🌿 Social Equity, SAFE Banking, and Software Shakeups

Hey there!

Welcome to another edition of The Pre Roll! This week we cover a historic dispensary opening in New York City, the involvement of a few notable names in SAFE Banking, some major headlines in the cannabis software world, and more. Let’s get to it.

Roll Call

Social equity standout. There were many firsts when New York’s second recreational cannabis dispensary opened earlier this week in NYC. It’s both the first individually-owned and first black-owned adult-use shop in the state. More importantly, it’s the first dispensary owned by a justice impacted individual. Roland Conner, who had prior cannabis convictions in the 1990s, was at the center of it all.

SAFE Banking boost. A report shows two major financial institutions — American Express and Citizens Financial — have recently lobbied for the Secure and Fair Enforcement (SAFE) Banking Act. The bill looks to open up access to financial services for cannabis businesses. While it didn’t get approved last year, the support of these corporations is significant. Might this be a sign of what’s to come?

Software company shakeups. A couple of big stories took place in CannaTech again this week. To start the week, news broke that technology company Dutchie is suing NASDAQ-listed Akerna Corporation over competition in Pennsylvania. The week ended with news that publicly traded FinTech POSaBIT is acquiring multiple compliance companies.

Quick Hitters

• New research suggests recreational cannabis laws are linked to reduced demand for prescription codeine.

• Senator introduces legislation to allow regulated cannabis businesses access to loans and other programs through the Small Business Administration (SBA).

• Records show Russian oligarch ties to America’s legal cannabis industry.

• Germany’s cannabis legalization plans face a setback.

• A cannabis-friendly hotel is set to open in Las Vegas this spring.

• Nike pushes back on CBD brand’s ‘Just Hemp It’ trademark.

• A “cannabis super center” is planned for an abandoned mall in California.

State of the Industry

Maryland: Newly-elected Mayor Wes Moore released more than $46 billion to kickstart the state’s adult-use program.

Michigan: Another record was set in December as consumers spent over $221 million on marijuana products.

Minnesota: The first testimony was heard in the Minnesota State Senate on a bill that would legalize cannabis for recreational use.

Mississippi: The first legal sales took place in the Magnolia State as it launched its medical cannabis program.

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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