🌿 Industry

Congress Clears the Hemp THC Ban Delay; Bill Goes to Trump’s Desk. The House passed the stopgap funding measure 370-48 on Tuesday, sending it to the President after the Senate had already approved it overwhelmingly. Federal agencies are funded at current levels through Dec. 11 — and the federal ban on intoxicating hemp, previously set to bite on Nov. 12, moves to the same date. — POLITICO

• The Trump administration is expected to need more time than mid-December to finalize regulations, so hemp industry representatives are discussing a “regulatory bridge” that would impose temporary rules while continuing to avoid a full ban

• Trump administration officials have also been telling reluctant lawmakers they will use the one-month delay to work on regulations. “The White House has committed to me that they’re committed to regulate the industry,” Sen. Rick Scott (R-Fla.) said in an interview this month

• Besides lawmakers fighting to ban intoxicating hemp products, others are pushing alongside the White House and industry for federal regulations. Rep. Morgan Griffith (R-Va.) has crafted legislation that would direct the FDA to create federal rules for intoxicating hemp products and wants to see mandates for third-party testing, as well as new THC limits per serving

California Governor Signs Bill Restricting Marijuana Packaging “Attractive to Children.” California’s new law targets cannabis packaging with cartoon and fruit imagery, tasking the DCC with enforcing child-safe labeling rules. — MJBizDaily

New Study: Convenience and Variety, Not Price, Drive Legal-Market Adoption in Canada. Variety and convenience appear to drive consumer choices in the legal market, while price is not a significant differentiator — an argument for retail density and assortment over discounting. — StratCann

Missouri Received Nearly 900 Applications for Its Final Microbusiness Licensing Round. A lottery is scheduled for this month. — Marijuana Moment

• This is the third and final lottery for microbusinesses, where the state will issue at least 29 wholesale and at least 34 dispensary licenses to meet the constitutional requirement of 144 total micro licenses

Revelry Buyers’ Club Returns to Pier 36 After Record Hudson Turnout. The September 18 event heads back to Manhattan after Revelry says its spring event drew 2,800 attendees and representatives from 562 licensed New York retail stores.

💵 Deals

JARS Cannabis to Acquire Sonoran Roots, Creating Arizona’s Largest Cannabis Retail Network. Sonoran Roots’ eight Ponderosa Dispensary locations (Chandler, Flagstaff, Glendale, Mesa, Phoenix, Queen Creek, Tempe, Tucson) join JARS to create a 27-store Arizona network with full vertical integration across cultivation, production, brands, wholesale and distribution. Ponderosa stores rebrand to JARS post-close in a phased, store-by-store process; the Sonoran Roots brand family stays, including Canamo Concentrates, with JARS investing to expand production, wholesale and distribution. JARS has 62 active dispensaries across Arizona, Colorado and Michigan.

Klutch Cannabis acquires Grandview dispensary formerly operated by Culture Cannabis. The Ohio Division of Cannabis Control approved the transfer of the Columbus-area store — Klutch’s second Columbus location, minutes from downtown and the Ohio State campus. Klutch is also relocating its Tallmadge store to a new flagship in its hometown of Akron.

📄 Company Updates

Two former Alpine IQ executives sue the company and CEO Nicholas Paschal for defamation over IP-theft accusations. Kyla Moore and Timothy Officer, co-founders of Dispense, the e-commerce platform Alpine IQ acquired and rebranded AIQ Ecommerce when it brought the pair on board — filed Aug. 25 in the District of Colorado. The at-will executives allege Paschal summarily fired them and then sent a company-wide email falsely claiming they had stolen Alpine’s intellectual property; they contend the code at issue originated with their prior venture or was contributed with Alpine’s clear understanding of its provenance.

Headset Agrees to Pay $1 Million to Resolve COVID-Related Loan. In May 2024, Sidesolve LLC filed a qui tam lawsuit alleging Headset Inc. was ineligible for the PPP loan due to its work in the marijuana industry, an industry which is illegal under federal law. Sidesolve, as the relator in this case, will receive ten percent of the total Headset pays to the government, as well as $20,000 for attorney fees and costs. Under the terms of the settlement, Headset paid $100,000 of the settlement within 30 days of when the settlement was signed in early August 2026 and will pay the remaining $900,000+ over four years, concluding in August 2030.

