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🌿 Snoop Dogg bets big on cannabis beverages, cannabis companies report 2024 financial results, and Michigan distributes cannabis tax revenues

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: Snoop Dogg bets big on cannabis beverages, cannabis companies report 2024 financial results, Michigan distributes cannabis tax revenues, and more. Let’s get to it.

Author

Alex Lipnik
March 07, 2025

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:

  • Snoop Dogg bets big on cannabis beverages

  • Cannabis companies report 2024 financial results

  • Michigan distributes cannabis tax revenues

…and more. Let’s get to it.

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🚨 ROLL CALL
Business

Drink up. Global rap and cannabis icon Snoop Dogg is betting big on cannabis beverages. Through a strategic investment and partnership with Harmony Craft Beverages, Snoop is putting together a portfolio of cannabis beverages under the Iconic Tonics umbrella.

"I've always been about innovation, and functional beverages are the next frontier. People want drinks that do more than just taste good - they want benefits, and they want choices. Harmony Craft Beverages has been pioneering this movement, and together now as Iconic Tonics, we're bringing something fresh to the table. This is more than a brand - it's a lifestyle."

Snoop Dogg

In addition to Snoop's hemp-derived THC-infused Do It Fluid and Doggy Spritz brands, it also features award-winning brands including:

  • Lifeblood by Love Yer Brain (co-created with Wayne Coyne of The Flaming Lips) — a mind-expanding line of elixirs

  • Klaus — an expertly crafted line of infused mocktails by Master Mixologist, Warren Bobrow

  • Malus — an elevated cider experience

  • Herbaceé — sophisticated wine-inspired botanical-forward drinks

  • Lift — hemp-infused seltzers designed for balance and relaxation

Iconic Tonics drinks are available through a distribution network of both online and in-store channels, including top national retailers like Total Wine & More, regional partners like Woodman's Markets, and local commerce platforms like DoorDash.

Business

Source: NORML

Bottom line. A number of both plant-touching and ancillary cannabis companies reported financial results for the fourth quarter and full year of 2024, with mixed outcomes. Click on any business below for further detailed information.

Additional results are expected over the next few weeks, so stay tuned for more.

Policy

Source: Crain's Detroit Business

Give back. The Michigan Department of Treasury distributed nearly $100 million in state cannabis tax revenue to 302 local governments — 108 cities, 36 villages, 80 townships, 74 counties, and 4 federally recognized tribes — for the 2024 fiscal year as part of the Michigan Regulation and Taxation of Marijuana Act.

"Starting this week, my team will begin to distribute adult-use marijuana payments to Michigan’s local units of government and tribal partners. The dollars received from the adult-use marijuana taxes and fees go toward schools, roads and back into Michigan’s neighborhoods. Local entities and tribes can spend these dollars however they deem fit for their needs."

State Treasurer Rachael Eubanks

In addition, more than $116 million was sent to the School Aid Fund for K-12 education and another $116 million to the Michigan Transportation Fund.

🇺🇸 STATE OF THE INDUSTRY

California: Officials seized $534 million worth of illegal cannabis in 2024.

Maine: A group of health professionals, child health advocates, and state lawmakers is pushing for laws to require testing for medical cannabis.

New Jersey: Governor Phil Murphy wants to raise a special cannabis tax from $2.50 to $15 an ounce to fund social service and violence intervention programs.

💼 BUSINESS

ILGM launches U.S. Home Grow Tour

The cannabis cultivation leader is embarking on a nationwide event series covering six prominent cities to unite cannabis enthusiasts, cultivators, and newcomers through hands-on education and human connection.

🤝 DEALS

MariMed snaps up First State Compassion Center

The multi-state cannabis operator acquired two dispensaries along with cultivation and processing facilities from the Delaware-based cannabis company.

🏆 AWARDS & HONORS

America’s Best Startup Employers 2025 (Forbes): Cannabis eCommerce giant Jane Technologies checked in at #246 on the sixth annual list that evaluated companies on three criteria: company reputation, employee satisfaction, and growth.

Venture 50 2025 (TSX): Canadian cannabis company High Tide checked in at #21 on the ranking of the 50 top-performing companies on TSX Venture Exchange over the last year that evaluated companies on three criteria: one-year share price appreciation, market capitalization increase, and Canadian consolidated trading value.

💨 QUICK HITTERS

  • The National Hip-Hop Museum has turned to owning and operating three Washington, DC-based dispensary locations as a creative fundraising solution.

  • Glass House Brands appointed former AYR Wellness Head of Investor Relations Jon DeCourcey as Vice President of Investor Relations.

  • Women-led cannabis-infused edibles brand Grön introduced BIG BAR, a 1000mg THC macro-dosed chocolate bar that comes in both dark and milk chocolate.

📚 WHAT WE’RE READING

  • ANALYSIS: Rare Appeal to DEA Could Derail Cannabis Rescheduling (Bloomberg Law)

  • Donald Trump Is Going to Ruin Legal Marijuana (The New Republic)

  • Women are driving the wellness revolution in cannabis (MJBizDaily)

  • A Plan for Legal Weed Shops Failed. New York Wants Its Money Back. (New York Times)

  • Cannabis in Texas: Will the state turn green? (San Antonio Business Journal)

  • Contamination fears drive push to remake state cannabis agency (Los Angeles Times)

  • When will more dispensaries start opening in Minnesota? A cannabis business explainer. (Minnesota Star Tribune)

  • How far apart should legal weed stores be in NYC? Retailers demand clarity (Gothamist)

  • Ohio's marijuana law was supposed to support diverse businesses. What happened? (Columbus Dispatch)

  • A growing industry: How cannabis is moved across Pennsylvania (90.5 WESA)

  • Governor Youngkin’s expected cannabis veto: A $3.5 billion gift to Mexican cartels and Chinese gangs (Cardinal News)

  • Utah’s medical cannabis expansion was nearly snuffed out by opposition. A budding coalition is helping it pass. (Salt Lake Tribune)

🎙️ POTCASTS
📽️ VIDEO OF THE WEEK
🗓 UPCOMING EVENTS

April 28—May 1: The Last Prisoner Project is hosting Cannabis Unity Week 2025 in Washington D.C.

July 9—11: The Hemp Beverage Alliance is hosting the Hemp Beverage Expo in Atlanta, Georgia.

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💚,

The Pre Roll Team

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