Highly Objective

🏪 Vireo Growth to acquire Cannabist assets across 5 states for up to $35M

Dai Truong — Fri, 24 Jul 2026 16:59:19 GMT

⚽For any subscribers that follows EPL (English Premier League), I’ll be starting up an FPL league for Cannabis industry friends again—reply if you want to join.

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🌿 Industry

Federal Marijuana Rescheduling Hearing Wraps Up, With DEA Judge Laying Out Next Steps. — Marijuana Moment

Post-hearing briefs (max 50 pages) and proposed transcript corrections are due by August 17; the judge will then write his recommendation, but the final decision rests with DEA Administrator Terrance Cole — no timeline given

California Cannabis Awards Crowns 2026 Golden Bear Winners. The fifth annual awards recognized excellence across flower, concentrates, edibles, beverages, wellness products, pre-rolls, vape cartridges and more.

Source: Budist Event Recap: 2026 California Cannabis Awards, additional photos from @anandastrategy

The awards are part of the California Cannabis Experience, a first-of-its-kind educational and retail activation at the California State Fair that showcases California’s cannabis culture, agriculture, innovation and craftsmanship
2026 Golden Bear Winners
Sun Grown Flower: Greenshock Farms — Pink Rider
Mixed Light Flower: Ridgeline Farms — Blueberry Caviar
Indoor Flower: Wood Wide — Woodzy
Pre-Rolls: One of a Kind x Joy Ridge Farms — Dutch Treat
Cartridges: Moon Valley Cannabis — Neon Panther Live Rosin All-in-One
Concentrates: Moon Valley Cannabis — Neon Panther Ice Water Hash
Edibles: Emerald Sky — Blue Dream Live Rosin GrooveBar
Beverages: St. Ides — Lychee Pear High Tea
Wellness: Emerald Bay Extracts — Super Lemon Haze RSO Tablets

Georgia’s Expanded Medical Marijuana Law Generates Huge Boost In Number Of Registered Patients. Since the start of June, the number of registered medical marijuana patients has grown ~22%. — Marijuana Moment

There were about 34,000 active patients in the program at the beginning of last month, that number has now grown to more than 41,400

THC drinks hit $239M. Hemp-derived THC beverages generated $239 million in mainstream retail sales in the 52 weeks ending June 27, 2026, up 135% YoY, even as total alcohol dollars fell 3.3%. — Forbes

As of July 20, legislation seeking to delay the change remained stalled at the committee stage. The National Restaurant Association has separately urged Congress to delay the ban

Major Alcohol Industry Lobby Backs Bill To Keep Hemp THC Drinks Legal, But It Wants More ‘Discussion’ On Tax Rate. The Wine & Spirits Wholesalers of America (WSWA) is particularly applauding the legislation’s provisions that would create a three-tier framework for sales of cannabis-infused beverages, modeled on the system that is currently in place for alcohol. — Marijuana Moment

The new Lawful Hemp Protection Act, introduced by Reps. Andy Barr (R-KY) and Angie Craig (D-MN), would put in place a number of regulations for manufacturing, labeling, sales and taxation of hemp-derived products, including an age limit of 21
The new 60-page bill, which a press release from Barr’s office says is supported by the White House, would keep many hemp products that are now on the market legal for people over the age of 21, again changing the definition of hemp to allow concentrations of up to 1 percent total THC on a dry-weight basis

Significant jump in unit sales at Illinois cannabis retailers. The pace accelerated from 7.3% growth during the same period a year earlier, but prices are sliding as value brands lead the way. — MJBizDaily

Coming on the heels of a record year in 2025, it’s interpreted as a sign that demand keeps growing six years after the state legalized adult-use cannabis
Prices, meanwhile, keep sliding. Industrywide, cannabis prices have fallen for several years amid the oversupply experienced in more mature markets. Even so, store counts keep rising. Illinois now has 288 dispensaries, up 10% from a year ago, as new license holders open their doors, Crain’s reported

THC potency inflation, lab shopping continuing in Oklahoma cannabis. Oklahoma marijuana authorities haven’t yet opened their cannabis testing laboratory. In the meantime, major problems continue to flourish. — MJBizDaily

Familiar complaints of THC potency inflation, unsafe product and unscrupulous operators profiting via “lab-shopping” continue to plague the $600 million Oklahoma cannabis industry
That’s in part because, despite spending nearly $5 million over the past three years to develop a state-run “reference lab,” the Oklahoma Medical Marijuana Authority (OMMA) lab is still not yet up and running, authorities say

Arkansas Medical Cannabis Sales Total $140M During First Six Months of 2026, Down Slightly From 2025. Arkansas medical cannabis sales fell 2.6% during the first half of 2026 compared to the same period last year, even as state cannabis tax revenues held steady and active patient cards increased 7.7%.

💵 Deals

Vireo Growth to acquire Cannabist assets across 5 states for up to $35M. The deal includes up to 25 dispensaries and is expected to close in stages through the remainder of 2026 and into 2027, pending court authorization and regulatory approvals. Vireo will acquire certain cannabis cultivation, manufacturing and retail operations from subsidiaries of Cannabist across five markets: Colorado, Illinois, Massachusetts, New Jersey and West Virginia. Total consideration for the transaction, subject to certain regulatory approvals, will be up to $35M, comprised of up to $18.75M in cash payable at closing and up to $16.25M in seller notes. Upon closing each market, Vireo will deepen its presence in Colorado with eight dispensaries and enter four new state markets.

FLUENT Selling New York License, Certain Operations. FLUENT has entered into a definitive agreement with a third-party operator, pursuant to which, among other things, the purchaser will acquire Etain LLC, the company’s operating entity in New York. The purchase agreement was entered into on July 22, 2026. The transaction contemplates the sale of Etain’s Registered Organization license, certain of the company’s New York operating assets, and associated leases in New York in exchange for cash consideration, subject to customary purchase price adjustments.

📄 Company Updates

Parallel Closes 2 Florida Cannabis Facilities Comprising 330K Square Feet; Lays Off 211 Workers. Parallel Florida LLC, the corporate parent company of Surterra Wellness, which operates 44 dispensaries across the Sunshine State, filed a Worker Adjustment and Retraining Notification (WARN) with the Florida Department of Commerce on July 21, notifying government officials of the company’s layoffs during a 14-day period that began on July 6.

Ascend Wellness prepares for uplisting to US exchange. The company filed a proxy statement with the SEC and called a meeting of stockholders to vote on a reverse stock split.

🏬 Retail

Greenlight Expands Ohio Footprint With 4 New Dispensaries, Manufacturing Operations. The expansion brings Greenlight’s Ohio portfolio to eight dispensaries – the maximum number permitted under Ohio law. The expansion includes two newly developed Greenlight dispensaries, two established dispensaries now operating under the Greenlight brand, and expanded manufacturing capabilities designed to support Greenlight’s retail operations and future wholesale growth throughout Ohio. With these additions, Greenlight now operates 34 branded dispensaries across five states.

Trulieve opens Medical Dispensary in Marco Island, FL.

Curaleaf Expands Florida Presence with Edgewater Dispensary Opening. The opening expands Curaleaf’s Florida footprint to 74 and its nationwide count to 166.

Planet 13 to open Sarasota, FL dispensary. The 2,600 sq ft dispensary reflects Planet 13’s capital-efficient Florida store model, combining low build-out costs and attractive store-level economics with the company’s premium retail standards and flexibility for future merchandising. The location serves a high-income coastal market with strong year-round demand from both residents and seasonal visitors.

Premo Cannabis opens second NJ dispensary in Dover. Premo’s second location is in Morris County.

The Grass Cab opens in Maywood, NJ. A Black woman-owned and operated business, the boutique dispensary also aims to offer cannabis education, responsible-consumption initiatives and engagement programs.

🌱 Product

Mfused Introduces LIVE: A New Standard for Premium Cannabis Vapes. LIVE is a new collection of limited-release, specially tuned, cannabis vapes designed to deliver the fullest expression of fresh frozen cannabis. Combining real live resin or live rosin with a carefully balanced distillate blend and purpose-built hardware, LIVE delivers authentic flavor, exceptional potency and a consistently elevated experience for consumers who demand uncompromising quality.

King City Gardens x Jeeter Partner in Ohio. Through this exclusive partnership, King City Gardens will manufacture, launch, and distribute Jeeter products throughout Ohio.

MariMed’s Betty’s Eddies™ Expands Core Lineup with New Multi-Vitamin Inspired Betty’s Bite-A-Mins. Betty’s Bite-A-Mins, a daily wellness chew that combines full-spectrum cannabis, CBD, and essential vitamins in one delicious bite.

True Terpenes Launches LOUD Flavors: A New All-Natural, Higher-Intensity Flavor Platform Built for Today’s Consumer. Each of the first ten all-natural flavor profiles prioritizes taste intensity and flavor fidelity in vape and pre-rolls, helping brands build consumer loyalty by meeting their expectation for immediate, recognizable high-intensity flavor. Crafted using a molecule-by-molecule formulation approach, each LOUD Flavor keeps individual flavor notes distinct and longer-lasting throughout the experience.

Señorita Brings THC Beverages to Lollapalooza for the First Time. Through this new partnership, Señorita will offer its Mango Margarita and Lime Jalapeño Margarita at select GA Cocktail, GA+ and VIP bars throughout Grant Park.

THC-beverage channel mix skews to liquor. Of the $239M in mainstream THC-drink sales, liquor stores drove $132M, convenience $55M (fastest-growing), and food/grocery $49M.

Tilray Brands launches ZONNA, a fast-acting THC pouch brand. Tilray launched ZONNA, offering smoke-free, fast-acting THC pouches designed to sit between the gum and lip.

🎙️ Interviews

Cultivated Live — Building Rove to $100M with Paul Jacobson. Rove operates across 16 states and 3,000+ dispensaries with ~$100M in annual revenue.

Cannabis Investing Network — Uplisting is an Underappreciated Game Changer.” The hosts discuss turning bullish and why uplisting is an underappreciated catalyst, featuring Hirsh Jain of Ananda Strategy.

High Spirits — Ep. 145 (July 15) with Graham Farrar (Glass House). Farrar makes the case for California appellation and the state’s legacy status.

High Spirits — TWICL (July 10): “What Actually Happened at the DEA Hearings + Virginia’s 2027 Timeline.” Ben Larson and Marc Hauser break down the DEA rescheduling hearings and Virginia’s retail timeline.

🏦 American Bankers Association Urges Congress to Pass Cannabis Banking

Dai Truong — Thu, 09 Jul 2026 13:30:10 GMT

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🌿 Industry

American Bankers Association Urges Congress to Pass Cannabis Banking. The ABA called marijuana banking legislation more urgent given shifting hemp definitions and medical rescheduling, warning state-licensed proceeds are likely to rise substantially. — Marijuana Moment

Wyoming opts out of federal marijuana rescheduling. The Wyoming Attorney General said that the reclassification of medical marijuana under federal law does not apply in his state. — MJBizDaily

In Wyoming, state drug laws generally follow federal law. However, Wyoming state law also allows the state attorney general to object
AG Keith Kautz justified his objection on two facts:
- There are only three FDA-approved marijuana products, and all three are already scheduled
- Wyoming lawmakers have not legalized medical cannabis
“The question of whether to remove any type of marijuana from Schedule 1 of the Wyoming Controlled Substances Act is for the Wyoming Legislature and should not be done through the administrative rulemaking process. As stated in the original objection to the rescheduling, the decision to reschedule medical marijuana and marijuana products is an important policy decision that is best left with the Wyoming Legislature and should not be done through the administrative rulemaking process.” Kautz said in a press release

Cannabist Ruling Opens U.S. Bankruptcy Access for Cannabis. For the first time, a U.S. bankruptcy court recognized a foreign (Canadian CCAA) proceeding and extended Chapter 15 protections to a company’s U.S. state-legal cannabis subsidiaries— MJBizDaily

Michigan Supreme Court: Courts Can’t Ban Marijuana as a Probation Condition. The Michigan Supreme Court ruled trial courts can no longer prohibit legal marijuana use as a condition of probation. — Marijuana Moment

Cannabis Stocks Rally Into the Hearing. The AdvisorShares Pure US Cannabis ETF (MSOS) hit its highest level of 2026 as investors piled in ahead of the DEA hearing, with Trulieve’s landmark NYSE listing adding fuel. — Yahoo Finance

AMA Adopts New Marijuana Resolutions. The American Medical Association’s House of Delegates adopted resolutions recognizing the therapeutic benefits and risks of marijuana for older adults while advocating a ban on flavored cannabis vapes. — Marijuana Moment

380M+ Now Live Under Some Form of Legal Cannabis. The latest UN World Drug Report finds more than 380 million people now live in jurisdictions with some legal regulation of non-medical cannabis. — IDPC

89% of Dispensary Revenue Comes From Loyalty Members—Yet Most Never Activate the Rewards That Drive Repeat Sales. New Sweed Data Reveals That Dispensaries Don’t Have A Pricing Problem—They Have An Engagement Problem.

That's according to new Q1 2026 benchmark based on 2.1M cannabis shoppers and $452.5M in retail revenue across active dispensary loyalty programs
Loyalty members represent 81.7% of active customers and generate 89% of revenue. But despite enrollment growing ~35% YoY, fewer than one in four new members earn their first loyalty point, and just 6.6% reach their first redemption

Survey: THC Drinks Are Pulling Share From Alcohol. A new Crescent Canna survey (1,637 THC-beverage triers, May 29–June 11) found 77% drink less alcohol since trying THC drinks — 37% “much less,” 19% “slightly less,” and 21% quit alcohol entirely — Marijuana Moment

44% call THC drinks part of a regular wellness routine
On the looming ban, 87% are aware, 27% are already stocking up (41% more plan to), and if it hits, 67% would switch to other cannabis forms while 23% would drink more alcohol
Channel: 63% buy online, 26% at grocery/liquor/convenience

Poll: THC Drinks Drive Restaurant Choice. A NuggMD poll found cannabis consumers are overwhelmingly more likely to dine at restaurants that offer THC drinks as an alcohol alternative. — Marijuana Moment

💵 Deals

TerrAscend to Acquire Aunt Mary’s Dispensary (Flemington, NJ) for $9M. TerrAscend will commit $3M via a five-year 6% unsecured convertible note with an option to buy a 35% stake, plus $6M cash on exercise. Executive Chairman Jason Wild cited the shop’s ~$10M annualized revenue and brand/vertical-integration upside (Kind Tree, Legend, Valhalla, Cookies); it’s TerrAscend’s second Hunterdon County store after Union Chill.

Vireo Growth Enters Pennsylvania With ~$20M JV Deal. Vireo Growth is teaming with Hive Holdings (JV “Vive Penn”) to acquire FarmX/PhytoNatural, holder of a nonoperational retail license good for up to six PA medical dispensaries — $8M cash at closing plus ~645,161 Vireo shares issued in two years. The deal takes Vireo to 11 states; it now runs ~170 dispensaries and grew 2025 revenue >250% to $268.7M.

📄 Company Updates

Glass House Brands Completes First International Hemp Sale. Glass House Brands (NYSE: GLAS) sold smokeable CBD biomass from its Camarillo Greenhouse 4 into Europe — its first product sold outside California — with the crop positioned to remain sellable under the proposed federal intoxicating-hemp ban and to supply a potential Medicare-reimbursable CBD program.

Trulieve Proposes Reincorporation From British Columbia to Delaware. Trulieve has proposed redomiciling from B.C. to Delaware to better align its structure with its U.S. operations, with a shareholder vote set for Aug. 5.

🏬 Retail

Georgia Pharmacies and Dispensaries Begin Expanded Medical Sales. Georgia dispensaries rang up their first legal sales of cannabis flower on Wednesday, July 1 — the first day of newly expanded medical access that also brings independent pharmacies into the program.

Speakeasy Dispensary Expands to Corbin, Kentucky. This is Speakeasy’s fifth Kentucky location. The company also operates two dispensaries in Arkansas.

Trulieve Targets September for 3 Texas MMJ Stores. Trulieve filed renovation plans for medical dispensaries in Austin ($250K buildout), Dallas and San Antonio ($200K each), targeting September openings after receiving conditional approval for a Texas Dispensing Organization license.

Curaleaf Launches End-to-End Spanish-Language Retail Experience. Curaleaf rolled out a bilingual app, website, kiosks, print materials and Spanish-speaking staff tags across every state it serves — first tested in Florida — targeting the ~45M U.S. Spanish speakers.

🌱 Product

Flowhub Launches MCP Connector, Giving Retailers the Freedom to Innovate with AI. Flowhub MCP allows dispensary operators to connect their Flowhub account directly to AI tools they already use, including ChatGPT, Claude, Gemini, Grok, Perplexity, and Cursor, so they can take action inside Flowhub using natural language.

RYTHM x Mothership 7/10 Glass Collaboration. For the concentrate holiday, RYTHM (GTI) partnered with glass-art collective Mothership on a sweepstakes to christen a custom $25,000 dab rig at the RISE Mundelein consumption lounge.

ButACake Recalls Peach Elixir THC Beverages. ButACake recalled select Peach Elixir THC beverages over packaging concerns.

🧔 People

Missouri Cannabis Workers Notch Union Wins as Organizing Spreads. Workers at more Missouri marijuana businesses are winning union fights following a precedent-setting NLRB ruling. High Profile Cannabis dispensary workers in Columbia last week unanimously ratified what union officials say is the state’s first collective bargaining contract for cannabis workers, securing higher pay and paid vacation time.

🎙️ Interviews

Trade to Black — “What’s Happening Across Southern States in Cannabis?” (ft. Hirsh Jain). Hirsh breaks down the South: Virginia’s adult-use passage, Georgia’s medical expansion, Texas’s climbing patient counts, Louisiana’s strong program, and Arkansas’s high per-capita usage. And the SCOTUS cannabis/gun-rights decision.

High Spirits — Eddie Brennan of ayrloom + DEA Hearing Debrief. Eddie on scaling New York’s top-selling beverage/vape brand to $75M+ in retail through true vertical integration and CPG discipline — plus PAX Chief of Staff Laura Fogelman’s boots-on-the-ground notes from day one of the DEA rescheduling hearings.

Trade to Black — Canopy Growth’s Year of Reinvention. How Canopy Growth has cut debt, stabilized revenue, and rebuilt international momentum under Luc Mongeau.

🏛️ DEA’s Schedule III Rescheduling Hearing Opens

Dai Truong — Tue, 30 Jun 2026 13:01:11 GMT

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🌿 Industry

DEA Opens Formal Schedule III Rescheduling Hearing in Arlington. A DEA administrative law judge convened the hearing on June 29 in Arlington, VA, with proceedings scheduled to run through July 15. — Cannabis Business Times

The Drug Enforcement Administration (DEA) made it clear on June 29 that the government not only is the proponent of a Biden-era proposed rule to loosen restrictions on cannabis as a Schedule III substance, but it “supports” the rule, too
The DEA called its first witness, Dominic Chiapperino, Ph.D., of the U.S. Food and Drug Administration (FDA), on the first day of the two-week hearing, which is scheduled to conclude no later than July 15
The other witness is Dr. Corey Burchman, a professor at the Geisel School of Medicine at Dartmouth College in New Hampshire. He’s expected to testify that medical cannabis is an effective pain treatment
Before Chiapperino’s testimony and before the cross-examinations, James J. Schwartz, an attorney in the Diversion Section of the DEA’s Office of Chief Counsel made clear that the hearing is not about two things: It’s not about recreational cannabis use, and it’s not about legalization
Instead, the DEA attorney said the government’s two witnesses and supporting documents will lay the groundwork to overcome the burden of proof that cannabis has currently accepted medical use (CAMU) in the U.S
According to Vicente, the opponents’ witnesses are expected to be — MJBizDaily:
- Bertha Madras, a professor of psychobiology at Harvard Medical School and former official at the White House Office of National Drug Control Policy. Madras testified in favor of keeping cannabis a Schedule 1 drug as a government witness in 2014, who will testify on behalf of SAM
- Dr. Deepak Cyril D’Souza, a professor of psychology at Yale University who oversees the Yale Center for the Science of Cannabis and Cannabinoids and is the editor of “Marijuana and Madness,” a book in its third edition
- Sheriff William Honsal of Humboldt County, California. Honsal and D’Souza will testify on behalf of the states of Nebraska, Indiana and Idaho
- The National Drug and Alcohol Screening Association’s Executive Director Jo McGuire, who has lobbied for employers’ rights to deny jobs to cannabis users

U.S. Cannabis Sales and Jobs Decline Together for the First Time Since Legalization. A new industry report shows both employment and revenue fell in tandem — the first annual retail sales decline since 2014 — as price compression, oversupply, and the 280E tax drag continue to grind on operators. — Forbes

SAFER Banking Act Reintroduced — For the 8th Time. Bipartisan lawmakers refiled the Secure and Fair Enforcement Regulation Banking Act on the eve of the DEA hearings, again seeking to give state-legal cannabis businesses access to mainstream banking and payment rails. — MJBizDaily

Missouri Opens 77 Microbusiness Equity Licenses. Missouri’s Division of Cannabis Regulation will accept applications July 13–27 for 77 new microbusiness (dispensary or cultivation) licenses reserved for marginalized/underrepresented applicants, with a Sept. 9 lottery and licenses expected by December. The application fee is $1,500 (refundable if unsuccessful). — Marijuana Moment

White House Urges Congress to Spare Hemp From the November Ban. In a major reversal of pressure, the White House — which signed off on the hemp rules in the spending bill adopted last November — is now urging Congress to either adopt regulations protecting the sale of certain hemp-derived cannabinoids or delay the hemp rules again. — Marijuana Moment

OMB Director Russell Vought wrote to House Speaker Mike Johnson (as part of a supplemental funding request) asking Congress to revise federal hemp regulation “to ensure the fair treatment of hemp products” consistent with Rep. Andy Barr’s blocked Amendment #54 to H.R. 8646 — “or, at minimum,” to extend implementation of the framework in Section 781 of Public Law 119-37
Barr (R-KY) is preparing standalone legislation, but it faces a strange-bedfellows opposition of segments of the alcohol industry, licensed marijuana operators, and legalization opponents. President Trump separately urged Congress in April to protect full-spectrum CBD

💵 Deals

TerrAscend Completes Oversubscribed Debt Financing, Raising $21.7M. $11.1M of the gross proceeds were used to retire existing higher interest rate senior unsecured convertible debentures, with the remainder available for M&A. In connection with the closing, the Company issued an aggregate of 21,702 senior secured convertible debentures of the Company at a price of $1,000 per Debenture. The Debentures mature on September 30, 2031 and bear interest at a rate of 8.00% per annum, calculated and compounded quarterly, payable in cash, unless otherwise determined by the Company. The Debentures are convertible into common shares of the Company at a conversion price equal to $0.87, representing a 25% premium to the 20-day volume-weighted average price of the Common Shares on the TSX on June 22, 2026. The Debentures are secured by a second lien on the U.S. business.

Tilray Brands Acquires HelloMD. Tilray bought the telehealth/patient platform HelloMD to build a fully vertically integrated medical cannabis framework in Canada — adding practitioner support, patient engagement, and digital healthcare capabilities to its global medical platform.

Chicago Atlantic BDC (LIEN) and REFI to Merge into a ~$600M Cannabis Lender. Chicago Atlantic BDC’s all-stock merger with Chicago Atlantic Real Estate Finance (REFI), will create a larger, more diversified cannabis-focused BDC with ~$613M of NAV and a ~$771M loan portfolio — aimed at improving diversification and access to cheaper debt. REFI holders receive LIEN shares based on relative adjusted NAV per share.

📄 Company Updates

Glass House Brands Begins NYSE Trading (GLAS) on June 30. Glass House becomes the second U.S. plant-touching operator on a major American exchange, following Trulieve’s June debut. To qualify, it deconsolidated its dual-use retail subsidiary, keeping cultivation and wholesale (Glass House Farms, PLUS Products, Allswell) in the listed entity. CEO Kyle Kazan: “This listing was not possible prior to the recent reclassification of medical cannabis to Schedule III.”

TerrAscend Files Proxy for U.S. Uplisting. TerrAscend filed a preliminary proxy with the SEC and on SEDAR+ for an August 24 special meeting (record date June 30), asking shareholders to approve a share consolidation at a board-determined ratio between 1-for-5 and 1-for-20 to meet a U.S. exchange's minimum price requirements. Executive Chairman Jason Wild said uplisting "is no longer a question of if, it is a question of when."

Aurora Cannabis Maps a “Partner, Don’t Consolidate” Path into the U.S. CEO Miguel Martin said Schedule III could let a Nasdaq-listed Canadian LP participate in the U.S. medical market via partnership rather than ownership. Aurora — now “solely” medical, operating in 12 countries with EU-GMP infrastructure — posted $48.8M of international medical revenue in fiscal Q4 (mostly Germany). Notably, Martin says 280E relief is “less interesting to us”; the prize is U.S. medical market access.

🏬 Retail

C3 Industries’ High Profile Cannabis Opens in Manchester. C3 Industries’ 4th Connecticut dispensary opens at 185 Spencer Street, on the commuter corridor connecting Hartford, East Hartford, Glastonbury, and Southern Manchester.

Sweetspot Cannabis Opens 4th New Jersey Dispensary. Sweetspot held a ribbon-cutting in Hamilton Township alongside the mayor, joining its Mount Olive, Voorhees, and River Edge NJ locations (plus stores in RI, MD, CT, and VT).

🌱 Product

Sluggers USA 250 campaign celebrates America’s 250th anniversary. Ahead of America's 250th anniversary, Sluggers Hit is launching Sluggers USA 250, a limited-edition campaign built around the theme "America's Preroll." Running throughout July, the campaign features a limited-edition USA 250 Collector's Tin available at participating dispensaries across Arizona, California, Massachusetts, and New York. For Sluggers, the campaign continues the brand’s focus on collectible culture, pairing limited-edition packaging with exclusive merchandise to create an experience that extends beyond the product itself. It also reflects the brand’s California roots and continued investment in U.S. cannabis cultivation and manufacturing through Sacramento-based Natura.

