Highly Objective

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

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

🌿 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.

📰 Jim Baird (R-IN) Files Bill To Delay Federal Hemp Ban For Two More Years

Dai Truong — Wed, 14 Jan 2026 00:00:39 GMT

🗨️ Update: I’m bringing back conversations with industry leaders that I think could be interesting to subscribers. First up is talking through 2026 Growth States & Why with Hirsh Jain of Ananda Strategy. Instead of pushing it out as a podcast, I’m starting with a summary of the conversation and raw transcripts that will be edited over time. If you want to chat about anything or have a topic you recommend, please reach out.

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🌿 Industry

GOP Congressman Files Bill To Delay Federal Hemp Ban For Two More Years. Jim Baird (R-IN) filed new legislation that would push the Federal Hemp Ban timeline back by another two years. — Marijuana Moment

Baird’s bill has four initial cosponsors: Reps. James Comer (R-KY), Gabe Evans (R-CO), Tim Moore (R-NC) and Angie Craig (D-MN)

Pennsylvania medical marijuana program sees slight decline in registered users. The Commonwealth had ~439,400 users registered with the medical marijuana program as of Nov. 1, a decline of ~1,300 compared to the same time in 2024, per state data. Across the state, 185 medical marijuana dispensaries are operating — one less than the year before — along with 30 growers and processors.

New York Cannabis market reaches $1.6B in 2025 as retail footprint expands. As of November 30, 2025, combined adult use and medical cannabis sales reached ~$1.6B, an increase from ~$1.0B in 2024.

Ohio Recreational sales of $836M in 2025. The manufactured sales average was $23.83 for the week ending in Jan. 3 compared to $26.66 for the week ending of Jan. 4, 2025, according to the Division of Cannabis Control.

Massachusetts topped $1.65B in 2025 sales. Retailers recorded 46.3M transactions in 2025, about 3.4M more than the previous year.

Oregon sales declined by 3.5% for a total of $925M in 2025. Oregon growers harvested more than 13M lbs — up from just over 12M lbs the previous year. Industry experts largely blame low retail prices, not lack of demand, for the falling sales numbers. And they expect low retail prices to persist through 2026, mostly thanks to record setting production for the last cannabis season.

Mississippi Retail sales for 2025 totaled ~$139M. Patient participation also grew substantially, with 66,041 active patients by the end of the year compared to 49,626 patients in 2024. The number of active certifying practitioners stayed steady at 259.

Sprouts Farmers Market Adds THC Drinks. In a significant move for the hemp-derived beverage category, Sprouts will launch intoxicating hemp beverages in 115 stores, further "mainstreaming" THC drinks into traditional retail channels. Sprouts said eight Hemp-THC beverage brands will be sold in the stores—Cann, Delta, High Pour, Magic Cactus, Nectar, Wynk, Howdy (Texas only) and Nowadays (Florida only).

Proposed Texas hemp THC regulations threaten $5.5 billion market. The new rules, prompted by Gov. Greg Abbott’s September executive order to regulate hemp products after he rejected an outright ban, could take effect as early as Jan. 25. Under the proposed regulations, annual fees for hemp manufacturers would skyrocket from $250 to $25,000 per facility, while retail registration would jump from $150 to $20,000 per location. The rules also introduce stricter packaging requirements, expanded testing protocols and mandatory recall procedures.

Abstrax Releases 2026 Cannabis Flavor & Application Trends to Guide Product Innovation and Portfolio Growth. Built from years of research, development, and commercial launches, the 2026 report distills what is actually selling on dispensary shelves. It highlights that ~60% of cannabis consumers prioritize flavor above all else when choosing vapes, and that flavor variety is the top driver for purchases across North America. It also shows how low brand loyalty in many categories creates room for disruptors that lead with bolder, more targeted flavor systems.

Medical Cannabis Prescriptions in Germany Up 3,300% Since Reclassification. Despite this surge in demand, prices have fallen sharply and product availability has expanded, pointing to a maturing, competitive market. The data, published as part of Bloomwell Group’s latest ‘Cannabis Barometer: 2025 Annual Review’, is based on the anonymous evaluation of hundreds of thousands of prescriptions redeemed by self-paying patients via the Bloomwell platform at partner pharmacies across Germany between January 2024 and December 2025.

💵 Deals

Sunderstorm acquires Lime. Founded in 2019, Lime has secured shelf space in hundreds of licensed dispensaries throughout California. The transaction is Sunderstorm’s second strategic acquisition and comes following its purchase of vape brand Bounti in 2023.

KEY Investment Partners Acquires BellRock Brands’ Portfolio. KEY Investment Partners has purchased BellRock Brands out of receivership through an investment that secures all brand assets and provides working capital to refocus and revitalize the brands. Former Curaleaf CEO Joe Bayern will serve as CEO for the newly formed company, MM Brands. The BellRock family of brands included well-established names such as Dixie Elixirs, Rebel Coast, Défoncé and the extremely popular Mary’s Medicinals, Mary’s Nutritionals and Mary’s Tails. The company was placed into receivership in March 2024.

Connecticut $416K settlement with cannabis business in premature ‘gun-jumping’ in merger. Crisp Cannabis has three dispensaries in Bridgeport, East Hartford and Cromwell. The company that is seeking to acquire the businesses, Mohave CT LLC, also was involved in the settlement. Evidence showed that the acquiring entity assumed decision-making authority and coordinated the operations, branding, and staffing of three separate cannabis establishments for more than 100 days before notifying regulators.

SNDL & 1CM Complete Purchase and Sale of 5 Retail Stores in Alberta and Saskatchewan. As previously announced, it is anticipated that the second (and final) closing will occur sometime in the first half of 2026, in respect of 27 additional cannabis retail stores located in Ontario, subject to obtaining the required regulatory approvals.

📄 Company Updates / Earnings

Tilray Brands (all comparisons made to the prior year period) Q2 FY 2026 Net revenue up 3% to $217.5M, 26% GM compared to 29% GM, Adjusted EBITDA was $8.4M compared to $9.0M, cash and marketable securities balance of $291.6M. Adjusted EBITDA Outlook for FY 2026 Reaffirmed at $62–$72M.

Canopy Growth Strategic Recapitalization Transactions. The Company has entered into a series of transactions to recapitalize its balance sheet and extend the maturity dates of all outstanding indebtedness to January 2031 at the earliest. At the conclusion of these Transactions, Canopy is expected to have cash of ~C$425M.

Curaleaf Proposed Domestication to Delaware. Curaleaf believes the favorable corporate environment afforded by Delaware will further the Company’s strategic objectives, streamline the Company’s organizational and regulatory structure all within the United States and help the Company conduct its business more effectively. After completion of the Arrangement, Curaleaf expects the Delaware Subordinate Voting Shares to continue to be listed for trading on the TSX) and be quoted on the OTCQX in place of the Subordinate Voting Shares and the trading symbols to remain the same.

River Remedy 2025 Mississippi Medical Cannabis Market Reflections: Observations, Analysis, and Outlook. The Company expanded their retail footprint to five dispensaries across the state, including locations that gives them direct visibility into patient behavior. That geographic reach, combined with our vertically integrated operations, allows us to see how regulatory decisions and operational realities interact across the entire cannabis ecosystem. CEO Will Chism describes his market observation and what it suggests about where Mississippi’s medical cannabis program is headed next.

Illicit launches largest Employee Stock Ownership Plan in U.S. cannabis industry. S1 Enterprises, the parent company of the Illicit brand and affiliated cannabis operations in Missouri and New Jersey, has successfully closed on its sale to an Employee Stock Ownership Plan (ESOP), marking a major milestone for employee ownership in the regulated cannabis industry. The ESOP covers S1 Enterprises’ Missouri and New Jersey operations which creates a long-term ownership pathway for its more than 500 employees, aligning the company’s financial future with the people who helped build it from the ground up. The new ownership structure is designed to support meaningful retirement benefits for employees whilst preserving the company’s culture, mission, and operational independence.

Blüm $3M Debt Conversion. The conversion was completed at a fixed price of $0.98 per share, representing 85% of a $20.9 million pre-money valuation on a fully diluted basis. As a result of the transaction, Blüm issued 3,248,547 shares of common stock, and the converted debt was cancelled and satisfied in full. In connection with the transaction, Blüm also executed a $525,000 senior secured promissory note consolidating two previously issued and expired unsecured notes. The new note bears interest at 8.0% per annum, matures on December 31, 2027, is secured by substantially all of the Company’s assets, and may be prepaid at any time without penalty. Warrants previously issued in connection with the prior notes were cancelled.

🏬 Retail

Fine Fettle Converts All Connecticut Locations to Hybrid Dispensaries. All nine Fine Fettle dispensaries across the state will be converted to hybrid facilities on Jan. 15, serving both medical patients and adult-use customers. This expansion follows recent changes to Connecticut cannabis regulations and legislation that allow recreational cannabis retailers to convert to Hybrid Dispensaries and sell to registered medical patients in the Connecticut Medical Marijuana program. These conversions create new opportunities for patient access and operational efficiency across the state.

The Medicine Woman, Dispensary co-owned by Ice-T has closed less than a year after opening in Jersey City, NJ. The store’s website no longer lists its Jersey City location and Google search results say it has permanently closed. In a statement, the dispensary owners blamed a lack of local government support and mounting costs for the business’ failure.

Green Goat Cannabis Shoppe opens in New Paltz, NY. Drawing on strong bonds of friendship, a shared vision for what acquiring and consuming cannabis could be like, and the mysteries of how goats bless the earth of a centuries-old farm, the three people at the center of this artisanal establishment are ready to curate cannabis from their own crop for all comers.

Cresco Labs opens Sunnyside Tamarac, FL. It is the Company’s 31^st dispensary in Florida and 72^ndnationwide.

🌱 Product

Willow Industries Debuts Halo Pro to Infuse Distillate, Terpenes Onto Biomass. Halo Pro provides an economical, automated, and safe way for cultivators and operators to infuse product. Terpenes and/or distillate are placed in a canister at the top of the Halo Pro, the canister is heated to a predetermined temperature and then atomized into a drum as it tumbles anything from ground to whole flower.