AWH Stockholders Approve Reverse Stock Split, a Prerequisite to US Exchange Listing. Stockholder approval authorizes the Company’s Board of Directors to determine whether and when to implement the Reverse Stock Split at a ratio of between 1-for-10 and 1-for-50, at its discretion. The exact ratio would be determined in connection with the Company’s planned application to list the Class A Common Shares on a national securities exchange. The Board may also determine not to implement the Reverse Stock Split.

🏬 Retail

SOL of Potomac – The Penthouse opens in Rockville, Maryland. The new 4,800-square-foot adult-use and medical cannabis dispensary is reimagining cannabis retail around a simple question: “What if a dispensary were designed as a destination rather than a transaction?” The Penthouse combines personal consultation, thoughtfully curated products, live programming, original content and intelligent technology.

Curaleaf opens Cutler Bay — its 76th Florida store and 177th nationwide. The Miami-Dade location is Curaleaf’s eighth in the county. Boris Jordan: “South Miami-Dade continues to show real patient demand, and this location puts us closer to the patients driving it. Our Florida pipeline remains strong, with additional openings planned across the state throughout the remainder of the year.”

High Tide adds three Canna Cabana stores in four days, reaching 232 Canadian locations. That brings the company to 105 Ontario and 14 Saskatchewan stores. The company has more than 15 locations in development, with at least 20 new Cabanas targeted in calendar 2026, funded from internally generated cash flow.

🌱 Product

LEVIA launches its full cannabis seltzer lineup in New Jersey — its first market outside Massachusetts. Four flavors — Celebrate Lemon Lime, Achieve Razz Lime, Dream Jam Berry and Celebrate Pomegranate Punch — are now in licensed New Jersey dispensaries, joining LEVIA Drink Drops, which launched there earlier this summer through regulated partner Kushi Labs. The zero-sugar, zero-calorie seltzers are merchandised by desired effect (Achieve, Celebrate, Dream) rather than by strain.

Grön Launches Pearls Across 4 New Markets (California, Colorado, Michigan and Nevada). The launch marks the largest simultaneous multi-state launch for Grön, and signifies the speed and growth trajectory the brand is working with in partnership with parent company WYLD. Select Grön products, including MEGAs, Pearls, Pips, PIXLZ and chocolates, are already available across most dispensaries in Arizona, Oregon, New York, Illinois, Missouri, New Jersey, Pennsylvania, and Ohio, with additional markets being introduced on a rolling basis.

Old Pal relaunches in Maryland through a licensing, manufacturing and distribution partnership with SunMed Growers. The lineup — whole flower, 2-Pack Pre-Rolls and the original “Ready to Roll” ground cannabis kit in sun-grown indica, sativa and hybrid — will be grown in SunMed’s Dutch-style greenhouse in Cecil County, one of the only Maryland facilities using full-spectrum sunlight.

🎙️ Interviews

Trade To Black — Why DEA Came Out Guns Blazing for Reform. Shadd Dales and Anthony Varrell on what the released transcript actually shows about the government’s posture heading into the ALJ recommendation. — The Dales Report

Viola founder says hemp ban crushes companies following rules. Texas spared hemp beverages from its crackdown. Al Harrington reads the uncertainty and readies Viola for a possible 3-5 mg federal cap. — MJBizDaily

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👋 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.

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🌿 Industry

More Americans Are Now Smoking Marijuana Than Ever Before As Cigarettes Hit All-Time Low, Gallup Poll Shows. 17% of Americans over the age of 18 now smoke cannabis—more than double the 7% who said they smoke marijuana when Gallup first asked about the issue in 2013. — Marijuana Moment

• Adults between the ages of 30 and 49 are the most likely to smoke marijuana, with 25% saying they do so. Among those between the ages of 18 and 29, 23% smoke marijuana

DEA Releases Full Marijuana Rescheduling Hearing Transcript As Judge Prepares To Issue His Recommendation. The full official transcript of the DEA’s rescheduling hearing is now public, running 2,533 pages across all 11 days of proceedings, released after Chief Administrative Law Judge Derek Julius ordered mostly small and technical corrections to the initial draft. — Marijuana Moment