Hemp THC Beverages Return to Ohio Shelves After Federal Court Ruling. A federal judge temporarily blocked Ohio from enforcing SB 56 (which would restrict hemp-THC products to licensed marijuana stores), letting 10 plaintiff companies put intoxicating hemp drinks back on liquor-store and mainstream-retail shelves while their dormant Commerce Clause challenge proceeds. Separately, the Trump White House asked Congress to “revise federal regulation of hemp… or, at minimum” delay the November hemp-THC ban. — MJBizDaily

🎙️ Interviews

High Spirits #142 — “Is California Cannabis Going Global?” w/ Glass House President Graham Farrar. Timely listen alongside the GLAS uplisting — Farrar on scaling California cultivation globally. — High Spirits

This Week in Cannabis Live (June 26) — Another Nasdaq Moment & DEA Fairness. “Medical-until-retail” uplisting loophole, the closed-door DEA hearings, and the Cannabis Council of Canada’s shutdown. — High Spirits / Cultivated

The Dime #304 — “Rescheduling Is Already Picking Winners” w/ Hirsh Jain. Rescheduling is far more nuanced than “Trump rescheduled cannabis” — states are interpreting it very differently based on license structure, and those details are already widening the gap between winners and losers. — The Dime

MJBizDaily Interview — Aurora’s Miguel Martin on the U.S. Medical Opportunity. Deep dive on Aurora’s GMP-led, partnership-first strategy for entering the U.S. medical market post-rescheduling. — MJBizDaily

🏛️ DEA Picks Participants For Marijuana Rescheduling Hearing

Dai Truong — Fri, 19 Jun 2026 18:03:08 GMT

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🌿 Industry

DEA Picks Participants For Marijuana Rescheduling Hearing, And Only Opponents Are Invited. The DEA began notifying parties who had expressed intent to participate that they have been invited to do so, and also sending rejection letters to those who are not being invited. — Marijuana Moment

The invited participants are: National Drug & Alcohol Screening Association (NDASA), Tennessee Bureau of Investigation, Smart Approaches to Marijuana (SAM), The States of Nebraska, Idaho, Indiana, and Louisiana, DUID Victim Voices, Kenneth Finn, MD, Phillip A. Drum, PharmD
Michael Bronstein, President of ATACH, said his group is “deeply disappointed that not a single supporter of cannabis rescheduling was selected. The upcoming rescheduling hearing will now strictly include prohibitionist parties that oppose President Trump’s position on rescheduling. It will now be solely up to the Drug Enforcement Administration to defend its rule.”

Trulieve Becomes the First U.S. Cannabis Operator to List on a Major American Exchange. Trulieve’s subordinate voting shares began trading on the NYSE under ticker at the June 10 open. — The Motley Fool

The uplisting itself was the catalyst — shares ran up sharply into the event (TRLV/TCNNF jumped 17.5% on the June 5th announcement day), and the post-listing drift looks like a classic "buy the rumor, sell the news" unwind.

Trulieve’s NYSE debut became possible after the U.S. government moved state-licensed medical marijuana businesses into Schedule III designation, which is reserved for drugs with possible therapeutical uses. This change creates a pathway for federal registration of medical cannabis operators
To qualify, Trulieve restructured its business so that the company listed on the exchange consists entirely of medical marijuana operations
Trulieve didn’t, however, abandon the recreational cannabis market. That business still exists and can continue generating revenue, but it’s not included in the NYSE-listed entity’s financial structure. Trulieve created a corporate structure that satisfies exchange requirements while preserving its economic exposure to the broader cannabis market

Massachusetts caps cannabis cultivation, expands retail. As of June 16, the Cannabis Control Commission stopped accepting new applications for indoor and outdoor marijuana cultivator licenses. — MJBizDaily

Massachusetts cannabis regulators recently moved in two directions at once, freezing one part of the market while opening another
With an estimated 1 square foot to 1.2 square feet of licensed canopy per adult age 21 or older, Massachusetts has significantly more cultivation capacity per capita than nearby Connecticut, where prices are higher, according to the CCC
Regulators are hoping that imposing the freeze will halt a trend that’s seeing cultivators go out of business in the unlimited-license market

Rescheduling Faces a D.C. Circuit Stay Bid Ahead of the June 29 DEA Hearing. NDASA, Smart Approaches to Marijuana, and pharma developer MMJ International Holdings petitioned the D.C. Circuit to stay the Schedule III order, arguing it bypassed scientific review and public comment; their suit is consolidated with a challenge from the Indiana and Nebraska AGs. The DEA’s substantive hearing — framed around whether to extend rescheduling to adult-use — opens June 29, with participants notified June 22. — Cannabis Business Times

Virginia Seals a Budget Deal to Launch Recreational Sales in 2027. Gov. Abigail Spanberger and legislative sponsors agreed to fold adult-use retail into the state budget — launch set for July 1, 2027, purchases up to two ounces, and an 8% excise tax after two years. The budget needs approval by June 30. — Governor of Virginia

Kentucky Gov. Rescinds Order Allowing Out-of-State Access for Cannabis Patients. Now that the Kentucky medical cannabis program has launched, Gov. Andy Beshear has rescinded a 2022 executive order allowing patients to possess out-of-state cannabis products. — Ganjapreneur

Louisiana Withdraws From the Anti-Rescheduling Lawsuit. Louisiana AG Liz Murrill dropped the state out of the case, leaving Indiana and Nebraska to carry the challenge. — MMJDaily

Alabama Opens Its Medical Market After a Five-Year Wait. The first state-sanctioned sale took place June 4 at Callie’s Apothecary in Montgomery, more than five years after the 2021 Alabama Medical Cannabis Act. — Alabama Reflector

Illinois folds hemp THC into regulated cannabis system, but drinks unclear. Gov. JB Pritzker had threatened to ban intoxicating hemp products entirely if lawmakers failed to establish regulations for the products.

WNBA Removes Cannabis From Its Banned-Substances List. Cannabis is no longer a prohibited substance under the league’s new collective bargaining framework.

Missouri cannabis sales hit a record $135.1M in May

Missouri cannabis sales hit record $135.1M in May. The average price of cannabis items sold dropped from $28.79 in May 2025 to $26.61 for the same month this year.

Restaurant lobby asks Congress to stop hemp THC drink ban. The National Restaurant Association sent a letter to leadership in the Senate and House of Representatives outlining its support for keeping hemp THC beverages legal with “durable” federal regulations that include age verification, quality control, labeling requirements and impairment standards while also allowing states and localities to set tailored rules for their markets—”similar to that of alcoholic beverages.”

💵 Deals

C21’s dispensary banner is Silver State Relief (Sparks, Fernley, Reno)

Vireo Growth to acquire C21 Investments. The acquisition will expand Vireo’s operating footprint in the Nevada market with 3 dispensaries and ~104,000 sq. ft. of cultivation and production capacity. Pursuant to the terms of the Arrangement Agreement, each shareholder of C21 will receive 0.023052 of a subordinate voting share of Vireo in exchange for each C21 Share held. With the acquisition of C21, it is expected that Vireo will broaden its presence in Nevada to ~15 total dispensaries and 158,000 square feet of cultivation and manufacturing capacity.

Vireo Growth Completes Bridgewell Acquisition, Plans to Acquire Nevada, Maryland Dispensaries. The aggregate consideration for the Bridgewell Transaction was based on a base purchase price of $40.0M, subject to adjustments for assumed indebtedness that will remain outstanding following closing and the assumption of certain other transaction expenses. After giving effect to such adjustments, the closing purchase price was ~$13.7M. In connection with the closing of the Bridgewell Transaction, Vireo issued unsecured, subordinated convertible notes to the Sellers. The Convertible Notes will convert on or after the second anniversary of closing into, on a pre-share consolidation basis, an aggregate estimated 22,036,528 subordinate voting shares of Vireo at a deemed price of $0.62/share.

Vireo entered into an APA dated June 5, 2026, to acquire an M3 Wellness dispensary, located in Hawthorne, Nevada, from M3 Wellness for total consideration of $500,000, $290,000 of which is payable in cash on closing, and the balance of which will be satisfied by issuing, on a pre-share consolidation basis, 416,667 subordinate voting shares of Vireo at closing. In addition, subject to the terms and conditions of the APA, Vireo shall pay to M3 Wellness a single, performance-based earnout, based upon achievement of certain EBITDA benchmarks by December 31, 2029. Vireo also announced that it previously entered into a definitive agreement dated November 3, 2025, to acquire an indirect 49% equity interest in Chesapeake Integrated Health Institute, LLC and Maryland Alternative Relief, LLC from the current members of HA-MD (the sole owner of such licenses) for total consideration of $1.55M, $400,000 of which is payable in cash on closing (subject to adjustment based on the financial condition of HA-MD at the time of closing), $400,000 of which will be paid under promissory note and the balance of which will be satisfied by issuing, on a pre-share consolidation basis, 1,111,110 subordinate voting shares of Vireo at closing at a deemed issue price per share of $0.675.

Cresco Labs Closes $50M Revolving Credit Facility With Needham Bank. Borrowings under the facility will be available to fund growth initiatives, acquisitions and general corporate purposes. As a source of nondilutive capital, the facility enhances Cresco’s ability to pursue strategic opportunities that strengthen the company’s balance sheet and long-term financial profile. The facility bears interest at a fixed annual rate of 7.99% and matures in August 2030.

The Cannabist Company Obtains Chapter 15 Recognition. A U.S. bankruptcy court granted Chapter 15 recognition of the CC Group’s Canadian CCAA proceedings, clearing the way for its cross-border restructuring and asset sales.

Zoned Properties Sells Its Michigan Cannabis Real Estate Portfolio. The REIT offloaded its Michigan property portfolio at a steep discount (~$700K), one of two Michigan distressed exits this period alongside TerrAscend’s receivership.

High Tide Secures Credit Approval for C$40M Senior Secured Credit Facilities. The Loan Agreement with Bank of Montreal (BMO) provides for two committed facilities: a $25M committed revolving facility with a three-year maturity, to be used to refinance the Company’s loan with connectFirst at closing, for general working capital and corporate requirements, and for permitted acquisitions and permitted investments. The balance owing to connectFirst is expected to be slightly over $6M at closing, resulting in almost $19M of available room on the revolving facility. A $15M committed delayed draw term loan to be used to refinance the Company’s existing $15M second-lien debentures. The company will also acquire Northern Helm, adding 4 retail cannabis stores in Ontario and bringing High Tide’s total store count to 228 Canna Cabana locations across Canada and 103 in the province of Ontario.

Little Green Pharma Completes All-Scrip Merger With Cannatrek. The combined entity, now operating as the LGP Cannatrek Group, brings together vertically integrated operations across cultivation, EU-GMP recognised and AU-GMP certified manufacturing, distribution, clinics, digital health platforms, brands, and export operations spanning Australia and Europe.

📄 Company Updates / Earnings

Glass House Brands Deconsolidation of its Dual-Use Business and its Application for Uplisting of Shares to NYSE. In support of its listing application, the Company and its indirect wholly owned subsidiary, GHB Usub, LLC (Company Subsidiary), entered into several agreements to facilitate the deconsolidation of its former indirect wholly owned subsidiary, Glass House Retail, LLC (GHR), from the Company segregating the Company’s dual-use cannabis business from its medical cannabis business. As a result of the Deconsolidation Transaction, Company Subsidiary holds non-voting and non-participating units (the Non-Voting Units) in the capital of GHR, which now holds the Company’s former dual-use cannabis business, other than businesses the transfer of which is subject to regulatory approval, which businesses will, automatically and without any action on the part of the Company or any other party, transfer to GHR upon the receipt of regulatory approval.

Grown Rogue Partner SEA Craft Restarts Cultivation at Illinois Facility. SEA Craft LLC, the license holder for the Dwight, Ill., facility, received approval from Illinois to restart cultivation operations at the facility on June 5, 2026.

Canopy Growth Reports Q4 and FY2026 Results; MTL Acquisition Makes It Canada’s Top Medical Player by Revenue. Q4 FY2026 consolidated net revenue of C$71.2M (+10% YoY) and full-year net revenue of C$284.6M (+6% YoY). Cannabis net revenue rose 20% in Q4 to C$54.5M, led by Canada medical +27% (C$25.3M) and international markets +68% (C$8.6M), while Canada adult-use was roughly flat (+1%) in the quarter. Consolidated gross margin fell to 12% in Q4 (24% for the full year, down from 30%), pressured by C$10.7M of inventory charges. The adjusted EBITDA loss narrowed to C$6.3M in Q4 (−32% YoY) and C$20.2M for the year (−14%). Net cash position of C$131.3M (a ~C$304M swing from prior-year net debt).

Aurora Cannabis Posts Record Annual Revenue and Adjusted EBITDA (FY2026). Record annual global medical cannabis net revenue of $288.6M (+18% YoY) and record annual Adjusted EBITDA of $53.8M (+32%), with full-year gross margin ~64%. Q4 total net revenue was $84.8M; the company ended the year with ~$164.7M in cash and no debt. Aurora closed a $26.5M acquisition of Safari Flower (EU-GMP capacity) and divested its 50.1% Bevo stake. FY2027 guidance calls for lower revenue and Adjusted EBITDA with adjusted gross margins in the mid-to-high 50% range.

🏬 Retail

SNDL Ordered to Divest Its Entire Ontario Store Network. Ontario’s Alcohol and Gaming Commission (AGCO) told SNDL to sell its Ontario cannabis stores or risk licence revocation. A confidential “pre-enforcement notice” dated April 13, 2026 found that SNDL holds “de facto control” of Spirit Leaf Ontario and Superette Ontari— effective control of 46 stores—breaching Ontario’s rule barring producers from owning or controlling more than a 25% interest in any licensed retailer. The order lands even as the province weighs raising its retail cap, and it follows SNDL’s scrapped C$32.2M deal for 1CM’s Ontario stores.

🌱 Product

Dutchie Launches Consumer AI featuring Voice AI, Agentic Commerce, Register Co-Pilot, and Consumer Pulse. Dutchie Consumer AI is built directly into the workflows dispensaries already use every day, from inbound calls and e-commerce to checkout and reputation management. Every interaction runs on one customer identity, so the same customer can be supported across phone, online, in-store, and reviews, helping businesses capture more revenue, reduce operational friction, and better manage their brand presence.

Azuca Expands TiME INFUSION® for Functional Terpene Beverage Innovation. For years, Azuca has helped brands solve one of the industry’s biggest formulation challenges: delivering fast-acting, predictable cannabinoid experiences in beverages and edibles. After powering more than 800 million infused servings, the company is now applying the same proprietary TiME INFUSION® process to functional terpene beverage innovation, helping brands create new sensory and functional experiences for consumers. As part of the initiative, Azuca is collaborating with leading terpene innovators, including Eybna and Terpene Belt Farms, while continuing to explore additional partnerships across the terpene, flavor, and functional ingredient ecosystem. Originally developed to transform oil-based cannabinoids into water-friendly ingredients that can be absorbed quickly and efficiently by the body, TiME INFUSION® creates a unique superstructure of individually encapsulated molecules designed for ingestible applications. The same process that helps create fast-acting cannabinoid products with first effects in as little as 5 to 15 minutes is now creating new possibilities for terpene-forward beverage innovation.

Khalifa Kush Enters Australia’s Medical Cannabis Market. Khalifa Kush will partner with Endoca to bring its signature products to patients across Australia. Khalifa Kush will introduce an initial portfolio of premium flower and edible products to the new market. The agreement provides distribution to pharmacies and clinics nationally, across all states and territories of Australia.

FundCanna to Embed ReadyPaid BNPL Into Apex Trading’s $150M+ Monthly Cannabis Marketplace. Apex Trading currently serves more than 4,000 unique clients and facilitates more than $150 million in gross merchandise value monthly. The integration is designed to remove transaction friction caused by delayed payments and limited access to traditional credit - challenges that continue to disrupt the cannabis supply chain. In addition to BNPL functionality, Apex clients will also have access to FundCanna’s automated prequalification process, providing near-instant insight into capital availability.

Tilray Launches ARX, Its First Medical Cannabis Brand Cultivated in Germany. Tilray Medical Germany debuted the premium ARX line — its first locally grown German medical brand. The company said the flower will be cultivated in Germany at Aphria RX’s Neumünster facility, using strains sourced from Canada.

🧔 People

Edibles.com Names Thomas Winstanley President. Previously, he served as executive vice president and general manager. He will report directly to Somia Farid Silber, chief executive officer of parent company Edible Brands®. Prior to joining Edibles.com, he served as chief marketing officer at Theory Wellness.

New York Senate Confirms John Kagia as OCM Executive Director. The confirmation cements leadership of New York’s ~$3.2B cannabis market, which OCM frames as entering a new chapter of stability and oversight.

🎙️ Interviews

Cannabis Biz News Roundup | High Spirits

Big Changes Are Hitting the Cannabis Industry Now | Trade to Black

Nabis CEO Vince Ning | MJBizDaily

💳 Arboretum (AYR Wellness Senior Secured Noteholders) Close on Operations in Three Additional States (FL, NJ, NV + VA)

Dai Truong — Wed, 03 Jun 2026 13:30:25 GMT

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🌿 Industry

New York medical cannabis operators owe the state millions they claim they can’t afford. Operators are pleading for a break, claiming that market conditions render the $15 million conversion fee as far too high. — MJBizDaily

Four operators – Curaleaf, GTI, PharmaCann and FLUENT—are servicing adult-use customers after paying $5 million, according to a source familiar with the matter. They’re in discussions with state regulators over a remaining $2 million balance on those installment payments
During testimony ahead of last year’s state budget, when the conversion fee was slashed from $20 million to $15 million, representatives for the MSOs said the fees were contributing to an “alarming deterioration of the medical program”

Three State AGs Sue to Block Federal Rescheduling. The attorneys general of Indiana, Nebraska and Louisiana filed a lawsuit seeking to halt the Trump administration’s marijuana rescheduling move, and it has been consolidated with a separate challenge brought by a prohibitionist group and a drug-testing industry association. — Marijuana Moment

US Cannabis Stocks Begin Trading on Robinhood. MSO equities are now accessible on Robinhood, a potential liquidity and retail-access shift for the sector. — MJBizDaily

Pew: Broad Public Support for Legalization A new Pew poll shows the vast majority of Americans support legalizing marijuana — Pew Research Center

55% of U.S. adults support legalizing cannabis for both recreational and medical use, and that another 33% say it should be legal for medical use only
Only 11% of Americans say marijuana should remain illegal across the board

Minnesota Signs Landmark Cannabis Omnibus Bill, Merging Medical & Adult-Use Supply Chains. Gov. Tim Walz signed an omnibus bill on May 26 that merges the state’s bifurcated medical and adult-use supply chains into one system and builds an on-ramp for hemp operators to cross into the regulated market. — Foley Hoag

NJ Labor Peace Mandate Survives Court Challenge. A federal judge in New Jersey declined to issue a preliminary injunction blocking enforcement of the state law requiring cannabis companies to sign labor peace agreements. — OnLabor

GOP Lawmakers File Amendments to Avert November Hemp THC Ban. Three Republican members — Reps. Andy Barr (R-KY), Russell Fry (R-SC) and James Comer (R-KY) — filed separate amendments to large-scale agriculture legislation aimed at preventing the scheduled federal ban on hemp THC products from taking effect November 12. — GreenState

Barr’s “Lawful Hemp Protection Act” would redefine legal hemp to allow up to 1% delta-9 THC on a finished-product basis, add labeling/age-control rules and impose new taxes; Fry’s would simply delay recriminalization two years

Tennessee Finalizes July 1 THCA / Intoxicating-Hemp Ban. Tennessee will prohibit the sale of THCA and other intoxicating hemp-derived products starting July 1 under newly finalized rules, with state hemp tax projections falling sharply. — TBA

Federal Judge Dismisses Anti-Legalization Group’s Challenge to Medicare Hemp Coverage. Smart Approaches to Marijuana (SAM) sued to block the plan to cover up to $500 of hemp-derived products annually for eligible Medicare patients; a federal judge dismissed the claim for lack of Article III standing. — The Blunt Truth

“Uphill Path” to Stop Hemp THC Ban This Year. Sen. Ted Cruz (R-TX) told hemp advocates it will be an “uphill path” to prevent federal recriminalization of hemp THC products this year, but suggested reform odds improve in 2027. — Marijuana Moment

He suggested it will be easier to pass legislation on the issue next year when Sen. Mitch McConnell (R-KY), who led the push for the new ban, will likely be replaced by another Republican senator who supports keeping the crop’s derivates legal

🤝 M&A / Transactions

AYR Wellness Closes Florida, New Jersey and Nevada Operations Transfer to Arboretum. In connection with these additional closings, the Company’s Florida operations have been transferred into Arboretum Florida LLC and related entities, the Company’s New Jersey operations have been transferred into Arboretum New Jersey LLC and related entities, and the Company’s Nevada operations have been transferred into Arboretum Nevada LLC and related entities. All requisite state regulatory approvals for the transfer of the Florida, New Jersey and Nevada operations were obtained prior to the closings.

Vireo Growth Buys Its NY Facility from IIPR for $88.5M and Expands Into Ag. Vireo purchased its 390,000 sq. ft. cultivation/production complex in Perth, NY from IIPR, financed with a $49M seller note from IIPR at 15% and a $41M loan from Chicago Atlantic. Vireo also agreed to acquire Bridgewell Agribusiness, an organic/non-GMO food and ag-supply company, in a deal valued at $40M (~$10.3M closing price after assuming $30M of debt).

Millstreet Credit Fund Consolidates 40% of Virginia’s Medical Market. Affiliates of Millstreet Credit Fund — operating via an entity called Arboretum — now control two of Virginia’s five vertically integrated medical permits, roughly 40% of the state’s ~$180M annual medical market, ahead of any adult-use launch. Arboretum acquired the former Cannabist Co. permit (sold for $130M out of bankruptcy, closed February) and took over Ayr Wellness’s Virginia operations as part of Ayr’s restructuring.

Mint Cannabis sells retail permit for unopened dispensary in Boston suburb for $1M. The buyer is a group called Clover Partners, comprised of three Massachusetts men and one Rhode Island resident who started the company in January “to apply for a license with the” state Cannabis Control Commission.

IIPR Fully Repays $282M of Senior Notes. Innovative Industrial Properties repaid its outstanding $282M of 5.50% Senior Notes due May 2026 using cash on hand, revolver availability and proceeds from recently closed term loans, adding multiple new lending relationships at a blended rate of ~8.3%.

📄 Company Updates/ Earnings

Curaleaf Prepares for U.S. Uplisting With 1-for-3 Reverse Stock Split. This initiative is being done in consultation with major U.S. stock exchanges, and is expected to enable the Company to uplist as soon as the opportunity is available. Verano 1-for-5 Reverse Stock Split to Prepare the Company for Prospective U.S. Stock Exchange Listing. The Company believes that the consolidation ratio of one post-consolidation share for each five pre-consolidation shares will advance Verano on its path towards listing its common stock on a major U.S. stock exchange.

TerrAscend’s exit from Michigan turns messy over unpaid bills. Last year, TerrAscend closed stores under the Gage, Pinnacle Emporium and Cookies brands in 15 Michigan cities, and cultivation and processing facilities. Now, TerrAscend is in receivership after its lender, FocusGrowth Asset Management, filed suit. FocusGrowth had largely financed the company’s multi-state expansion. The move is to protect TerrAscend’s remaining assets — equipment and personal property at four Gage Cannabis retail stores in Kalamazoo, Mt. Morris, Camden and its 40,500 sq ft grow operation in Monitor Township — from Michigan suppliers in a half dozen lawsuits. It also maintains some licenses. The lender, which is owed more than $210M by TerrAscend, is ensuring TerrAscend’s remaining assets are sold and that those funds go to them. The receivership puts a stay on the other cases, preventing judgment.

POSaBIT Reports Profitable Q1 2026. The cannabis payments and POS company posted ~$1M in adjusted EBITDA and a 29% YoY increase in gross profit, despite a ~25% revenue decline driven by strategic revenue-mix shifts.

🏪 Retail

Root 22 Dispensary opens in Somerville, NJ. Root 22 Dispensary sits in a location many local drivers already know. For years, the property served people traveling through Route 22. Now, it has a new purpose as a licensed NJ cannabis dispensary serving Somerville, Bridgewater, Raritan, Manville, Bound Brook, Hillsborough, and nearby Somerset County communities.

Sweetspot Cannabis Dispensary Opens in Hamilton, NJ. With the addition of the Hamilton Township store, the East Coast cannabis franchisor now operates nine dispensaries in total, including four across New Jersey.

🌱 Product

Jerry Garcia’s Cannabis Brand Is Back In California. The brand’s products will be back on licensed dispensary shelves across the state, manufactured by Solful, a California company known for its sun-grown cannabis retail model and boutique manufacturing operations. The launch lineup reads like a roll call of the region—Canna Country Farm, Greenshock Farms, Galactic Farms, Rebel Grown and Sunrise Gardens, each contributing a distinct strain, several of them Emerald Cup honorees.

Canopy Growth Relaunches Tweed Brand in Germany With New MTL Cannabis Strain Lineup. The Tweed brand relaunch – now powered by MTL’s premium genetics – signals the Company’s commitment to leveraging the full equity of its legacy brand in key international markets and comes as Germany’s medical cannabis market continues to expand rapidly, approaching $1 billion in annual value in 2025. The MTL acquisition has enhanced Canopy Growth’s capacity to meet rising demand in key international markets, including Germany, while reintroducing a brand that physicians and patients have come to trust.