🧔 People

Common Citizen appoints Robert Beasley as CEO. Founding CEO Michael Elias stepped away from the position roughly a year ago amid financial turmoil, and co-founder David Yostos filled in on an interim level until Beasley’s hiring. As others exit the Michigan market, Beasley sees the opportunity for growth — arguing that the market itself can sustain the price increase if planned for. “Prices are at rock bottom,” Beasley said. “There is some room in the price to accommodate the tax, but there is no room in the margins or profitability. This has to be absorbed and shared in some reasonable way. It can’t all be passed down to the customer. The competitors that try to resist (absorbing some of the costs) are going to have a hard time. Citizen has weathered the storm while others have not. When you’re the last shrimp boat around, there are plenty of shrimp.”

Curio Wellness promotes Matt O’Neal to Regional President, Midwest. This is a newly created role designed to strengthen geographic leadership, deepen wholesale relationships, and accelerate revenue and market share growth across key Midwestern markets. Curio has also initiated a search for a Regional President, Mid-Atlantic, based in Maryland, further reinforcing its commitment to geographic leadership as the company continues to scale.

🎙️ Interviews

How Charlotte’s Web Unlocked Medical CBD ft. Bill Morachnick | The Dime

Cannabis by the Numbers: Cy Scott on Rescheduling & 2026 Signals | High Spirits

Q&A: Christine Apple on Grön’s Next Chapter With Wyld | Cannabis Now

📈 Top 5 Cannabis Growth States in 2026

Dai Truong — Tue, 13 Jan 2026 17:42:31 GMT

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Introduction

Source: Ananda Strategy

Hirsh Jain is the founder of Ananda Strategy (@anandastrategy), a Los Angeles-based cannabis consulting firm, and a leading expert on cannabis policy and market strategy. In a recent interview (January 9, 2026), Jain shared his outlook for the cannabis sector in 2026. He discussed his work helping companies expand into new markets, offered analysis on his ranking of growth states poised for major growth, and addressed the regulatory and policy dynamics shaping the industry. Jain’s breadth of experience – from guiding dispensary rollouts in California to advising multi-state expansion efforts – gives him a unique perspective on where the U.S. cannabis market is heading.

He previously appeared on the Highly Objective podcast two years ago and I thought it made sense to have him back to kick off our new approach in 2026 of publishing summaries of conversations while making the whole transcript available, but removing the pressures of a podcast.

Background

Retail Expansion in California: Jain has been heavily involved in opening up new retail opportunities in California’s underserved areas. For example, he worked on efforts in Redwood City, which after years of local hesitation finally welcomed its first dispensaries. Redwood City had long been a “cannabis desert” with no local stores despite voter support. Jain’s advocacy and consulting in such markets aim to chip away at these local bans, helping unlock significant pent-up consumer demand. He’s also been involved with recent efforts to help a client win a retail license and open up in Oceanside and Redondo Beach.

New Market Entries (Minnesota and Others): Beyond California, Jain has been assisting clients with plans to enter newly legalized states. He has been active in New York, helping LEVEL on its expansion into New York. He also keeps close watch on other emerging markets so that his clients can hit the ground running as new states come online.

Industry Leadership Roles: Complementing his consulting, Jain holds key advisory positions in the industry. He joined the board of SC Labs – one of the nation’s largest cannabis testing labs – in 2022, where he contributes to strategy for ensuring product quality and safety standards across different state markets. Jain also serves on the board of California NORML (National Organization for the Reform of Marijuana Laws), underscoring his commitment to sensible regulations and policy reform.

2026 Cannabis Growth States

In a recent Q&A, Hirsh Jain, founder of Ananda Strategy, shared his rankings for the top growth states in 2026. The discussion centered on the dollar value these states are expected to add to the total U.S. market, which stood at approximately $32 billion in 2025.

1. New York: The Most Compelling Trajectory

New York is ranked as the #1 growth state for 2026, despite a slow start following the 2021 legalization.

Sales Growth: Jumped from $100M in 2023 to $900M in 2024, reaching approximately $1.8B in 2025.
2026 Outlook: Total sales could reach $2.5B if the current pace of four to five new store openings per week continues.
Retail Expansion: The state began 2026 with roughly 550 dispensaries and is projected to end the year with nearly 800.
Key Challenges: Declining revenue per store ($5M in late 2024 vs. $3.8M in late 2025) and ongoing issues with illicit market enforcement.

2. Ohio: High Potential with Regional Shifts

Ohio holds the second-greatest potential to add to legal sales in 2026.

Performance: The market hit a $1.2B annual run rate in December 2025.
2026 Projections: Best-case scenario of $1.5B in sales, driven by an expected increase from 190 to 250 stores.
The “Michigan Factor”: Recent tax increases in Michigan may reduce the “cross-border” siphoning of Ohio customers.
Product Evolution: 2026 will see the full expansion of form factors, including pre-rolls (introduced late 2025) and the debut of standard eighths (replacing “tenths”)

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3. Minnesota: A Slower Burn

Previously ranked higher, Minnesota’s growth may be delayed until 2027.

Bottlenecks: Only ~45 dispensaries are currently open (13 tribal-owned), hampered by a licensing backlog and lack of cultivation supply.
2026 Outlook: Sales are estimated between $400M and $500M as the market struggles with “bare shelves” until the second half of the year.

4. Virginia: The Deep South Pioneer

Virginia is a “super exciting” market, but its 2026 impact will be limited by a late start.

Timeline: Adult-use sales are currently slated for a November 1, 2026 launch.
Strategic Value: It will be the first adult-use state in the South, bordering four prohibition states with a combined population of 25M.
Asset Value: Recent deals, such as the $160M valuation of Virginia assets by Mill Street Capital, underscore the high stakes for operators.

5. New Jersey: Reaching a Plateau

New Jersey’s growth is expected to taper off in 2026.

Market Size: Currently a ~$1.3B market, but sales have stabilized at roughly $325M per quarter.
Stagnation Factors: High pricing, illicit market competition, and “retail saturation” in major cities are preventing meaningful expansion.

2026 “Adult-Use Flip” Probabilities

Jain also provided odds for four key states attempting to legalize adult use in 2026:

Pennsylvania (40%): Faces a “majority of the majority” hurdle in the Republican-controlled Senate.
Florida (40%): Success hinges on a critical Supreme Court review and signature verification.
Hawaii & New Hampshire: Popular with voters, but stalled by specific political power brokers. Both may require ballot measures to bypass legislative deadlocks.

The California Status

While the California market has shrunk by 30% from its $6B peak to approximately $4B, Jain expects it to remain flat rather than decline further in 2026. Meaningful growth is unlikely without major tax reductions and local “cannabis deserts” opening up to retail.

Full Transcript

Dai Truong: Let’s start with some of the work you did in 2025 and your plans for this year. And, like we did last time, let’s dive into which states you think have the potential for the most growth and how you rank them.

Hirsh Jain: Thanks, Dai. It’s great to be back. I really enjoy working with operators across the supply chain in many different states.

To give you some examples, I’ve been helping operators with retail expansion in California—specifically submitting applications in Oceanside and Redondo Beach, which I think will be some of the more valuable licenses in the state. I’m also working with experienced California retail operators to help new licensees enter the Minnesota market and develop effective businesses there.

On the brand side, I work closely with LEVEL, helping them move into new states like New York, navigate the shifting Ohio landscape, and evaluate Pennsylvania’s potential adult-use transition. I also continue to serve on the board of SC Labs, which has expanded from one state to five and became the official testing partner of the California State Fair. Finally, I work with ancillary businesses like Verdant Strategies, helping them understand how evolving state dynamics—like Michigan’s tax changes—impact their clients.

Dai Truong: Help me understand your approach. You wear a lot of different hats. Is it about staying on top of policy across every state to assess companies’ needs and connect the dots?

Hirsh Jain: That’s exactly it. The first component is paying close attention to evolving state and local regulations. Being a “legal nerd” by origin, I find that deep competency in this area is incredibly useful to clients who don’t have the time to track every shift.

The second piece is intellectual agility. I’m a lawyer by trade and formerly worked in tech strategy at Airbnb. While I may not have the deep manufacturing expertise of someone like Chris Emerson (CEO of LEVEL), I have enough knowledge and policy insight to have intelligent conversations about scaling a brand or navigating regulatory obstacles. It keeps me nimble, and I learn a lot by osmosis from the talented people I work with.

Dai Truong: You’re essentially spotting the blind spots they can’t see day-to-day.

Hirsh Jain: Absolutely. For example, I recently served as an expert witness in the biggest administrative law case in Florida’s history regarding their recent round of licensing. A little knowledge about state policy opened the door to participate in a major industry event.

Dai Truong: Let’s jump into the growth states. Do you view these as tiers or a ranked list?

Hirsh Jain: I think there are five key growth states to watch in 2026. In order of importance—defined by the dollar value they will add to the total market this year—they are: New York, Ohio, Minnesota, Virginia, and New Jersey.

This conversation is critical because the U.S. cannabis industry has seen minimal growth over the past few years. For federal rescheduling to mean anything, the industry needs to resume its growth trajectory.

Dai Truong: Let’s start with New York. Why is it number one?

Hirsh Jain: We are approaching the five-year anniversary of New York’s legalization (MRTA passed in March 2021). For a long time, the market underperformed. In 2023, New York generated only $100 million in sales because there were only about 50 dispensaries open.

However, 2024 was a turning point. Sales jumped to $900 million, and by 2025, they reached approximately $1.8 billion. That’s nearly a 20x increase in two years. The reason is simple: retail expansion. We went from 50 stores in early 2024 to about 550 stores by the start of 2026.

I expect this retail growth to continue. By the end of 2026, we could see close to 800 stores open. If that happens, total sales could reach $2.5 billion.

Dai Truong: I agree with the math based on store count. But do you foresee challenges in actually getting those doors open? In California, we saw license holders unable to open due to lack of capital.

