🌿 White House has no current plans on cannabis, Gold Flora enters receivership, and Elon Musk targeted by new legislation

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:

• White House has no current plans on cannabis

• Gold Flora enters receivership

• Elon Musk targeted by new legislation

…and more. Let’s get to it.

Was this email forwarded to you?

🚨 ROLL CALL

Policy

A big nothing-burger. The Trump White House has stated that currently "no action is being considered” on cannabis. This comes amidst ongoing speculation about the status of the presently paused rescheduling effort originally initiated by former President Biden.

The second Trump administration has otherwise been rather quiet with regards to cannabis. It did receive brief mention as part of a recent Executive Order, in which President Trump said D.C.’s failed policies, including decriminalizing cannabis, opened the door to disorder.

President Trump has previously voiced support for cannabis reform on several occasions. During his presidential campaign, Trump announced his intentions to vote in favor of recreational cannabis legalization in Florida and vowed to take action on cannabis if elected. And according to sources, Trump and his transition team “quietly backed” an unsuccessful cannabis banking bill just after the election.

It remains to be seen what, if any, action the President will take on federal cannabis policy during his second term in office.

Business

Golden receiver. Gold Flora, a California-based vertically integrated cannabis company, has appointed a receiver to manage its operations due to financial difficulties and legal issues. The appointment follows the company's failure to meet its obligations, marking a significant step in restructuring or potentially liquidating its assets.

Stone Blossom Capital has been named as the receiver and has the ability to sell all of the assets together or separately as it sees fit.

Policy

Directed at DOGE. Democratic Representative Mikie Sherrill (NJ-11) has introduced legislation directed at billionaire Tesla founder and de factor head of the Trump administration’s Department of Government Efficiency Elon Musk. The bill would require Musk and other special government employees to pass a drug test, and participate in random drug testing, in order to retain their status with the United States government.

Musk has a noted history of using drugs, including his now infamous smoke sesh on Joe Rogan’s podcast.

🇺🇸 STATE OF THE INDUSTRY

Alabama: Lawmakers advanced a bill aimed at putting strict regulations on hemp-derived products, despite pushback from industry representatives.

Indiana: A transportation-focused committee is considering a comprehensive ban on cannabis advertising.

Massachusetts: Findings from the Office of the Inspector General revealed an “egregious operational breakdown” at the Cannabis Control Commission as it failed to collect $1.75 million in license fees.

Minnesota: The Office of Cannabis Management submitted its proposed rules governing legal cannabis for final approval, marking the next step in launching the state’s adult-use cannabis industry.

Missouri: Legislators are debating how to allocate cannabis sales tax revenue, which is constitutionally required to be divided up evenly between funds benefiting veterans, public defenders, and programs that prevent substance use disorders.

Oklahoma: The advocacy group Oklahomans for Responsible Cannabis Action has filed a constitutional amendment proposal in hopes of legalizing cannabis for adult-use.

Texas: Lieutenant Governor Dan Patrick has threatened to push for a special legislative session if a proposed THC ban fails to pass.

💼 BUSINESS

Curaleaf introduces caffeinated cannabis beverage

The international cannabis company launched Select FormulaX, an energy drink containing 10mg of hemp THC and 50mg of caffeine.

🤝 DEALS

Organigram enters America through acquisition

The Canadian cannabis producer acquired Collective Project, a cannabis beverage company, to expand into the fast-growing hemp-derived THC beverage market in the U.S. and cannabis beverage sector in Canada.

💻 TECH

Blaze introduces website builder

The cannabis technology company that provides point-of-sale and operational software solutions for dispensaries unveiled Blaze Sites, a website builder with a customizable, easy-to-use platform to streamline the online presence of cannabis businesses; features include inventory integration, e-commerce support, and compliance.

💨 QUICK HITTERS

• A Beverly Hills man was sentenced to 25 years in prison for defrauding investors out of nearly $18 million through two fraudulent schemes involving fake hemp-related businesses.

• New York City won a court ruling allowing its crackdown on unlicensed cannabis operators to continue.

• CannaCloud founder David Spargo settled with the SEC over allegations of misappropriating $1.5 million of investor funds

• A Florida appeals court overturned a drug-trafficking conviction for a man stopped at Tampa International Airport, ruling that the state failed to test all packages to determine if they contained illegal cannabis or legal hemp.

• Dasheeda Dawson is leaving her role as director of Cannabis NYC.

• An essay in The Yale Law Journal argues the federal government should decriminalize and deregulate cannabis instead of rescheduling it.

• A Michigan judge found that cannabis testing facilities founded by former police officers violated state regulations by mishandling testing procedures and misreporting results, leading to concerns over product safety and inaccurate THC levels.

📚 WHAT WE’RE READING

• He’s Building a Weed Empire in New York. Does That Make Him a Villain? (New York Times)

• Cannabis painkiller ‘can replace opioids with no danger of addiction’ (The Times)

• High just got higher: Trump tariffs to raise prices for US cannabis users (Reuters)

• 100 of 100 US senators on marijuana, SAFER Banking Act (Ask a Pol)

• Texting, Weed and Sing-Alongs: Four Radical Ideas for Bringing New Audiences to Movie Theaters (Variety)

• Cannabis pioneer on the future of weed-centric wellness (Globetrender)

• Ex-Stanford scientist designed a pot pill to replace painkillers. Now he sells 15 million a year. (SFGATE)

• A conservative argues to downgrade marijuana to a Schedule III drug (Tampa Bay Times)

🎙️ POTCASTS

• 'Weed Empire' Author Adam Bierman Takes Us Inside Cannabis Industry (Cheddar)

📽️ VIDEO OF THE WEEK

🔎 JOB BOARD

• Senior Business Development Manager (Energy & Climate and Cannabis)

  • Foley Hoag

  • $158,000—$189,000

• Head of Design - Cannabis Hardware

  • Planet of the Vapes

• Construction Director

  • Story Cannabis

📨 PUFF, PUFF, PASS REEFERAL PROGRAM

📣 PROMOTE YOUR BUSINESS OR BRAND IN THE PRE ROLL

Looking to get your business or brand in front of cannabis enthusiasts, entrepreneurs, and executives?

Email us here to learn more!

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

*Did someone forward you this newsletter? Sign up here.