👤 People

Green Flower 2026 Cannabis Career Summit to Help People Explore Different Career Opportunities In The Industry. This fully online, live, free event will take place all day on Thursday, June 11, 2026. As the legal cannabis sector matures and moves into an era of federal policy reform, the demand for a highly skilled, compliant, and professional workforce has never been greater. The 2026 Cannabis Career Summit is designed to bridge the gap between curiosity and career, offering attendees access to learn about the career and job opportunities directly from the leaders who are building the industry. The Summit features a lineup of more than 35 experts and leaders guiding the industry’s most recognizable brands, including Kiva, Curaleaf, Stiiizy, 710 Labs, Glasshouse Farms, iAnthus, and many more.

Safe Harbor Financial Expands Board. SHF Holdings added Tyler Klimas — founder of Leaf Street Strategies and former Executive Director of the Nevada Cannabis Compliance Board — and Sean Tonner of Fulcrum Group to its board, growing it from five to six members; director Richard Carleton will not seek reelection.

🎙️ Podcasts / Interviews

Cannabis Rescheduling Is Here. What Happens Next? w/ Hirsh Jain | Higher Exchanges

Discernment, Reinvention and Becoming Media People in Cannabis | High Spirits

Verano Joins Curaleaf As Uplisting Momentum Builds | Trade to Black

❌ Virginia Governor Vetoes Adult-Use Retail Cannabis Market Bill

Dai Truong — Fri, 22 May 2026 20:02:16 GMT

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🌿 Industry

Cannabis Bankruptcy Relief Broadens With Delaware Court Ruling. A US court’s recognition of Cannabist Co.’s Canadian insolvency proceedings is outlining a path for cannabis companies with a foreign presence seeking bankruptcy protection, a relief that has previously been denied because marijuana remains illegal under federal law. — Bloomberg Law

Chapter 15, which governs foreign proceedings, had been an untapped option for cannabis businesses until now, partly because companies were hesitant to pursue bankruptcy, said David J. Cohen, a partner at Weil, Gotshal & Manges LLP who serves as counsel for Cannabist’s foreign representative in the US case
Businesses also must qualify for foreign insolvency proceedings before seeking US recognition
“Combined with some regulatory changes that probably provided enough impetus, at least in these circumstances, the facts made it make sense to pursue this path,” Cohen said. “It’s not going to be the right path for every company, but for those who have a cross-border element, it’s certainly a good alternative”

Virginia Governor Spanberger Vetoes Adult-Use Retail Cannabis Market Bill. In a stunning reversal of a campaign-trail commitment, Gov. Abigail Spanberger (D) vetoed HB 2485, the bill that would have stood up Virginia’s long-delayed adult-use retail market. — MJBizDaily

Sponsors had widely expected Spanberger to sign after prior Gov. Youngkin vetoes; the Democratic-controlled General Assembly does not have the supermajority needed to override
Industry advocates called the move “outrageous” and warned the illicit market continues to capture the demand that a regulated channel was designed to recapture
Days before Spanberger vetoed the cannabis commercialization legislation, CSBA, hemp companies and major alcohol retailer Total Wine & More sent the governor a letter asking her to do so and then “revisit” the issue in the 2027 session after “thorough stakeholder engagement and economic policy expert input”

In a troubling sign for cannabis operators that claimed 280E relief before rescheduling, the IRS wants TerrAscend to return $8.3M. Tax experts warned the situation may signal the government’s position on the collective $1.6B in 280E tax debt owed by publicly traded cannabis companies as of earlier this year. — MJBizDaily

While this is the first known instance of the government attempting to claw back a wrongly issued 280E refund to a cannabis operator, other companies could have settled similar matters quietly, outside of the courts

‘Big Tobacco’ Moment for Cannabis: What Insurers Need to Know About Murray v. Cresco. A massive 320-page class action complaint has the attention of the cannabis sector. The insurance professionals who underwrite it should also be paying close attention. — Claims Journal

The case, Murray et al. v. Cresco Labs Inc. et al., was filed on May 4 in the U.S. District Court for the Northern District of Illinois. It represents the most ambitious legal assault yet on the marketing practices of MSOs
The complaint makes explicit comparisons to the litigation playbook against “Big Tobacco” in the 1990s. With claims across 12 states and spanning allegations of Racketeer Influenced and Corrupt Organizations (RICO), consumer fraud, breach of warranty, negligent misrepresentation and more
The underwriting on cannabis product liability has, to date, focused on potential contamination, mislabeling, and the occasional exposure or ingestion-based bodily injury claim. Murray v. Cresco, however, introduces a different species of claim, one rooted in marketing conduct rather than product defect in the traditional sense

Good Day Farm faces second Missouri antitrust lawsuit in two weeks. A Kansas City marijuana consumer alleges the Arkansas company and its affiliates used a web of LLCs to limit competition and inflate prices. — Missouri Independent

Damon Frost Jr., who filed the class-action lawsuit argues that Missouri marijuana laws allow for no more than 22 dispensaries to be under “substantially common control, ownership or management”
A review by The Independent of publicly-available marijuana business compliance records revealed the state no longer requires owners of licensed dispensaries, manufacturers and cultivators to submit affidavits attesting they don’t share common control or management with other licenses

TSA Clarifies That Its Marijuana Policy ‘Has Not Changed’ Despite Clickbait Headlines. Numerous news organizations over the past week have run exaggerated headlines about a supposed change in the federal government’s policy on bringing marijuana into airports and on airplanes. — Marijuana Moment

But it isn’t true, the Transportation Security Administration (TSA) tells Marijuana Moment. “TSA’s policy on medical marijuana has not changed,” a TSA spokesperson said in an email
“Per TSA’s website: If any illegal substance or evidence of criminal activity is discovered during security screening, TSA will refer the matter to a law enforcement officer,” they said. While it is true that the agency’s listing for medical marijuana on the “What Can I Bring?” section of its website was updated on April 27, there was no substantive change in the policy

California Issues Emergency Rules to Help ~1,600 Licensees Pursue DEA Registration. California DCC’s emergency reg lets dual-licensed retailers and microbusinesses separate adult-use and medicinal licenses so the medicinal entity can apply independently for Schedule III DEA registration before the 60-day window closes in late June. — DCC

Louisiana House Passes SB 270 Allowing Medical Cannabis in End-of-Life Care Settings. Bill (previously approved by the Senate 33-2) heads to the governor; would allow terminally ill patients to use medical cannabis in qualifying healthcare facilities starting Aug. 1, 2026, though staff may not assist. — Marijuana Moment

Nevada Forfeits ~$80M Annually From the 1,500-Foot Cannabis-Gaming Buffer. A UNLV Cannabis Policy Institute report estimates total supply-chain losses at $750M annually as illicit operators fill the gap on/around the Las Vegas Strip.

New Global Cannabis Report from GCNC and Whitney Economics Examines How Pricing Compression Reshapes Emerging Markets. The report, What You Need to Know: Pricing Compression and Its Impact on International Cannabis Markets, combines quantitative analysis from Whitney Economics with qualitative insight from operators, economists, legal experts, and market leaders across North America, Europe, Latin America, and Israel.

💵 Deals

Source: FundCanna

FundCanna Secures up to $60M Senior Credit Facility to Expand Cannabis Funding Platform. The new senior credit facility comes from a global institutional investment firm with ~$40 billion in assets under management. The facility provides $35 million at close, with additional capital available as FundCanna scales its portfolio. In conjunction with the facility, FundCanna is restructuring its broader capital base, including new and existing investor participation, bringing total capital to $75 million. Based on its historical capital velocity, the company expects the new structure to support more than $500 million in cumulative funding across the cannabis industry over the next several years. Since inception, FundCanna has deployed more than $250M in capital after initially raising ~$25M from private investors, reflecting roughly 10x capital deployment. The company has originated more than 5,000 transactions and will soon exceed a $100M annualized run rate, primarily serving small- and mid-sized operators across the cannabis supply chain.

IIPR Closes $45M in Secured Term Loans. Four secured term loans, ~$44.9M gross proceeds, five-year initial term at a 6.67% fixed rate, backed by property liens. Proceeds will help repay IIPR’s unsecured notes maturing at the end of May, following its $56.5M secured TL closed earlier this month.

Glass House Brands Files Prospectus Supplement for At-The-Market Distribution Program. Glass House filed the prospectus supplement to its May 16, 2024 short-form base shelf prospectus to formally launch the previously announced ATM equity program — providing the company with flexible equity capacity as it builds out Greenhouse 2 and prepares Schedule III medical operations.

📄 Company Updates / Earnings

Ascend Wellness (AWH) Q1 2026 Net revenue $116.9M (-3% QoQ); Retail $83.1M / Wholesale $33.8M; Adj. Gross Margin 46.1% (+70 bps QoQ); Net loss $(29.5M); Adj. EBITDA $26.3M (22.5% margin); Cash $60.9M

Glass House Brands Q1 2026 Revenue $40.5M (vs. $44.8M YoY and $38.9M sequentially); ASP $171/lb; biomass production ~152k lbs; Gross Margin 25%; Adj. EBITDA $(4.2M); operating cash flow $(11.8M); cost/lb of $175 (vs. $108 YoY) — driven by Greenhouse 2 ramp; cash $27.9M. Reiterated full-year 1.0M-lb production target and $95/lb cost target

MariMed Q1 2026 Revenue $39.5M (+4.2% YoY); Adj. EBITDA $3.6M (+44% YoY)

🏬 Retail / Cultivation

Broad Street Buds opens in Phillipsburg, NJ. As cannabis retail continues to evolve throughout New Jersey, Broad Street Buds is positioning itself as a destination focused on accessibility, education, convenience, and community.

Callie’s Apothecary — Alabama’s First Medical Cannabis Dispensary — Set to Open in Montgomery. Long-awaited debut following years of delays in the state’s medical cannabis licensing litigation; first patient sales expected in the coming weeks pending final state sign-off.

Planet 13 Receives OMMU Approval for Florida BHO Extraction Facility. Approval clears Planet 13 to internally produce concentrates for its Florida medical operations rather than relying on third-party processors — a meaningful margin lever as the company scales in-state vertical integration.

High Tide Opens Another Canna Cabana in Toronto, Ontario. Brings High Tide’s total to 222 Canna Cabana locations across Canada and 98 in Ontario.

Off The Charts Continues California Expansion. Multi-store buildout across the state under CEO Norman Yousif, leaning into California’s distressed-retail consolidation window.

🌱 Product

Death Row Records Cannabis Expands Into Nevada. Death Row Records Cannabis has expanded into Nevada, alongside a significant wave of new product introductions that will soon roll out into additional markets where the brand is sold. New offerings include 1-gram and 2-gram 510 vape cartridges and a branded disposable vape, engineered for performance and portability. The 1-gram disposable device features a ceramic coil and postless design, delivering smooth, consistent hits from first puff to last. It launches in six flavor profiles—Watermelon Mojito, Blue Widow, Holy Cannoli, Grape Ape, Platinum OG, and Strawberry Fields—balancing flavor-forward options with classic strains to appeal to a wide range of consumers. The company also enters the edibles category with Death Row gummies, marking its first move into edibles and expanding accessibility for new consumers, alongside its pre-roll lineup and the debut of its infused pre-roll, the “Sugar Cone,” positioning Death Row squarely within the fast-growing infused pre-roll category, delivering a more potent, elevated experience.

🧔 People

Brady Cobb to Lead Splash Beverage Group’s Cannabinoid Pivot. Sunburn Cannabis Founder and CEO Brady Cobb has taken the helm at publicly traded Splash Beverage Group after the company appointed him interim CEO. Cobb has served on the company’s board since February.

Ascend Wellness Permanently Closes Lansing, MI Cultivation Facility (~95 Layoffs). Continued Michigan price compression cited as the trigger; the site shutdown is part of AWH’s broader margin discipline as it pivots capital toward retail densification (51 stores today, targeting 60+ by year-end).

Fluent Trims NY Operations Ahead of Vireo Deal. Etain, owned by Fluent, will close its Chestertown cultivation and packaging facility; ~37 jobs eliminated as the business is restructured ahead of the previously announced Vireo Growth acquisition.

Massachusetts Governor Maura Healey Appoints New Cannabis Control Commissioners. Massachusetts Gov. Maura Healey appointed Christopher Harding, Xiomara DeLobato and Anthony Wilson to lead the Cannabis Control Commission through a series of long-awaited reforms.

🎙️ Podcasts / Interviews

You Walk Into a Dispensary... Then What? | Ganja Granny

Cannabis Lending After Schedule III | Higher Exchanges

Unmasking Cannabis Pathogens with TUMI Genomics CEO Melanie Nash | High Spirits

🍑 GA Governor Signs Bill To Expand Medical Marijuana Access and Revise Potency Limits

Dai Truong — Wed, 13 May 2026 14:35:16 GMT

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🌿 Industry

Source: GMCC

Georgia Governor Signs Bill To Expand Medical Marijuana Access. Until now, patients have only been able to access oils, tinctures, capsules, lozenges, topicals and transdermal patches. — Marijuana Moment

The law adds lupus as a qualifying condition and removes the prior requirement that many conditions be “severe or end-stage” to qualify — broadening the eligible patient pool meaningfully, to an estimated ~600,000 people
Patients 21+ may now vaporize medical cannabis (smoking still prohibited) and the 5% THC potency cap is replaced with a 12,000 mg total THC possession limit; the bill also rebrands “low THC oil” as “medical cannabis” throughout state statute

Texas revokes Cresco Labs’ permit to enter the medical market. In an abrupt about-face, Texas officials rescinded three conditional permits to enter the state’s expanded medical marijuana program. — MJBizDaily

Cresco Labs said it is “evaluating its options” after the Texas Department of Public Safety (DPS) released an updated list of winners of conditional permits to participate in the Texas Compassionate Use Program
In a statement, DPS said it identified a “tabulation error” in how it scored the applications received for a TCUP permit, a hiccup only noticed after it awarded permits on April 1 to Cresco and two other companies
Two other companies (Story of Texas LLC, Texas Medica Collective) from the original approval list and Cresco Labs were shifted to a waiting list of 12 businesses eligible to fill future openings

Massachusetts Lawmakers Decline to Advance Cannabis Rollback Measure. The Special Joint Committee on Initiative Petitions recommended the legislature take “no action” on the proposal that would repeal commercial adult-use sales while preserving the medical program. — Marijuana Moment

Committee members flagged substantial concerns about structure, implementation, and impact on licensed operators, tax revenue and public health safeguards
Organizers must now collect an additional 12,429 certified signatures by July 1 to make the November ballot
A parallel industry lawsuit argues the initiative represents “an unconstitutional regulatory taking” that would “destroy the reasonable, investment-backed expectations” of MA cannabis businesses

DEA’s Schedule III Cannabis Registration ‘Coming Soon’ For Cultivators, Manufacturers, Distributors, Labs. The application for non-dispensary businesses to handle Schedule III medical cannabis will be available in the coming weeks. — CBT

Those who apply for the department’s expedited registration process could receive a first-mover advantage to certain federal protections; however, a Schedule III listing does not legalize medical cannabis – it merely loosens its control status
That first-move advantage could also encompass potential access to export licenses, interstate commerce and compliance with any future regulations surrounding industry banking, exchange listings, credit facilities, and M&A, according to Foley Hoag
Medical marijuana manufacturers in Oklahoma will be required to register with the DEA to keep their state permits

MJ Unpacked 2nd Annual Cannabis Cup Winners

Connecticut Reinstates THC Caps, reimposing a strict 35% THC potency cap on all cannabis flower products, citing pushback over public health concerns

Cannabis business licenses have declined for seven consecutive quarters

💵 Deals

LEEF Brands Closes Final Round of Oversubscribed $9.3M Financing led by Mindset Capital. In connection with the final closing, the Company issued 24,994,642 common share units for gross proceeds of ~$4.7M and 357,553 preferred shares for gross proceeds of $100K. Across both closings, the Company raised aggregate gross proceeds of ~$9.3M through the issuance of ~33,146,842 common share units and ~11,084,132 preferred shares. The financing consisted of a combination of common share units and convertible preferred shares. Units were issued at a price of C$0.25/Unit, with each Unit consisting of one common share and one full common share purchase warrant exercisable at C$0.30 for a period of 24 months. The Preferred Shares carry a 15% annual dividend, consisting of 10% in cash and 5% paid-in-kind (PIK), and are convertible into common shares at a conversion price of C$0.38/share.

IIPR Closes $56.5M Secured Term Loan. The Loan has an initial term of three years, bears interest at the one-month Secured Overnight Financing Rate (SOFR) plus a spread of 500 basis points, is interest only and is secured by certain properties of the Company. The proceeds from the Loan are expected to be used to pay off the Company’s unsecured notes that are maturing at the end of this month.

ACE Venture Completes 51% Acquisition of Vireo Health New York. Alongside the acquisition, ACE Venture announces the consumer launch of Boukét, its flagship cannabis lifestyle brand. Anchoring the house-of-brands at launch are three partnerships with figures whose careers are deeply woven into New York's creative fabric. Rohan Marley and Kareem "Biggs" Burke launch their respective brands exclusively within the ACE Venture platform, while Gee Roberson joins as Cultural Creative Partner, bringing a legacy forged at the intersection of music, fashion, and lifestyle to define the creative vision and cultural voice of Boukét.

Body and Mind closes the New Jersey equity interest transaction. The Company’s wholly owned subsidiary, DEP Nevada, Inc., entered into a Purchase Agreement with Ascend New Jersey, LLC, whereby DEP, which owned 100% of BaM Body and Mind Dispensary NJ, Inc. (BAM NJ) agreed to sell all of the equity interests in BAM NJ to the Purchaser and a social equity partner, which resulted in Purchaser owning 35% of BAM NJ and Purchaser’s Social Equity Partner owning 65% of BAM NJ.

Apollo to Acquire MJBiz Publisher Emerald. Apollo (NYSE: APO) have entered into separate definitive agreements to acquire Emerald Holding, Inc. (NYSE: EEX) (“Emerald”) and Questex, LLC (“Questex”), with the intention to combine the businesses to create a leading North American B2B experiential events and media platform, in an all-cash transaction.

📄 Company Updates / Earnings

Curaleaf Q1 2026 Revenue $324.2M (+6% YoY); 49% GM (-220 bps YoY); Adj. EBITDA $63.4M (19.6%, -200 bps YoY incl. 170 bps drag from international); Cash of $106.1M.

GTI Q1 2026 Revenue of $300.2M (+7% YoY); 48% GM (modest compression from licensing fees + price pressure); Normalized EBITDA of $93.5M (31.2% margin), Net income of $15.4M; Cash of $346.2M.

Trulieve Q1 2026 Revenue of $287M (GM 59% ); Net income $2M (Adj. NI $20M); Adj. EBITDA $100M (35% margin); Cash $353M. Rivers said retroactive 280E relief is “a when, not an if” — Trulieve has already received $114M+ in IRS refunds.

Vireo Growth Q1 2026 Revenue of $106.2M (+333% YoY), now the 4th Largest MSO on a Pro Forma Basis, Pro forma Q1 revenue of $210.2M (+5.0% YoY); Pro Forma adjusted EBITDA of $42.2M (20.1% margin), Cash of $137.8M.

Jushi Holdings Q1 2026 Revenue $66.4M (+4% YoY), 45.0% GM (+460 bps YoY), adjusted EBITDA $11.4M (17.2% margin), net loss of ($19.8M), $42.3M cash and $222.1M of debt after refinancing $132.3M of prior facilities into a new $160M, 12.5% secured term loan due 2029 (issued at 4% OID).

Grown Rogue Q1 2026 Revenue of $9.2M (+28% YoY), Adjusted EBITDA of $1.6M (17.1% margin), cash of $13.7M. Growth was driven largely by material revenue increases in New Jersey (note: The company seems to be making noise in NJ as it hosted one of the larger parties at MJ Unpacked last week with what seemed to be the majority of retailers and brands in attendance).

WM Technology Q1 2026 revenue of $43.6M (down ~2% YoY) with 95% GM and $5.9M adjusted EBITDA (13.5% margin); GAAP net income of $1.7M; $57M of cash.

Cronos Group Q1 2026 Net Revenue $45.2M (+40% YoY), Gross profit of $19.2M (42% GM), Adjusted EBITDA of $5.1M, Cash of $822M.

Organigram Q2 FY2026 Net Revenue of $59.8M, down (9%) YoY, Adjusted EBITDA of $0.9M, As of March 31, 2026, cash of $54.8M—Subsequent to quarter end, the Company deployed the majority of its total cash position in consideration of the Sanity Group acquisition and secured $60M in debt financing, of which $20M was allocated to the Sanity Group acquisition.

Arcana Collective Expands EU Market Reach with Pure Sativa Distribution Partnership. This positions the company’s genetics within one of the EU’s most recognized seed bank platforms. The company already maintains a direct-to-consumer online presence, offering seeds and slips through its own channels, as well as domestic wholesale relationships.

🏬 Retail / Cultivation

Target Leans Into Hemp Beverages. Despite the looming Congressional ban on intoxicating hemp products, Target is expanding its hemp-derived THC beverage distribution pilot to 300 locations across Florida, Texas and Illinois, signaling that the major big-box retailer views the consumer demand as strong enough to weather the regulatory friction.

Speakeasy Dispensary Opens Eastern Kentucky’s First Medical Cannabis Dispensary in Ashland, KY. The Ashland location introduces a distinct approach to the Speakeasy experience, with a lobby designed as a curated art gallery featuring work from Kentucky artists. The space offers patients a personal, community-driven introduction before entering the main sales floor.

Silver Therapeutics Opens Stillwater’s 1st Cannabis Dispensary in Minnesota. The store carries both low-dose hemp-derived products and full cannabis offerings, giving customers flexibility as they explore what works best for them.

High Profile Opens Dispensary in London, KY. This marks the Company's entry into the state and expands access to safe medical cannabis for registered patients across Laurel County and the surrounding southeastern Kentucky region.

Cresco Labs Opens Sunnyside Dispensary in Aberdeen, OH. This marks the Company's second Ohio dispensary opening in the past month, increasing its footprint to eight locations statewide and 74 nationally.

Curaleaf Opens Two More Florida Dispensaries. Now at 73 in FL, 165 Nationwide.

Budr plans Stratford, CT cultivation expansion next to competitor. Budr is seeking approval for a special permit and coastal site plan to construct an ~11,000 sq ft addition, including about 4,300 sq ft dedicated to cannabis cultivation. Shangri-La Dispensaries currently operates a 40,000 sq ft cultivation facility at the location. Budr Cultivation co-founder Carl Tirella Jr. said the company also plans to purchase 6,000 sq ft from the existing Shangri-La facility and subdivide the structure so the two cultivation businesses can operate separately within the same building.

🌱 Product

Gelato Canna introduces the Baller Brush. This first-of-its-kind tool makes using cannabis concentrates easier than ever, launching first in Michigan, Arizona, and California. The Baller Brush is a “paint brush” for cannabis—a sleek, handheld device filled with high-quality cannabis oil. Whether you are a long-time enthusiast or a casual user, it takes the mess and guesswork out of using concentrates. Just twist the top to click out the oil, which flows through a soft-tip brush. This allows you to “paint” the oil exactly where you want it.

Sluggers Hit x Xzibit launches King Maker Kush. The limited release debuts exclusively at Xzibit’s West Coast Cannabis stores before expanding throughout California. King Maker Kush is a new JUICED* 5-Pack featuring Fire OG x 3X Krazy genetics and Sluggers’ infused format combining premium flower, solventless hash, diamonds, high terpene extract, and a kief coating. The collaboration arrives as Sluggers continues rapid expansion beyond California into Arizona, New York, Massachusetts, and Canada while building a reputation around larger-format products, collectible packaging, and culture-led branding.

Mfused Launches in Missouri Through Partnership with Curio Wellness. This launch marks Mfused’s official entry into the Missouri market, bringing its proprietary hardware technology and premium formulations to consumers across the state. Products are available at Curio Wellness retail and select dispensary locations across the state. Mfused’s initial Missouri lineup will be under its Super Fog brand, featuring its industry-leading Jefé all-in-one vapes and Fattys pre-rolls.

RYTHM becomes Official THC Beverage Partner at Chicago’s Navy Pier. The multi-year partnership launches May 22 and centers on the RYTHM Stage in the Navy Pier Beer Garden, brought to life through events, pop-ups, sampling, and seasonal programming. Guests will have access to RYTHM’s full beverage lineup, including Sativa and Kush, each designed around distinct, effect-driven experiences. Señorita THC Margaritas will also be available alongside RYTHM at the garden and at select bars and points of sale across the Pier. The lineup of THC beverages arrives just in time for Navy Pier’s largest summer of Pier-produced programming ever. All beverages will be available in 12oz cans with 5mg of hemp-derived THC.

🧔 People

Aprio Acquires Price Kong, Entering the Cannabis Industry. Aprio is a Top 20 accounting firm (FY revenue: $616M; Charlesbank-backed) and will be adding 5 partners and 40 professionals, marking Aprio’s formal entry into cannabis accounting and advisory services.

Curaleaf Employees at Arizona midtown Phoenix dispensary finally ratify union contract after yearslong fight. The agreement includes guaranteed wage increases and language preventing the loss of existing benefits during the life of the contract. The three-year collective bargaining agreement covers workers at just the Phoenix Midtown location, which is one of Curafleaf’s 16 Arizona cannabis stores.

Nabis is hiring a VP of People

🎙️ Interviews

Stop Losing Dispensary Sales to Dirty Data w/ Socrates Rosenfeld | High Functioning

Rescheduling Financial Deep Dive with Gail Rand & Michael Harlow | High Spirits

Conversation with Kentucky’s Office of Medical Cannabis | IgniteIt Events

Obie Strickler (Grown Rogue): How to Scale Multistate Craft Grows | CEN

Fireside Chat with Village Farms President & CEO | Zuanic & Associates

Cronos Group CEO Mike Gorenstein | Cultivated Media

💻 Cannabis Businesses Register with DEA

Dai Truong — Mon, 04 May 2026 22:17:04 GMT

💭I’ll be at MJUnpacked this week in Atlantic City, if you’re around and want to connect, let me know.