Hirsh Jain: It’s a valid concern. There are thousands of operators in the New York queue, and inevitably, some will not open or will open under financial distress. However, New York differs from California in two ways.

First, New York has taken a stronger stance against local control bans, so retailers are more evenly distributed across the state rather than being concentrated in a few cities. Second, the tax environment, while not perfect, is less onerous than California’s.

That said, retail performance per store has started to decline—dropping from a $5 million annual run rate to $3.8 million recently. We are also seeing supply chain stress, where retailers are struggling to pay distributors. Operators need to be very careful about who they partner with to avoid the kind of collapse we saw with HERBL in California.

Dai Truong: Let’s move to your second growth market: Ohio.

Hirsh Jain: Ohio has the second-greatest potential to add sales in 2026. We are about 18 months into adult-use sales. In 2025, Ohio did about $1.1 billion. For a state with double the population of Missouri (a $1.5B market), Ohio has room to run toward a $3 billion potential.

Growth has been driven by new store openings—from 125 doors in early 2025 to over 190 now. I expect we’ll reach 250 stores by the end of 2026. Additionally, neighboring Michigan recently increased taxes, which may stem the flow of Ohio consumers crossing the border for cheaper product.

We’re also seeing an expansion of form factors. Pre-rolls only hit the market in late 2025, and we’re hoping to see “eighths” sold soon (replacing the unpopular “tenths” unit). If the state effectively manages the proliferation of intoxicating hemp, the legal market could hit $1.5 billion this year.

Dai Truong: Next up is Minnesota. You mentioned you would have ranked this higher six months ago. What changed?

Hirsh Jain: Minnesota has been slow to launch. We are approaching the three-year anniversary of the law passing, yet there are only about 45 dispensaries open—13 of which are tribal. The market is bottlenecked on both retail and cultivation.

Cultivation takes time to stand up, and right now, the few stores that are open often have bare shelves. I don’t see meaningful supply or retail density picking up until 2027. So, while it will grow off a low base, it won’t be the major contributor we hoped for in 2026.

Dai Truong: That aligns with my observation. Let’s talk about Virginia.

Hirsh Jain: Virginia is exciting, but I’ve ranked it fourth because the adult-use market likely won’t open until Q4 of 2026.

The state is poised to pass an adult-use bill this session (by March 2026), with implementation likely in November. Virginia is a “sleeping giant”—a state of 9 million people bordering four prohibition states (NC, TN, KY, WV). It would be the first adult-use market in the South.

Incumbent MSOs are well-positioned here, similar to Florida, with capacity ready to transition. We recently saw a transaction valuing a Virginia license at $160 million, which proves the market’s perceived value. But for 2026 specifically, the sales impact will be limited to the very end of the year.

Dai Truong: Finally, New Jersey.

Hirsh Jain: New Jersey rounds out the list, but its growth has largely tapped out. It’s a $1.3 billion market, but quarterly growth has flattened.

While the store count increased by 30% last year, sales only grew 5-10%, suggesting new stores are just cannibalizing existing ones. The market suffers from high prices, poor quality perception, and a rampant illicit and hemp market. Unless the state gets serious about enforcement and opening up more municipalities, I don’t see significant growth here in 2026.

Dai Truong: Briefly, where does California fit into this?

Hirsh Jain: California has declined from its peak of nearly $6 billion to about $4 billion. I don’t think it can decline much further, but I also don’t see it growing meaningfully without tax reduction and more local retail access. We are stuck in a vicious cycle where high taxes make businesses unprofitable, leading cities to ban them to avoid the headache.

Dai Truong: Lastly, what are the odds of new states legalizing adult-use in 2026?

Hirsh Jain: There are four possibilities: Pennsylvania, Florida, Hawaii, and New Hampshire.

I think Pennsylvania and Florida are the most likely, but I’d still only give them about a 40% chance.

Pennsylvania: We have a supportive Governor and House, but the Republican Senate Majority Leader, Joe Pittman, requires a “majority of the majority” to bring a bill to a vote. That is a high bar.
Florida: We are waiting on a Supreme Court review. Governor DeSantis may appoint a hostile justice, and the midterm electorate is tough.

Hawaii and New Hampshire face similar hurdles with specific power brokers standing in the way. I hope to be surprised, as a win in PA or FL would be a massive boon for the industry.

Dai Truong: Thanks, Hirsh. This was a great overview.

Hirsh Jain: Thanks, Dai. Always a pleasure.

📝 Deep Dive: Wyld acquires Grön (Undisclosed)

Dai Truong — Mon, 05 Jan 2026 22:29:14 GMT

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Source: LinkedIn Post

Press Release

Wyld Acquires Grön in Major Industry Transaction. Two Of The Cannabis Industry’s Most Acclaimed And Successful Edibles Brands Are Joining Forces, Combining Their Market Expertise, Distribution Networks And Product Innovation Pipelines To Create The Unquestioned Leader In Cannabis Edibles.

PORTLAND, Ore., Jan. 05, 2026 (GLOBE NEWSWIRE) -- Wyld, the most recognized and widely available cannabis edibles brand in North America, today announced the acquisition of Grön, a pioneering women-led edibles company known for its innovation, craftsmanship, and premium product portfolio. Both companies were founded in Oregon and remain proudly headquartered in the state, sharing deep roots in the market that helped shape the cannabis edible category. The transaction is expected to go into effect in Q1 2026, subject to regulatory approvals.

This combination of Wyld and Grön brings together two of the cannabis edibles category leaders with shared roots, shared standards, and a long-term vision for building the most trusted and complete edibles offering in the $4.8 Billion edibles marketplace. Combining the companies creates an alignment around quality, innovation, and long-term category leadership, and positions the businesses for long-term growth. Designed to strengthen both brands, the acquisition provides Grön with additional resources to reach more consumers across several markets that Wyld is currently operating in while allowing Grön’s core business to continue operating and growing. Rather than changing what already works, the acquisition strengthens the infrastructure behind two brands that consumers already know and trust.

“This acquisition is about scaling a brand that’s already winning,” said Aaron Morris, Founder and CEO of Wyld. “Grön has built exceptional products and a deeply trusted brand. Our goal is to support its continued growth by pairing Grön’s creativity and innovation with Wyld’s infrastructure, reach, and operational strength—without compromising what makes Grön special.”

Grön, together with Wyld and Good Tide now span the full spectrum of how consumers enjoy cannabis edibles—from real fruit gummies with bold candy flavors to chocolates, and rosin-based offerings. Each brand remains authentic to its own identity while collectively offering retailers and consumers more ways to meet diverse preferences and occasions. The focus remains on quality, consistency, and consumer excellence. There are no plans to change products, formulations, or brand identities, and no plans to introduce co-branded or “a Wyld company” packaging. Grön will continue to operate as Grön—same products, same quality, same creative DNA.

“Grön was built with purpose from day one, rooted in quality, creativity, and a deep respect for the people who choose our products,” said Christine Apple, Founder and CEO of Grön. “Joining forces with Wyld allows us to thoughtfully scale what we do best while staying true to who we are. We share the same values, the same standards, and the same commitment to making exceptional edibles, and together we’re expanding our ability to bring that experience to more consumers without losing our roots.”

Following the acquisition, the combined scale strengthens supply reliability, improves execution, and supports continued innovation across markets. The combined reach of the merged companies will provide more choice and better access to premium cannabis edibles for consumers. Wyld is currently available across 16 U.S. states and Canada, and found in approximately 7,500 retail locations throughout the regulated cannabis market. Grön currently has 75 different products available across 9 U.S. states and Canada and available in close to 4500 retail locations. The combined organization will include approximately 1,400 employees, with roughly 1,100 team members at Wyld and 300 at Grön. Grön will continue to be brand-led, with its existing team guiding brand strategy, product innovation, and creative direction.

From the Founders:

Note: Wyld products available for sale at Altocanna (NY)

Note: Good Tide (Wyld) products available for sale at Altocanna (NY)

“I want to give mad respect and props to Christine Apple and the entire Grön team! The brand that Christine Apple built is a truly special kind of beast and has been the fastest growing edible brand for many years now and holds a #3 market share position in North America.

Similar to us, they have bootstrapped their way into being a top national player - so stop with the echo chamber that no cannabis companies are profitable! We are honored with the opportunity to carry the torch and bring Grön to new heights!

While everyone continues to ignore Oregon cause the the market is 'too saturated' or 'too priced compressed'' - the truth is that Oregon is one of the hardest cannabis markets. I am a proud Oregonian, and the fact that both of these brands were born in the Oregon medical market, should help convince you why competition is good for building brands. We could not be more excited for this synergy! Welcome abroad the Wyld crazy train Christine Apple and Grön!

I hope you kept your middle fingers out! We hold em high over here!

The grand plan is finally unfolding, and we are fucking amped to truly let the games begin.

(Now let's let the industry do all the math on what this actually means... 😈 )”

— Aaron Morris, Wyld CEO

Sugar-Coated Pearls are pure fruit flavored bliss. Available in a variety of flavors and purpose-driven cannabinoid ratios, there’s something for everyone.

Sugar-coated Megas are packed with 100mg THC, they’re bigger, stronger, and, well, more MEGA — perfect for anyone looking for a high dose in one package.

Decadent Fair Trade chocolate covered in a colorful candy coating and infused with cannabis.

Handcrafted milk and dark chocolate is available in a variety of ratios

“Today marks one of the most impactful days of my life, and I couldn’t be more proud of this company and the incredible team who built it.

Grön began as a creative side quest 11 years ago in my home kitchen. Never in a million years did I imagine it would grow into what it is today. I am deeply honored and humbled by this industry, and incredibly proud to be part of it.

The acquisition of Grön by Wyld is a monumental milestone for brands, and for the industry in general. It marks the beginning of an exciting new chapter for this brand—one I’ve had the privilege of nurturing from the very beginning.

There were many moments along the way when I wondered if we could pull it off. This industry is not for the faint of heart. We grew this company fundamentally without outside investment and somehow rose to become a top player in the category.