• DEA attorney James Schwartz set the government's frame on day one: "The proposed rule, the supporting documents, and the Government witnesses will establish that marijuana has a currently accepted medical use. With that determination, marijuana can no longer remain in Schedule I"

• DEA’s final brief argues cannabis “no longer fits the statutory requirements for Schedule I because it has a currently accepted medical use within the United States and it has an accepted safety for its use under medical supervision,” and points to “over 30,000 practitioners treating more than six million patients in 43 U.S. jurisdictions.” It asks the judge to “expeditiously recommend” the move to Schedule III

• Opponents — SAM, NDASA, the Tennessee Bureau of Investigation, and the states of Idaho, Indiana and Nebraska — argue the new two-part test “improperly departs from a former five-part test,” that cannabis lacks accepted medical value, and that reform would undermine drug testing of safety-sensitive workers.

House Members Press the Trump Administration for a Schedule III Framework. A bipartisan quartet wrote to the President with three cabinet members asking for clarity on federal medical cannabis policy — including whether Medicare will cover medical cannabis.

Georgia Proposes USPS Delivery of Medical Cannabis Under Rescheduling. The state’s 45,000-plus registered patients could receive dispensary products through the U.S. Postal Service or private carriers such as FedEx and UPS — a change officials attribute directly to the federal move to Schedule III.

55% of Massachusetts Voters Oppose Repealing the State’s Cannabis Laws. A new poll shows 55%-33% opposition to the November rollback question— the least popular of all nine ballot initiatives.

UK Medical Cannabis Prescriptions Rose 35% in 2025 to 72,065. Up from 53,477 in 2024 — roughly 20,000 additional prescriptions were for medicinal use.

An Insurance Carrier Sues a Major MSO to Dodge a Class-Action Payout. One to watch on the cost-of-risk line — cannabis insurance pricing and coverage carve-outs are becoming a real diligence item. — MJ Biz Daily

• La Jolla, California-based Palomar Excess & Surplus Insurance’s commercial general and product liability policies don’t cover Cresco Labs in two lawsuits filed by several dozen cannabis consumers

• At issue is “a multimillion dollar demand” that Cresco “contends that Palomar has an obligation to defend and indemnify it against,” Palomar’s suit claims

Yale: Federal Legalization Would Generate $57.9B of New Tax Revenue Over a Decade. The total reaches $111.3 billion if all remaining states also legalize.

Two-Thirds of THC Beverage Consumers Drink Less Alcohol. A new study found two-thirds of people who consume cannabis-infused THC beverages reduced alcohol consumption, with reported gains in sleep and stress and reduced pain.

Canadian Retail Cannabis Sales Set a New $500M+ Monthly Record in June 2026. Canada also continues to dominate export flows: shipments to the UK rose 562% from 2024 to 2025, and Canada accounted for 96% of the UK’s total annual import growth.

• That’s more than the $372.4M that California sold the same month, according to the DCC, meaning California has lost its superlative status. Hirsh Jain: “California was supposed to become the global model for cannabis legalization... Yet poor policymaking has turned what should have been the world’s premier legal cannabis market into a cautionary tale.”

Square Tells Businesses to Stop Selling Hemp and CBD Products. Sellers must remove all CBD, hemp and hemp-derived items from their Square catalogs — online and in person — by Oct. 15, citing the Nov. 12 federal redefinition of hemp. — Marijuana Moment

• This is the payments-rail consequence of the ban, and it lands a month before the statutory date — brands lose merchant processing whether or not Congress moves the deadline to Dec. 11

• Square said it is “constantly evaluating” its policies but had nothing specific to share on reversing the decision if the ban slips

💵 Deals

Kiva Sales & Service and Petalfast Complete Merger. Kiva Sales & Service (KSS) and Petalfast finalized the strategic combination first announced in March. The deal unites two established sales and distribution operations under one platform serving California and beyond. The combined company builds on the recent launch of KSS Lite, a streamlined distribution tier built for brands managing their own sales teams. The merger preserves both companies’ sales teams, existing partner relationships, and the customer service standards brands rely on. KSS Live, the company’s digital ordering marketplace, continues to support both service tiers, giving self-managed brands buyer visibility and full-service partners a technology layer built on field sales and hands-on customer service. The combined organization will operate under a united name that will be announced later this year. Petalfast Co-Founder Arun Kurichety now serves as CEO of the combined organization. Scott Palmer will chair the combined board as the company builds on its success in California and plans expansion into New York and New Jersey, and will stay on as CEO of Kiva Confections.