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🌿 Industry

Source: DEA

The Federal Medical Marijuana Floodgates Open. Since launching the formal registration portal on April 29th for state-licensed medical cannabis dispensaries, ~400 businesses have signed up. — High Times

Operators who register by June 26, 2026, are guaranteed a six-month review timeline and the critical legal protection to continue operations while their federal application is pending
Successful registration effectively terminates Section 280E tax restrictions for medical sales
To satisfy international treaties, the framework includes a “buyback” loop where the DEA technically takes ownership of crops on paper before immediately selling them back to the registered manufacturer
The DOJ is treating existing state medical licenses as “conclusive evidence” of authority, opting to layer federal oversight on top of state systems rather than replacing or re-litigating them

Missouri Supply Chain Litigation: Good Day Farm Accused of Retail Monopoly. Two Missouri cannabis cultivators have filed a class-action lawsuit alleging that the state’s largest retail operators utilized shell companies to bypass ownership caps and form a price-fixing “cartel” that artificially depressed wholesale margins. — MJBizDaily

The lawsuit alleges that Good Day Farm and its allies control 61 dispensary licenses—nearly triple the legal limit of 22—by masking ownership through complex LLC structures and hand-picked management boards.
Plaintiffs claim this “clandestine business conspiracy” wielded disproportionate market power to force wholesale prices down by more than 20%, even as Missouri consumer prices remained among the highest in the country
According to the suit, “to circumvent the cap,” the related companies operate under five different brand names: Good Day Farm (21), CODES (20), Greenlight (10), Fresh Karma (6), and 3Fifteen Primo (4)

Indiana’s $1.8 Billion “Ghost Market” Faces Rescheduling Reality. A state-commissioned study reveals that Indiana residents spend ~$2 billion annually on illicit cannabis, prompting Republican Governor Mike Braun to signal a potential shift toward legalization. — MJBizDaily

With 96% of residents living within 100 miles of a legal dispensary in neighboring states (IL, MI, OH, KY), Indiana is effectively “outsourcing” $180M in potential annual tax revenue
Governor Braun noted that the federal move to reschedule marijuana makes state-level action “more likely,” shifting the conversation from “if” to “how” the state should regulate the existing $1.8 billion demand
Despite the lack of a legal framework, the state has 1.3 million active users, with one-third reporting daily or near-daily use

New York Greenlights Statewide Cannabis Showcases. The New York State Cannabis Control Board has opened applications for temporary Cannabis Showcase Events (CSEs), allowing licensed retailers to sell products at pop-ups, farmers’ markets, and public events under a strict municipal approval framework. — NY OCM

Licensed adult-use dispensaries can now operate for up to 14 consecutive days at approved locations, providing a critical alternative sales channel to capture summer foot traffic and engage consumers outside of traditional brick-and-mortar footprints
Deployment is entirely contingent on local government buy-in; OCM will not issue a permit without written municipal approval, ensuring local authorities retain final say over event placement and public safety protocols
Sales are restricted to the permit-holding retailer’s inventory—prohibiting direct sales or sampling by cultivators—and must adhere to rigorous age-gating, security reporting, and strict “no consumption” mandates

LeafLink Releases 2026 Wholesale Cannabis Pricing Guide. The Guide highlights pricing data and insights across 18 markets and more than 400,000 SKUs. Some key findings from the report:

Pricing Compression Continues: Wholesale prices declined across most major product categories, driven by increased supply, competitive intensity, and more price-sensitive purchasing behavior
Edibles Show Relative Stability: Edibles & Ingestibles were the only category to remain effectively flat year-over-year, suggesting more consistent demand dynamics compared to inhalable products
Competition Intensifies Across Categories: Increased brand participation and SKU proliferation are contributing to tighter pricing bands and greater segmentation between premium and value product tiers

💵 Deals

Nabis to Acquire Hudson Distribution Services’ New Jersey Cannabis Distribution License. Nabis entered into a strategic partnership with Hudson Distribution to acquire its New Jersey cannabis distribution license and warehouse lease. Nabis is acquiring licensed infrastructure and existing operator relationships without a greenfield build. That infrastructure comes through Hudson Distribution, a company born out of the former distribution business of Hudson News Distributors, LLC - the largest distributor of magazines, books, and various other products in the northeast, which was led by James S. Cohen, Chairman and CEO of its diversified holding company, Hudson Media, Inc. Nabis will assume Hudson Distribution’s warehouse lease, providing immediate access to turnkey logistics and distribution infrastructure. Hudson Distribution and affiliated parties will become Nabis shareholders through a seed investment in Nabis’s New Jersey operations. Nabis expects to launch its wholesale technology platform and distribution services for brands and retailers in New Jersey in the second half of 2026.

Vireo Growth Acquires FLUENT to Become Florida’s Third-Largest Cannabis Operator. Vireo has reached a stock-for-debt agreement to acquire Fluent, a move that will expand its footprint to 74 retail locations. Under the terms of the deal, Fluent shareholders will receive 0.07 Vireo subordinate voting shares for every share held, while lenders will receive equity in exchange for $30M in outstanding debt. As of December 31, 2025, FLUENT had ~$8.9M cash / $72.2M debt.

FLUENT to Sell Texas Cannabis Operations to Legacy Therapeutics for $30M. The Transaction contemplates the sale of the Company’s Texas business operations, which includes Cansortium Texas’s license, cultivation, manufacturing, and delivery business in Schulenburg, Texas, as well as its Houston retail operations. Pursuant to the terms of the Purchase Agreement, which was signed May 1, 2026, the purchase price payable by Legacy is equal to $30M, of which $25M will be payable at closing and an amount equal to $2.5M will be payable on each of the first and second anniversary of the closing date. The Company intends to primarily use the proceeds from the Transaction to repay a portion of its existing senior secured debt, and may also use the remaining proceeds for working capital and general corporate purposes.

Curaleaf Completes Buyout of Remaining 45% Stake in Germany’s Four 20 Pharma. Four 20 Pharma is recognized for its high-quality cultivation, pharmaceutical-grade processing, and comprehensive distribution network across Germany and select European markets, serving nursing homes, pharmacies, and research institutions. Building on Four 20 Pharma’s success in Germany, Curaleaf has already launched the Four 20 brand in the United Kingdom and Poland and intends to continue expanding the brand across additional international markets, leveraging the blueprint of quality and compliance that has made Four 20 Pharma one of Germany’s most trusted medical cannabis brands.

River Remedy and Meskwaki Nation Enter Strategic Partnership to Expand Medical Cannabis Access in Mississippi. River Remedy, Mississippi’s leading vertically integrated medical cannabis company, has entered into a partnership with the Meskwaki Nation, a federally recognized tribal government. Under the terms of the partnership, the Meskwaki Nation has made a strategic investment in River Remedy as part of its ongoing efforts to diversify its investment portfolio, while supporting River Remedy’s continued expansion to better serve Mississippi patients. The investment is intended to increase River Remedy’s cultivation and processing capacity, support the company’s next phase of growth in Mississippi and maintain the operational standards that have defined the company’s performance to date.

📄 Company Updates / Earnings

Verano Q1 2026 Revenues of $208M, up 1% Q/Q and down (1%) Y/Y. Gross profit of $99M (48% GM). Adjusted EBITDA of $49M (24% of revenue). Net cash provided by operating activities was $19M. Cash of $74M and debt of $395M.

Glass House Brands Preliminary Unaudited Q1 2026 Net Revenues of $40M, compared to $39M in Q4 2025 and $45M in Q1 2025. Gross Profit Margin of 25%, below guidance of 29% and compared to 34% in Q4 2025 and 45% in Q1 2025. Biomass Production of 151,000 lbs., ahead of guidance of 138,000 lbs. Cash of $27M.

Trulieve Files Applications for DEA Registration of State-Licensed Medical Marijuana Businesses. “DEA registration for our medical business marks a historic step forward for Trulieve and the patients we serve,” said Trulieve Chief Executive Officer Kim Rivers. “With over 200 dispensaries serving only medical patients, Trulieve is uniquely positioned to set the bar as a responsible operator in U.S. cannabis.” Following the reclassification of medical marijuana to Schedule III, the DEA established an expedited registration process for eligible state‑licensed medical marijuana operators. For operators that apply within 60 days, licensure to manufacture, distribute, and dispense Schedule III medical marijuana products is deemed approved unless otherwise notified.

GTI Files Applications for DEA Registration. The Company has submitted applications to the DEA to register certain state-licensed medical cannabis operations under the expedited registration pathway created in connection with the recent rescheduling of medical marijuana to Schedule III of the Controlled Substances Act. GTI owns RISE Dispensaries across 14 U.S. markets and operates over 110 retail locations serving both medical patients and adult-use consumers.

Hall of Flowers to Move NorCal Show to Sacramento in November. After eight years in Santa Rosa, Hall of Flowers’ Northern California event will move to Sacramento this Winter (November 4-5). “Convenience alone makes this move incredibly exciting, from easier flights to the proximity of hotels to the venue. But beyond that, Sacramento gives us the opportunity to create a fresh experience for our exhibitors, buyers, partners, and the community while continuing to evolve the show.” said Rama Mayo, Co-Founder of Hall of Flowers.

Verano $20M Share Repurchase Authorization. The purchases may be made from time to time over a period of 12 months ending April 30, 2027, unless such share or dollar limit is met sooner.

🌱 Product

MM Brands x StateHouse Holdings Manufacturing, Distro Deal. MM Brands Inc., a portfolio of leading legacy cannabis brands including Mary's Medicinals and DIXIE, announced a strategic partnership with StateHouse Holdings Inc. to expand in the California market. Under the agreement, StateHouse licensed subsidiaries will assume manufacturing and distribution of Mary's Medicinals and DIXIE in California, leveraging its vertically integrated platform to scale production, streamline distribution, and expand retail access statewide.

Señorita Broadens Portfolio With 1777, the Brand’s First Non-Alcoholic THC Spirit. 1777 comes in a 750mL bottle and includes 10mg of hemp-derived THC per 1.5 fl oz serving. The new format gives consumers a simple, familiar way to enjoy THC, whether they mix a cocktail or sip it on its own. In 2025, the brand introduced Ranch Water, a crisp and low-calorie non-alcoholic take on the cult favorite cocktail that combines tequila, soda, and lime.

🧔 People

Curaleaf Adds Torsten Greif to Board of Directors. Greif is one of the founders of Four 20 Pharma GmbH, Curaleaf's flagship German brand. With deep expertise in cannabis cultivation, regulatory strategy, and brand development, he has been instrumental in positioning Four 20 Pharma as a leading premium cannabis provider in Germany's emerging medical cannabis market.

iAnthus Replaces Justin Vu as CFO with Jason Ware. Ware brings more than twenty years of finance leadership experience across public companies and high-growth consumer brands, including Genesco, Nutrafol, Victoria’s Secret and L Brands, with deep expertise in financial planning and analysis, capital allocation, strategic planning, and investor relations.

Blank Rome Adds Two Partners to Cannabis Practice. Blank Rome added Sean P. Coyle and Vijay S. Choksi as Partners in the Corporate, M&A, and Securities group and the Cannabis industry team in its West Palm Beach office. Sean advises professional sports franchises, software companies, multinational corporations, and a wide range of emerging businesses, including cannabis companies, on mergers and acquisitions, divestitures, joint ventures, private equity transactions, and corporate governance matters. Vijay is a regulatory and corporate attorney who advises operators, investors, and stakeholders on strategic corporate transactions, financing, licensing, regulatory compliance, enforcement matters, and litigation across regulated markets, including cannabis and gaming.

Rudick Law Group adds Shaleen Title as Of Counsel. Former Massachusetts Cannabis Control Commission member Shaleen Title has joined female-led Rudick Law Group as Of Counsel. Title will support clients navigating the newly opened DEA registration process for medical cannabis companies following federal rescheduling.

🎙️ Interviews / Documentaries

Dr. Sanjay Gupta Reports: Weed 8: Women & Weed. Dr. Sanjay Gupta explores how women are leading a “green rush” and breaking the “grass ceiling” in conservative Oklahoma since it legalized medical marijuana in 2018, balancing personal stories, science and questions of safety and stigma.

Cannabis Rescheduling: What We Still Don’t Know | TWICL

Cannabis Rescheduling, 280E & DEA Registration | VERDANT Strategies

📰 Rescheduling, Sort Of: DOJ Moves Medical Cannabis to Schedule III

Dai Truong — Fri, 24 Apr 2026 21:02:50 GMT

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🌿 Industry

DOJ Moves Medical Cannabis (And Only Medical Cannabis) to Schedule III. Acting AG Todd Blanche signed a 33-page order immediately rescheduling two narrow buckets of Cannabis—FDA-approved drug products and cannabis “subject to a state medical marijuana license”—from Schedule I to Schedule III.

If you prefer a video overview (see below) —watch This Week in Cannabis LIVE roundtable that Marc Hauser (Cannabis Musings) calls a mandatory watch

Everything else (adult-use industry) stays on Schedule I for now, with a new expedited DEA hearing kicking off June 29 to decide whether to broaden the order
Blanche leaned on 21 U.S.C. § 811(d)(1) — the treaty-based pathway tied to the U.N. Single Convention on Narcotic Drugs — which lets the AG skip the normal notice-and-comment rulemaking that has been bogging DEA proceedings down since the Biden-era proposed rule hit the Federal Register in May 2024
To satisfy the Single Convention, DEA becomes the nominal wholesaler — registered medical cultivators will sell their harvested crop to DEA at a nominal price and buy it back, with an “administrative fee”
- Kim Rivers, CEO at Trulieve, is “not concerned” by DEA’s Middleman Role

Withum notes that operators with both medical and adult-use licenses “face a more complex analysis” and Treasury is expected to issue guidance on expense allocation. They Expect a lot of transfer-pricing-style gymnastics around rent, payroll, and overhead
Dentons flat-out said “State-licensed adult-use operators without a state medical marijuana license receive essentially no benefit.” 22 If you’re in CO / WA / OR / MI rec-only, nothing changed yesterday
Brian Vicente, Partner at Vicente LLP, is optimistic that this week’s rescheduling is an incremental movement toward de-scheduling and maybe even legalizing Cannabis altogether
Todd Harrison, CIO at CB1 Capital said the reclassification of medical marijuana as less dangerous was the biggest news for the cannabis industry since Nixon
Synthetic THC remains Schedule I; Hemp as defined in the Farm Bill is unaffected

Virginia Lawmakers Reject Governor’s Amended Cannabis Sales Proposal. Instead of approving the governor’s amendments, lawmakers decided to send the bill back to her desk without making any changes, potentially risking a veto. — Ganjapreneur

Lawmakers passed the proposal in March. However, last week, on the last day possible to take action on the bill, Gov. Spanberger, instead of signing or vetoing the proposal, opted to attach several amendments to the bill
The governor’s changes included delaying the market’s launch by six months, until July 1, 2027, reducing the number of retailers initially allowed to open, and increasing penalties for criminal behavior
Meanwhile, lawmakers have lamented the governor’s decision to send back a substitute bill rather than line-by-line amendments, as they were forced to consider the changes from an all-or-nothing perspective

White House Quietly Pushes Carve-Out While GOP Hardliner Tries to Pull the Ban Forward. The White House is quietly drafting legislative text with Rep. Andy Barr (R-KY) to preserve full-spectrum CBD access ahead of the Nov. 12 federal recriminalization, while Rep. Mary Miller (R-IL) filed a Farm Bill amendment that would move the ban forward to the day the Farm Bill is enacted. — Marijuana Moment

American Trade Association for Cannabis and Hemp (ATACH) released the 2026 Hemp Intoxicants Report. The report offers an analysis of the federal and state regulatory landscape governing hemp-derived products in the wake of the most significant change to federal hemp law since the 2018 Farm Bill.

American Farmers Grew $739 Million Worth Of Legal Hemp Last Year. This represents a 64% increase from the prior year—according to a new federal report.

Green Check 4/20 data shows cash is still king with 67% of transactions

Forbes 2026 42.0 List

📄 Company Updates

Doja Pak Expands to Europe. The brand announced a partnership with CP Medical to enter Germany (Bloomwell) and the United Kingdom (Mamedica). The first products to reach German patients are Doja Z and Doja Permanent Marker. The UK launch follows closely, adding CP Z and CP Super Lemon Haze to the lineup.

🏬 Retail

Ascend Wellness Holdings Opens East Coasting Dispensary in Eatontown, NJ. Through a partnership agreement under New Jersey law that facilitates expanded investment opportunities for diversely-owned businesses in the cannabis industry, East Coasting will operate independently, with Ascend providing operational support and resources along with cannabis reform advocate Kyle Page.

Standard Wellness Opens New Dispensary in Lakewood, OH. The Forest Lakewood soft opened on April 8, 2026, launching with an express pre-order pickup model available through phone and online ordering. This initial phase allows the team to begin serving the Lakewood community immediately while the store completes its full retail buildout. A full grand opening is planned for August, when the location will transition into a complete in-store experience, featuring an expanded footprint and a fully immersive retail environment designed to deliver a seamless and elevated customer journey.

🌱 Product

Safe Harbor Introduces 401(k) Plan Built for Cannabis Employers. Many traditional 401(k) providers are not structured to support cannabis-related businesses, creating uncertainty for employers and employees alike. In some cases, cannabis businesses have experienced sudden plan terminations or service disruptions with limited notice. In certain situations, this can result in early withdrawal penalties and tax implications for participants, depending on individual circumstances and applicable regulations. The Safe Harbor Retirement Plan is designed to provide a more durable path forward for the employees and employers impacted by these issues. The plan is structured to support cannabis-related businesses directly, helping reduce the risk of disruption and supporting long-term continuity for employers and employees.

🎙️ Interviews

How 2 engineers quietly built NABIS | SFGATE

Is Cannabis Finally Investable Again? | Higher Exchanges

Inside the iAnthus Turnaround w/ CEO, Richie Proud | High Spirits

Chef Dave Hadley: Chopped Champ, Cannabis Pioneer | Digging Deeper

🏪 Vireo Growth x Glass House Form Retail Joint Venture in CA

Dai Truong — Fri, 17 Apr 2026 13:31:24 GMT

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🌿 Industry

Virginia governor proposes adult-use cannabis market launch delay, new taxe. Adult-use cannabis sales would begin in July 2027, and not January. She also proposed new taxes. — MJBizDaily

The extra time, plus tweaks to rules around “consumer and product safety,” will “ allow for additional time to implement a legal market safely and curb the illicit market,” the governor’s office said
Among Spanberger’s proposed amendments are:
- Sales tax of 6% until July 1, 2029, when the tax automatically increases to 8%
- Cultivation cap for vertically integrated processors of no more than 70K sq ft
- A ban on butane extraction outside of commercial manufacturing

Glass House Brands among cannabis cultivators losing permits over odor complaints. County officials in Santa Barbara County, California, sent revocation letters to nine cannabis cultivators that failed to install odor-control equipment by a March deadline. — MJBizDaily

As of Monday, all companies are still in operation. Companies that received a letter have until April 20 to file an appeal
Under a law passed last year, cannabis cultivators were required to purchase “carbon scrubbers” that supposedly reduce the smell by 84%
However, at $22,000 per machine and with a recommendation to install 10 machines per acre of canopy, the “preferred” brand is expensive, the news source added. As of last month, 11 of the county’s 25 licensed indoor and greenhouse farms had installed the scrubbers

In 58.9% of cases, patients who had taken other prescription medications before their therapy with medical cannabis were able to discontinue them completely

Cannabis Barometer x Bloomwell Group Survey of Cannabis Patients Show Massive Reduction in Side Effects After Switching from Opioids, Sleeping Pills, or Ritalin to Medical Cannabis. A survey of 3,528 Cannabis patients shows medical cannabis has enormous potential to reduce the use of other prescription medications and avoid side effects, with highly positive effects on quality of life and work.

Alabama’s 1st Medical Cannabis Dispensary Plans to Open May 4th

Pennsylvania — 69% of likely voters support adult-use cannabis

Michigan sales down (7.8%) YoY

💵 Deals

Source: Q4 2025 Investor Presentation

Vireo Growth x Glass House Form Retail Joint Venture. Following regulatory and certain closing conditions, each company will contribute its California dispensary operations to the joint entity in exchange for a 50% ownership interest. Vireo operates 12 dispensaries and home delivery operations recently acquired from Eaze. Glass House currently operates 11 dispensaries. Together, the combined network will be supported by a preferential supply agreement with Glass House, California’s most efficient large-scale cannabis producer. After five years, Vireo will have the option to acquire Glass House’s equity interest in the joint venture, and Glass House will have a reciprocal put right. Cory Azzalino, Vireo’s President of California, has been appointed CEO of the joint venture, where he will oversee operations and lead the platform’s retail acquisition and expansion strategy.

LEEF Brands Acquires HIMALAYA for $2.5M. HIMALAYA is a leading California-based cannabis concentrates brand known for its premium, full-spectrum cartridges and natural formulations. Under the terms of the agreement, LEEF will acquire HIMALAYA for 13,688,000 common shares of the Company, which includes management incentive shares, and will issue warrants with an aggregate value of $100,000 priced at $0.25 CAD per share, representing total consideration of ~$2.5 M.

Aurora Cannabis Acquires Safari Flower Company for $26.5M. Safari Flower has a 59,000 sq ft, purpose-built EU GMP certified indoor cultivation and manufacturing facility in Ontario, Canada that will provide Aurora with incremental capacity that is closely aligned with its existing cultivation and manufacturing sites.. Aggregate consideration is valued at $26.5M, subject to customary adjustments, and inclusive of a cash payment of $2M that is contingent on satisfaction of certain conditions. As consideration on closing, Aurora (i) issued the selling shareholder 2,417,180 common shares; and (ii) paid the selling shareholder $15 million in cash, subject to customary adjustments post-closing.

Vireo Completes Acquisition of The Hawthorne Gardening Company from The Scotts Miracle-Gro Company. As a result of the Hawthorne Transaction, Vireo acquired $35M of cash held by Hawthorne, ~$58M of net working capital, and $20M of inventory (primarily growing media) to be supplied to the Company over two years, in exchange for the issuance to Good Dog Holdings LLC of 213 million subordinate voting shares of the Company and a warrant to purchase 80 million Shares at an exercise price of $0.85/Share, exercisable for a period of five years from the date of issuance. In connection with the transaction, Vireo has nominated Chris Hagedorn, Executive Vice President of Scotts Miracle-Gro and Executive Lead of the Hawthorne business, for election to its Board of Directors at the Company’s Annual General and Special Meeting of Shareholders to be held on May 29, 2026.

Tilray Expands UK Medical Platform with Acquisition of Lyphe. Tilray acquired the Lyphe Group, a leading UK-based medical cannabis clinic and digital pharmacy platform, with Lyphe Dispensary having dispensed ~150,000 units to date and Lyphe Clinic having treated over 16,000 patients to date, anchoring and expanding Tilray Medical’s footprint in one of Europe’s largest and most dynamic healthcare markets.

Organigram Closes Previously Announced Acquisition of Sanity Group, Private Placement Financing with BAT and ATB Senior Secured Credit Facilities. In connection with closing of the Acquisition, a wholly owned subsidiary of the Company acquired all of the issued and outstanding shares of Sanity Group not already owned by the Company for an upfront purchase price paid on closing of €107.3M, consisting of €78.0M in cash and €29.3M in share consideration. In connection with the closing of the Acquisition, the Company also closed its previously announced private placement financing with BT DE Investments Inc., a wholly owned subsidiary of BAT, for total gross proceeds of €40.3M, and its previously announced senior secured credit facilities of up to C$60M.

📄 Company Updates

Safe Harbor Financial Q4 and Full Year 2025 Results. Revenue was $2.1M in Q4 2025, a 12% increase compared to $1.8M in Q3 2025, and a (44%) decline compared to the Q4 2024. Eliminated substantially all of the Company’s debt, ended the year with $6.8M in Cash.

Curaleaf Launches Share Repurchase Program. Curaleaf will commence a normal course issuer bid to repurchase up to 34,388,831 of its subordinate voting shares over the twelve-month period commencing on April 20, 2026 and ending no later than April 19, 2027, representing ~5% of the Subordinate Voting Shares issued and outstanding as of April 10, 2026, or an aggregate fair market value of ~$83M based on the closing trading price of the shares on the TSX on April 14, 2026.

🏬 Retail

Edibles.com opens its first store near the Atlanta Beltline. What you see in the store will reflect what you can purchase on Edibles.com, including products made by brands like Wyld, Cann and Wana, as well as items from local companies such as Scofflaw Brewing. Thomas Winstanley, GM & EVP of Edibles.com, said the store will also help customers better understand how to use the products.

STIIZY reaches 65 retail locations. Recent openings across California include Sacramento, National City, and Covina, with additional locations in Lake Elsinore and Concord expected in the coming months. The company is also integrating 12 Gold Flora locations, further expanding its retail footprint.

Cresco Labs Opens Sunnyside Bridgeport, OH. The new cannabis dispensary marks the company’s seventh location in the Buckeye State.

Terrabis Launches 24-Hour Drive-Thru Dispensary in O'Fallon, MO. “This is the natural evolution of how customers want to shop, and we’re leading the way. Twenty-four-hour drive-thru access lets us serve customers on their schedule.” said Dan Ambrosino, CEO of Terrabis

Snoop Dogg Returns To His Roots With The Opening Of S.W.E.D. Long Beach. On May 9, Snoop Dogg will officially open S.W.E.D. (Smoke Weed Every Day) Long Beach, marking his second cannabis dispensary in California and the first business in his hometown. The store’s bold design honors the early days of hip-hop, mixing cutting‑edge technology with street‑inspired visuals, vibrant colorways, and throwbacks to the classic Snoop era. Inside, guests will find retro arcade games, Snoop’s personal lounge, two live DJ booths, and a state-of-the-art hologram of the icon himself. Each element was intentionally designed to celebrate Long Beach’s rich culture and community that shaped his journey. Iconic touches, including references to the legendary Hood Rich Lowrider and more.