What has always mattered most to us—and always will—are relationships: honoring our word and building meaningful partnerships. I want to personally thank the partners, retailers, staff, friends, and loyal customers who believed in us and helped pave the way. And thank you to Aaron Morris and the entire Wyld team for truly understanding and valuing this brand for what she is. I can’t imagine anyone better to take Grön into its next era.

Outside of raising my two children, building this company is the greatest accomplishment of my life. I’m excited for what’s ahead—for Grön, for Wyld, and for an industry that continues to grow and thrive.

Brands are the future.”

— Christine Apple, Grön CEO

Rationale

Consolidation of the “Oregon Powerhouses”: Both brands were founded in Oregon and have followed similar aggressive multi-state expansion strategies. The acquisition allows Wyld to consolidate market share in “overlap” states where both brands already command significant shelf space, particularly in mature markets like Arizona, Oregon, and Nevada. In mature markets like Colorado, Nevada, and Oregon, Wyld already commands over 30% of the edibles category. 1 Adding Grön’s double-digit share effectively creates a near-monopoly on shelf space for premium edibles in these regions.
Product Diversification: Wyld is the dominant leader in gummies (chews), holding the #1 spot in seven major markets (CA, AZ, CO, MI, NV, OR, WA) as of late 20251. Grön provides an immediate “moat” in the chocolate category, which accounts for over 20% of Grön’s total sales.
Infrastructure: Wyld’s manufacturing facilities will be utilized to scale Grön’s unique formats, like their “Sugar-Coated Pearls,” into markets where Grön currently lacks a footprint.
Expansion into Emerging East Coast Markets: The deal strengthens the combined entity’s position in the high-growth New York, New Jersey, and Ohio markets, where both brands have recently established a foothold.
Infrastructure Synergy: Wyld’s massive operational scale in provides a ready-made platform to introduce Grön’s unique product SKUs, such as their “Sugar-Coated Pearls,” into the nation’s largest cannabis markets.
International Dominance: Both companies have successfully navigated the complex Canadian regulatory landscape; their combined Canadian operations represent the most significant international footprint of any U.S.-based edibles brand.

The following data outlines the operational status for both brands following the consummation of the deal. The brands overlap in 9 key U.S. states and Canada, while Wyld provides the combined entity with exclusive access to 8 additional high-value markets.

Headset Data

The Headset Data Breakdown, from the regulated cannabis markets Headset tracks (AZ, CA, CO, CT, FL, IL, MD, MA, MI, MO, NV, NJ, NY, OH, OR, WA):

Wyld (The Powerhouse): Maintaining a massive $423M+ revenue base (2025) with steady 5.2% growth. Grön (The Rocket Ship): Growing 3.4x faster than Wyld at a staggering +17.6% growth rate ($157M).

Combination creates $580M+ in annual Retail sales, dominating the shelf from premium chocolates to high-velocity gummies.

The top 10 edibles brands accounted for ~$1.2B, > 50% of a $2.2B category.
Post-acquisition, this portfolio represents ~49% of the top 10 edibles brand revenue and ~26.5% of total category sales in tracked markets.

BDSA

Wyld
— Rank: #1 Edibles brand (2x next largest brand), Share of Edibles: 9.8%

Grön
— Rank: #4 in Edibles, #2 in Chocolates, Share of Edibles: 2.8%

Good Tide (owned by Wyld)
— Rank in Edibles: #8, Share of Edibles: 1.9%

Wyld Brand House:
— #1 brand house in edibles, Wyld Brand House (Wyld and Good Tide) are carried by 50% of all doors across the country (in edibles the second most available is at 30%)

Hoodie Analytics

Wyld 2025 Retail Revenue of ~$352M and Grön with Retail Revenue of ~$88M

Source: Fat Nugs Magazine (as of July 2025)

Lit Alerts

The Wyld + Grön combination creates the unquestioned #1 edibles company in New York and New Jersey (and other markets across the country).

Some interesting points from New York and New Jersey looking at Q4 2025. No matter how you slice it: units, sales, or share of shelf, Wyld/Grön own ~20% of the New York and New Jersey edibles market. In New Jersey, Wyld and Grön held their own behind Verano (Savvy/Encore) in the second and third spots. This combination puts them ahead of Verano in first position by all measures and leaves the next closest competitor Kiva in the dust.

In New York, before the transaction, Wyld and Grön sat behind Kiva and Off Hours by most measures. Now they sit comfortably in first position by all measures.

Source: LIt Alerts (via Cultivated)

Interviews:

👋 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.

Source: Headset

🍬Wyld to Acquire Grön

Dai Truong — Mon, 05 Jan 2026 16:10:43 GMT

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🌿 Industry

Trump’s embrace of pot has Republicans in Congress fuming. In moving to reduce marijuana regulation, the president has defied the party’s old guard. — POLITICO

Speaker Mike Johnson lobbied Trump directly to hold off on his decision, the Washington Post reported. On the eve of Trump’s announcement, 22 Senate Republicans urged him in a letter not to go ahead with it, citing health issues like addiction linked to the drug’s use and economic consequences
Republican congressional leaders’ open defiance shows Trump’s hold on his party might be waning — and also that they really hate weed

Michigan’s weed gold rush is long gone. Now, the industry is fighting to survive. Michigan’s Cannabis industry is facing an uncertain future. — Crain’s Detroit

Rampant oversupply continues to compress pricing — flower reached historic lows in November — and a new 24% wholesale tax has gone into effect
Whitney Economics projects the wholesale tax will cause a sales decline of 12.5%–13.9%. Similarly, the Michigan Senate Fiscal Agency anticipates a 14.4% decline
That translates to between $400–$450M in sales eliminated from the market at a time when production hasn’t slowed
Higher Love, a Cannabis company with 10 dispensary locations (including cultivation and processing) is laying off 30% of its staff. C3 Industries closed its Webberville plant and laying off 62 workers

San Diego’s 10% cannabis business tax comes up short. Earlier this year, the San Diego City Council voted to increase the city’s cannabis business tax from 8% to 10% to fill a budget hole. Now city finance officials say they likely overestimated how much revenue the tax hike would generate. — KPBS

Receipts from July through September suggest the cannabis business tax is on track to generate $19.7M this fiscal year—$1.5M short of the $21.3M assumed in the budget
Last fiscal year, when the tax rate was still 8%, the cannabis businesses tax generated $16.7M for the city. The tax rate was set at 5% when it was approved by voters in 2016

Mike Tyson, Ric Flair sue Carma HoldCo for $50M for alleged embezzlement scheme. A 76-page lawsuit filed in Illinois on behalf of Tyson and Flair by their lawyers accused former Carma executives — Chad Bronstein, Adam Wilks and Nicole Cosby — of a RICO conspiracy involving criminal wire fraud, embezzlement, money laundering, extortion and securities fraud. — New York Post

“Throughout their time at CARMA, Bronstein and Wilks treated CARMA as their own personal piggy bank, using more than $1 million to pay for unauthorized personal travel on private jets, costs associated with Bronstein’s personal yacht, renovations to Bronstein’s personal residence, a mortgage payment for Wilks’ personal residence, and lavish entertainment expenditures for Wilks, including exorbitantly priced meals and travel expenditures, as well as excessive and unapproved compensation and bonuses”

California Officials Award $30M In Marijuana Revenue To Support Research On THC Drinks, Terpenes And Tribal Cannabis Sales. This marks the third round of grants delivered through the program—which is funded by marijuana tax revenue—raising the total distributions to about $80M. — Marijuana Moment

New York retail cannabis sales have exceeded $2.5 billion since recreational legalization, including $1.6 billion that was generated in 2025 alone as of November. Licensed storefronts nearly doubled from 261 in 2024 to 556 in 2025.

Leafly’s Top 100 Dispensaries of 2025. Leafly used a weighted scoring model that factored in the dispensary’s performance on Leafly, customer satisfaction, and moxie.

Cannabis prices in Massachusetts are sitting at their lowest point. The average price of an eighth slipped to $14.20 in November, down two-thirds from four years ago, when an eighth ran closer to $45.

Falling prices drive Oregon cannabis revenue to 6-year low. Sales fell 3.5% to $925M in 2025, according to data from the Oregon Liquor and Cannabis Commission.

Is 280E tax relief immediate? Your top marijuana rescheduling questions answered. Marijuana rescheduling doesn’t go into effect overnight, and many questions are left unanswered. But MJBizDaily tries to answer some of the industry’s most pressing concerns.

💵 Deals

Wyld to Acquire Grön. This combination of Wyld and Grön brings together two of the cannabis edibles category leaders with shared roots, shared standards, and a long-term vision for building the most trusted and complete edibles offering in the $4.8 Billion edibles marketplace. Wyld is currently available across 16 U.S. states and Canada, and found in ~7,500 retail locations throughout the regulated cannabis market. Grön currently has 75 different products available across 9 U.S. states and Canada and available in ~4500 retail locations. The combined organization will include ~1,400 employees, with ~1,100 team members at Wyld and ~300 at Grön. Grön will continue to be brand-led, with its existing team guiding brand strategy, product innovation, and creative direction.

📝 Deep Dive

FLUENT Divests Pennsylvania Cannabis Operations for $12.5M. FLUENT has completed the sale of its Pennsylvania operations to HIVE Holdings Inc., effective Dec. 31, 2025, for US$12.5M in cash. The proceeds from the transaction were used to reduce FLUENT’s outstanding debt, which is expected to meaningfully enhance its balance sheet, allowing the company to further concentrate capital and operational resources on its core growth markets. The company is at arm’s length from HIVE Holdings.

Vireo Growth Enters California and Florida and Strengthens Delivery Platforms with Acquisition of Eaze. Eaze has 65 active retail locations and has completed over 12 million deliveries. Eaze has a robust presence in delivery sales in California with four co-located retail and delivery locations and eight delivery-only locations with coverage in most major metropolitan areas of the state. In Florida, Eaze is currently the sixth largest retailer with 39 active stores and ~64,000 square feet of cultivation canopy with substantial expansion capacity. Finally, the transaction will expand Vireo’s retail presence in Colorado with 14 additional dispensaries, increasing its total Colorado footprint to 55 stores. Upon closing, Vireo’s portfolio of cannabis brands and assets will span 10 total states, with 166 active retail dispensaries and ~800,000 sq. ft. of operational cannabis cultivation and production.

