🌿 USC Athletics partners with global cannabis brand, FundCanna launches flexible B2B payment solution, and Vangst acquires another temporary staffing agency

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:

• USC Athletics partners with global cannabis brand

• FundCanna launches flexible B2B payment solution

• Vangst acquires another temporary staffing agency

…and more. Let’s get to it.

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🚨 ROLL CALL

Business

Trojan Horse. The University of Southern California Athletics has entered into a multi-year partnership with global cannabis and CBD brand Cookies. The partnership, which will focus on USC football, men’s and women’s basketball, and athletics digital channels, is the first of its kind in college sports.

The agreement comes only a few short months after the NCAA Division I Council voted to remove cannabinoids from the banned drug class for championships and postseason participation in football.

Additionally, the NCAA Committee on Competitive Safeguards and Medical Aspects of Sports recommended, based on extensive study informed by industry and subject matter experts (doctors, substance misuse experts, and membership practitioners), that legislation be introduced and adopted to take cannabis off the list of banned substances in September of last year.

Tech

Pay up. Cannabis financing firm FundCanna announced the launch of ReadyPaid, a new business-to-business Buy Now, Pay Later (BNPL) flexible payment solution offering Net30 terms with the added option to extend terms for up to an additional six months.

Other key features include:

• Industry-Specific Solution: tailored exclusively for the cannabis industry, addressing both ancillary and plant-touching transactions.

• Embedded Technology: integrates seamlessly with seller websites, shopping carts, and point-of-sale systems, enabling quick and frictionless transactions.

• Regulatory Compliance: designed to navigate the complex regulatory landscape of the cannabis industry, ensuring compliance and security.

The launch came in conjunction with the PBC Conference, a cannabis industry event focused on payments, banking, and compliance that took place earlier this month.

Business

For hire. Cannabis industry hiring platform Vangst acquired Arizona and Oregon-based cannabis temporary staffing agency GreenForce and its over 100 clients. As part of the deal, GreenForce Founder and CEO Ryan Rosenfeld will join Vangst as Chief Business Officer.

The acquisition brings Vangst to more than 1,800 customers. The company has also surpassed 150,000 workers on its platform.

This marks the second acquisition of the year for Vangst. In April, it acquired CannabizTemp, the temporary staffing division of CannabizTeam in a 50% cash, 50% stock deal that it claimed was the first-ever acquisition in the cannabis HR space.

🇺🇸 STATE OF THE INDUSTRY

California: Governor Gavin Newsom proposed emergency regulations on intoxicating hemp products.

New Jersey: Governor Phil Murphy signed a bill placing intoxicating hemp products under the purview of the Cannabis Regulatory Commission, requiring a cannabis license to sell them.

Rhode Island: Regulators approved a hybrid licensing process that would include an initial screening process followed by a lottery.

💼 BUSINESS

KANHA teams with hotel to transform Thai tourism

The award-winning edibles brand joined forces with The Beach Samui, a boutique hotel located on the island of Koh Samui, to transform the landscape of wellness tourism by combining luxury hospitality and innovative cannabis therapies.

🤝 DEALS

GrowFlow taken by TDV Capital Partners

The cannabis industry SaaS platform was sold to the private equity firm that buys B2B businesses and invests capital and operational expertise in them to drive growth.

💻 TECH

Green Check collaborates with CTrust and Coda Capital Advisors

The cannabis fintech publicized the partnership aimed at providing banks and credit unions with new, data-driven transparency and insights to open up lending options for the cannabis industry.

💨 QUICK HITTERS

• Famed actor Woody Harrelson urged California Governor Gavin Newsom to sign the bill allowing cannabis cafes into law.

• North Carolina’s first and only recreational dispensary Great Smoky Cannabis Dispensary opened on Eastern Band of Cherokee Indians' (ECBI) territory.

• Cannabis data and analytics firm New Frontier Data revealed Wyld, Incredibles, Wana, and Kiva are the leading edibles brands by market share.

• The U.S. Hemp Roundtable, a national nonprofit advocacy organization, elected two prominent hemp-derived beverage leaders to its officer ranks.

📚 WHAT WE’RE READING

• Cannabis Legalization Is Very Popular. Here’s Why the Stocks Aren’t. (Barron’s)

• Trying to expand a cannabis business, surrounded by moratoriums (The Minnesota Star Tribune)

• Shopping around for favorable cannabis testing labs (Chemical & Engineering News)

• Tribal nations are expanding their footprint in the cannabis industry (MPR News)

📽️ VIDEO OF THE WEEK

🔎 JOB BOARD

• Senior Software Engineer

  • Dutchie

  • $165,000

• Senior Account Manager

  • BDSA

  • $80,000—$95,000

• Product Manager

  • BioTrack

📨 PUFF, PUFF, PASS REEFERAL PROGRAM

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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