🌱 Product

Ripple introduces Ripz chewable tablets. Each tablet is candy flavored and made with fast-acting Ripple. With five mouth-watering flavors at 2.5mg THC each, your dose is up to you. Perfect for seasoned users and newbies alike, chew one to take the edge off or chew a handful to transport your senses. Available across Colorado Recreational Dispensaries.

Mfused Introduces ION: The Cartridge, Reengineered. A structural rethink of 510 hardware, each ION tank features a proprietary mouthpiece, stainless steel internal components, glass tank body, leak-resistant technology, and universal 510 thread compatibility. The ceramic heating system is tuned for low-temperature vaporization, preserving delicate terpenes and unlocking a cleaner, more flavorful profile.

Ayr Wellness Introduces HZ Live Rosin Product Line in Florida. The launch of HZ is supported by Ayr’s recently opened indoor cultivation facility in Ocala, a nearly 100,000-square-foot site designed to expand product variety while maintaining the consistency and terpene integrity required for premium solventless extracts. At launch, HZ will be available in multiple formats, including .5G 510-thread cartridges, .5G all-in-one disposables, and full-gram badder.

🧔 People

TerrAscend Appoints Eric Jackson CFO. Jackson brings more than two decades of finance and operational leadership experience across retail, consumer, and manufacturing sectors. Most recently, he served for over eight years as EVP and CFO of American Signature, Inc., a multi-location, omnichannel retailer. Prior to American Signature, Jackson spent more than 14 years at L Brands, a publicly traded specialty retailer whose portfolio included Victoria’s Secret, PINK, Bath & Body Works, La Senza, and Henri Bendel.

True Terpenes appoints Angela Pih as CMO. Pih steps into the role following her impact in shaping brand strategy and driving the successful launch of Headstash™, the company’s breakthrough in compliant cannabis aroma science. Pih joins True Terpenes at a pivotal time, as the company continues to scale its influence across global consumer packaged goods and cannabis markets. True Terpenes currently serves customers in more than 100 countries and supports over $8 billion in global CPG annually, reflecting its leadership in flavor and aroma formulation systems.

Harris Sliwoski adds Christian Sederberg. In 2010, he also co-founded Vicente Sederberg LLP (now Vicente LLP) and served as its managing partner for more than a decade. He has served on the board of the National Cannabis Industry Association; served as Chairman of the Board and Interim CEO of the Cannabis Trade Federation; and served as Chairman of the Board of the United States Cannabis Council.

🎙️ Interviews

Finding Alpha in Cannabis: Jerry Derevyanny, Bengal Capital | Higher Exchanges

Gelatinous Cubes, Texas Hemp, and the 4/20 Weekend Setup | High Rise

The Future of THC Beverages: Dawson Hobbs, WSWA | High Spirits

How Appalachia Is Reframing Cannabis | Hirsh Jain

📉 WM Technology to Delist from Nasdaq

Dai Truong — Wed, 08 Apr 2026 20:33:19 GMT

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🎟️ IgniteIt Ohio Valley is April 30th—use HIGHLYOBJECTIVE20 for 20% off

🌿 Industry

Massachusetts House passes cannabis reform bill. Massachusetts House lawmakers unanimously approved a cannabis reform bill that would restructure the oversight commission, regulate hemp, and tackle other hurdles in the industry. — Ganjapreneur

The changes described in the House-Senate compromise proposal include doubling the purchase limit on cannabis flower from 1oz to 2oz, lifting restrictions on the sale of cannabis seeds, and allowing licensed retailers to advertise discounts and customer loyalty programs
The proposal also reduces the Cannabis Control Commission from five commissioners to three, all appointed by the governor, and raises the number of licenses a cannabis operator can hold from three to six
The bill also removes a requirement that medical retailers must produce and manufacture their own products

Cannabis businesses and trade groups sent a letter opposing legislation that would ban drinks containing more than 10 milligrams of THC. A cohort of 11 industry operators and leading trade groups sent a letter on April 7 to members of the California Assembly Committee on Business and Professions, who are scheduled to consider Assembly Bill 2532 on April 14. — CBT

According to the signees, the proposed 10-milligram THC cap would “effectively eliminate” the legal cannabis beverage market, with 93.2% of today’s product sales containing more than that potency limit
Cannabis beverage products containing 100 milligrams of THC account for $66M in annual dispensary sales, or 83.6% of the total category revenue, the signees said. Implementing a 10-milligram cap would leave just $5.4M in annual sales
The idea that low-dose THC beverages aren’t a hit with California cannabis consumers seems to run contrary to conventional wisdom that drinks are a booming product category for the nationwide industry. However, that could be because the target audience for low-dose hemp-derived THC beverages is alcohol consumers looking for an alternative, while regular cannabis consumers—with higher tolerances—are looking for a more potent product, said Hirsh Jain

“Steady state” New York retailers, defined as retailers with more than a year in operation, are averaging $3.95M in annual sales after one year in operation. For all stores, the average annual sales are closer to $2.75M, according to OCM.

Texas selects three new businesses (GTI, Cresco Labs, Texas Medica Collective) for its Texas Compassionate Use Program (TCUP) expansion process. This adds to the nine announced in Phase I in December 2025. Furthermore, 12 other businesses are now on the TCUP license eligibility list for possible future review.

North Carolina Gov. Endorses Adult-Use Cannabis Legalization Plan. The North Carolina Department of Health and Human Services’ Advisory Council on Cannabis called for legalizing adult-use cannabis in an interim report issued last week, and Gov. Josh Stein (D) has endorsed the advisory group’s proposal. - Ganjapreneur

Minnesota cannabis retailers have surpassed $50M in sales since the state’s adult-use market launched last September

4x20: Quick Hits showcases an anthology series of shorts from executive producer Jimmy Kimmel about the history of cannabis culture in America. The series will feature four 20-minute documentary films, each highlighting different historical aspects of how cannabis culture became part of the national conversation.

💵 Deals

Vireo Growth Partners with Ace Ventures to Establish New York’s First Minority-owned Vertically Integrated Medical Cannabis Operator. Under the agreement, Ace will assume a 51% ownership interest in Vireo Health of New York, LLC (Vireo NY), establishing a majority social equity-owned platform supported by Vireo’s longstanding operational expertise, compliance infrastructure, and regulatory experience that Vireo has built in New York since 2014. Vireo NY operates one of the state’s most developed cannabis platforms, with cultivation, manufacturing, and retail infrastructure built over more than a decade of regulated medical operations. Vireo will continue to provide operational support to ensure regulatory compliance, product quality, and operational excellence.

Vireo Growth Closes Acquisition of Eaze, Entering California, Florida Cannabis Markets. Eaze has 67 active retail locations and has completed over 12 million deliveries. Cory Azzalino will step into the CEO role of Vireo’s California business.

📄 Company Updates / Earnings

WM Technology Voluntary Delisting From Nasdaq. Following a thorough review, the Board concluded that delisting the Company’s securities from Nasdaq is in the best interests of the Company, its shareholders, and other stakeholders. The Board’s decision was the result of careful review and consideration of several factors, including, but not limited to, (1) the limitations a Nasdaq listing places on the Company’s operations and strategies for providing services to cannabis end markets, (2) the constraints on the Company’s ability to achieve long-term, sustainable value creation in an evolving industry, (3) the lack of significant liquidity in the Company’s securities due to a lack of comparable companies and limited investor interest and analyst coverage, and (4) the required personnel resources and expenses relating to continued Exchange Act and Nasdaq disclosure and reporting requirements and other regulatory burdens, which have resulted and would continue to result in significant operating expense and attention of the Company’s management team.

GTI Amends Brand Transactions With RHYTHM. GTI Core, an indirect wholly-owned subsidiary of the Company, has amended its existing Trademark and Recipe License Agreements with VCP IP Holdings, LLC and MC Brands LLC, both wholly-owned subsidiaries of RYTHM. Under the amended agreements, licensing fees transition from revenue-based fees to recurring fixed fees of $70 million cash per year collectively for the license rights to RYTHM Premium Cannabis, incredibles, Beboe, Dogwalkers, Doctor Solomon’s, &Shine, and Good Green. Fees are payable in monthly installments and subject to an annual increase equal to two times a Consumer Price Index-based escalator. No other terms were changed.

Grown Rogue Q4 and Full Year 2025 Results. FY2025—Revenue of $32.4M, up 22% from $26.6M in FY2024, with growth driven by the late-2024 entry into the New Jersey market, partly offset by the termination of the Vireo consulting agreement in September of 2024 and substantial pricing pressure that contributed to revenue declines of 22% in Michigan and 8% in Oregon. Adjusted EBITDA of $5.4M (16.5% margin) for 2025, up 42% from $3.8M in 2024, with contributions from New Jersey partly offset by pricing pressure in Michigan and Oregon and higher corporate overhead associated with growth initiatives. $11.4M of cash, secured $12M debt facility at a sub-8% interest rate.

🏬 Retail

Ethos to Close on 4/20 to Honor Cannabis Holiday. Ethos employees in Pennsylvania, Massachusetts, and Ohio will receive a paid day off to spend however they choose. “4/20 started as something simple and personal with friends, flower, and time together. Somewhere along the way, the day got louder. What began as a celebration of the plant is closer today to a retail frenzy, with discounts and doorbusters driving the conversation instead of intention and care. This year, we’re reclaiming 4/20 for what it was always meant to be, a genuine celebration of the plant, the people who love it, and the patients whose lives it changes.” said Ethos CEO Gibran Washington.

🌱 Product

Grön Debuts PIXLZ THC-Infused Gummy Clusters. PIXLZ debuts with three distinct modes, each built on THC and layered with minor cannabinoids, rosin, and a precisely selected terpene profile designed to dial in a specific effect. Whether the moment calls for energy, rest, or something in between, there is a mode for it.

KANHA Taps Creator-Led Model for Peach Paradise Launch with Koala Puffs and Eaze. Peach Paradise is a limited-edition high-CBD gummy developed in partnership with Koala Puffs and Eaze. Engineered for deep relaxation and functional calm, the collaboration represents a sophisticated move to unlock consumer growth by leaning directly into the creator economy. Peach Paradise is available exclusively through Eaze. The partnership will come to life in person through a Koala Puffs meet-and-greet at Eaze's Mid City Los Angeles location on Saturday, April 11.

Sensi Seeds x Death Row Records Exclusive Strains Released in U.S. Sensi Seeds, through its exclusive partnership with Death Row Records, will be bringing five premium cannabis strains to American cultivators following a European launch in Spring 2025. The project, part of Sensi Seeds’ “Breeding Grounds”, represents a unique fusion of legendary cannabis genetics and hip-hop culture. The five exclusive strains – B-Funk, Dough Boy, Studio Candy, Caramel Pineapple, and Cereal Killa – were developed alongside Death Row Records’ head grower AK, combining Sensi Seeds’ four decades of breeding expertise with Death Row’s cultural influence.

🧔 People

Sweed Appoints Brad Cross Chief Revenue Officer. Brad brings more than two decades of experience scaling revenue organizations across the technology sector, with deep expertise in marketing technology, customer data, and SaaS GTM strategy.

🎙️ Interviews

The Army Wants Stoners Now — And Other Cannabis Contradictions | High Rise

Boston Dickerson of Show Me Organics on MO & KY Success | High Spirits

Mr. Sherbinski | MJBizDaily

💳 BAT Converts Charlotte’s Web Convertible Debt into Equity + Invests Additional $10M

Dai Truong — Tue, 31 Mar 2026 20:29:59 GMT

IgniteIt Ohio Valley (Cincinatti) is a month away (April 30th)—if you still need tickets, you can use my code for 20% off. Additionally...if you use my code and send me a screenshot, I’ll enter you into a drawing for another free ticket (two total).

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🌿 Industry

Georgia poised to add more cannabis permits under MMJ expansion. Georgia’s small medical cannabis market promises strong growth if Gov. Brian Kemp signs an MMJ expansion proposal lawmakers sent to his desk. — MJBizDaily

Georgia’s medical cannabis program is currently limited to “low THC oil” that’s capped to products with no more than 5% THC. That’s kept enrollment low, with 34,500 registered patients out of a statewide population of 11.3 million – the lowest adoption rate of any MMJ program in the country
But more Georgians might try medical cannabis if they could access higher THC products and cannabis in a form that can be vaporized – two of the improvements promised by SB 220
If Kemp signs SB 220 into law:
- Cannabis patients could possess up to 12 grams of THC, with no THC percentage cap on products
- Vaporizable products will be allowed for patients 21 and over
- More medical conditions will qualify a patient for enrollment, including lupus
More details with Fine Fettle’s GA Market President Judson Hil on the expansion

Alcohol Industry Group Launches Push To Regulate Hemp THC Drinks Instead Of Banning Them. Wine & Spirits Wholesalers of America (WSWA) has created an educational microsite on the issue that offers resources on the issue and argues that “the same regulatory system that has worked for alcohol should be applied to intoxicating hemp products.” — Marijuana Moment

The group is supporting an approach for hemp drinks that would include federal licensure of suppliers and distributors, a federal tax, independent testing requirements and the regulation of trade practices such as a prohibition on slotting fees, while allowing states to regulate the products in their own markets

New vertically integrated cannabis permits could become available in Ohio. Under House Bill 611, so-called “orphaned” cannabis processors would be granted both cultivation and retail permits, allowing them to operate as fully vertically integrated businesses. — MJBizDaily

Ohio has 46 standalone cannabis processors, a license category introduced in the medical cannabis era
But since 2016, state law now allows a cannabis product to be sold without going through an independent processor, leaving 14 processor permits without a corresponding cultivator
Recent changes to Ohio state cannabis law caps the number of retail permits available in the state at 400. There are currently 205 with a certificate of operation, according to state data. Cultivation permits are capped at 37, and all have been issued

New York Total Cannabis Sales Reach $3.3B After Five Years

Illinois adult-use cannabis sales down (5.1%) sequentially in January to $110.7M and down (5.4%) sequentially in February

Virginia cannabis social-equity advocates are calling for the governor to delay the launch of adult-use cannabis sales

💵 Deals

British American Tobacco Debenture Conversion and $10M Equity Investment in Charlotte’s Web. BAT’s transaction with Charlotte’s Web comprises two components: (i) amendment and conversion of BAT’s outstanding C$75.3M principal amount (~$54M) of the convertible debenture, as well as all accrued interest, into common shares of Charlotte’s Web at a conversion price of C$0.94 (~$0.67 at the Bank of Canada exchange rate on March 27, 2026 for estimation purposes); and (ii) a concurrent additional equity investment by BAT of $10M by way of a private placement at a price equal to the greater of (a) C$0.94, or (b) a dollar amount equal to the maximum discount available pursuant to section 607 of the TSX Company Manual applied to the 5-day volume weighted average price of the Company’s common shares on the TSX prior to the closing date. Together, the Transaction results in the issuance of ~110 million common shares of Charlotte’s Web to BAT and represents a total equity commitment of ~$75M. Upon completion of the Transaction, ~$65M of total debt will be eliminated from the Company’s balance sheet, interest on the debenture will stop accruing, and liquidity will increase for near-term operations.

The Cannabist Company Strategic Transactions and Initiates Proceedings Under the CCAA. The Cannabist Company has entered into two definitive agreements to sell (i) all of the ownership interests of its subsidiaries engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the State of Ohio to Holistic Industries; and (ii) all of the business and assets of its subsidiary engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the State of Delaware to Parma Holdco LLC. The Company also announced it entered into a non-binding memorandum of understanding for the sale of certain of its production, manufacturing, distribution and sale operations (through the sale of equity or assets) in the States of Illinois, New Jersey, Colorado, Massachusetts, Maryland and West Virginia. Virginia—As previously announced, on December 2, 2025, the Company entered into a definitive agreement to sell all of the ownership interests of its subsidiary engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the Commonwealth of Virginia to Parma. Under this agreement, Parma acquired all issued and outstanding equity interests of Green Leaf Medical of Virginia, LLC, a wholly owned indirect subsidiary of the Company, for a total consideration of $130M. Ohio—On March 23, 2026, the Holistic agreed to acquire all of the issued and outstanding equity interests of the Company’s subsidiaries engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the state of Ohio for a total consideration of $47M, consisting of $34.5M in cash payable at the closing of the transaction, as well as a $12.5M promissory note issued by Holistic, all subject to adjustment as further described in the equity purchase agreement. The Ohio Transaction is expected to close in Q3 2026. Delaware—On March 23, 2026, the Company entered into an asset purchase agreement with Parma, pursuant to which, subject to court approval and other customary closing conditions set out in the agreement, Parma has agreed to acquire substantially all of the assets of Company’s subsidiary engaged in the business of cultivating, producing, manufacturing, distributing and selling cannabis in the state of Delaware for a total consideration of $16.5M in cash, all subject to adjustment as further described in the asset purchase agreement. The Delaware Transaction is expected to close in Q2 2026.

Vireo Closes Acquisition of Assets of Schwazze. This acquisition represents an initial step toward a broader strategy to build a scaled retail presence in Colorado and New Mexico, which could grow to over 75 dispensaries over time. Forrest Hoffmaster, who will be CEO of Vireo’s Colorado and New Mexico-focused businesses, said “This transaction marks the beginning of a new chapter for the Schwazze team. We are proud to contribute our capabilities to Vireo’s growing platform and remain committed to serving our customers in Colorado and New Mexico with the high-quality products and experiences they expect.”

📄 Company Updates

Vireo Growth Provides Update on Planned Hawthorne Gardening Acquisition. As part of the Hawthorne Transaction, it is contemplated that Vireo would acquire Hawthorne with at least $35M of cash, ~$50M of net working capital, and would be provided ~$20M of inventory comprised mostly of soil to be supplied to the Company over two years, in exchange for the issuance of 206 million subordinate voting shares of the Company and a warrant to purchase 80 million Shares at an exercise price of $0.85 per Share, exercisable for a period of five years from the date of issuance. In connection with the transaction, Vireo intends to appoint Chris Hagedorn, EVP of ScottsMiracle-Gro and Executive Lead of the Hawthorne business, to its Board of Directors following completion of the transaction and upon shareholder approval. Completion of the Hawthorne Transaction remains subject to, among other things: (i) the negotiation and execution of definitive transaction agreements on terms acceptable to both parties and (ii) receipt of all required regulatory approvals, including, if applicable, the approval of the CSE. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be completed on the terms described herein, or at all.

PharmaCann Closing Pennsylvania Cannabis Facility, Exits Colorado Market. The company filed a Worker Adjustment and Retraining Notification (WARN) with the Pennsylvania Department of Labor and Industry on March 20, informing the department of its facility closure at 111 Life Science Drive in Scott Township, that will impact 60 workers. PharmaCann’s WARN notice to close its facility in Pennsylvania comes after the company settled a lawsuit with Innovative Industrial Properties (IIP) related to its lease defaults with the real estate investment trust (REIT). As part of the resolved litigation, PharmaCann must turn over its properties in Pennsylvania and New York by May 20, and an additional property in Ohio by May 26, according to IIP. In Colorado, The company will lay off 132 workers and shut down one of Colorado’s largest licensed cultivation operations by May 20.

Jushi Refinances Credit Facilities With $160M Nondilutive Debt Financing with funds managed by FocusGrowth Asset Management. The Term Loan was issued at a 4.0% original issuance discount and bears an interest rate of 12.50% per annum, payable monthly, and matures three years from the issuance date. The Term Loan is guaranteed by certain direct and indirect subsidiaries of the Company and secured by first priority liens on certain assets of the Company and certain of the Company’s direct and indirect subsidiaries. The Term Loan does not amortize and is non-dilutive to current shareholders. Following issuance of the Term Loan and the repayment of the Former 1^st Lien Credit Facility and the Former 2^nd Lien Credit Facility, the Company has ~$35M of cash, cash equivalents and restricted cash as of March 27, 2026.

Jushi, Revelry Supply Reach Settlement in Hemp-Derived THC Litigation. The litigation, styled Agape Total Health Care Inc., et al. v. Golden Hour, LLC, et al., Civil Action No. 250803198, was filed as part of a broader enforcement action initiated by the Jushi Subsidiaries against multiple entities and relates to the sale and distribution of certain unregulated intoxicating hemp-derived THC products in Pennsylvania. As previously reported by national and industry media outlets, the Company believes certain unregulated wholesalers and smoke shops are engaging in unfair trade practices by selling illegal marijuana products under the guise of “hemp.” The Company believes these products are being distributed outside of the Commonwealth of Pennsylvania’s regulated medical marijuana framework, providing an unlawful economic advantage to unlicensed operators, shifting compliance burdens onto lawful licenses, endangering public health, and destabilizing the regulated market. This agreement with Revelry represents the first settlement reached in connection with that broader action. The Company will continue to pursue its claims against remaining defendants as appropriate in Pennsylvania and across the country.

🏬 Retail / Cultivation

Curaleaf Branded Dispensary Opens in Lorain, OH, in Partnership with RC Retail. Curaleaf provides support services to the current owner and operator, RC Retail, ensuring both medical patients and adult-use customers in Ohio will receive the same elevated retail experience and access to high-quality cannabis they have come to expect when visiting Curaleaf stores. Curaleaf has the future right to ownership of the dispensary, subject to regulatory approval, which would expand Curaleaf's footprint to six stores in the Buckeye State and 164 nationwide.

Curaleaf opens Cape Coral, FL Dispensary. The new location represents the Company’s 72nd store in Florida and 163rd nationwide.

Terra Pharm Opens Cannabis Cultivation Facility, Dispensary in Pennsylvania. The company opened its cultivation and processing facility in Pittsburgh and celebrated the ribbon-cutting of its first dispensary in Uniontown. The company plans to open several additional dispensaries across the commonwealth in the coming weeks. Terra Pharm was granted a clinical registrant license by the Pennsylvania Department of Health in October 2024. Under this license, the company is authorized to operate a cultivation facility, a processing facility, and up to six dispensaries statewide.

🌱 Product

Dabstract Partners with Trulieve for Maryland. Through this collaboration, Dabstract will introduce its celebrated Live Resin High Terpene Extract (HTE) All-in-One Device and Universal Vape Cartridges to select dispensaries in Maryland, with additional product formats planned for future releases. Known for their strain-specific formulations and terpene preservation, Dabstract products are designed to authentically reflect the genetics and native profile of each cultivar.

Canopy Growth launch Deelish, a new cannabis brand built for the everyday consumer with an everyday price. Deelish enters the market built to deliver high THC with flower testing at 27%-33% THC and pre-rolls at 26%-32% THC. And unlike brands built around a single profile, Deelish rotates its genetic lineup regularly, giving consumers access to a curated range of cultivars over time.

🧔 People

Latino Cannabis Alliance launches to serve as a central forum for analysis, commentary and guidance on cannabis issues from a Latino lens. The Latino Cannabis Alliance is composed of community leaders with a diverse range of skills, countries of origin and roles within the cannabis ecosystem. Combined, they have decades of experience in the cannabis reform space.

Cresco Labs Dispensary workers in Pennsylvania secure new union contract after a 20-day labor strike. The new contract for the workers at Sunnyside includes wage increases, improved health care benefits, guaranteed gratuities, protection from unjust discipline or termination, enhanced job security for part-time employees, and additional paid time off.

🎙️ Interviews

Finn Hänsel, Managing Director, Sanity Group | CannabisNow

LEEF Q4 2025 Earnings Review | Higher Exchanges

Elliot Lane on the Future of IgniteIt | High Spirits

🤝 Kiva Sales & Service (KSS) x Petalfast Merger

Dai Truong — Fri, 20 Mar 2026 14:17:43 GMT

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🌿 Industry

Virginia adult use cannabis sales could launch Jan. 2027. Virginia may finally see adult-use cannabis sales begin more than five years after legalization. — VPM

Virginia lawmakers last week approved a bill that sets a Jan. 1, 2027 start date for adult-use cannabis sales
After the House of Delegates and state Senate passed their own versions of the cannabis market bill, a group of eight legislators began closed-door negotiations to iron out differences and come up with a final compromise
Existing medical cannabis operators in Virginia would have to pay $10 million to get into the retail marketplace, a compromise between the $5 million proposed in the House and the $15 million proposed in the Senate
The final proposal maintains language that was in both bills, includes capping the number of retail cannabis establishment licenses at 350 and increasing the possession limit from 1 ounce to 2.5 ounces. Localities can’t opt out of recreational sales
The Governor has until April 13 to sign or veto each proposal, or return it to lawmakers with proposed amendments for them to consider. She can also take no action and allow a bill to be enacted without her signature

Cannabis vapes now outselling flower in California – thanks to Gen Z. Vape sales first surpassed flower sales last June and have maintained the lead ever since, according to state Department of Cannabis Control data. — MJBizDaily

According to data analytics firm Headset, Gen Z allocates 38% of their cannabis spending to vapes, compared to 32.5% on flower
Headset’s data shows that flower still outpaces vapor pens in California and in other states, but the gap is narrowing, and sales of vape products will surpass flower in the company’s data in a matter of months

Cannabis IP: Why Snoop Dogg can’t trademark ‘Smoke Weed Everyday.’ Snoop Dogg can’t patent “Smoke Weed Everyday” because it’s too popular. — MJBiz

But while Snoop may still have trouble securing copyright protections for this particular phrase, he and other entrepreneurs in the legal marijuana industry have options when seeking brand protections, according to legal experts
But “one way Snoop Dogg’s legal team could respond is by amending the application to limit the goods or services to products that are lawful under federal law, such as certain hemp-derived CBD products that comply with the 2018 Farm Bill,” intellectual property attorney Josh Gerben wrote in a blog post

Klutch Sports sues Klutch Cannabis for trademark infringement. Klutch Sports Group says Klutch Cannabis is wrongly profiting from agency’s Ohio connections.