Total consideration in the transaction includes ~$47.0M in base consideration, payable through the issuance of approximately 84M subordinate voting shares of the Company at closing at a deemed issue price per share of $0.56. Eaze may be entitled to earn-out consideration as of December 31, 2026, calculated as 3.84x adjusted EBITDA, less the closing consideration and adjusted for incremental debt, with any such earn-out payable in subordinate voting shares of the Company at a deemed price equal to the higher of $1.05 and the 20-day volume-weighted average price as of December 31, 2026, subject to the Exchange’s pricing policies.

TerrAscend Acquires New Jersey’s Union Chill Dispensary. The transaction expands TerrAscend’s retail footprint to four dispensaries in New Jersey. In May 2025, TerrAscend signed an agreement with Union Chill for total consideration of $13M, consisting of $9M in the form of convertible notes bearing interest at 6.5% for an option to purchase 35% of Union Chill and $4M in cash upon the exercise of the option. The transaction conforms to New Jersey’s regulatory framework, which facilitates investment opportunities for diversely owned businesses. The transaction will allow the company to fully consolidate the business in its financial results and increase TerrAscend’s consolidated retail footprint to a total of 20 dispensaries across five U.S. states and Canada.

Organigram Extends Innovation Investment with Phylos. Through an amended loan and product agreement, Organigram gains priority access to Phylos’ autoflower genetics pipeline, including preferential economic terms and long-term rights in its international markets, establishing a foundation for product differentiation and growth in recreational and medical markets. Under the terms of the amended loan agreement, Organigram will consolidate its existing investment with a new $3M advance, resulting in a combined total loan principal of $10M. The loan matures on May 25, 2028, and is subject to conversion or other resolution mechanisms under the amended agreement.

Safe Harbor Acquires 420 IT Solutions to Expand Cannabis Consulting Business. 420 IT Solutions is a cannabis-focused consulting and managed services firm serving financial institutions and cannabis operators, along with the integration of 420 IT Solutions’ core operating assets and active client contracts into Safe Harbor’s platform. Acquisition consideration is fully performance-based, as it is comprised of up to 125,000 of the company’s shares that are issuable only upon the achievement of incremental revenue milestones of $5M in 2026 or $6M in 2027.

📄 Company Updates

Advanced Flower Capital Converts to Business Development Company. The completion of the Conversion expands AFC’s investment flexibility to pursue opportunities beyond real estate-backed loans, including a broader universe of operating businesses.

CC Brands LLC Recall Hits 295 Colorado Dispensaries. One production batch from CC Brands, which also does business as Stash House CO and Cheeba Chews, initially passed testing but was later subjected to additional testing that showed unacceptable limits of the pesticide chlorfenapyr.

🏬 Retail

Moses Roses opens first recreational marijuana dispensary opens in Eastpointe, MI. Moses Roses recently began a soft opening at the high-traffic corner of Eight Mile and Kelly Road to be the lone entity of three that were guaranteed to receive a license to meet the Dec. 31 deadline to open. Moses Roses operates six other stores, including one each in Detroit, Lincoln Park and Waterford Township.

NOLA Cannabis Co. opens in New Orleans. The facility is the first of three new dispensaries to come to the metro area as the local cannabis industry continues to expand. The outlets, which are owned by two separate investor groups with common, though not identical, memberships, are all managed by an arm of one of the state’s two licensed growers, Good Day Farm, and do business under the brand name NOLA Cannabis Co. The company’s subsidiary, Good Day Farm Retail Management, runs the six NOLA Cannabis Co. sites and nine others around the state.

Harvest Care Medical expands in West Virginia. Harvest Care Medical opened two new medical cannabis dispensaries in Morgantown and Parkersburg, both operating under its Country Grown Cannabis brand . With these openings, Harvest Care Medical now operates 10 dispensaries in West Virginia.

Speakeasy Dispensary will open with limited supply this month in Lexington, KY. Gold Leaf Management is the company overseeing operations at Speakeasy Dispensary. Gold Leaf is registered with the Kentucky Secretary of State as an out-of-state company based in Little Rock, AR, doing business in Kentucky.

Curaleaf Opens 2nd Erie Dispensary in Millcreek, Pennsylvania. This maintains Curaleaf's footprint of 18 stores in Pennsylvania and 159 locations nationwide.

Verano Expands West Virginia Medical Cannabis Dispensary Footprint to Six with the Opening of Zen Leaf Charleston. Zen Leaf Charleston complements Verano’s five existing West Virginia Zen Leaf locations in Buckhannon, Clarksburg, Morgantown, Westover and Wheeling. According to the West Virginia Department of Health, there are currently over 35,000 approved medical cannabis patients in the state.

🎙️ Interviews

From Buds to Seeds: The Evolution of a Cannabis Pioneer | CannabisNow

Chanda Macias’ mission is to make cannabis accessible worldwide | MJBizDaily

🖋️ Trump Signs Executive Order to Reclassify Cannabis to Schedule III

Dai Truong — Fri, 19 Dec 2025 18:34:34 GMT

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[UPDATE] Marc Hauser expects the Executive Order to be challenged, heavily, by certain well-funded interest groups. The press release notes that they’ve hired Torridon Law, a law firm headed up by former U.S. Attorney General Bill Barr, who is anti-cannabis. This will likely slow things down from a timing standpoint.

🌿 Industry

Trump Signs Executive Order Reclassifying Cannabis to Schedule III. The move will free the $32 billion legal U.S. cannabis industry from 280E. — Washington Post

A year-long campaign by industry leaders, including Trulieve CEO Kim Rivers and financial executive Howard Kessler, was instrumental in persuading the President
“For seniors, CBT (cannabinoid-based therapies) is a game changer offering safe, evidence-based options for chronic conditions that traditional meds often fail,” Howard Kessler, a longtime Trump supporter and the founder of the Commonwealth Project, a pro-medical cannabis group
If cannabis is reclassified to Schedule III, it would mark the first time a substance not approved by the FDA is placed in that category, adding pressure on the agency to enforce marketing of products, said Kevin Sabet, president of Smart Approaches to Marijuana, which advocates against legalization
Interest expense would become tax-deductible, reducing the after-tax cost of debt, which could enable them to borrow additional amounts from lenders
AIQ suggests that rescheduling will raise the bar for operational maturity. Flowhub recommends operators should work with accountants and advisors to understand how and when 280E relief applies to their specific situation.
On Monday, December 22, Vicente is hosting an online briefing, “Marijuana to Schedule III: What Changes, What Doesn’t, and What Comes Next”

What Schedule III Could Mean for the Cannabis Industry. Headset’s latest report, Rescheduling to Schedule III: Why Ending 280E Could Matter Most in a Shrinking-Margin Industry, examines how a potential move to Schedule III and the removal of Section 280E could affect the industry’s cash flow dynamics using transaction-level retail data and modeled scenarios. — Headset

Headset data show that average U.S. cannabis retail gross margins declined from 52.6% in 2021 to approximately 42.7% in 2025 year to date, a compression of nearly 10 percentage points
In 11 of 24 states, the modeled median retailer has negative after-tax profit under 280E. In several markets, the modeled federal tax burden exceeds total net profit
Under benchmark assumptions (operating expenses modeled at 35% of sales and a 21% federal tax rate), the typical median retailer shows approximately $268,000 per year in modeled federal 280E tax drag. In higher-volume states, that figure can reach around $805,000 per store annually. At the industry level, this translates into an estimated $1.6B to $2.2B per year in incremental after-tax cash flow at current sales levels, based on Headset’s sensitivity analysis

Dozens of Alabama doctors are preparing to recommend medical cannabis. Russell Sellers, director of communications for the Medical Association of the State of Alabama (MASA), said about 60 doctors have taken the three-and-a-half-hour course.

💵 Deals

Curaleaf Terminates Equity Purchase Agreement with The Cannabist Company. A competing bid from an affiliate of Millstreet Credit Fund LP following a Go-Shop valued the Virginia Assets at $130M plus the assumption of a $30M lease liability. After a rigorous due diligence process, Curaleaf determined this amount exceeded the rational fair value for the assets. As noted in its release dated December 2, Curaleaf expects to receive a break fee of $3.3M upon cancellation of its original binding commitment.

Vireo to acquire Certain Colorado Assets from PharmaCann for $49M in newly issued Vireo shares. The acquired assets further optimize Vireo’s operating footprint in Colorado with the addition of 17 dispensaries. The transaction will expand Vireo’s position in Colorado’s adult-use retail market to 41 total active dispensaries, and is subject to satisfaction of closing conditions and state and local regulatory approvals.

Source: Canopy Growth Investor Deck

Canopy Growth to acquire MTL Cannabis for ~$179M. Under the terms of the Arrangement Agreement, each shareholder of MTL will receive fixed consideration for each MTL Share equal to: (i) 0.32 of a common share of Canopy Growth and (ii) $0.144 in cash. MTL was founded by Québec-based entrepreneurs and brothers, Richard and Michel Clément, who built the company around a deep commitment to cultivating high-quality cannabis flower. Canopy Growth intends to leverage the expertise of the MTL team as it continues to elevate its cannabis product portfolio. MTL had net revenue of $84 million, 51% GM, and $11M in operating cash flow for the TTM period ended September 30, 2025.

Petalfast x Sunderstorm to Combine Distribution Capabilities in CA. The transaction, slated for completion in Q1 2026, marks Petalfast’s major entry into California distribution and includes exclusive, long-term rights to distribute Sunderstorm’s KANHA premium edibles line. The deal transforms Petalfast into a full-service California distributor, with statewide reach through Sunderstorm’s NorCal and SoCal hubs, best-in-class technology, delivery fleet, proven AR/cash collection systems and an experienced workforce.

