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- 🌿 StateHouse assets being sold in receivership, FDA approves PTSD cannabis study, and Distru raises $6 Million Series A
🌿 StateHouse assets being sold in receivership, FDA approves PTSD cannabis study, and Distru raises $6 Million Series A
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: StateHouse assets being sold in receivership, FDA approves PTSD cannabis study, Distru raises $6 Million Series A, and more. Let’s get to it.
Alex Lipnik
November 22, 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:
StateHouse assets being sold in receivership
FDA approves PTSD cannabis study
Distru raises $6 Million Series A
…and more. Let’s get to it.
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🚨 ROLL CALL
Business
Source: StateHouse
Assets on offer. The assets of California cannabis company StateHouse Holdings, formed through the merger of four pioneering operators — Harborside, Loudpack, Urbn Leaf and Sublime, are up for sale by a brokerage firm in what MJBizDaily is reporting “could be the industry’s largest receivership deal” ever.
The portfolio being sold by way of the court-ordered receivership includes several brands with presence in over 900 stores, retail dispensaries on pace to do over $75 million in cumulative sales in 2024, and an array of licenses for cultivation, distribution, manufacturing, processing, and more.
Policy
Source: Missouri Independent
Seal of approval. After a three year delay, the U.S. Food and Drug Administration (FDA) has finally given clearance on a clinical trial to examine the use of smoked cannabis for treating PTSD symptoms in veterans. The study is sponsored by the Multidisciplinary Association for Psychedelic Studies (MAPS), a nonprofit research and educational organization that develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and cannabis.
Per MAPS, it will be “a randomized, placebo-controlled study of 320 Veterans suffering from moderate to severe PTSD who have previously used cannabis” aimed at producing “safety data about cannabis use that mirrors real-world consumption, developing an evidence base to inform medical professionals.”
“These data are critical to inform patients, medical providers, and adult-use consumers when considering cannabis in treatment plans for the management of PTSD, pain, and other serious health conditions, yet regulatory obstacles have historically made it difficult or impossible to conduct meaningful research on the safety and effectiveness of cannabis products typically consumed in regulated markets.”
“Our Veterans are in dire need of treatments that can ease their challenging symptoms of PTSD. In my own practice, Veteran patients have shared how smoking cannabis helped them manage their PTSD symptoms more than traditional pharmaceuticals. Suicide among Veterans is an urgent public health crisis, but it’s solvable if we invest in researching new treatments for life-threatening health conditions like PTSD.”
The trial will be funded by the Michigan Veteran Marijuana Research Grant Program.
Tech
Raise the roof. Cannabis ERP platform Distru closed $6 million in Series A funding led by Poseidon Investment Management with support from Berlin-based Global Founders Capital. A previous round was led by Felicis with contributions from notable individual investors Elad Gil and Avichal Garg.
The money will be used to extend Distru's suite of products, further enhancing compliance, inventory, integration, and order management capabilities. It will also enable expansion into 11 additional states.
"2024 has been a remarkable year for Distru, marked by efficient growth, achieving strong profitability, and significant product expansion through integrations with Metrc Connect, Dutchie, Treez, Blaze, and LeafLink. We are advancing our mission of consolidating cannabis operations under one platform, providing manufacturers, distributors, brands, and vertically integrated operators with a comprehensive toolset that enhances compliance, operational efficiency, and data-driven decision-making."
Distru’s enterprise resource planning platform is currently used by cannabis operators across 25 states and processes over $2 billion in GMV annually.
🇺🇸 STATE OF THE INDUSTRY
Georgia: The state’s medical cannabis program reached 25,000 patients, a milestone that will enable more dispensaries to open.
Massachusetts: The final license for the Commonwealth’s first cannabis research facility was approved by the state’s cannabis agency.
Michigan: Cannabis prices hit another record low in October and are down over 20% this year.
Minnesota: Two-thirds of social equity cannabis license applications were denied, leading to backlash against regulators; the remaining applicants will be part of a lottery in early December.
đź’Ľ BUSINESS
Old Pal enters into edibles
The cannabis lifestyle company is now shipping hemp-infused THC treats, such as flavored gummy chews and Rice Krispies Treats-like marshmallow crispies, across the country.
Wynk brings beverages to Georgia
The award-winning, low-dose, THC-infused cannabis seltzers are primed to premiere in The Peach State.
🤝 DEALS
Agrify set to secure Señorita THC margaritas
The provider of advanced cultivation and extraction solutions plans to acquire the hemp-derived beverages brand currently distributed in nine states and Canada.
đź’» TECH
Jane propels platform with AI and ML
The cannabis eCommerce pioneer leverages artificial intelligence and machine learning tools across its product ecosystem to connect consumers to the right products, enable stores to optimize operations, and help brands extend their targeted reach.
Nabis enters the Empire State
The wholesale cannabis platform launched in the New York market offering rapid order fulfillment, payment processing, customer service, and compliance with two storage facilities located in the Bronx and Rochester to provide 2-day shipping turnaround times in nearly all regions across the state.
🌏 AROUND THE WORLD
Australia: Parliament is set to vote on a cannabis legalization bill next week.
đź’¨ QUICK HITTERS
Former Florida congressman Matt Gaetz withdrew from consideration to be the next attorney general only 8 days after his nomination causing an immediate drop for cannabis stocks.
A dispensary co-founded by rapper Raekwon of Wu-Tang Clan, radio personality Charlamagne tha God, and CNN political commentator Bakari Sellers opened its doors in Newark, NJ.
Chicago’s iconic Italian sandwich shop J.P. Graziano has teamed up with Illinois dispensary chain nuEra to launch a limited-edition cannabis-infused giardiniera, aptly named GiardinuEra.
YouTuber Rosanna Pansino smoked cannabis grown from her father’s ashes to help fulfill his dying wish.
Multi-state operator AYR Wellness launched a line of pocket-friendly vapes as part of its Later Days brand.
A ribbon cutting ceremony was held last week to celebrate the first-ever cannabis dispensary in San Bruno, California.
📚 WHAT WE’RE READING
A 'monstrous problem' created 7 years ago haunts California's weed industry (SFGATE)
A huge step to help N.J. patients pay for medical weed is coming soon. No other state has done this. (NJ.com)
Intoxicating hemp booming in Missouri as regulators, marijuana industry try to shut it down (Missouri Independent)
🔎 JOB BOARD
Dutchie
$140,000—$160,000
LeafLink
$85,000—$115,000
Territory Account Manager – Montana
Wana Brands
$60,000—$90,000
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📨 PUFF, PUFF, PASS REEFERAL PROGRAM
Stay tuned for more cannabis industry news next week!
đź’š,
The Pre Roll Team
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