Preliminary Headset shows that Michigan cannabis revenue sank to $206.18M in February 2026—a 14.8% drop from February 2025. — MJBizDaily

Massachusetts—70%+ of consumers buying cannabis from a licensed retailer

💵 Deals

Note: Not inclusive of all customers.

Kiva Sales & Service (KSS) x Petalfast Sign LOI. Kiva Sales & Service (KSS), a sales and distribution agency announced a strategic combination with Petalfast, a high-performance sales, distribution and retail engagement services company. The transaction will unite two of the leading cannabis distribution companies, creating a step-change in scale that enhances operational efficiency and expands market reach for supplier partners across California, Arizona and beyond. Central to the combined organization is the launch of KSS Lite, a streamlined, "no-frills" distribution tier engineered for brands that prefer to lead their own sales efforts. While KSS continues to offer its "Full Partnership" model— KSS Lite provides the logistical precision and retail access of the KSS network without the full-service overhead. KSS' digital marketplace, KSS Live, will also position the combined organization as a leading player, expanding capabilities and improving service on behalf of all partners. KSS Live boasts a 60% buyer adoption rate, making it one of the most powerful ordering platforms in the industry.

Verano Secures $195M Senior Secured Term Loan. The $195M Term Loan is under a new credit agreement led by Needham Bank as administrative and collateral agent and Chicago Atlantic Financial Services, LLC, as co-administrative agent. Simultaneous with the refinancing, the Company also announced it has drawn the remaining $50M available under its existing revolving credit facility, which was initially entered into in September 2025 and subsequently upsized to $100M in January 2026. The loan matures March 11, 2029, with an option for the Company to extend the maturity date for an additional one-year period, subject to customary conditions and an extension fee. The Interest Rate is a floating rate equal to Term SOFR plus 5.50%, subject to a 4% Term SOFR floor, or 9.50% per annum.

LEEF Brands $4.5M Initial Closing of Up to $8M Financing Led by Mindset Capital. LEEF will offer units (LEEF Units) at CAD $0.25 per unit, each consisting of one common share and one warrant. Each warrant entitles the holder to acquire one additional common share at CAD $0.30 for a period of two years from the date of issuance. In addition, LEEF will also offer Preferred Shares carrying a 15% annual dividend paid quarterly (10% in cash, 5% paid-in-kind), with a conversion price of CAD $0.38 per share. LEEF expects to raise up to $8M in aggregate through the concurrent offerings, including the $4.5M initial closing announced today. With the full amount expected to be raised, the financing would result in the issuance of ~21,868,800 common shares and ~14,579,200 preferred shares. Proceeds from the financing will primarily support the expansion of Salisbury Canyon Ranch, LEEF’s flagship California cultivation asset designed to supply biomass for its concentrate production.

Grown Rogue Accelerates Illinois Entry with Lease of Turnkey Facility. Grown Rogue has entered into a series of definitive agreements with its affiliate, Grown Rogue Management Associates (GRMA) SEA Craft to operate a cannabis production facility in Dwight, Illinois, formerly operated by PharmaCann (owned by IIP). GRMA (80% owned by the Company) is acquiring a 49% interest in SEA Craft, the holder of an Illinois craft grow license and an existing cash balance of $1.0M, with an option to acquire the remaining 51% subject to regulatory and performance-based considerations. SEA Craft entered into a lease for a fully constructed cultivation and processing facility totaling 66,000 sq ft, including ~10,000 square feet of existing indoor flowering canopy, with capacity to expand to the 14,000 square feet ultimately permitted under the craft grow license, and dedicated post-harvest, processing, and manufacturing infrastructure. GRMA completed a $3.0M preferred equity investment to support SEA Craft’s projected capital needs.

FLUENT Amendment to Senior Secured Credit Agreement. The Amendment permitted FLUENT to draw an additional $6M on the date of the Amendment in the form of term loans, which bear a paid-in-kind (PIK) interest rate of 13.00% per annum and is due to mature on December 31, 2026.

Canopy Growth completes acquisition of MTL Cannabis. The combined company establishes Canada’s leading medical cannabis platform and strengthens Canopy Growth’s broader business through expanded premium flower supply, enhanced operating execution and ability to meet demand in regulated international medical markets, including Europe.

📄 Company Updates / Earnings

Verano Q4 Full Year 2025 Results. Q4 2025—Revenues of $207M, up 2% QoQ /down (5%) YoY, (51% margin), Net Loss of $(183M), Adjusted EBITDA of $56M (27% margin). FY2025—Revenues of $822M, down (6%) YoY (50% GM), Net Loss of $(258M), Adjusted EBITDA of $229M (28% margin). Cash and cash equivalents of $83M, total debt, net of issuance costs, of $400M.

AWH Q4 Full Year 2025 Results. Q4 2025—Net revenue was $120.5M compared to $124.7M in Q3 2025, Net loss of ($48.7M), which includes a $17.0M arbitration settlement expense, Adjusted EBITDA was $30.2M (25.1% margin). FY 2025—Net revenue was $500.6M compared to $561.6M in FY 2024. Net loss of ($118.2M), Adjusted EBITDA was $116.9M (23.4% margin). Cash and cash equivalents of $85.7M as of December 31, 2025 and Net Debt was $215.8M.

Vireo Growth Q4 2025 Results. Revenue of $104.5M increased 317.7% YoY, driven by recently closed M&A transactions. On a pro forma basis, Q4 same store sales increased 22% YoY and wholesale revenue increased 55% YoY; excluding Minnesota, same store sales increased 11.3% YoY. Adjusted EBITDA of $29.5M (28.2% margin). Cash of $122.5M, current liabilities excluding uncertain tax liabilities were $71.6M. Pending acquisitions of Eaze, Schwazze, and PharmaCann retail assets in Colorado, and MOU for the acquisition of Hawthorne, are all expected to close in 1H 2026.

WM Technology Q4 Full Year 2025 Results. Q4—Revenue $43.1M, compared to $47.7M in the prior year period. Adjusted EBITDA decreased to $10.4M from $11.9M in the prior year period. Net loss was ($5.0M), compared to net income of $3.7M in the prior year period. FY2025—Revenue of $174.7M decreased from $184.5M in the prior year. Adjusted EBITDA decreased to $39.8M from $42.9M in the prior year. Net income decreased to $3.3M from $12.2M in the prior year. Cash of $62.4M.

Source: Reklaim

Reklaim Credit Solutions Launches as the First Commercial Credit Rating Agency Built Specifically for the Legal Cannabis Industry. At the core of Reklaim’s platform is a purpose-built neural network ensemble model that aggregates accounts receivable data, integrates with state Secretary of State records and cannabis regulatory data, and applies predictive analytics developed by experts in credit risk, financial modeling, and cannabis finance. The result is a suite of services previously unavailable to the industry: cannabis-specific commercial credit scores, credit limit recommendations, and comprehensive credit reports calibrated to the unique financial realities of operating in a legal but federally complex market. Kraig Fox, CEO and Founder of Reklaim Credit Solutions said “Operators are sending inventory out on trade credit with zero visibility into who they’re extending credit to. No scores, no limits, no history. It’s a broken system that costs this industry hundreds of millions of dollars every year.”

🏬 Retail

Curio Wellness opens Far & Dotter Dispensary in Browns Mills, NJ. This is the first Far & Dotter franchise location in New Jersey and 5th nationwide.

Verano Opens MÜV Lehigh Acres. This is the Company’s 84th Florida Dispensary and 161st Location Nationwide.

Trulieve to Open Medical Cannabis Dispensary in DeLand, Florida. The company now has ~159 dispensaries in Florida and ~233nationwide.

🌱 Product

AIQ x Rank Really High Integration. This integration combines AIQ’s headless ecommerce, powerful loyalty, and marketing automation with Rank Really High’s native website platform, giving dispensaries more flexibility to build the online store that works best for their business.

Headset x Distru Partner to Automate Cannabis Ordering, Streamline Supply Chain. The integration connects Headset’s real-time retail and market insights with Distru’s operational execution layer, allowing operators, brands, and distributors to place orders at the right time, in the right quantities, with seamless fulfillment from order through delivery. Together, the companies are addressing one of cannabis’s biggest operational challenges: translating demand signals into action without manual work, disconnected systems, or guesswork.

🧔 People

LEEF appoints Jamie Mendola to Board. Mendola is currently the CEO of Pacific Grove Advisors, where he advises founders, boards, family offices, and investment funds on growth strategy, capital deployment, and operational scaling. Previously, Mendola served as Chief Revenue Officer and Chief Business Development Officer at AYR Wellness and co-founded Mercer Park Brand Acquisition Corp., a cannabis-focused SPAC that merged with Glass House Group. He also served on the Board of Directors of Glass House Brands.

🎙️ Interviews

This $100 Million Vape Company Is A Pillar Of The Cannabis Industry | Forbes

Vape Pens vs. Flower in California, Texas Hemp Ban & State Market Updates | High Rise

🏛️ Intoxicating Hemp Ban Unchanged in 2026 Farm Bill’s Advancement

Dai Truong — Fri, 06 Mar 2026 21:42:45 GMT

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🌿 Industry

Intoxicating Hemp Ban Unchanged in 2026 Farm Bill’s Advancement. The House Agriculture Committee passed the legislation without a two-year delay on the forthcoming federal ban, as proposed in separate legislation. — CBT

The 2026 Farm Bill won’t be the vehicle to delay the November 2026 implementation of the federal government’s ban on intoxicating hemp products
The legislation broadly addresses the nation’s agricultural and food policies, but one provision in the 800-plus page bill would define hemp as a cannabis plant that does not test higher than 0.3% total THC (including THCA), meaning it would remove language from the 2018 Farm Bill that includes a 0.3% delta-9 THC threshold, often referred to as the “loophole” that allowed intoxicating hemp products to proliferate nationwide
Although bipartisan lawmakers are hoping to repeal or delay the intoxicating product ban, House Agriculture Committee Chairman Glenn “GT” Thompson, R-Pa., has made his intentions clear: The 2026 Farm Bill should deal with agriculture (hemp plants), not finished goods (hemp products)

Alabama Medical Cannabis set to roll out this Spring. The commission licensed four dispensary companies, nine growers and four processors. — WHNT

Alabama Medical Cannabis Commission Chairman Rex Vaughn said when everything is up and running, Alabamians will have 12 dispensary locations across the state, due to each licensed dispensary company operating three locations
But Yellowhammer Medical Dispensaries, LLC., which would open an Owens Cross Roads location, has a stay on its license while its attorney, Patrick Dungan, said it navigates court proceedings
A Company that was not awarded a license filed an appeal involving Yellowhammer’s dispensary license. The commission and the company must wait for that appeal to have its day in court, but the three other dispensary companies will continue progress forward in the process

California Cannabis sales of $3.9B in 2025, down from $4.2B in 2024. California’s unit sales declined to 208.7M last year, down slightly from the 210.4M units sold in 2024. — MJBizDaily

A since-repealed excise tax increase that went into effect on July 1 also may have contributed to the decline in sales
But sales during Q4—after the tax hike was repealed Oct. 1—were still significantly lower than the same period a year ago, according to DTFA data

$2.5M Rift Pits Cannabis Pioneer Against Group That Backed Her. A dispute between the nonprofit Housing Works and the owner of a cannabis dispensary shows the risks for businesses in an industry that is locked out of traditional financing and resources. — NY Times

Under Matawana/Leeann Mata’s deal, Housing Works introduced her to investors who put up $700,000 for a 19% stake. The nonprofit also assumed responsibility if Matawana defaulted on its lease, and it brought on consultants who hired staff members and managed payroll and accounting. In exchange, Matawana agreed to pay $20,000 a month and give 5% of its revenue to Housing Works under a three-year deal
Matawana is one of six dispensaries that partnered with Housing Works, and the only one to sever the deal on bad terms

Los Angeles Hopes to Recoup $30M of $400M Unpaid Cannabis Taxes Through Amnesty Program. The City Council is moving forward with a proposal to excuse late fees and interest and allow businesses to pay off their back taxes. — CBT

~$35M in accrued interest and $100M in penalties would be forgiven
City Treasurer Diana Mangioglu projected that the city could receive as little as $30M based on projections around anticipated program participation rate while also considering that only about $150M of the $400M in delinquent tax payments remains collectible because some liabilities are past their three-year statute of limitations, while others are connected to businesses that are no longer operating

Louisiana floats pilot program to test adult-use cannabis legalization. The program would launch next year and run through 2030, with the Louisiana Department of Health overseeing the program. — MJBizDaily

Participation would be limited to the state’s existing 10 dispensaries to serve both medical and recreational consumers
John Davis, president of licensed cultivator Good Day Farm Louisiana, recently said the program’s success is a result of the number of patients doubling to 150,000 over two years, falling prices and limited competition – there are just two growers and 10 dispensaries in the state

Unreliable Lab Results Prompt New York Adult-Use Cannabis Recall. Regulators said an investigation into Keystone State Testing New York conducted between December 2025 and January 2026 determined that the lab issued unreliable test results for multiple cannabis products. — Ganjapreneur

The agency identified 54 product lots with incorrectly reported results for Aspergillus that “did not meet required safety standards for consumption.” There was also a product lot with incorrect reporting of heavy metals

Oregon cannabis industry defeats edibles THC cap. Senate Bill 1548 sought to mandate individual wrapping for each piece of THC-infused edibles and cap the potency of individual doses at 10 mg. — MJBizDaily

NY OCM Acting Executive Director John Kagia predicts $4.6B in sales by 2028. Current New York production capacity is at ~588,000 pounds of cannabis annually. While just over half of the ~9M square feet of permitted canopy is operational, fulfilling future demand might require three times as much supply. — MJBizDaily

💵 Deals

Verdant Capital Partners to Acquire Native Roots’ Retail Operations. Verdant Capital Partners has entered into a definitive agreement to acquire the retail operations of Native Roots, consisting of seventeen cannabis dispensaries located in Colorado. Native Roots is one of the longest-operating cannabis dispensary operators in the United States, having been established in 2009. Verdant Capital Partners was formed by experienced cannabis operators and investors focused on acquiring and operating regulated retail cannabis assets.

Tilray Brands Acquires BrewDog, a Leading Global Craft Brand, for £33M. Under the terms of the transaction, Tilray paid £33M in exchange for BrewDog’s worldwide intellectual property, UK brewing operations and a portfolio of eleven premier and profitable brewpubs including Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill, and Waterloo. These brewing and related operating assets are expected to generate annual net revenue of ~$200M and adjusted EBITDA of ~$6–8M.

📄 Company Updates / Earnings

Cresco Labs Q4 2025 & FY 2025. Q4—Revenue of $162M (52.2% Adjusted GM), down 2.0% QoQ and 8.2% YoY, Adjusted EBITDA of $40M (25% margin), OCF of $27M. FY2025—Revenue of $656M (50.2% Adjusted GM), Adjusted EBITDA $157M (24.0% margin), OCF of $73M. Cash of $91M, $311M debt and $19M mortgage loan.

RYTHM Q4 2025 & FY 2025. Q4—Revenue of $10.7M (75% GM), Operating loss of ($12.9M), primarily driven by a $8.5M non-cash impairment charge. Cash balance of $32.2M. Established a beverage retail footprint of over 6,000 locations across 18 states.

MariMed Extends Series B Preferred Stock Obligation Through 2031. The Restructuring and Exchange Agreement with the holders of its $14.725M Series B Convertible Preferred Stock. The Agreement eliminates the Company’s February 28, 2026 mandatory conversion date obligation and replaces it with a combination of long-dated instruments. As a result, the transaction extends the weighted average maturity of the obligation 4.6 years, significantly reducing near-term refinancing risk and enhancing the Company’s liquidity profile. Under the Agreement, the Company issued: a $2M promissory note maturing in March 2028, bearing interest at 8% with a two-year term; a $6M promissory note maturing in March 2031, bearing interest at 10% with a five-year term; and $6.725M of Series B Convertible Preferred Shares, valued at $0.25 per share, which are subject to mandatory conversion in February 2031, unless converted earlier pursuant to its terms.

Aurora Cannabis is now ‘solely’ a medical company. Aurora Cannabis is exiting the adult-use cannabis market to focus “solely” on global opportunities in medical marijuana. CFO Simona King laid out the licensed producer’s pivot to higher margin – and regulated – markets such as Australia, Germany and Poland during the TD Cowen Healthcare Conference in Boston.

Cannabis Teamsters at Cresco Labs Go on Strike in Pennsylvania. Teamsters at the Sunnyside dispensary in Wyomissing, Pa., voted unanimously to authorize a strike after the company failed to present a contract that fairly compensates its workers. Workers may be feeling emboldened after a 45-day strike at a York, PA, location of RISE (GTI), ended with a successful contract that included a raise.

Alpine IQ Earns 2026 Great Place to Work Certification. 93% of employees at Alpine IQ say it is a great place to work compared to 57% of employees at a typical U.S.-based company, according to the awarding organization.

🏬 Retail

High Profile Cannabis Opens Dispensary in Luna Pier, MI. Situated just minutes from the Ohio border and easily accessible from I-75, the dispensary provides a convenient stop for both local residents and customers traveling from northwest Ohio.

The Source Expands Southern Nevada Footprint With New Henderson Dispensary. This is The Source’s fifth location in Nevada, joining three locations in Las Vegas and one in Pahrump.

Texas Original Opens 5 New Locations to Expand Medical Cannabis Access Texas. The five sites (satellite locations in Plano and San Antonio, and pickup facilities in Lubbock, Nacogdoches and Tyler) will serve an addressable market of more than 14,000 patients. Satellite locations, authorized under HB 46, allow licensed medical marijuana providers to operate Department of Public Safety-approved locations where medicine can be securely stored onsite. Unlike traditional pickup sites, which require same-day transport from a central facility, satellite locations can maintain inventory overnight, enabling same-day pickup and more flexible access for patients.

Goldflower Cannabis Opens 13th Florida Dispensary in Summerfield, FL.

High Tide Opens Canna Cabana in Sarnia, Ontario. This opening brings High Tide’s total store count to 220 across Canada and 96 in the province of Ontario.

🌱 Product

Insa x Connected, Alien Labs for Pennsylvania. The initial rollout features a lineup of the most recognized strains, including Permanent Marker, Ambrozia, Gelato 41, Silver Spoon, Biscotti, Ghost OG and Cherry Marker, bringing the signature quality and genetics that built Connected’s West Coast reputation directly to Pennsylvania patients. Following this launch, AlienLabs, will debut in Pennsylvania in late March. The pending release will include Krypto Chronic, Gemini, Biskante, Dark Web, Xeno, Atomic Apple and XJ-13, further expanding access to some of the industry’s most talked-about and market-moving strains.

Organigram Global Expands FAST™ Innovation Platform with SHRED Shotz. SHRED Shotz is a compact, single-serve 65ml cannabis beverage powered by FAST™, Organigram’s fast-acting nanoemulsion technology platform designed to deliver a 15-minute onset. Each compact 65 mL bottle contains 10 mg THC and will be available in Blue Razzberry and OG Lemonade flavours.

🧔 People

High Tide Appoints Two New Directors. High Tide appointed two new directors as part of a planned board of directors renewal process. Nitin Kaushal and Andrea Elliott resigned from the board. Kaushal had served since 2018 and Elliott since 2021. In their places, the board appointed Kathleen Skerrett and Menashe Kestenbaum. Skerrett is a partner at Gardiner Robers LLP, where she practices in the areas of securities law, corporate governance, and capital markets transactions. Kestenbaum is a technology entrepreneur, public company executive, and venture capital investor.

🎙️ Interviews

The $28 Billion Ban: Hemp’s Last Stand | The High Rise

Micah Anderson, CEO of LEEF Brands | The Dime

How Charlotte’s Web plans to unlock a $4.5 billion CBD market | MJBizDaily

🧾Earnings: GTI, Curaleaf, Trulieve

Dai Truong — Thu, 26 Feb 2026 22:21:20 GMT

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🌿 Industry

Several New York Cannabis Industry Associations Urge OCM to Cover Cost of Seed-to-Sale Tracking System. The Empire Cannabis Manufacturers Alliance, the New York Cannabis Farmers Alliance, and the Association of New York Cannabis Processors issued a joint statement regarding the FY 2026–27 Executive Budget.

As the market continues to expand, the State must ensure operators are well supported and the OCM has the tools and staffing necessary to protect its integrity. Investments must be made to ensure OCM has sufficient compliance, enforcement, and legal staff to act on the data the system generates and to hold bad actors accountable
The state must now play its role by covering the fees associated with the system rather than shifting those costs onto licensed operators who are already heavily taxed, operating with thin margins, and competing with an ongoing illicit market that doesn’t pay these fees at all

Virginia Adult-Use Cannabis Sales Appear Inevitable Under Democratic Trifecta. The state’s House and Senate passed bills to legalize licensed dispensary sales nearly five years after possession and home grows were legalized. — CBT

The Virginia House and Senate passed similar bills on Feb. 17 to legalize adult-use cannabis sales, setting the stage for a Democratic trifecta, which now includes Gov. Abigail Spanberger, to finish what has been a years-long reform process in the commonwealth
The state’s five medical cannabis licensees, which are currently allowed to operate up to six medical dispensaries each, could transition to adult-use sales by Nov. 1, 2026, with a one-time $5M fee under the House bill. Under the Senate’s version, they could transition to adult-use sales by Jan. 1, 2027, with a one-time $15M fee

New York Liquor Stores Could Sell Low-THC Cannabis Beverages. Sen. Jeremy Cooney (D) and Assemblymember John Zaccaro, Jr. (D) filed companion versions of the legislation in their respective chambers this past week, with the intent being to build upon the state’s maturing cannabis market. — Marijuana Moment

“Allowing existing off-premises alcohol retailers to sell low potency cannabis beverages through a carefully structured permit system will expand legal access to regulated products, reduce illicit market activity, and provide a clear, enforceable pathway for responsible retail sales,” it says
The Senate bill, S9220, has been referred to the Investigations and Government Operations Committee, while the Assembly version, A10191, is heading to the Economic Development Committee

Chicago mayor vetoes hemp THC ban. Hemp retailers in Chicago generate ~$475M in annual sales, contributing ~$30M in sales tax revenue to the city. Licensing fees add another $5–$7.5M to municipal coffers.

Michigan’s Marijuana Tax Experiment Should Be An Urgent Warning To Other States (Op-Ed). “Other states as well should learn from Michigan’s experience, rather than repeat the same economic misstep.” — Marijuana Moment

U.S. Rep. Jim Baird, R-Ind., introduced an amendment to the 2026 Farm Bill that would delay the change by one year. The House Agriculture Committee is expected to take up the proposal next week. — GreenState

Illinois sales declined 13% in 2025 to $1.5B

IRC 280E Still Applies to Your Marijuana Business, Unfortunately

💵 Deals

Curaleaf closes $500M 11.5% senior secured notes due February 18, 2029. The company also redeemed its previously outstanding $475M senior secured notes due December 15, 2026. The Company intends to use the net proceeds of the Offering to provide incremental capital to support global growth initiatives, and to pay transaction fees and expenses. The Notes were issued at 100% of face value, are senior secured obligations of the Company, payable semi-annually in equal installments until the maturity date, unless earlier redeemed or purchased.

GTI Additional $50M Senior Debt Financing. The Company increased its existing syndicated credit facility led by Valley National Bank by $50M, bringing the total facility to $189M. The Company intends to use the cash proceeds for general corporate purposes, potential strategic investments, and other working capital requirements. The credit facility has a maturity date of September 11, 2029 and will continue to bear interest from the date of issue at Secured Overnight Financing Rate (SOFR) + 500 basis points.

📄 Company Updates

Curaleaf Q4 and FY2025 Results. Q4—Revenue of $333.1M, up 2% YoY, 49% GM, Adjusted EBITDA of $69.0M (20.7% margin), representing a 250 basis point decrease YoY. This was inclusive of a 120 basis point drag from international operations. 2025—Net revenue of $1,268B, 50% GM, Adjusted EBITDA of $274.7M (21.7% margin). Cash of $101.6M, debt of $548.7M. According to Hoodie Analytics, Curaleaf portfolio of brands achieved #1 market share position while Select remained the #1 vape brand in the U.S.

GTI Q4 and FY2025 Results. Q4—Revenue of $311.1M, up 5.7% YoY, Normalized EBITDA of $100.2M (32.2% margin), CFO of $90.0M. FY2025—Revenue of $1.2B, up 3.4% YoY, CFO of $294.9M. Cash of $274.3M, debt of $244.9M, which includes $142.5M of senior debt. According to BDSA, GTI brands held nationwide leadership across multiple key categories in 2025. RYTHM was the No. 1 flower brand (RYTHM’s Animal Face, a core Icon Strain, was the No. 1 selling flower unit), Dogwalkers held the No. 1 position for uninfused pre-rolls, and incredibles was the No. 1 chocolate brand.

Trulieve Q4 and FY2025 Results. Q4—Revenue of $293M, 60% GM, adjusted EBITDA of $105M (36% margin), cash flow from operations of $59M. FY2025—$1.2B, gross margin of 60%, adjusted EBITDA of $427M (36% margin), cash flow from operations of $273M. Cash of 255.5M, Debt of $367.8M.

Cronos Group Q4 and FY2025 Results. Q4—Net revenue of $44.5M, up 47% YoY, Gross profit of $16.2M (36% GM), adjusted EBITDA of $0.5M. 2025—Net revenue of $146.6M, up 25% YoY, adjusted EBITDA of $10.1M. $832M in cash, no debt.

Sunderstorm Expand Products Across Europe and Australia. Sunderstorm has partnered with New Garden Pharma, a licensed manufacturer in North Macedonia, to further expand its global footprint into Europe and Australia. Sunderstorm is also working with other global partners, including California’s Medical GmbH in Germany, FuGu Holdings in Australia, and Grow Group UK in the United Kingdom. Through New Garden Pharma’s EU-GMP facility in Skopje, North Macedonia, Sunderstorm will produce pharmaceutical‑grade cannabis edibles tailored for distribution across Europe and Australia, while also collaborating on the commercialization of premium cannabis flower and the joint development of innovative new product formats.

