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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.

This week we cover Ben & Jerry’s co-founder launching a nonprofit cannabis brand, an alcohol trade association advocating for cannabis legalization, Leaf Trade merging with Sweed, and more.

Let’s get to it.

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🚨 Roll Call

Business

From ice cream to cannabis. Ben Cohen, co-founder of Ben & Jerry’s and outspoken proponent for cannabis reform both personally and professionally, officially launched a nonprofit cannabis brand called Ben’s Best Blnz or B3.

The profits will be split between three organizations: 80% will be devoted for grants to Black cannabis entrepreneurs, 10% will be donated to the Vermont Racial Justice Alliance, a Black led racial justice organization whose mission is to secure sustainable power, ensure agency, and provide security for American Descendants of Slavery, while embracing their history and preserving their culture, and 10% will go to the Last Prisoner Project, the preeminent national organization working to decarcerate, expunge, and provide services to those who have been convicted of cannabis offenses.

“Our Mission is to sell Great Pot and use the power of our business to Right the Wrongs of the War on Drugs.”

The brand was built by Pentagram, a multi-disciplinary, independently owned design studio with offices in New York, London, Austin, and Berlin.

Policy

Alcohol trade association advocates for cannabis. In a letter to congressional leadership, the Wine & Spirits Wholesalers of America (WSWA) called for federal legalization and regulation of adult-use cannabis. The letter, which suggests the current federal system for alcohol regulation stands as a strong precedent, states:

The group claims to be the first alcohol industry trade association to take public action on federal cannabis legalization. It has commented on the topic in the past.

Tech

Cannabis tech combo. Wholesale cannabis marketplace Leaf Trade announced this week its merger with Sweed, an all-in-one cannabis retail operating platform with point of sale (POS), inventory management, eCommerce, in-store kiosks, last-mile delivery, analytics, loyalty, marketing, and payments. The combined solution will provide a fully integrated, comprehensive technology suite for cannabis operators and become the industry’s only B2B2C offering on the market. The joint entity will serve largely MSO clients and dispensary groups with multiple locations.

🇺🇸 State of the Industry

Idaho: A new bill, known as House Bill 370 or the Idaho Medical Cannabis Act, was introduced in the House or Representatives. The bill isn’t expected to advance.

Massachusetts: The Cannabis Control Commission had a data breach, accidentally making public the name, home and email address, phone number, and date of birth of every cannabis worker in the state.

Michigan: Attorney General Dana Nessel issued warrants for 12 people following a string of more than 20 dispensary break-ins across the state. She also used the opportunity to urge Congress to pass the Secure and Fair Enforcement (SAFE) Banking Act.

Montana: The Business, Labor and Economic Affairs Committee voted to table Senate Bill 546 aiming to eliminate adult-use dispensaries and significantly raise taxes on medical cannabis.

New York: An injunction preventing licenses from being issued in parts of the state was lifted in nearly every region. This paves the way for dispensaries to open in Brooklyn, Central New York, the Hudson Valley, and Western New York. The Finger Lakes remains the last area barred as the court continues to hear the case.

Pennsylvania: Lawmakers proposed a bill that would see recreational cannabis sold through state operated liquor stores. In Pennsylvania these stores, branded as Fine Wine & Good Spirits, are controlled by the Pennsylvania Liquor Control Board.

Vermont: The Cannabis Control Board received funding to build and run its own cannabis testing lab.

📊 Business

Aurora Cannabis: The Canadian cannabis company provided an update on its Nasdaq listing, noting it got a notification letter stating it was not in compliance with the exchange’s listing requirements as its stock price had closed at less than $1.00 per share over the last 30 consecutive business days.

Ayr Wellness: The vertically integrated U.S. multi-state cannabis operator announced an agreement to sell its Arizona assets and an option to acquire Ohio dispensary licenses.

Body & Mind: The multi-state cannabis company released financial results for Q2 2023.

Cannect Wellness: The premium craft cannabis cultivator and product manufacturer secured $7.5 million in equity funding to launch in Illinois.

Columbia Care: The cannabis cultivator, manufacturer, and retailer reported its financial and operating results for Q4 and full-year 2022, highlighting top-line revenue growth to more than $511 million, an 11% increase over 2021.

Curaleaf: The international provider of consumer cannabis products broadened its brand portfolio with the launch of JAMS, a flavor-forward cannabis edibles brand. The new brand debuted in Florida, with Arizona up next and additional states to follow in the coming months.

Old Pal: The cannabis flower brand formed an exclusive distribution partnership with licensed cannabis wholesale platform Nabis to bolster its footprint in the California market.

Planet 13: The vertically integrated cannabis company, which operates the world’s largest cannabis dispensary, disclosed its financial results for Q4 and full-year 2022.

Schwazze: The company formally known as Medicine Man Technologies Inc. detailed financial results for Q4 and full-year 2022.

Tyson 2.0: The premier cannabis company formed by legendary boxer Mike Tyson opened a new branded coffeeshop in Amsterdam, its first entry into the European market.

💻 Tech

BLAZE: The cannabis software company outlined its 2022 full-year results and 2023 achievements to date, including 90% revenue growth, acquiring two companies, receiving SOC certifications, releasing two new products, and expanding into 11 new states.

Metrc: The cannabis regulatory technology system provider expanded its contract with the State of Maryland to support its adult-use market. It has worked with the state’s medical market since 2016.

🌏 Around the World

Barbados: The chairman of the Barbados Medical Cannabis Licensing Authority (BMCLA) revealed the country’s first medical cannabis therapeutic facility is set to open sometime in 2023-2024.

Canada: Shoppers Drug Mart, Canada’s largest pharmacy retailer, is transitioning its medical cannabis distribution business to a platform run by biopharmaceutical company Avicanna.

England: A study found Londoners spend an estimated £1.45 billion every year on illegal cannabis to treat health conditions.

Nigeria: Members of the House of Representatives clashed over a bill hoping to legalize the commercial cultivation, sale, and use of cannabis.

💨 Quick Hitters

• Toys “R” Us filed a lawsuit against an unlicensed Brooklyn-based dispensary for copying its logo.

• A Vermont cannabis grower was fined $20,000 for delivering product across the state border after posting a video of it to Instagram.

• Award-winning edibles company Kiva Confections and iconic burger chain Fatburger partnered to create cannabis-infused ketchup.

📚 What We’re Reading

• How to Talk to Teens About Cannabis (So They Won’t Ignore You) (New York Times)

• Can you bring weed on a plane? It’s complicated (CNBC)

• Weed is legal in New York, but the illegal market is still booming. Here’s why (PBS)

• Malawi cannabis: Farmers' high hopes fail to materialise (BBC)

• Gotham wants to “change the narrative” about cannabis stores, but it’s got to clear some big hurdles first (Retail Brew)

Referral Breakdown

5 referrals: 20% Off Happi Promo Code 

10 referrals: Free 2oz. Veil Bottle

… and more to come.

Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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