Trulieve Closes $140M Private Placement of 10.5% Senior Secured Notes. The Notes were issued at 100% of face value and are senior secured obligations of the Company. The Notes bear interest at a rate of 10.5% per annum, payable semi-annually in equal installments until the maturity date, unless earlier redeemed or repurchased. The Notes will mature on December 17, 2030, and may be redeemed in whole or in part, at any time from time to time, on or after December 17, 2027 at the applicable redemption price set forth in the second supplemental indenture governing the Notes.

📄 Company Updates

$1M a year in taxes at stake in Glass House Brands, Ventura County fight. Glass House Brands is appealing the County of Ventura’s valuation of its giant cultivation outside of Camarillo and seeking a refund of what it claims are millions of dollars in excess property taxes paid over the past four years. More than three years after Glass House filed its appeal, the case is awaiting a decision by the Ventura County Board of Assessment Appeals. The appeals board will issue a ruling by September 2026.

🏬 Retail

Mint Cannabis expands into Florida with 18 community-focused dispensaries. Thirteen new Mint Cannabis dispensaries are currently open in Bonita Springs, Bradenton, Brandon, Cape Coral, Delray Beach, Gainesville, Jacksonville, Longwood, Melbourne, Orlando, St. Augustine, Sarasota, and Stuart. Five additional dispensaries, in Homosassa, Madison, Miami, Spring Hill, and Riverview will open in the coming months. The Mint team also anticipates opening several additional dispensaries in Florida by the end of 2026.

King City Gardens Expands Retail Footprint With Two New Dispensaries. The Garden – Sycamore Township in the Greater Cincinnati region and The Garden – Mansfield in North-Central Ohio. Additional sites planned across Ohio through 2026.

Trulieve-Branded Dispensary to Open in Findlay, OH. Harvest Grows will operate the dispensary under the Trulieve brand through a licensing agreement.

Minnesota Signs Cannabis Agreement with Red Lake Band of Chippewa Indians. Darrell G. Seki, Sr., Chairman of the Red Lake Nation, noted that the Red Lake Nation’s NativeCare dispensary was the site of the first legal sale.

🌱 Product

Aurora Launches Daily Special™ in Germany. Available at German pharmacies and through Telemedicine platforms from December 19, 2025, the Daily Special launch introduces a sativa-dominant cultivar born from Gelonade × Biscotti, with a range of 21-23% THC < 1% CBD. Delivering a vibrant sensory experience highlighted by intense citrus, sweet-earthy, and diesel-forward aromas and a rich terpene profile contributes to its distinctive character and premium appeal.

🧔 People

IM Cannabis Appoints Asi Levi as New CFO. Levi has over 15 years of experience in finance and controlling roles, including serving as CFO of Water Ways Technologies.

Cannabis entrepreneur Duke Rodriguez joins the race for New Mexico governor. Before launching Ultra Health in 2010, Rodriguez served as secretary of New Mexico’s Human Services Department under former Gov. Gary Johnson and was a senior executive for Lovelace Health System. Ultra Health has become New Mexico’s largest medical cannabis company.

🎙️ Interviews

Cannabis Schedule III Breakdown | Higher Exchanges

Schedule III Changes Everything — This Is Just the Beginning | The Dime

Al Harrington: The Heart of a Lion | CannabisNow

📜 Trump Expected to Direct Agencies to Reschedule Cannabis to Schedule III

Dai Truong — Fri, 12 Dec 2025 21:22:17 GMT

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🌿 Industry

Trump signals Cannabis pivot. President Donald Trump is expected to direct his administration to reclassify cannabis from a Schedule I to a Schedule III controlled substance. — The Washington Post

While reports suggest an executive order could be issued as soon as Monday, the White House has officially stated that “no final decisions have been made”
Trump cannot unilaterally reclassify cannabis. Instead, the planned executive order would direct the Department of Justice (DOJ) to issue a final rule, a procedural move designed to bypass a potentially lengthy public hearing process
The move is not without friction within the Republican party. House Speaker Mike Johnson is reportedly opposed to the reclassification of marijuana to Schedule III
Cannabis ETF MSOS traded up +55% on the news

San Francisco Rediscovers Its Cannabis Roots, Offers California a Blueprint for Revival (Opinion). The city’s Board of Supervisors voted to suspend its local cannabis business tax until Dec. 31, 2035. — CBT

In doing so, San Francisco has set itself apart from every major city in the state—especially Los Angeles, which imposes a 10% local cannabis tax that has contributed to declining legal sales, widespread business closures, large volumes of unpaid taxes and the continued expansion of the illicit market
Los Angeles is now considering a cannabis tax amnesty program, a clear acknowledgment of how much uncollectible tax its policies have produced

Hemp Products Would Be Federally Regulated Instead Of Banned Under New Senate Bill. Democratic senators have introduced a new bill to create a federal regulatory framework for hemp-derived cannabinoids and allow states to set their own rules for products such as CBD. — Marijuana Moment

The senators’ proposal would set THC limits on hemp products for states that do not enact their own caps, allowing up to 5 milligrams per serving and a maximum of 50 milligrams per container across all types other than beverages. Hemp drinks could have up to 10 milligrams of THC per container under the federal standard

Ohio Poised to Roll Back Voter-Approved Cannabis Law, Ban Intoxicating Hemp. Ohio Governor Mike DeWine will sign SB 56, a bill that significantly curtails the state’s voter-approved adult-use cannabis program and effectively eliminates the market for intoxicating hemp outside of dispensaries. — Marijuana Moment

This move represents a material regulatory shift, undermining the 2023 legalization initiative and creating significant uncertainty for operators in both the cannabis and hemp sectors
By recriminalizing the possession of legally purchased products from neighboring states like Michigan, Ohio is creating a walled garden. This move protects the tax base and sales volume of in-state operators but may face legal challenges and creates a compliance headache for consumers

Alabama cannabis commission awards first dispensary licenses after years of legal hurdles. The three dispensary licenses (CCS of Alabama, RJK Holdings, and GP6 Wellness) advances the state’s long-delayed medical cannabis program. — AL.com

The Commission put a hold on licensing for a fourth company — Yellowhammer Dispensaries. It will meet on Jan. 26 to consider adding that company to the list of approved participants
These legal battles have left licensed operators like Joey Robertson of Wagon Trail Med-Serv in Cullman waiting to utilize millions of dollars in equipment and infrastructure. Robertson, who received an integrated facility license in 2023, has offset losses by producing hemp-derived products while his cannabis operation remains idle. “We have $4 million of infrastructure sitting here, and we can’t do anything with it,” Robertson said in a July interview, estimating it could take four years to break even due to delays

Curaleaf to exit hemp THC market ahead of federal ban. Initially reluctant to participate in the hemp boom following the 2018 Farm Bill, Curaleaf in 2024 made a strategic decision to enter the hemp market that led to the company’s hemp-derived THC beverages being sold at Total Wine & Spirits in nine states. — MJBizDaily

The pivot means Curaleaf will “bring down” its existing inventory as well as “the amount of people focused on that business,” said Chairman Boris Jordan
The company will also close its single Florida hemp-focused outlet, The Hemp Company, which opened in West Palm Beach in April. Curaleaf hasn’t made the decision yet regarding its hemp production and manufacturing in Kentucky

Gotham x Cultivated Media to Debut The Highrise: A New Semi-Annual Salon Shaping the Future of Cannabis. As cannabis continues to evolve amid political uncertainty, New York has quickly risen to the forefront of transformation. The Highrise was created as a catalyst for the operators, policymakers, investors, and cultural leaders defining the next era of the industry. Unlike traditional trade shows, the salon centers on real-time insight, provocative dialogue, and intimate access to the individuals driving meaningful change.

First Kentucky medical cannabis dispensary opening this weekend in Ohio County. The Post in Beaver Dam will open to eligible medical cannabis patients on Saturday and will remain open until 6 p.m. or until supplies run out.

From rosin gummies to hash holes: Meet the winners of MJBowl

💵 Deals

The Cannabist medical cannabis dispensary in Richmond, Virginia

Curaleaf to Acquire Virginia Assets From The Cannabist Co in $110M Deal. The assets consist primarily of five active retail locations, one additional retail location in development and ~82,000 sq ft of cultivation and production capacity in the Richmond region. Pursuant to the equity purchase agreement (EPA), the buyer will purchase all of the issued and outstanding equity interests of gLeaf Virginia from the member for total consideration of $110M, consisting of: $80M in cash, $20M in deferred consideration and a $10M promissory note. In the event a competing bid for the Virginia assets is accepted during the go-shop period or if The Cannabist Co. fails to receive noteholder consent for the transaction, Curaleaf is entitled to receive a $3.3M break-up fee and all associated expenses up to $350,000.

Stiiizy acquires 12 California dispensaries from Gold Flora auction for $25M. Stiiizy bought the previous leases and licenses with a $25 million auction bid on Oct. 23, according to a court order filed in Los Angeles Superior Court. This will give the company 58 dispensaries in California and a total of 61 (3 dispensaries in Michigan). Stiiizy’s purchase of Gold Flora’s stores has come with some controversy. During an auction on Oct. 23, Stiiizy placed the highest bid of $26.45M, according to a court filing. But that bid cost was later reduced by $1.4Mafter Stiiizy discovered that retail licenses in San Jose, Costa Mesa and Santa Barbara would not be able to transfer to a new owner, a filing said. A competitor, Sweet Leaf, said in a court filing that its bid of $26.3M should be considered the new highest bidder after the post-auction reductions on Stiiizy’s purchase price because the company should have known the licenses were at risk of not transferring.

Trulieve $100 Million Private Placement of 10.5% Senior Secured Notes. The Notes will mature on or about December 17, 2030, and may be redeemed in whole or in part, at any time from time to time, on or after the date that is two years following the issue date at the applicable redemption price set forth in the supplemental indenture to be entered into on closing of the Offering.

Cronos acquires Canadelaar, the largest legal cannabis producer in the Netherlands, for €57.5M. It is the first time a foreign investor has taken over a Dutch cannabis grower. Canadelaar is the biggest supplier in the Dutch government’s regulated cannabis experiment, which expanded in April and now involves 10 local councils. Under the scheme, participating “coffeeshops” must source all their cannabis from licensed growers appointed by the government. The trial is intended to test whether the Dutch cannabis market can be taken out of the illegal circuit.