Green Flower launches Cannabis Career Resource Center. The new Employer Network creates a direct pipeline between thousands of graduates from Green Flower’s 45+ University partners, and the industry’s top-tier cannabis operators. Companies in the Employer Network gain access to an ever-growing pipeline of people who have been trained in cultivation, retail and sales, product development, compliance, and medical cannabis, as well as graduates of the Ganjier cannabis sommelier program. Access to the Employer Network is an exclusive benefit for all Green Flower & Ganjier graduates once they complete their Certificate programs.

🏬 Retail

The Artist Tree Sponsors International Art & Found Day. On March 12, The Artist Tree will transform all 12 of its locations into an art treasure hunt in celebration of International Art & Found Day. For one day only, customers visiting any The Artist Tree location may stumble upon a piece of original art tucked somewhere in-store that is completely free to take home. The Artist Tree expects to collect and distribute more than 100 original works from local artists, reinforcing its mission to make art approachable, interactive, and woven into everyday life. Many of the artists contributing to Art & Found Day already had work displayed inside the dispensaries.

Terrabis opens Mundelein, IL Dispensary. The Mundelein location represents continued momentum for Terrabis’ growth in Illinois and the Midwest. Although it is Terrabis’ fifth dispensary in Illinois, it marks the company’s ninth retail location overall, alongside four established Missouri stores and a product manufacturing facility.

Curaleaf opens Dispensary in Findlay, OH. The store expands Curaleaf’s footprint in the Buckeye State to five stores, bringing the Company’s nationwide retail footprint to 162 locations. Curaleaf Findlay will increase access to high-quality cannabis for both medical patients and adult-use customers across Northwest Ohio.

Curaleaf relocates Sedona Dispensary. The new location offers a more convenient and accessible location for customers, directly off of the city's major highway.

🌱 Product

Tilray (Good Supply) Expands High-Potency Portfolio with New Spring Lineup Across Canada. Good Supply, one of Canada’s most recognized cannabis brands, has launched its spring product lineup, a new seasonal product release designed to accelerate growth across high-performing formats, including high-potency vapes, flower, and expanded pre-roll offerings.

🧔 People

New York Governor taps touted insider as next state cannabis czar. John Kagia, the New York Office of Cannabis Management’s director of policy, will inherit some specific challenges as New York’s fourth cannabis czar since 2024. Kagia, who spent seven years at New Frontier Data before joining OCM in September 2022, takes over from Susan Filburn, who led the agency on an interim basis after Felicia Reid’s December resignation.

The National Cannabis Industry Association (NCIA)’s 2026-2028 Board of Directors. Drawn from across the regulated cannabis marketplace, this group reflects the breadth of today’s industry and a shared commitment to responsible growth, sound policy, and long-term sustainability. New Members Joining the Board:

Allison Disney, Co-Founder & Managing Partner, MixMix
Jamie Pearson, Founder & President, New Holland Group
John Murray, President, Sustainable Innovations, Inc.
Jordan Isenstadt, Senior Vice President, Marino
Kasey Kollross, Advisor, 23rd State
Dr. Roz McCarthy, Founder & CEO, Minorities for Medical Marijuana
Samuel Rockwell-Shear, CEO, Mission Mountain Holdings

🎙️ Interviews

Cannabis Predictions & Disruptive Investing | Cannabis Investing Network

Nothing Ventured. Nothing Gained: Bob Weir | HIGH TIMES

Farm Bill Drafts, German M&A, “Social” Retail Revolution | This Week in Cannabis

🤝 Organigram to Acquire Sanity Group in Deal Valued up to €250M

Dai Truong — Wed, 18 Feb 2026 21:52:24 GMT

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🌿 Industry

Virginia Lawmakers Pass Competing Bills to Allow Adult-Use Cannabis Sales. House lawmakers passed HB 642 by a 65-32 vote on Tuesday morning, and the Senate narrowly passed SB 542 by a 21-19 vote several hours later. — Foley Hoag

The House and Senate bills are similar in many respects, including that they would both permit adults aged 21+ to purchase up to 2.5 ounces of marijuana/marijuana products in a single transaction and they would both license discrete activities within the cannabis supply chain (e.g., cultivation, processing, retailing, delivery)
However, they also diverge in certain key areas, including the proposed taxation of marijuana and marijuana product sales. Now that the bills have passed their respective chambers of origin, House and Senate leaders are expected to negotiate and reach a compromise on the material differences between the bills
Critically, new Governor Abigail Spanberger has been an ardent supporter of adult-use marijuana in the Commonwealth

Ohio sues cannabis operators, accuses them of conspiring to keep prices high, limit choice. The lawsuit alleges the operators used “shelf-space allotments” to prioritize each other’s products while intentionally excluding smaller, Ohio-based businesses. — WHIO

The legal action stems from an investigation triggered by an October 2024 tip from an Ohio cannabis industry employee
The lawsuit names nine major cannabis operators as defendants: Ascend Wellness, Ayr Wellness, The Cannabist Company, and Cresco Labs, Curaleaf, Green Thumb Industries, Jushi, Trulieve, and Verano
For independent Ohio cultivators who don’t operate in other states, this system created a “retail lock-out.” Without a footprint in other States to offer as leverage, local growers reportedly found themselves blocked from dispensary shelves. The lawsuit claims that major operators agreed to reserve up to 25% of their shelf space exclusively for each other, leaving little room for local competitors

Missouri Audit Highlights Marijuana Licensing ‘Deficiencies,’ Drawing Pushback From Regulators. The nearly three-year audit of the Missouri Division of Cannabis Regulation alleges “perceived and actual deficiencies” in the application scoring process contributed to $12.5M+ in costs associated with litigation and administrative appeals. — Marijuana Moment

It also raised concerns about the “blind scoring” system used to determine who received lucrative medical marijuana licenses, saying weaknesses in the process make it difficult to verify whether inconsistent results stemmed from error or bias
The agency noted Missouri State Auditor Scott Fitzpatrick’s team only reviewed 67 of the applications, or 3%, arguing that is too small of a sample to make an overarching claim about the legitimacy of the system

New York Cannabis Cup Winners: The Brands and Products That Took Top Honors

The New York Times Is Not Examining the Real World Evidence on Cannabis. It Is Ignoring It. The Op-Ed from Hirsh Jain in response to the New York Times Editorial Board’s Op Ed titled “It’s Time for America to Admit That It Has a Marijuana Problem,” urging a regulatory crackdown on legal cannabis

Missouri sales of $1.5B in 2025, a 4% increase over 2024

Colorado sales of $1.1B from January through October 2025. Sales from the final two months of the year are unlikely to put the state on track to beat 2024’s annual total of $1.4B

Nevada cannabis sales fell ~9% in 2025. Annual sales dropped to $758M from July 2024 to June 2025, down from $829M over the prior fiscal year

💵 Deals

Source: Investor Presentation

Organigram to Acquire Sanity Group for up to €227M (Potential €250M Total Valuation). Upon closing of the Acquisition, Organigram will pay shareholders of Sanity upfront consideration of €113.4M (€80.0M cash, €33.4M in Organigram shares). In addition, Sanity shareholders will be entitled to receive consideration of up to €113.8M, with the first €20M in cash and up to €93.8M in Organigram shares based on Sanity’s financial performance for the 12-month period following the closing. The Upfront Consideration shares are expected to be priced at C$3.00 per Organigram share, representing a 71% premium to the C$1.75 closing price on the TSX on February 17, 2026. The Earnout Consideration shares shall be priced at the TSX 20-day VWAP on the trading day prior to settlement, subject to a C$3.00 floor and C$4.00 cap.

Source: Investor Presentation

Sanity has an estimated #2 market share position as of January 2026, up from #5 in January 2025. The company had sales of €9M in 2023 (15% GM), €19M in 2024 (35% GM) and €60M in 2025, including €19M generated in the last quarter of calendar 2025 (47% GM). Sanity has raised ~$134.6M across nine rounds prior to its acquisition from investors that include British American Tobacco (led Series B), Organigram Global (led final convertible note and acquisition), HV Capital, Redalpine, Casa Verde Capital, Cherry Ventures, Will.i.am, Mario Götze, Alyssa Milano, Klaas Heufer-Umlauf, and Stefanie Giesinger.

iAnthus Sells Select Arizona Assets to Sonoran Roots for $36.5M. The Transaction includes two dispensaries, a processing facility and a cultivation/processing facility located in Mesa, Arizona, as well as one dispensary located in Phoenix, Arizona (collectively, the “Facilities”). These Facilities have consistently delivered high-quality cannabis products and experiences to their surrounding communities. The Transaction will allow iAnthus to redirect resources to its growth initiatives in Florida, Maryland, New Jersey, Massachusetts and New York while still maintaining a retail presence in Arizona with one dispensary in Mesa, Arizona. The purchase price is ~$36.5M and will consist of ~$20M of cash payable at closing and a secured promissory note to be issued by Sonoran Roots in the principal amount of $16.5M at 6% interest per annum compounded annually, with a term of 66 months.

The Cannabist Co. Closes $130M Sale of Virginia Assets. The Virginia assets consist primarily of 5 active retail locations, 1 additional retail location in development, and approximately 82,000 square feet of cultivation and production capacity in the Richmond region. The total consideration for the Transaction was $130M, consisting of $117.5M payable in cash at closing of the Transaction and the remaining $12.5M to be escrowed at Closing and to be released in two parts: (i) up to $1M, upon the finalization of the post-closing purchase price adjustment and (ii) the remaining amount not otherwise used to satisfy indemnification obligations, following the nine-month anniversary of the Closing.

Planet 13 Completes California Exit, Divests Orange County Dispensary, Distribution Licenses. The company completed its previously disclosed divestiture of its Orange County, California retail and distribution licenses. The Company has also closed on the sale of the property associated with its cultivation facility in Coalinga, CA, and is advancing the transfer of the cultivation license to the buyer. This marks the substantial completion of the Company’s planned exit from the California market.

Willie Nelson’s Willie’s Remedy+ Raises $15M. The $15M Series A funding round was led by Left Lane Capital, with participation from Second Sight Ventures. In less than a year since launch, Willie’s Remedy+ has emerged as a breakout leader in the fast-growing THC drinks category. The brand has sold more than 400,000 bottles, making it the #1 THC beverage sold online.

📄 Company Updates / Earnings

Organigram Q1 2026: Revenue +49%, #1 Market Share. Net Revenue up 49% YoY to C$65.3M. Adjusted EBITDA surged 273% to C$5.3M. The company cemented its leadership in Canada with an 11.3% overall market share (#1 vapes, 20.4%) and (#1 concentrates, 15.5%). International revenue also grew 55% YoY. Management reaffirmed FY2026 guidance C$300M+ revenue. Launched Collective Project & Fetch into Illinois and Wisconsin through new distribution partners, expanding US retail footprint to 11 states.

Aurora Cannabis Q3 2026: Positive Free Cash Flow & Medical Growth. C$94.2M in Net Revenue (+7% YoY). The story remains their high-margin global medical business, which hit a record C$76.2M (+12% YoY). Most notably, Aurora generated C$15.5M in FCF and holds C$154.4M in cash with no debt. Concurrently, the company filed a prospectus for a $100M At-The-Market (ATM) offering to fund potential M&A and cultivation expansion.

Gotham Launches Accelerator Program, Inaugural Cohort to Support Black-Owned Cannabis Brands. The inaugural cohort will focus on Black-owned businesses operating in New York City, providing founders with the structure, strategic guidance, and industry access needed to scale sustainably. Future cohorts will expand to additional underserved communities. Eligible applicants must be at least 51% Black-owned and operated, have been in business for a year or more, and currently have at least one product on the market.

🏬 Retail / Cultivation

Goldflower Cannabis Approved for Florida Cultivation Site. Goldflower also introduced the addition of Heavyweight Heads genetics to its Florida cultivation program, bringing elite legacy cultivars from the Michigan-based brand to the state’s medical cannabis market. Based in Michigan, Heavyweight Heads has built its reputation on premium indoor flower, pheno-hunted for flavor, terpene expression and uncompromising quality.

Tilray Expands UK Pharmaceutical Access Through Strategic Agreement With Smartway Pharmaceuticals. Through this agreement, CC Pharma and Smartway will jointly support the expansion of parallel import and specialist pharmaceutical supply in the UK, leveraging Smartway’s established national distribution infrastructure to facilitate the delivery of pharmaceutical products and CC Pharma’s European procurement capability and GMP capacity, marking a notable advancement in Tilray’s comprehensive European medical expansion strategy.

🌱 Product

Greentank 2026 Product Launches, Introducing Three Next-Generation All-in-One Vape Devices. The 2026 lineup introduces the GT Palm Pro, GT Fuse, and GT A20 MAX, each designed to meet evolving market demands while giving brands new tools to differentiate in an increasingly competitive landscape. Together, these launches reinforce Greentank’s commitment to building next-generation hardware platforms that prioritize consistency, versatility, and innovation.

🧔 People

Former Columbia Care CEO Nicholas Vita Ordered to Pay Over $7.4M for Scheme to Bypass U.S. Securities Regs. The judge ruled that Nicholas Vita, former CEO of Columbia Care, was fully liable for a debt he guaranteed through an offshore margin account, despite Vita’s claims that the arrangement was fraudulent.

Meet California’s New Director of Cannabis Control. Clint Kellum, the newly appointed DCC Director, faces a critical task—saving California’s cannabis industry from collapse. Kellum has served as the department’s COO for the past five years and brings more than 18 years of state government experience, including budget and policy development at California’s Department of Finance.

🎙️ Interviews

Socrates Rosenfeld, Jane Technologies | Inspire Greatness

Jamie Pearson, New Holland Group | MJBizDaily

Cannabis Business News Roundup | High Spirits

🏪 Gotham Launches Accelerator Program, Inaugural Cohort to Support Black-Owned Cannabis Brands

Dai Truong — Wed, 11 Feb 2026 16:04:24 GMT

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NEW YORK, Feb. 11, 2026 /PRNewswire/ -- Gotham, the world’s first cannabis concept store, today announced the launch of the Gotham Growth Project (GGP), a new business accelerator program designed to support growth-stage cannabis consumer brands from underserved communities. The inaugural cohort will focus on Black-owned businesses operating in New York City, providing founders with the structure, strategic guidance, and industry access needed to scale sustainably. Future cohorts will expand to additional underserved communities.

The six-session program is open to founders based in New York City’s five boroughs, Westchester County, and Long Island who are already selling products through licensed dispensaries, retail partners, or regulated marketplaces. GGP blends expert instruction, peer collaboration, and practical assignments to help founders tackle real-world growth challenges—from retail readiness and operations to financial strategy and expansion planning.

“Too many founders from underserved communities are expected to navigate growth on their own after clearing the hardest barriers to entry,” said Kenny Anderson, Chief Operating Officer of Gotham. “GGP is about meeting founders when the stakes are high, the margins are tight, and the next decisions matter most. This program is designed to help brands move from traction to scalability. The mission of GGP is to turn diverse visions into success.”

The accelerator curriculum includes six core focus areas:

Brand foundation and positioning
Product development and regulatory alignment
Operations and sales strategy
Retail readiness and partnerships
Financial planning and capital preparedness
Storytelling, pitching, and executive presence

To support long-term business development beyond the program, Gotham will host a series of Masterclasses following the completion of the six sessions.

“The idea for the Gotham Growth Project was born out of feedback we received from our store teams,” said Joanne Wilson, founder and CEO of Gotham. “They consistently shared a desire to see more diverse brands represented on our shelves. GGP is our response and also our responsibility to the people who make Gotham what it is. This is a tangible, intentional way to support Black founders who are already building strong products and deserve greater visibility, resources, and pathways to scale.”

Eligible applicants must be at least 51% Black-owned and operated, have been in business for a year or more, and currently have at least one product on the market. Qualified product categories include THC and CBD offerings such as flower, pre-rolls, vapes, edibles, gummies, concentrates, tinctures, and topicals.

The program will conclude with a live pitch showcase at The Highrise, Gotham’s semi-annual leadership salon produced in partnership with Cultivated Media, in October 2026.

Applications are now open and close March 11, 2026 at 5:00 PM ET. For full program details or to apply, visit: gotham.nyc/gotham-growth-project/.

About Gotham
Gotham, the world’s first cannabis concept store, is a female-founded, mission-driven brand pioneering a new era of retail. Curating premium cannabis alongside art, fashion, home goods, and beauty, Gotham transforms dispensaries into destinations for discovery and connection. Since opening its flagship in the East Village in 2023, the brand has expanded to Hudson, Williamsburg, and most recently Chelsea - where they operate a first-of-its-kind art gallery, called Gotham Gallery, within the legal cannabis store. Working to revolutionize the narrative around cannabis consumption, Gotham creates a sense of welcome for their local communities and has solidified their place within the cultural zeitgeist of New York. Learn more at www.gotham.nyc and follow @gotham.ny for the latest products and events.

🧾 PA Gov. Josh Shapiro’s Budget Proposal Calls for Cannabis Legalization (again)

Dai Truong — Wed, 04 Feb 2026 16:54:14 GMT

I’m looking forward to attending IgniteIt in Jersey City, NJ next week (Tuesday, 2/10). If you still need a ticket, you can use this link for 20% off tickets (CODE: HIGHLYOBJECTIVE20). Also, I’ve gotten some requests to organize a small gathering around the conference. I’ll do so if there is interest, so please let me know.

I’ll also be going to Flower Expo Local: NYC (Thursday, 2/12) next week and wanted to put that on your radar if you’ll already be in NJ/NYC for IgniteIt.

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🌿 Industry

Pennsylvania Gov. Josh Shapiro’s 4th budget proposal calls for cannabis legalization. The governor’s proposal would see adult-use cannabis legalized as soon as July 1, 2026, and regulated sales begin on Jan. 1, 2027. — CBS News

The Governor is again calling on lawmakers to move forward with cannabis legalization—and he indicated that a proposed “softening” of federal cannabis laws through rescheduling could bolster the push for reform
Last summer, a bipartisan bill was introduced in the House of Representatives that would establish a “stable, well-regulated cannabis market that prioritizes public safety and public health, protects children from exposure, promotes social justice and fosters economic opportunity”
There’s been no movement on the bill since July 14, 2025, when it was moved to committee

Vape Sales Dethrone Cannabis Flower for 1st Time in California. Cannabis flower is no longer king in the Golden State, where vape products are now the top-selling category in the licensed marketplace. — CBT

Vapes took over as California’s top-selling product category in July 2025, with $117.8M in sales compared to $113.2M for flower, and continued to widen that gap in the remaining months of the year, according to Metrc
According to Headset, vape sales gaining a larger market share in recent years is largely attributed to the coming of age of Gen Z cannabis consumers, who have long favored vapor pens over flower

Oklahoma governor wants to recriminalize $600M medical cannabis industry. Oklahoma Gov. Kevin Stitt wants to eliminate legal medical cannabis. — MJBizDaily

Termed out next year, Stitt plans to ask the state legislature to send to the voters a ballot initiative on medical marijuana that would “shut it down”
Oklahoma medical cannabis market has been in a steady decline as sales peaked in 2020 at $831M

Cannabis Sales Slipped in January. Cannabis sales decreased 3.1% sequentially in January. — New Cannabis Ventures

Missouri sales of $1.52B in 2025, up 3% from $1.46B in 2024

💵 Deals

Gelato Cannabis acquires its California Cannabis Operations. This brings California under a unified ownership and leadership structure that also includes Michigan and Arizona.

Vireo Growth Enters into Non-Binding Memorandum of Understanding to Acquire The Hawthorne Gardening Company from ScottsMiracle-Gro. Hawthorne is an independent operating subsidiary of ScottsMiracle-Gro and leading provider of nutrients, lighting and other materials used for indoor and hydroponic gardening in North America. Vireo intends to name Chris Hagedorn, Executive Vice President of ScottsMiracle-Gro and Executive Lead of the Hawthorne business, to its Board of Directors upon completion of the transition.

Trulieve Closes $60M Private Placement of 10.5% Senior Secured Notes. The Company has closed a second tranche of its previously announced private placement of 10.5% Senior Secured Notes due 2030 “Notes.” Together with the first offering of Notes, which closed on December 17, 2025, Trulieve has issued Notes in the aggregate principal amount of $200M. The Notes were issued at a price of $1,000 plus accrued but unpaid interest from December 17, 2025 to January 29, 2026 in the amount of $12.37 per $1,000 principal of Notes, and have the same terms as those issued on December 17, 2025.

📄 Company Updates / Earnings

Aurora Cannabis FY Q3 2026 Results. Total net revenue was $94.2M vs. $88.2M in the prior year period. The 7% increase from the prior year period was mainly due to 12% growth in global medical cannabis business and 27% growth in plant propagation business, slightly offset by lower quarterly net revenue in the consumer cannabis business. Consolidated adjusted gross margin before fair value adjustments was 62% in Q3 2026 and 61% in the prior year period. Adjusted EBITDA was $18.5M for the three months ended December 31, 2025 compared to $19.4M for the prior year period. Maintains Strong Balance Sheet with $154.4M of Cash and Short-Term Investments, and a Debt-Free Cannabis Business.

The Cannabist Co. Enters Into Forbearance Agreement With Senior Secured Noteholders. The company has entered into a forbearance agreement with an ad hoc group of noteholders of the Company’s 9.25% Senior Secured Notes due December 31, 2028 and the 9.00% Senior Secured Convertible Notes due December 31, 2028. The Forbearing Noteholders collectively hold more than 75% of the aggregate principal amount of Notes outstanding. On December 31, 2025, the Company elected not to make the interest payments due on the Notes under the amended and restated indenture, as supplemented, governing the Notes to enhance its short-term financial flexibility and preserve liquidity as it continues to evaluate strategic alternatives following the recent announcement of the sale of its Virginia assets to an affiliate of Millstreet Credit Fund LP. The failure to make the December 31 Interest Payments on the due date did not constitute an event of default under the Indenture. However, the non-payment of the December 31 Interest Payments during the 30-day grace period under the Indenture constitutes an event of default.

Green Check Reports Strong 2025 Growth, Averaging $1.7B in Monthly Verified Deposits. Average monthly verified deposits rose 54% year over year, while Green Check’s cannabis-related business ecosystem grew to 17,500 members.

Boveda Introduces Vivi Cannabis. Boveda, the leader and category pioneer in 2-way humidity control, announced Vivi as its new humidity control brand for cannabis.

🏬 Retail

Story Cannabis opens Dispensary in Midtown Phoenix, AZ. The dispensary serves both adult-use and Arizona Department of Health Services (AZDHS) qualified medical patients. House brands include FadeCo., Just Flower, DialedIn and more.

FLUENT Cannabis Opens New Orlando Sand Lake Dispensary. The dispensary is FLUENT’s second-largest location, spanning more than 5,000 sq ft, and offers enhanced convenience with a drive-thru and self-ordering kiosks.

🌱 Product

Jane Gold Puts $1 Million Back in Consumers’ Pockets. Jane Gold is the first rewards program to enable brand-funded cash back across a national dispensary network. Moving beyond traditional loyalty frameworks, Jane Gold creates an entirely new category–offering brands a direct way to reward consumers, drive targeted growth, and measure performance, all while protecting dispensary margins and ensuring full compliance. Since its 10-market beta launch, one in 10 online shoppers have enrolled in Jane Gold. To date, participants have purchased more than 250,000 items through the program, accounting for $7.5M in total spending. Unlike traditional dispensary discounts, Jane Gold acts as a brand-funded rewards layer that complements existing retailer loyalty programs. By integrating seamlessly with a retailer’s CRM and point-of-sale systems, the program allows brands to engage consumers directly, deploy targeted offers, and measure the exact ROI on their marketing spend.

ShelfSpace launches to bring Scan-Based Trading (SBT) to the Cannabis industry. This is similar to “consignment”, a term more people are familiar with. Retailers pay for inventory only when it sells, at a fixed margin, eliminating locked-up cash / margin compression. Vendors get guaranteed, contractually protected weekly payments based on sell-through without chasing AR. ShelfSpace was launched by Diem Cannabis CEO Chris Mitchem, through his experience with dispensaries in OR and MA.

True Terpenes Launches Headstash™: A Breakthrough in Compliant Cannabis Aroma Science. While much of the cannabis industry has focused on THC potency levels and loud, front-loaded terpene profiles, Headstash addresses a different and more persistent challenge: how aroma and flavor degrade across real-world supply chains, from harvest, curing, extraction, formulation, and production to distribution, retail handling, and consumer use.

🧔 People

Glass House Appoints Heinken, USA CMO Alison Payne to Board of Directors. Payne fills the vacant seat on the Company’s Board vacated by the passing of long-term Board Member George Raveling in September 2025. She currently serves as the CMO of Heineken, USA. During her career she held senior roles at PepsiCo, Kellogg Company, and Diageo.

WM Technology Appoints Harry DeMott and Brent Cox to Board of Directors and Executive Employment Arrangement with CFO Susan Echard. Harry DeMott is a General Partner of Raptor Ventures, which he co-founded, and is part of the founding group at Outsider Labs, an AI startup. DeMott previously founded and served as CEO of Proper, a data company focused on the cannabis industry, and has served on public-company boards including Workhorse Group and Achari Ventures Holdings Corp. Brent Cox is the Founder and Managing Principal of Subtext Holdings, a private investment firm with an emphasis on high-growth emerging markets and regulated industries, and Co-Founder and Managing Partner of The Inception Companies. He currently serves on the board of Ispire Technology.

Metrc Names BJ Fox CTO. Fox, who joined the company in 2025, has already played a critical role in accelerating key user-focused initiatives, including the refreshed UI. As CTO, he oversees product and technology strategy, drives innovation, and further enhances the reliability and performance of the nation’s most widely used cannabis track-and-trace platform.

