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Sending a bulk newsletter to people who haven’t subscribed would be poor practice. It’s likely to get a lot of spam reports, and unlikely to win you business, or start a relationship on the right foot. And subscribing them without permission would probably be against the spam act.
BUT that doesn’t mean you can’t reach out to those companies, and start a relationship with them. It just takes more work. If it’s personalised, relevant, explains why you’re emailing them, and refrains from selling them something on the first email, then cold emailing can be a positive experience for the recipient and a worthwhile activity for you.
But again, that takes more work.