Vencanna Ventures to Divest of Vencanna NJ LLC. Vencanna has entered into a definitive sale agreement with an arm’s length purchaser to sell its 95% membership interest in Vencanna NJ LLC, a special purpose company that has applied for a Class 5 retail license for a proposed retail site in Bellmawr, NJ. Under the terms of the agreement, the total consideration payable by the Purchaser to Vencanna for its membership interest in Vencanna NJ is $1,250,000, plus cash reimbursement of certain deposits amounting to ~$135,000, plus an earnout of up to $250,000.

Sensi Brands acquires Maricann. Maricann, based in Langton, ON, has a 100-acre cultivation campus designed to support up to 1.1 million SF of cultivation capacity. The acquisition includes a 350,000 SF state-of-the-art hybrid greenhouse that has been engineered to EU-GMP standards and is currently undergoing EU-GMP re-certification. The transaction establishes the company among Canada’s Top Licensed Producers (LPs), by cultivation capacity, with a projected annual capacity output of 110,000 KG of high quality, EU-GMP certified cannabis dried flower.

📄 Company Updates

Texas Original Opens Largest Medical Cannabis Facility in Texas. The company has scaled from a 7,700 sq ft facility to its new 75,000 sq ft, state-of-the-art headquarters in Bastrop, TX. In addition to relocating its Bastrop headquarters, Texas Original has converted its former facility just south of Austin into one of Texas’ first satellite locations authorized under HB 46. Under the new regulations, these satellite locations allow for same-day pickups, providing patients across the state faster and more convenient access to medical cannabis. This satellite location joins Texas Original’s more than 17 other pickup sites across Texas.

Grown Rogue Secures Cultivation Facility in Minnesota. The ~109,000 sq ft building in Fridley, Minnesota, was acquired by Rainbow WBSE MN LLC for ~$75/sq ft, and Grown Rogue will pay a monthly base rent of 0.73/sq ft. The facility recently secured a conditional use permit for cannabis cultivation and is expected to support a phased build-out of up to 30,000 sq ft of flower canopy, which reflects the maximum indoor flower canopy permitted in Minnesota. Construction of Phase I, ~10,000 sq ft of flowering canopy and associated support infrastructure, is expected to commence in early 2026, with the first product anticipated in early 2027.

🏬 Retail

Hub Dispensary opens in Kingston, NY. Hub Dispensary is the city’s third dispensary offering cannabis products for legal, recreational use. Several others exist in the immediate Kingston area as well, in the town of Ulster and in Rosendale.

Green Wave dispensary opens in Foster, MD. Owner Chris Sands said that he has been through the ringer in getting and keeping his license to sell cannabis in Foster. Last October, he said the state attempted to rescind his license for the store at 187 Danielson Pike due to delays in construction.

Curaleaf Expands Florida Footprint With New Cape Canaveral Dispensary. This new location marks Curaleaf’s ongoing expansion in the Sunshine State, bringing its store count to 70 in Florida and 159 nationwide.

iAnthus Opens 25th GrowHealthy Florida Dispensary in St. Petersburg.

🌱 Product

Ascend Wellness x Mister Jones for New Jersey Dispensary. This partnership marks a significant milestone as it is one of the first under NJ’s recent Assembly Bill A4151, which facilitates expanded investment opportunities for diversely-owned businesses in the cannabis industry. AWH will provide comprehensive support to fund the retail space and upfront capital, ensure a steady product flow, including the Company’s product portfolio, and provide technical assistance to deliver backend operational support. The dispensary in Little Falls Township is set to open on December 19th.

The Cannabist Company x Old Pal for West Virginia. Building on the success of this collaboration in Maryland, Virginia, New Jersey and Colorado, The Cannabist Company launched Ground Flower (7 g, 14 g) and Whole Flower (3.5 g, 7 g) across all Cannabist locations in West Virginia. The Cannabist Company operates 38,069 sq. ft. of cultivation and manufacturing space in West Virginia.

Green Check x Lüt to Launch Compliance-First Payment Solution for the Cannabis Industry. By combining Green Check’s banking compliance expertise with Lüt’s advanced, fully certified payment processing platform, the collaboration eliminates reliance on cash, reduces payment shutdowns and addresses non-sufficient funds (NSF) concerns across in-store, delivery and e-commerce transactions.

Safe Harbor Launches Payroll Cashflow Solution, Announces Major Banking Win With Canopy HR. Canopy HR has selected Safe Harbor to support nearly all of its cannabis payroll banking operations. Alongside this engagement, Safe Harbor is introducing a new cashflow solution that allows cannabis operators to keep payroll-related funds in their accounts for up to two additional days every payroll cycle.

🧔 People

Top N.Y. Cannabis Official Resigns as Major Investigation Is Dropped. In a statement, the governor said that she had accepted the resignation, effective immediately, of the official, Felicia A.B. Reid, who was appointed last year to lead the Office of Cannabis Management. Ms. Reid took on the post amid the rocky rollout of the state’s ambitious plans for the building of a legal market for cannabis. But according to the governor, state regulators continued to stumble under Ms. Reid. Ms. Hochul cited the dropping of the case against Omnium Health.

Organigram names James Yamanaka CEO. Formerly global head of strategy for British American Tobacco, Yamanaka is expected to assume the role on or about January 15, 2026. He also will join the company’s board of directors. As global head of strategy at BAT, Yamanaka was instrumental in developing the Group strategy. Prior to that, he served as area director for North Asia (Japan and South Korea). Before his role in Asia, he transformed BAT’s Northern Europe Area from a traditional business into one positioned for growth through the acquisition of a nicotine pouch business that has become the largest growth category for the BAT group.

Aurora Names Kerry Miller Managing Director for Australia, New Zealand. Kerry joins Aurora with an extensive career in consumer-packaged goods, anchored by a successful 25-year tenure at Reckitt Benckiser and nearly 10 years at Unilever.

GreenSpace Appoints Joe Khoury Chief Digital Officer. Khoury most recently served as VP of Business Systems at MariMed.

🎙️ Interviews

Coworking with Socrates Rosenfeld | Retail Brew

BigMike on building the largest cannabis nutrients company in the world | mg

STiRiBLES founder Adolphus Busch V on cannabis drinks and cuisine | STL Mag

Cheech & Chong’s Cannabis Co. Plans 100 Branded Stores in 18 Months | High TImes

🚚 MSOs sue New York State to halt inversion, launch track and trace

Dai Truong — Wed, 26 Nov 2025 18:00:22 GMT

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💬 Slow news week for the past week and a half with Thanksgiving coming up and MJBiz the week after. If you’ll be in Vegas and want to connect, we are hosting an event with Happy Cabbage on Thursday (12/4) morning, reply for details.

🌿 Industry

The Cannabis Media Council is launching a public service announcement centered on the cousin walk.

This Year’s Thanksgiving Surprise: Half of the Guests Are Stoned. What started as a secret trip to smoke pot before dinner has mushroomed into a full-blown commercial holiday. Behold the ‘cousin walk.’ — WSJ

The “cousin walk” is shorthand for the moment when certain younger members of the family quietly grab their coats, glance toward the door and—clutch those pearls—get stoned before rejoining the festivities with altered minds and ravenous hunger
The cousin walk, which also goes by no name and many names—“cousins walk,” “Thanksgiving walk” and “pre-dinner safety meeting”—is big enough to spur sales on what’s now known as “Green Wednesday,” a marijuana-buying version of Black Friday the day before Thanksgiving. Dispensaries say it’s often the second-biggest day for cannabis sales after the pot-celebration day 420 on April 20th

MSOs sue New York state to halt inversion, launch track and trace. By failing to timely impose track-and-trace requirements, the state Office of Cannabis Management and Cannabis Control Board “have allowed a prolific supply of illicit and unregulated cannabis to enter the licensed New York cannabis market,” the New York Medical Cannabis Industry Association (NYMCIA) alleged. — MJBizDaily

NYMCIA represents the marijuana multistate operators (MSOs) who hold the 13 permits for vertically integrated medical marijuana operations in the state, called registered organizations (ROs)

Massachusetts Cannabis Business Association Urges Voters to Withdraw Signatures. The association is telling voters to contact their local election clerks, claiming a campaign to end adult-use sales committed fraud. — CBT

After weeks of reports that voter fraud is being routinely committed by the campaign seeking to repeal adult-use legalization laws in Massachusetts, voters across the state are being reminded to contact their election clerks if they believe they signed petitions under deceptive measures
Residents across the state have reported numerous instances of those gathering signatures for the Coalition for a Healthy Massachusetts lying to voters about the purpose of their signature-gathering efforts

Florida adult-use marijuana legalization campaign suffers major setback. A state judge ruled more than 200,000 signatures invalid. — MJBizDaily

The ruling by Leon County Circuit Judge John Cooper erases roughly one-third of the 675,307 signatures collected and submitted by the campaign
A spokesperson for Smart & Safe said the campaign will appeal the ruling. But if it stands, the campaign now faces a significant challenge to gather the total of 880,000 signatures required ahead of a Feb. 1 deadline

As ‘California sober’ catches on, study suggests cannabis use reduces short-term alcohol consumption. A new study led by researchers at Brown University suggests that while other risks remain, smoking marijuana can temporarily cut down how much people drink. — Brown.edu

The trial included 157 adults, ages 21 to 44, who drink heavily and use cannabis at least twice a week. Over three separate lab visits, each participant smoked cannabis cigarettes containing lower or higher levels of THC or a placebo
The researchers found that when the participants smoked the cannabis with THC, they drank less alcohol than when they smoked the placebo. For example, when the participants smoked the lower THC dose at 3.1%, they drank about 19% less than when they had the placebo. When they smoked the cannabis with the higher THC dose at 7.2%, they drank about 27% less alcohol

Hemp fallout and rescheduling uncertainty dominate D.C. IgniteIt Conference. Several speakers called for a “one-plant” approach, folding both hemp and cannabis into a single regulatory framework. — GreenState

Aside from hemp, rescheduling dominated much of the conversation at IgniteIt. The industry had hoped the Trump administration would move forward with the process, especially after the president dropped several hints suggesting momentum. But after an extended government shutdown and the new hemp crackdown, speakers were more subdued in their outlook
While the cannabis execs remained hopeful, the politicians in attendance offered little certainty. Three members of Congress spoke at IgniteIt, and none committed to saying rescheduling was imminent

New York opened its 500th Licensed Cannabis Dispensary

📄 Company Updates

Cookies risks ‘insolvency’ after judgment. The Cookies empire appears on the brink of collapse after a San Francisco judge earlier this month ordered the national cannabis’s main revenue source diverted to settle a $8.4M judgement. Royalties from Cookies-licensed, third-party owned stores in Canada, Israel and Thailand as well as the United States must instead be paid to the company’s partner on a failed San Francisco dispensary, Superior Court Judge Dennis Hayashi ordered Nov. 13. The result is “leaving Cookies without operating revenues,” Cookies’ attorney, Robert Finkle, claimed in earlier court filings. In an earlier court filing, Finkle claimed that an order forcing Cookies to “divert 100% of such payments” would “result in an immediate insolvency event.”

