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- 🌱 Sports Cannabis Reform, New Banking Lead, MiracleGro Splits
🌱 Sports Cannabis Reform, New Banking Lead, MiracleGro Splits
Welcome to Rise & Roll, a bi-weekly newsletter that keeps you smart, savvy, and always in the loop on the latest in cannabis.
Here’s what we have on deck for today…
Sports leagues embrace cannabis in major policy shift
The NFL just raised its THC testing threshold to 350 ng/ml and slashed fines
The NCAA completely removed cannabis from its banned substances list.
As sports leagues warm up to cannabis, we're seeing a surge in opportunities:
The Brooklyn Nets and NY Liberty just became the first NBA/WNBA teams to partner with a CBD company
The NFL is funding CBD research for pain management.
Major sports are finally recognizing what many athletes already knew: cannabis has a place in athletics.
Safe Harbor Financial picks new leader for growth
Sundie Seefried, Founder of Safe Harbor Financial is passing the torch to Terry Mendez, a tech-savvy executive with serious financial chops.
Why does this matter? Safe Harbor has moved over $25 billion in cannabis deposits across 41 states to date.
Now, they're shifting focus from basic banking to tech solutions that could make it easier for cannabis companies to handle money.
Cannabis banking is growing up – from just getting bank accounts to building sophisticated financial tools.
Miracle Gro sets cannabis division free
In a major strategic shift, Scotts Miracle-Gro plans to spin off its cannabis division, Hawthorne, into a standalone company. The move comes despite CEO Jim Hagedorn's previous commitment to keeping the division in-house.
While Hawthorne's Q1 revenue dropped 35% to $52 million, it's expected to generate $20 million in EBITDA this year.
The split isn't about cutting losses — it's about unlocking value. As a separate entity, Hawthorne could dodge some of the financial headaches that come with cannabis industry ties, like complicated banking relationships and tax situations.
Scotts’ move signals that even major players are rethinking how to structure cannabis investments — standalone operations might become the new norm for corporate cannabis ventures seeking clearer valuations and better access to capital.
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