Grown Rogue closes initial transactions to enter New York ahead of a planned acquisition of PharmaCann of New York’s license and assets. Grown Rogue has taken the first steps toward the planned acquisition of PharmaCann’s New York license and assets (CNY) through the formation of Grown Rogue New York, LLC (Grown Rogue New York or GRNY) with a capital partner. GRNY is a 51%/49% joint venture: the capital partner funded an initial $10M for a 49% preferred equity interest, convertible at its option into Grown Rogue shares at escalating prices over five years starting at $0.55 (~18.2M shares, ~7% dilution if converted today), plus a committed $5M drawable 15% term loan. Total project cost — acquisition, capex and working capital — is estimated at ~$12M, with the loan providing contingency capacity. Assets include the Hamptonburgh cultivation and manufacturing facility (~24,000 sq ft indoor flower canopy plus ~16,000 sq ft light-deprivation greenhouse) and four Verilife dispensaries, two medical/adult-use and two medical-only. Before slowing production in early 2026, Hamptonburgh averaged more than 2,000 lbs of flower per month; the four dispensaries have averaged $1.7M–$2.0M of aggregate monthly sales over the past 18 months. GRNY is funding the transition via a Goods and Services Agreement and a secured loan of up to $9M to PCNY; definitive purchase agreements are expected within four weeks, subject to regulatory approval.

Curaleaf Responds to Aurora Cannabis’ Latest Attempt to Deflect From Shareholder Value Creation. Curaleaf reiterates its willingness to meet anytime to discuss a deal in the best interests of shareholders. In addition, Curaleaf fully rejects Aurora’s characterization of discussions between the two companies, Aurora’s efforts to highlight select operating metrics ignore broader performance trends, and says the market has responded favorably to Curaleaf’s offer.

Vireo Growth Completes Acquisition of C21 Investments. Transaction expands Vireo’s Nevada footprint with three leading dispensaries in Nevada and approximately 104,000 sq. ft. of cultivation and production capacity. In total, Vireo issued an aggregate of 2,766,409 Vireo Shares in connection with the Transaction in exchange for all of the issued and outstanding C21 Shares.

Aurora Cannabis acquires Internode Pharma and HAP Pharma (UK) for £2.1M. Internode is a licensed medical cannabis importer and wholesaler; HAP Pharma is a licensed pharmacy specializing in dispensing and direct delivery to patients. Both operate out of Birmingham, giving Aurora owned control from cultivation through to patient delivery in one of Europe’s fastest-growing medical markets.

Christina Lake Cannabis signs a non-binding LOI to be taken private by a private Alberta corporation at a $15M transaction value. The LOI, dated Aug. 20, contemplates $15,000,000 for 100% of the equity on a fully-diluted, cash-free, debt-free basis, most likely via court-approved plan of arrangement, with a 120-day exclusivity period. Critically, the $15M is not a per-share price: shareholders receive the residual after all outstanding debt, convertible debentures and transaction expenses are retired, so per-share consideration cannot be determined yet.

📄 Company Updates

Tilray lifts global cultivation capacity 31% to ~275 metric tonnes. Up from 210 MT, driven by its Quebec facility in Canada (+30 MT) and its EU-GMP facility in Cantanhede, Portugal supplied ~85% of Tilray’s international medical business and ran at ~80% utilization for the fiscal year; in Germany the Aphria RX facility is fully utilized and the new ARX brand launched with strong early patient response.

FloraWorks Advances Patented TruCBN Platform With Peer-Reviewed Safety Publication, Internal GRAS Conclusion. FloraWorks’ technology uses standard food-processing techniques to control and accelerate the process, allowing CBN to be produced consistently at high purity. This combination of standardization, scalability and patent protection gives FloraWorks a defensible foundation.

Vireo Growth launches share buyback. A normal course issuer bid commencing Aug. 17 allows repurchase of up to 2,426,872 subordinate voting shares against 48,517,509 outstanding, at prices up to US$18.75 per share, expiring Aug. 17, 2027.

