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🌿 DEA delays rescheduling, Wana launches hemp-derived marketplace, and Gallup gathers data on cannabis perceptions

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: DEA delays rescheduling, Wana launches hemp-derived marketplace, Gallup gathers data on cannabis perceptions, and more. Let’s get to it.

Author

Alex Lipnik
August 30, 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:

  • DEA delays rescheduling

  • Wana launches hemp-derived marketplace

  • Gallup gathers data on cannabis perceptions

…and more. Let’s get to it.

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🚨 ROLL CALL
Policy

Source: Veriheal

DEA delay. The Drug Enforcement Administration has scheduled a hearing regarding the proposed rescheduling of cannabis under federal law. The hearing will take place on December 2, notably after the upcoming presidential election but before President Biden is set to leave office.

Under the recommended reclassification, cannabis is poised to move from Schedule I to Schedule III, represents the most significant policy shift in the more than half-century since the Controlled Substances Act came into effect.

“After the deadline to request to participate in the hearing, I will assess the notices submitted and make a determination of participants. Following that assessment, I will designate a presiding officer to preside over the hearing. The presiding officer will have all powers necessary to conduct a fair hearing, to take all necessary action to avoid delay, and to maintain order. The presiding officer's authorities include the power to hold conferences to simplify or determine the issues in the hearing or to consider other matters that may aid in the expeditious disposition of the hearing; require parties to state their position in writing; sign and issue subpoenas to compel the production of documents and materials to the extent necessary to conduct the hearing; examine witnesses and direct witnesses to testify; receive, rule on, exclude, or limit evidence; rule on procedural items; and take any action permitted by the presiding officer under DEA's hearing procedures and the APA.”

DEA Administrator Anne Milgram (via the Federal Register)

News of the delay was met with frustration and caused cannabis stocks to fall. It also adds another layer to rescheduling saga and something to keep an eye on as the election nears.

Business

Source: Wana Brands

Hello hemp. One of North America’s leading edible companies has launched an online hemp-derived products marketplace. Wana Brands, a subsidiary of Canopy Growth’s U.S.-based holding company Canopy USA, unveiled the direct-to-consumer Wanderous by Wana site at the end of last week.

The available selection includes a curated lineup of gummies and infused beverages in a wide variety of flavors, dosages and formulations from the following companies: Wana, Cann, Happi, Charlotte's Web, Martha Stewart CBD, and MXXN.

"The Wanderous marketplace represents a new chapter in our mission to enhance lives through plant-powered products—and offers an engaging experience where shoppers can expect reliable product education and a quality guarantee from one of North America's most experienced and trusted cannabis companies. Wanderous also allows us to reach entirely new audiences in non-legal states who are also in need of solutions for sleep, stress, pain or sheer enjoyment, but simply don't have easy access to safe, legal products. We are grateful for the opportunity to have such a positive impact on so many lives across the country."

Joe Hodas, President of Wana

The company also announced the debut of an exclusive lineup of three ready-to-drink infused sparkling beverages to accompany the launch — Wana Lemonade Uplift Blend, Wana Strawberry Lemonade Balance Blend, and Wana Raspberry Tea Relax Blend.

Wana Brands follows other major cannabis companies to join the recent hemp trend. Cannabis behemoth Curaleaf introduced its own hemp-derived eCommerce storefront earlier this summer.

Policy

Source: Gallup

Poll position. A new Gallup poll shows Americans’ views on the effects of cannabis have worsened since the last findings in 2022. Still, most people consider it is less harmful than tobacco, nicotine, and alcohol.

🇺🇸 STATE OF THE INDUSTRY

California: Lawmakers passed a bill to legalize Amsterdam-style cannabis cafes; it now awaits signature from Governor Gavin Newsom.

Maryland: The state’s top cannabis regulator Will Tilburg is stepping down in December.

💼 BUSINESS

Tokyo Smoke restructures

The Canadian cannabis retailer is closing 29 stores as it seeks creditor protection; 167 locations across Ontario, Manitoba, Saskatchewan and Newfoundland and Labrador will remain open.

💻 TECH

Dutchie fundraises $2 million with Last Prisoner Project

The cannabis tech giant and the nonprofit dedicated to freeing those incarcerated due to the War on Drugs joined forces to collect the funds in an effort to support expungement of criminal records, re-entry programs, criminal justice public policy reform, industry event coordination, and technological avenues to exponentially increase charitable contributions.

💨 QUICK HITTERS

  • Home Depot will no longer test current or prospective employees for cannabis use.

  • Researchers at the National Institute of Standards and Technology (NIST) are testing a new approach to detecting cannabis in breath.

  • Ascend Wellness CEO John Hartmann and CFO Mark Cassebaum have both been terminated, effective immediately.

📚 WHAT WE’RE READING

  • Cannabis and hallucinogen use remain at ‘historically high levels’ among young and middle-age adults, survey finds (CNN)

  • 'Out of Control': Burning Man's drug enforcement policies are shockingly strict (SFGATE)

  • Man planned 'perfect crime' by planting cannabis in estranged wife's car, knew it could draw death penalty (CNA)

  • Cannabis Reclassification Would Expand Banking Access to Industry, Advocate Says (The Wall Street Journal)

📽️ VIDEO OF THE WEEK
🔎 JOB BOARD

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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