University of Jerusalem known as “The Father of Cannabis Research,” died last week at the age of 92. Multiple major publications paid tribute.

Mechoulam was born in Sofia, Bulgaria in 1930. His family was often subject to anti-semitic laws and his father was taken by Nazis to a concentration camp during the Second World War and survived. The family immigrated to Israel in 1949, where he studied chemistry. He obtained his Ph.D. from the Weizmann Institute in 1958 and completed his postdoctoral studies in New York at the Rockefeller Institute. Mechoulam eventually became a professor at the Hebrew University School of Pharmacy, where he began his cannabinoid experiments in the 1960s.

In a statement, the American Friends of the Hebrew University summed up his key accomplishments: “His research team was the first to isolate delta9-THC (THC), the psychoactive component of cannabis, which affects the brain, consciousness, and creativity as well as Cannabidiol (CBD), the most important substance in the plant with medical benefits. Among Mechoulam’s many other achievements are the design and synthesis of numerous important novel cannabinoids that have important therapeutic potential as pharmaceutical drugs.”

In 2017, Mechoulam helped establish The Hebrew University Multidisciplinary Center for Cannabinoid Research (MCCR).

You can learn more about Professor Mechoulam’s incredible story by watching the documentary entitled “The Scientist” made about his life and work.

Business

TerrAscend tries for TSX. TerrAscend, a leading vertically integrated North American cannabis operator, has applied for a listing on the Toronto Stock Exchange. Reports indicate this would be the first major stock market membership for an American multi-state operator. Some have pondered if a move of this nature might be considered.

Policy

UN taking aim at USA? A new United Nations report from the International Narcotics Control Board appears to subtly call out the United States federal government for its attitude towards state-level recreational cannabis laws. An accompanying release mentions misalignment with the 1961 Single Convention on Narcotic Drugs. Cannabis news and policy publication Marijuana Moment has an excellent breakdown of the situation.

🇺🇸 State of the Industry

Kentucky: The state Senate voted with bipartisan support to legalize medical cannabis on Thursday. The bill must now pass in the House, where it has done so before. It then moves to the desk of Governor Andy Beshear — who has been vocal about his stance in favor of legalization — for final approval. If signed into law, the medical cannabis program would go into effect in 2025.

Maine: A bill to allow on-site consumption has been proposed by state lawmakers. In unrelated, but relevant news, regulators in the state aren’t doing underage checks on cannabis sales and have yet to cite a store for selling to minors since retailers were permitted to start selling recreational products in October 2020.

Michigan: Many cannabis businesses in the state are struggling as prices are dropping due to increased supply.

North Dakota: A measure to give medical cannabis patients a higher 30-day limit of THC passed in the state House on Wednesday after doing so in the Senate in January. It now heads to Governor Doug Burgum.

Oregon: Cannabis prices in the state are at an all-time low and the market is in its weakest economic position since inception, per a report from the Liquor and Cannabis Commission.

🌏 Around the World

Canada: A study found that recreational cannabis legalization “did not notably impact motor vehicle and pedestrian/cyclist injury” in the country.

Germany: Health minister Karl Lauterbach is hoping to present a proposal on cannabis legalization in the coming weeks. Having received “very good feedback” from the European Commission, he has expressed confidence that the EU will approve his plans.

Ireland: A man was charged with drug importation after 15kg of cannabis was seized from him at Belfast City Airport.

Spain: A forecast by The Spanish Agency for Medicines and Health Products shows the legal production of medical cannabis will quadruple this year, despite its use not yet being regulated.

📊 Business

A number of cannabis operators and ancillary companies reported fourth quarter and full year financial results for 2022. Find a list below:

• Ascend Wellness Holdings, Inc.

• Ayr Wellness Inc.

• Cresco Labs Inc.

• Glass House Brands Inc.

• Green Thumb Industries Inc.

• Leafly Holdings, Inc.

• MariMed Inc.

• SpringBig Holdings, Inc.

• TerrAscend Corp.

• TILT Holdings Inc.

• Trulieve Cannabis Corp.

• WM Technology, Inc.

Jones Soda: The craft soda company is expanding distribution of its Mary Jones cannabis-infused beverage brand to Michigan and Nevada.

STIIIZY: The cannabis lifestyle brand and retailer is bringing its products to Illinois, further extending its reach in the Midwest.

Toast: The national pre-roll brand is launching in Michigan through a local manufacturing partnership with 42 Degrees Processing.

🤝 Deals

JARS Cannabis: The privately held multi-state retailer completed its acquisition of boutique Colorado recreational dispensary chain Euflora.

MeriMed: The multi-state operator closed on the acquisition of vertically integrated Massachusetts medical cannabis operator Ermont.

💻 Tech

Alpine IQ: The data and marketing technology company announced the release of an updated platform including the addition of in-app shopping, re-ordering, and the ability to review historically purchased products.

Olla: The cannabis eCommerce trailblazer published a letter on its website stating it had come to the difficult decision to shut down operations and notifying customers its services will no longer be available as of April 1.

Paybotic Financial: The FinTech states it is working with Regent Bank to expand beyond payments and offer FDIC-insured checking accounts to customers.

springbig: The SaaS-based loyalty and marketing software platform introduced a new two-way enrollment integration with seed-to-sale and ERP platform Alleaves.

🏆 Awards & Honors

America’s Best Startup Employers (Forbes): Two cannabis companies — Wyld at #438 and Jane Technologies at #444 — made the fifth annual list of 500 employers done in partnership with market research company Statista. Businesses were evaluated on three criteria: employer reputation, employee satisfaction and growth.

Drinks Innovators of the Year 2023 (Food & Wine): Luke Anderson and Jake Bullock, co-founders of cannabis beverage company Cann, were included on the second annual list of the best and brightest in the drinks world.

💨 Quick Hitters

• A dispensary in Michigan is giving away a $30,000 weed-themed wedding.

• Kal Penn discusses President Joe Biden’s cannabis pardons on Comedy Central’s “The Daily Show” episode.

📚 What We’re Reading

• Which Political Party Will Legalize Weed? (Panel Session @ SXSW)

• Are antiquated marijuana policies exacerbating supply chain issues? (The Hill)

• New York’s Massive Cannabis Gray Market Could Cost The State $2.6 Billion In Lost Taxes By The End Of The Decade (Forbes)

• Adding Racial Equity To The Business Of Legal Weed (NPR)

• Why New York’s cannabis equity program is stranding women entrepreneurs (POLITICO)

• What Biden’s Tax Plan Would Mean for the Cannabis Industry (Harris Bricken Canna Law Blog)

• Hey budtender, take me to the Ganja Giggle Garden! A pot-crawl round LA’s boutique cannabis stores (The Guardian)

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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