TerrAscend renews and replenishes its $10M share repurchase program. Pursuant to a previous NCIB, which commenced on Aug. 22, 2025, the company purchased for cancellation a total of 653,500 shares, through the facilities of the Toronto Stock Exchange (TSX) or other such permitted means, for an aggregate repurchase price of ~$417K and at a volume-weighted average purchase price of $0.64 per share.

🏬 Retail

CERTIFIED Opens 5th Ohio Dispensary, Expanding Access to East Columbus Communities. The company’s other locations are in Cleveland, Columbus, Springfield, Dayton and now Reynoldsburg.

Green Thumb opens its 13th Nevada location, RISE Dispensary Sparks. GTI currently operates one production facility in Carson City and two in Las Vegas, where it grows and manufactures its branded products.

Higher Love Cannabis Co. suspends operations at five of its nine Upper Peninsula dispensaries, blaming Michigan’s new 24% tax. Crystal Falls, Escanaba, Houghton, Munising and Ontonagon are closed; the chain consolidates to four U.P. stores. Higher Love called the 24% tax “another substantial cost in a market already subject to a 10% retail excise tax and 6% sales tax.”

🌱 Product

Verano Enters Cannabis Beverage Category with Debut of Easy Landings, Company’s First National Beverage Brand Featuring Four Delicious Flavors and All-Natural Ingredients. Designed to bring precision, flavor and flexibility to any occasion, Easy Landings beverages are crafted to be mixed seamlessly into any drink for a custom mocktail or enjoyed on their own. Initially launching in four delicious flavors including Lemon Lime, Watermelon, Mango and Black Cherry, Easy Landings beverages optimize taste, adaptability and simple dose control in a portable and flexible format. Each 2 oz (60 ml) bottle of Easy Landings contains 100 mg of fast-acting THC, curated flavors and formulas to induce a predictable experience, with a capful measuring 5 mg of THC per serving.

Khalifa Kush launches Khalifa Kush Hemp-Derived THC beverages. In partnership with Scofflaw Brewing, this premium, ready-to-drink hemp-derived THC beverage was created to bring the Khalifa Kush experience into a new consumer category. Under an exclusive U.S. licensing and commercialization agreement, Scofflaw leads product development, commercialization, distribution strategy, and beverage portfolio expansion for Khalifa Kush hemp-derived THC beverages.

Death Row Cannabis (Snoop Dogg) expands its lineup and launches its first edible. The collection includes 1-gram and 2-gram 510 vape cartridges, along with a sleek, branded 1-gram disposable vape engineered for performance and portability. Available in six flavor profiles — Watermelon Mojito, Blue Widow, Holy Cannoli, Grape Ape, Platinum OG, and Strawberry Fields — the lineup balances bold, flavor-forward experiences with classic, strain-inspired favorites. Expanding beyond inhalables, Death Row Cannabis is also entering the edibles category for the first time with the launch of Death Row Gummies. The brand is also expanding its pre-roll lineup with the introduction of five 1-gram pre-rolls and three 2-gram Infused Bigg Dogg Blunts, available in Purple Punch, Bubble Gum, and Watermelon — offering a range of formats and potency levels for every type of consumer.

Bountiful Farms Launches Blends, New Solventless Line Inspired by Massachusetts Culture. Each blend is inspired by Massachusetts and combines complementary cultivars to create flavor profiles and experiences that could not exist from a single strain alone. The initial lineup includes Plum Island Purple, Back Berry Bay, Storrowed, P-Town Pineapple, Plymouth Rock Papaya and Zakim Zkittles, with names and flavor profiles drawing from places and experiences all too familiar to Massachusetts consumers.

Upstate Elevator launches a functional drinks line, extending the hemp-THC beverage set further into the functional-wellness occasion.

🧔 People

Organigram appoints Finn Age Hänsel President, Rest of World & Chief Strategy Officer, and Adrian Frenzel Global COO. Both come from Sanity Group, which Organigram recently acquired.

CBX Solutions appoints Travis Hendren CEO. Most recently, Hendren served as COO of Gypsum Management and Supply, Inc. (GMS), one of North America’s largest specialty building products distributors.