Kansas City Cannabis Company Promotes Forest Palmer to CEO. Palmer succeeds Dan Nelson, who will transition into a newly appointed role on the company’s Board of Directors. Palmer has spent nearly seven years with KCC, previously serving as Director of Operations, COO, and Chief Strategy Officer.

🎙️ Interviews

The Hotbox with Aaron Morris | Fat Nugs

Thomas Winstanley of Edibles.com | High Spirits

SparkPlug CEO Andrew Duffy | This Week in Startups

Leaflink’s Ashwin Raj on Cannabis’ Next Phase | High Spirits

Inside Greentank’s Playbook for Consumer-First Vape Hardware | mg

Building the Digital Backbone of Cannabis | Through the Oculus

He’s Running the Family Business, With Innovation at Its Core | Colgate Magazine

How Terry Mendez redefined cannabis banking at Safe Harbor Financial | MJBizDaily

💻 Canix Acquires Trym

Dai Truong — Tue, 27 Jan 2026 16:44:57 GMT

💬 With The Highrise event happening in two days—Thursday, January 29th, I asked Joanne Wilson, Founder & CEO of Gotham (who is collaborating with Cultivated on the event), for further details/expectations. She expects the event to reach its cap of 150 guests and include a mix of founders, operators, investors, regulators, policymakers, journalists, and cultural leaders. She said “New York’s rollout has been complicated, and that’s why this conversation matters. Expect Senator Gillibrand to speak directly to the issues that will determine whether markets like New York stabilize—including rescheduling, banking access, and interstate commerce.” Attendees should walk away with a clear, realistic picture of what’s moving in Washington and how federal policy will affect capital, compliance, and long-term growth. This is the first of a semi-annual series. Future salons will evolve with the industry, covering policy, capital, science, and culture in real time while keeping the same curated, decision-maker-first format.

🎙️Also, since I forgot to include my appearance on Higher Exchanges in the last newsletter + today’s M&A consolidation news—check out the latest episode if you haven’t already, where I join Jesse Remond (LEEF Brands) and Morgan Paxhia (Poseidon) to discuss a potential M&A tailwind based on the Rescheduling news.

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🌿 Industry

After Cannabis Shake-Up in New York, Hochul’s Leadership Is Questioned. Efforts to get the state’s Office of Cannabis Management on track have been slow to yield results. — The New York Times

Hochul’s budget proposal includes $110M for the Office of Cannabis Management. But it leaves the agency’s operating budget flat at $68M. Mack Hueber, President of Ayrloom, said the office needed a bigger budget and more employees to handle the size and complexity of the market
Hirsh Jain, Founder of Ananda Strategy, said Regulators in New York began handing out licenses in 2022 while they were still creating the rules of the market, an approach that officials frequently likened to building a plane in flight. That led to turnover among regulators, the proliferation of illicit shops and a series of court decisions finding some of the agency’s policies legally dubious — all problems that have overshadowed the compelling case New York presents for the justice and economic benefits of legalization

Chicago’s United Center Becomes First Major Events Arena to Sell THC Beverages. The stadium just announced its new multi-year partnership with GTI brands Señorita and RYTHM. — VICE

Señorita and RYTHM’s drinks will be available at 24 different points of sale across the venue, including seven grab-and-go stations, 16 bars, and a Señorita mobile branded bar

Missouri Cultivators fined for breaking the ‘immaculate conception’ rule. State regulators discovered cultivation licensees were bringing in clones, seeds and tissue cultures from other states, in violation of tracking regulations. — Missouri Independent

One year after a licensee passes a commencement inspection, the state essentially closes its eyes and puts its hands over its ears on how a cultivation facility starts its inventory. It’s called the immaculate conception rule, and six facilities were fined up to $500,000 from breaking it last year
- The combined fee for four cultivation licenses representing Good Day Farm and Codes, which share management, was $347,495. For High Profile, it was $500,000, two smaller cultivators also saw fines of $20,000 and $50,000

Minnesota adult-use cannabis sales hit $31M since September launch. Minnesota cannabis stores reported more than $31 million in revenue from 466,000 transactions through the end of December, according to the Minnesota OCM. — MJBizDaily

Among the problems hampering Minnesota’s launch was a lack of licensed cultivation space that left many retailers with bare shelves. Then, after cultivators kicked into gear, a lack of licensed transporters kept product away from consumers. Only four of the licensed businesses are cultivators, though 13 of the 95 licensed “microbusinesses” can cultivate.”
Minnesota’s cannabis business licensing process faced significant delays, with only 59 adult-use retail licenses issued as of late 2025, while over 1,400 applicants were waiting for final approval

Alabama Issues Three Medical Cannabis Dispensary Licenses, Approves Five Certifying Physicians. While licenses have been issued, regulators caution that full statewide access will occur in phases. — The Montgomery Independent

Rhode Island sees 98 entities submitted for 24 cannabis dispensary licenses. Just two applications were submitted for the northern part. — The Providence Journal

The applications will be vetted before being assigned via a lottery system, but a date for applicants to get zoning approval for their retail establishments has been pushed out to March 2, while some cities and towns, such as Pawtucket, are changing their zoning rules after the application period closed
While Rhode Island passed a law allowing for the opening of retail dispensaries in 2022, the licenses have yet to be issued, although dispensaries that sold medical marijuana have been selling recreational marijuana as well

New York’s Cannabis Boom Is Real, But So Are the Risks. Looking ahead, sales have the potential to reach $2.5B in 2026, reinforcing New York’s position as the most exciting growth market in U.S. cannabis. But rapid growth at the market level does not guarantee success for individual operators. — Cannabis Industry Journal

Minnesota Office of Cannabis Management (OCM) launches Cannabis Market Monitor. The new dashboard that provides monthly statistics about the state’s growing adult-use and existing medical cannabis markets, including aggregate licensing data, monthly and annual retail sales, retail sales by product type, and monthly planting and harvest data.

Michigan 2025 sales of ~$3.2B, $113M less than in 2024.

Montana adult-use cannabis sales hit a record $327M in 2025. Adult-use sales now account for 90% of all cannabis purchases.

Arkansas sales of $291M in 2025, surpassing the $283M record set in 2023.

💵 Deals

Source: Trym

Canix Acquires Trym. Canix, an enterprise resource planning (ERP) platform for cannabis operators, has acquired Trym, a cultivation management software platform. The transaction expands Canix’s end-to-end ERP capabilities and advances its long-term mission to become the most advanced technology platform for cannabis operators worldwide. Trym brings industry-leading cultivation intelligence that significantly strengthens Canix’s profit optimization workflows, including yield forecasting, environmental monitoring, team management, mobile-first workflows, and richer, more relevant cultivation data. Canix co-founder Stacey Hronowski said their “goal is to build the most advanced cannabis technology platform on the market, supporting operators from seed to sale, compliance to optimization to forecasting, and single facilities to multi-state expansion. Trym’s cultivation expertise is a critical piece of solving that complexity end-to-end.”

Verano Upsizes Revolving Credit Facility to $100M, Extends Maturity Date. The Company amended its existing $75M revolving credit facility agented by Chicago Atlantic, initially entered into on September 30, 2025. The revolving credit facility commitment was increased to $100M and the maturity date was extended from September 29, 2028 to February 28, 2029. No additional collateral was pledged by the Company to secure the increased borrowing availability, which is secured by certain owned real estate. To date, $50M has been drawn under the revolving credit facility, leaving an additional $50M available to draw upon satisfaction of certain conditions. A floating annual interest rate on amounts drawn equal to SOFR (3.66% on January 15th, 2026) plus 6% (subject to a 4% SOFR floor).

Chicago Atlantic Closes Senior Secured Financing to S1 Enterprises, the Parent Company of Illicit Cannabis. Proceeds from the transaction will be used to finance the sale of 100% of the Company’s equity to an Employee Stock Ownership Plan (ESOP). The ESOP encompasses the Company’s Missouri and New Jersey operations, creating a long-term ownership pathway for more than 500 employees and aligning the Company’s financial future with the people who helped build it from the ground up. As a 100% ESOP-owned S Corporation, the Company will benefit from tax-exempt status, generating a meaningful increase in cash flow that will be reinvested into continued growth, innovation, and enhanced employee benefits.

cbdMD Acquires Bluebird Botanicals. cbdMD Inc. acquired substantially all the assets of Bluebird Botanicals in an all-stock transaction. Bluebird, founded in 2012, is among the longest-standing brands in the CBD space. Previously, Bluebird attracted backing from Juggernaut Capital Partners, a middle-market private equity firm focused on consumer and healthcare investments.

📄 Company Updates

Curaleaf Exits Missouri. Boris Jordan, Chairman and CEO noted the Company’s sub-scale presence in the state did not justify continued investment.

Dark Horse Cannabis Marks First Harvest at Richmond, Kentucky Cultivation Facility. The harvest, completed on Thursday, December 11, represents a key operational milestone as Kentucky's medical cannabis program continues to move from development into active production. As a licensed Tier III cultivation facility, the Richmond site is designed to support scaled, compliant cultivation while contributing to the foundational supply infrastructure needed for a stable, long-term medical cannabis market in the Commonwealth.

Choice Labs set to exit receivership under new ownership. Choice Labs, headquartered in Jackson, MI and known for its Crude Boys and Choice Chews brands, will emerge from receivership under the control of Chicago Atlantic. The firm acquired the ~$52M debt of Choice Labs’ parent company, Glorious Cannabis, last year for an undisclosed sum, replacing Needham Bank as the company’s primary lender. In July, Chicago Atlantic, which has an investment in Michigan-based Common Citizen, acquired Needham Bank’s note and moved forward as the stalking horse bidder for the companies’ assets. These include Glorious Cannabis’ 50,000 sq ft cultivation facility in Au Gres, Choice Labs’ processing campus in Jackson, and a dispensary located in the same city.

Circle K adds D9 Hemp in Texas. Despite an uncertain regulatory environment around the beverages, Alimentation Couche–Tard has now added Varin to its product lineup in Texas. Alimentation Couche-Tard has partnered with THC beverage maker Varin to bring its energy drinks to select franchise Circle K locations in Texas. In addition to between 10 and 30 milligrams of hemp-derived THC, Varin’s drinks include select nootropics, like theobromine, L-theanine, lion’s mane and B-12. The drinks also have no caffeine, sugar or calories.

Safe Harbor Partners with Frontier Risk, AlphaRoot to Offer Cannabis-specific Insurance. Through these partnerships, Safe Harbor clients will gain streamlined access to tailored insurance products, including property, workers compensation, general liability, product liability and other risk management solutions critical to operating and scaling compliant cannabis businesses.

🏬 Retail

Jushi opens second Beyond Hello™ in Cincinnati, OH. This marks the 7th Beyond Hello location in the state of Ohio—joining Parma, Toledo, Oxford, Warren, Mansfield, and its existing Cincinnati-area location—and the Company’s 43rd operating retail location nationwide. Jushi continues to expand its vertically integrated operations in Ohio, where it cultivates and manufactures a portfolio of in-house brands including Hijinks, The Bank, SeCHe, The Lab, and Tasteology.

CERTIFIED opens fourth Ohio dispensary storefront in Patterson Park, OH. The company has existing stores in Cleveland, Columbus and Springfield, but this fourth location brings its retail footprint minutes from its cultivation and processing.

nuEra to open in Frankfort, KY. NuEra Frankfort is the third dispensary opening in Central Kentucky in recent weeks. Speakeasy Dispensary in Lexington opened on Jan. 15 while Blue Sage Dispensary in Jessamine County plans to open the week of Jan. 26. nuEra Frankfort will be the Company’s 10th dispensary and its first in Kentucky.

Curaleaf Launches Adult-Use Sales in Maine at Bangor Dispensary. Conveniently situated near the Bangor Mall, hotels, and restaurants, Curaleaf Bangor has served medical cannabis patients since 2021

Curaleaf Opens 71st Florida Dispensary in Lauderhill. The Company now has 160 retail facilities nationwide.

Trulieve to Open Medical Cannabis Dispensary in Fort Myers, FL.

Ascend Wellness Holdings Opens Dispensary in Englewood, OH. The new location expands Ascend's growing retail footprint in Ohio, reinforcing the Company's continued investment in the state's regulated cannabis market. Ascend currently operates dispensaries across Ohio, including locations in Piqua, Cincinnati, Sandusky, Coshocton, and Carroll.

🌱 Product

Jeeter Expands Pre-Roll Brand to Missouri. Launching with immediate market saturation, Jeeter’s Missouri debut represents one of the most comprehensive and strategic rollouts in the brand’s history. Jeeter’s Missouri expansion is powered by Elevate, the brand’s exclusive manufacturing and distribution partner in the state. One of Missouri’s most established and respected cannabis operators, Elevate brings deep regulatory expertise, operational excellence and a proven track record of building trusted cannabis brands statewide. Through this partnership, Jeeter launched in Missouri with more than 70% market coverage on day one via three exclusive wholesale partners, with full statewide distribution expected by the end of the month.

MariMed Launches Hemp-Derived THC Products Under its Vibations™ Brand in Rhode Island. The launch represents a capital-efficient opportunity for the Company to expand Vibations into the rapidly growing hemp THC beverage category through an established retail channel, without incremental cultivation or retail infrastructure investment. MariMed believes hemp-derived THC beverages provide a scalable pathway to incremental revenue and accretive gross margin, while maintaining disciplined capital deployment.

TeaPot Introduces New Rosin-Infused Blueberry Chamomile Iced Tea. TeaPot, the cannabis-infused iced tea brand from The Boston Beer Company’s Canadian-based subsidiary (BBCCC, Inc.), announces a new, evening addition to its rosin-infused lineup: TeaPot Blueberry Chamomile with 10mg of rosin THC. TeaPot’s new Blueberry Chamomile is a non-carbonated iced tea made with real chamomile and natural blueberry flavour. The beverage is infused with 10mg of THC sourced from rosin, a full-spectrum cannabis extract derived without the use of chemical solvents.

🧔 People

Curio Wellness CEO Michael Bronfein dies at 70. He was an ‘anchor’ in Baltimore’s business world. Bronfein co-founded Curio Wellness in 2014 with his daughter, Wendy Bronfein, helping launch the company during Maryland’s early medical cannabis era. Curio operates as a grower and manufacturer in the state and is known for its flagship dispensary, Far & Dotter, in Timonium.

MediPharm Labs Appoint CFO Greg Hunter as Interim CEO. David Pidduck will step down from his role as MediPharm Labs’ CEO, effective January 23rd.

🎙️ Interviews

Why Wyld and Grön Joined Forces w/ Aaron Morris and Draper Bender | High Spirits

What Schedule III Could Really Trigger Across Cannabis | TDR

Robotics vs Automation in Cannabis Manufacturing ft. Nohtal Partansky | The Dime

From Vegas Hustle to Cannabis Brand Building, Will Read’s Shares His Journey with CannaPlanners | Cannabis Tech Talks

Sensi Brands CEO Tony Giorgi | CannabisNow

🧾 DynaVap

Dai Truong — Tue, 27 Jan 2026 04:19:08 GMT

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Company Overview

DynaVap is a pioneering cannabis hardware company known for its innovative battery-free vaporizers. Founded by inventor George Breiwa in 2015 and based in DeForest, Wisconsin, DynaVap specializes in Thermal Extraction Devices (TEDs) – essentially vaporizers that rely on external heat instead of batteries. This analog, flame-powered approach gives users a high degree of control over their vaping experience while minimizing electronic waste. The company emphasizes sustainability and user control, carving out a niche among enthusiasts seeking a customizable, durable alternative to conventional e-vaporizers.

Differentiation

DynaVap’s flagship products are its battery-free “VapCap” vaporizers, which employ a simple but effective thermal extraction method. Every DynaVap device is heated externally (typically with a small torch or induction heater) until an audible “click” indicates it’s at vaporization temperature. Key characteristics of the product line include:

Manual Control: Because heating is done by the user (with a flame or heater), you can control the temperature and intensity of each hit. For example, heating closer to the tip yields cooler, more flavorful vapor, while heating near the cap’s base produces hotter, denser vapor. This tactile control creates an engaging experience often likened to “driving stick” for vaporizing
Durability & Easy Maintenance: DynaVap devices are built from high-quality materials like medical-grade stainless steel and titanium, ensuring longevity. The design has no electronic parts to fail, and the product life cycle is measured in years rather than weeks. All components can be disassembled for cleaning – a quick soak in isopropyl alcohol or even a run through the dishwasher keeps the units in top shape. This sturdy, simple construction means minimal ongoing maintenance for users
Modularity (“Dynaverse”): The DynaVap ecosystem is highly interchangeable and customizable. Users can mix and match tips, caps, condensers, and stems to create a personalized setup (the community calls this the “Dynaverse”). This modular design not only allows personalization but also easy upgrades and repairs. Many parts are backward-compatible across models and generations, so enthusiasts can continuously tweak or improve their devices rather than replace them.

Competitive Landscape

DynaVap occupies a unique value-premium niche in the vaporizer market – delivering top-tier build quality and performance at a fraction of the price of many electronic vaporizers. Its entry-level models (like the popular “M” series) retails <$100, compared to $200–$300 for high-end battery-powered units from Storz & Bickel and PAX, yet they provide a comparable or superior experience. This affordable quality positioning has broadened DynaVap’s appeal among cost-conscious consumers who still demand durability and efficiency.

Importantly, DynaVap has cultivated a passionate grassroots community around its products. The company engages actively with users on platforms like Reddit (the r/Dynavap subreddit boasts 66,000+ members) and enthusiast forums. This community-driven approach – encouraging users to share tips, customizations, and reviews – has generated significant word-of-mouth momentum. Rather than relying on big ad campaigns, DynaVap’s transparency about its materials and methods and its genuine interaction with customers have built strong brand loyalty. The result is a “cult following” that not only drives repeat sales but effectively turns customers into ambassadors for the brand.

Manufacturing and Distribution

One of DynaVap’s key decisions is to manufacture domestically. All products are designed, engineered, and produced in-house in Wisconsin. By assembling materials domestically and machining components on-site, DynaVap maintains tight control over quality and can rapidly iterate on designs. This American-made focus ensured resiliency during global supply chain disruptions – DynaVap could refine products in small batches based on user feedback and keep inventory flowing. The commitment to craftsmanship and onshore production reinforces the brand’s image of quality; for many customers, “Made in USA” has become part of DynaVap’s value proposition.

On the distribution front, DynaVap is expanding its reach through its wholesale platform, Dyspensr. Dyspensr (a play on “dispenser”) is the brainchild of DynaVap and serves as an all-in-one marketplace for smoke shops and dispensaries. In addition to DynaVap’s own lineup, Dyspensr is the master distributor for select partner brands that complement DynaVap’s hardware. These include premium accessory makers like Jane West (known for elegant glassware) and Chill Steel Pipes, as well as other in-house brands (e.g. Zenco and Pink Formula)1. By leveraging DynaVap’s established logistics and reputation, Dyspensr allows the company to diversify revenue streams beyond its own products – capturing distribution margins on third-party smoking accessories. This strategy broadens DynaVap’s market presence and deepens its relationships with retail channels, all while offering stores a one-stop shop for curated, quality brands.

DynaVap is a privately held, profitable company that has achieved steady growth while maintaining disciplined operations. Annual revenues are estimated in the low double-digit millions of dollars. Operating with only about 30 employees, DynaVap runs a lean organization, which has been key to its financial health. It relies heavily on direct-to-consumer e-commerce sales and word-of-mouth marketing, avoiding heavy expenses on advertising or large salesforces. This lean, DTC-focused model helps preserve margins and cash flow.

Another financial advantage for DynaVap is that it’s an ancillary cannabis business (selling hardware rather than the plant itself). This means it is not subject to the punitive U.S. tax code 280E, which disallows normal business deductions for cannabis-touching companies and can drive their effective tax rates above 70%. By avoiding 280E exposure, DynaVap has been able to reinvest its profits into product development and growth.

Product Innovation / Growth

Continual innovation is core to DynaVap’s strategy, as the company seeks to convert more smokers to its combustion-free technology and expand its addressable market. In mid-2024, DynaVap introduced the “HyperDyn” – an entirely new series of VapCap featuring a significantly larger Tip and Cap for bigger rips and extended sessions. The HyperDyn’s bowl holds about 0.25g of dry herb (nearly 3× a standard DynaVap tip), catering to users who wanted larger doses per heat-up. This product also included a new condenser and airflow-adjustable mouthpiece, showcasing DynaVap’s responsiveness to experienced users’ feedback for bigger, yet still battery-free, performance. The successful launch of HyperDyn reinforced the brand’s ability to innovate within its niche of flame-powered devices.

Looking ahead, DynaVap (through Dyspensr) is preparing to distribute an even more novel product called the “Flower Cart.” This upcoming device is intended to bridge the gap between traditional dry-herb vaping and the convenience of oil cartridges. In essence, the Flower Cart concept would allow users to vaporize ground flower in a small, cartridge-like form factor (resembling a 510-thread vape cart) that can be used discreetly and on-the-go. If successful, the Flower Cart could attract a new segment of consumers – those who value the portability and stealth of oil pens but prefer natural flower over extracts. Management expects this product to significantly expand Dyspensr’s market reach, given the huge popularity of vape pens in cannabis. It could also create a recurring revenue stream (cartridge replacements, etc.) alongside DynaVap’s reusable devices. While details are still under wraps, the Flower Cart exemplifies DynaVap’s forward-thinking approach to product development by being involved here. By continuously exploring new form factors and improvements – all while sticking to the core principles of simplicity, durability, and battery-independence – DynaVap is positioning itself for long-term relevance in the fast-evolving cannabis accessories market.

Summary

DynaVap stands out in the cannabis hardware arena due to its uncompromising focus on quality, user experience, and community-building. The company’s unorthodox bet on flame-powered “thermal extraction” vaporizers has proven that there is a sizable market of consumers who crave reliability, efficiency, and control over their sessions – even if it means clicking a cap instead of pressing a button. By engaging its enthusiast fanbase and iterating on products frequently, DynaVap has built brand loyalty that larger competitors envy. Its integrated approach (direct manufacturing, direct sales, and now its own distribution network) gives DynaVap agility and margin advantages that serve as a moat against bigger, less nimble rivals.

In many ways, DynaVap’s success is a case study in how a focused, engineering-first company can thrive even as cheaper, mass-produced imports flood the market. By staying true to its mission (“Make Smoking History”) and delivering consistent value to customers, DynaVap has cultivated a reputation synonymous with innovation and craftsmanship. With a solid foundation in place and new products on the horizon, DynaVap is well-positioned to continue its trajectory of profitable growth and to remain a defining brand in the vaporization segment of the cannabis industry.

Q&A

Q: DynaVap is famously battery-free. How do you describe the product to someone who is used to digital, push-button vaporizers?

A: We view it through the lens of manual vs. automatic experiences. Using a battery-powered vape is like getting on a bus; someone else is doing the driving, and it’s a binary experience—it’s either on or off. DynaVap is like driving a manual transmission supercar. It is a thermal extraction device that lets you “bake your cookies instead of burning them.” By adjusting where you aim the flame on the device’s cap, you intuitively control the temperature. The cap “clicks” at a precise temperature to prevent combustion, but the user is the one in control. This analog approach makes the device compact, dishwasher-safe, and virtually indestructible since there are no internal electronics to fail.

Q: You’ve managed to grow the brand despite major restrictions on cannabis advertising. What has been your primary acquisition strategy?

A: Historically, we relied heavily on YouTube for informative content, but since 2020, “shadow-banning” and strict anti-cannabis policies have made that difficult. Today, our growth is driven by word of mouth and an incredibly active Reddit community of 66,000+ followers. We call it the “Dynaverse” because the product is modular and expansive; users love to mix, match, and customize their parts. This creates a high engagement level that commodity “push-button” vapes can’t match. While about 60%–65% of our e-commerce sales are new customers, we have a high double-digit percentage of returning customers who buy parts and new modules to evolve their setup.

Q: Many hardware companies outsource to Asia, yet you manufacture in Wisconsin. How does that impact your business model and margins?

A: We export 35%–40% of what we manufacture here in the U.S. Manufacturing in-house was instrumental in our early days because it allowed for weekly revision cycles rather than waiting months for a shipment from a contract manufacturer. It has also leveled the playing field recently with the volatility of international tariffs. Because we sell directly to consumers (D2C) through our website, we capture the full markup from manufactured cost to retail price. This vertical integration is a major reason why we are consistently profitable—a rarity in the current cannabis landscape.

Q: What is the “Flower Cart,” and why do you believe it can create a new category in the market?

A: We are bridging the gap between oil carts and pre-rolls. Many consumers prefer flower but find pre-rolls indiscreet or inconvenient. The Flower Cart is a hermetically sealed glass container packed with pure flower that works with any standard 510 battery. Unlike a joint, it self-extinguishes in less than a second, allowing you to take one hit and put it back in your pocket immediately. It can be sold pre-packed by Dispensaries or sold empty for consumers to “load their own” faster than they could roll a joint. We are currently in the final stages of a pilot run and believe this could double our revenue by capturing the mainstream convenience-seeking consumer.

👋 Highly Objective is a weekly Cannabis newsletter and podcast curated by Dai Truong, who leads Cannabis Investment Banking at Arlington Capital Advisors. Third-party information presented here and links to third-party content are for informational purposes only and are not intended as a recommendation, offer or solicitation for the purchase or sale of any financial instrument, security or investment. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. Linking to third-party sites in no way implies an endorsement or affiliation of any kind between Arlington Capital Advisors, LLC, or its affiliates and any third party. The information in this blog constitutes my own opinions (and any opinions posted by guest bloggers from time to time) and it should not be regarded as a description of services provided by Arlington Capital Advisors, LLC or any affiliate.

Expect to see Dyspensr distributed brands featured in movies.