PharmaCann closes cultivation operation in Dwight, IL, about 80 miles south of Chicago, laying off 82 workers. According to court records, Innovative Industrial Properties has sued PharmaCann for eviction in Livingston County, where the Dwight cultivation facility is located. It’s not clear whether Innovative Industrial Properties will attempt to sell or lease the Dwight facility to a new tenant, nor whether PharmaCann will attempt to sell the cultivation license. Innovative Industrial Properties noted in a securities filing that it terminated a PharmaCann lease for a cultivation facility in Massachusetts and took back the property.

AYR Wellness to Initiate CCAA Proceedings. The CCAA proceedings are part of the company’s restructuring process, as outlined in the previously disclosed Restructuring Support Agreement (RSA) dated July 30, 2025. Under the RSA, core assets of AYR’s subsidiaries will be transitioned to a newly formed acquisition vehicle (NewCo) owned by certain of AYR’s senior noteholders.

🏬 Retail

Amplify Opens 4th Ohio Cannabis Dispensary. Operated by Buckeye Relief, the new Amplify location in Painesville Township has a double drive-thru pickup window. Other Amplify locations are in Cleveland Heights, Bedford, and Columbus.

AYR Wellness opens 7th Ohio Dispensary in Parma Heights. Products being sold include kynd, Later Days and HZ, which are all grown locally by AYR’s team of Parma-based growers, as well as a variety of other popular brands.

nuEra Cannabis opens Chicago Southland. Located just east of the I-294 / I-57 interchange and a two minute drive from the Wind Creek casino, the store offers convenient access, free parking and nearby service from Pace Bus Route 350.

🌱 Product

Tyson 2.0 x TerrAscend in Maryland and Pennsylvania. In Maryland, TerrAscend will manufacture and distribute premium flower, vapes, and edibles, while in Pennsylvania the lineup will include flower, vapes, concentrates, and troches available through Apothecarium retail stores and the Company’s wholesale network.

🎙️ Interviews

How LEVEL Delivers Effects-Based Cannabis Tablets | The Dime

Chris Ball Offers Lessons from the Field | Cannabis & Tech Today

Joe Andreae, CEO of CULTA | MyCannabis.com

TerrAscend & The Road Ahead For Cannabis Industry | TDR

What Tobacco and Alcohol Taught Me About Cannabis. ft. Nick Kenny | The Dime

❌Trump signs bill Recriminalizing Hemp THC

Dai Truong — Thu, 13 Nov 2025 16:01:14 GMT

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🌿 Industry

Tim Agne/KJZZ

Trump signs bill recriminalizing hemp THC products. Following a historic, weeks-long government shutdown, the Senate approved the appropriations package on Monday to fund critical agencies. The House of Representatives followed suit on Wednesday, voting 222-209 to pass the bill. — Marijuana Moment

McConnell said in a statement that hemp legalization was never intended to produce a wave of intoxicants that could be sold at gas stations, and insisted that the shutdown deal bill “preserves the legitimate hemp industry while addressing the rise of intoxicating and synthetic THC products”
Two Republicans joined all but six Democrats in opposing the funding bill that included the hemp THC ban: KY Rep. Thomas Massie and FL Rep. Greg Steube
The bill as drafted makes it so the hemp provisions won’t be implemented until one year after enactment. Stakeholders say that window could provide an opportunity to advance legislation to create an alternative regulatory model for consumable hemp products
Legal hemp products will be limited to a total of 0.4 milligrams per container of total THC or any other cannabinoids with similar effects

LA cannabis retailers stage tax revolt. Cannabis retailers in Los Angeles are refusing to pay their city taxes until regulators or law enforcement solves the illicit market problem. — MJBizDaily

Catalyst Cannabis is among the retailers who have stopped paying local cannabis taxes in LA, where licensed operators owe as much as $400M
More than 500 of the LA’s 738 marijuana businesses owe outstanding taxes

Michigan sales up 6.5% in October after $30M drop in September

Arkansas medical marijuana sales of $22.7M in September

💵 Deals

Planet 13 Divests California Dispensary, Closes Cultivation Facility. The Company’s California operations, which represented a small portion of overall revenue, were cash-flow negative and no longer aligned with Planet 13’s long-term objectives. Proceeds from the transaction, while not material, will help further strengthen the Company’s balance sheet, liquidity and enable investment in core markets—Nevada and Florida.

Verano x Raw Garden to Launch Branded Products in New Jersey. Raw Garden will debut its cartridges and All-in-Ones at Verano’s four Zen Leaf dispensaries in New Jersey and third-party dispensaries across the Garden State.

Verano x Flower by Edie Parker to Launch Cannabis Line in Florida. For the launch, Flower by Edie Parker tapped Miami native and Grammy nominated rapper JT as the face of “High in the 305”- a campaign that pairs the brand’s bold aesthetic with the artist’s equally unapologetic style and Florida roots.

📄 Company Updates / Earnings

Curaleaf Q3 2025 Results. Net revenue of $320.2M, down 3% YoY compared to Q3 2024, up 2% compared to Q2 2025. Adjusted net loss from continuing operations of ($48.2M), Adjusted EBITDA of $69.3M (21.6% margin), Cash of $107.5M.

GTI Q3 2025 Results. Revenue of $291.4M, up 1.6% YoY, net income of $23.3M, Adjusted EBITDA of $80.2M (27.5% margin), CFO of $74.1M, Cash of $226.2M.

Trulieve Q3 2025 Results. Revenue of $288M, net loss of ($27M), adjusted EBITDA of $103M (36% margin), CFO of $77M, FCF of $64M, Cash of $458M.

Cresco Labs Q3 2025 Results. Revenue of $165M, operating cash flow of $6M, Net loss of $22M, which includes a $16M loss for debt extinguishment related to the refinancing of the company’s senior secured term loan, and non-cash impairment charges of $2M related to California assets being considered held for sale. Adjusted EBITDA of $40M (24.1% margin), Cash of $79M.

TerrAscend Q3 2025 Results. Net Revenue was $65.1M, compared to $65.2M in Q3 2024. GAAP Net Loss from continuing operations was ($9.9M), Adjusted EBITDA was $17.0M (26.1% margin), FCF was $4.9M, Cash of $36.6M.

Grown Rogue Q3 2025 Results. Revenue and Adjusted EBITDA, including NJ affiliate, ABCO, were $8.5M and $1.7M, respectively, up 26% and 25% YoY. Borrowed additional $5M on bank loan, bringing loan to $12M with a blended interest rate of below 8%.

Trulieve Notice of Redemption for All $368M of 8% Senior Secured Notes due 2026. As set forth in the notice of redemption, the redemption date will be December 5, 2025, and the redemption price is 100% of the principal redeemed, plus accrued and unpaid interest up to, but excluding, the Redemption Date.

Cresco Labs Launches Flagship Flower Brand in Germany. Cresco Labs is partnering with Blossom, the Company’s EU GMP-certified manufacturing partner in Portugal, to introduce three signature flower products, each aligned with specific patient effects.

FLUENT Completes 1st Harvests at Rosa Facility in Florida. The newly operational facility, adjacent to FLUENT’S existing large-scale Tampa cultivation campus, will increase the company’s premium indoor flower canopy by approximately 25%.

Würk x Seed Talent partner to Elevate Cannabis Workforce Training and Compliance. Under the strategic partnership, the completion of Seed Talent’s training, compliance courses and mandated certification programs will be tracked through Würk’s leading HCM platform to ensure businesses can monitor workforce development and regulatory compliance in a single location.

🏬 Retail

Insa Becomes Fully Vertically Integrated in Pennsylvania, Opens 1st Dispensary. In addition to its own products, Insa has partnered with Connected and AlienLabs.

🌱 Product

Mfused Unveils Super Fog Burzt, a Fast-Acting Cannabis Lemonade That Redefines Edibles. Burzt merges high potency with crave-worthy taste in a sleek, portable bottle designed for convenience and precision. Available in 100mg THC formulations, each bottle features a 6ml dosing cap for controlled consumption and an all-natural emulsification process that delivers fast, consistent results. Super Fog Burzt debuts this month across Washington dispensaries, with expansion to Arizona and New York to follow.

🧔 People

Rubicon appoint Glen Ibbott as CFO. Ibbott was CFO at Aurora Cannabis from 2017 to 2024. Prior to Aurora, Ibbott held senior finance roles at several healthcare and pharmaceutical companies, including QLT, where he was instrumental in its $500M merger with Aegerion Pharmaceuticals.

🎙️ Interviews

Vince Ning: Improving Commerce for Cannabis Operators | Cannabis Equipment News

Robert Sciarrone, Chief Revenue Officer at Curaleaf | Cannabis Industry Journal

The Amazon of THC, How Edibles.com Will Take Cannabis National | The Dime