🎙️ Interviews

High Spirits — “Building a Hemp Beverage Empire Inside Alcohol: Jason Dayton of Trail Magic.” What happens when a craft alcohol company accidentally builds one of the fastest-growing hemp THC beverage brands in America.

TWICL — “Hostile Takeovers, EU Export Goldmine & Congress Presses the White House.” Breaking down Curaleaf’s hostile bid for Aurora.

TDR — “Cannabis Medical Markets Are Growing, So What’s Next?” Organigram Global CEO James Yamanaka joins for segment one to break down a record quarter, followed by FundCanna CEO Adam Stettner for his weekly segment on emerging medical markets and the lending demand growing alongside them.

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👋 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.

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🌿 Industry

Senate Passes the CR 61-32. The Senate voted 61-32 over the weekend to pass the stopgap, carrying the provision that pushes federal recriminalization of most hemp THC products from Nov. 12 to Dec. 11. — Louisville Business First

• A bipartisan amendment at the center of the funding fight was tabled — leaving the one-month delay in place rather than a longer or permanent fix

• The House-passed CR still contains no hemp language, so the provision must survive the House before it reaches the President

35 Attorneys General Tell Congress to Keep Hemp THC Ban Put. The chief legal officers from 34 states and one U.S. territory sent a letter to congressional leaders directing them not to delay the ban. — Cannabis Business Times

• Indiana Attorney General Todd Rokita co-led a bipartisan coalition of 34 state attorneys general and one territorial attorney general in writing a letter on Aug. 4 that directed U.S. House Speaker Mike Johnson, R-La., and U.S. Senate Majority Leader John Thune, R-S.D., to reject any efforts that would disrupt the Nov. 12, 2026, implementation of the ban

• The chief legal officers went on to explain how the 2018 Farm Bill unintentionally legalized downstream hemp products that contain intoxicating amounts of cannabinoids as long as those cannabinoids came from a plant that contained less than 0.3% delta-9 THC by dry weight

Germany’s Cannabis Market Crosses €1.15B as the Reimbursement Era Ends. New data puts Germany above €1.15B just as the shift away from insurance reimbursement resets who wins on price, supply reliability and EU-GMP capacity — the reason behind why Curaleaf is buying into Aurora, and the exact pressure showing up in Aurora’s Canadian medical line. — Business of Cannabis

Alabama May Opt Out of Federal Rescheduling. The Alabama Department of Public Health is weighing whether to decline to follow a federal move to Schedule III, which would leave the state’s medical program out of step with any federal reclassification. The public comment period closed Aug. 5, with a final decision to follow. — MJBizDaily

💵 Deals

Curaleaf intends to make an offer for Aurora Cannabis at $4.00 per share. Curaleaf announced Aug. 11 that it intends to launch an unsolicited take-over bid for all of Aurora’s outstanding shares, taking the proposal directly to shareholders after two private approaches — a June 23 indication of interest and a July 7 letter of intent — failed to produce substantive discussions. Consideration is 0.3463 Curaleaf subordinate voting shares plus $0.75 cash per Aurora share: a 45% premium to Aurora’s 30-day VWAP of $2.75, and a 110% premium excluding balance sheet cash. Curaleaf frames the combination as a ~$3B market cap global platform pairing Aurora’s EU-GMP cultivation and international medical franchise with Curaleaf’s distribution across Europe, Canada, Australia and New Zealand.

• Aurora shares rose 20.6% in Tuesday afternoon trading. The Wall Street Journal sizes the bid at ~$272M; Curaleaf says the combined platform would carry more than $1.5B of revenue

• Aurora responded the same day: the board will form a special committee of independent directors to review the proposal alongside other strategic alternatives, no decision has been made, and shareholders need take no action

• Aurora’s counter-frame is the $5.00 per share cap embedded in the consideration — below where its shares traded as recently as Dec. 18, 2025

• The “ex-cash” premium math is the whole argument: Aurora closed its June quarter with $149.1M of cash and short-term investments and no debt, so a large share of the headline offer is Aurora’s own balance sheet coming back to its holders in paper

• The stock-heavy offer with a collar cap is what an acquirer does when it wants scale it cannot fund with cash — Curaleaf ended Q2 with $107M. Expect the fight to be about the cap and the exchange ratio, not strategic logic

Uncle Arnie’s Raises Additional $2M Extension of Series A. The new funding is an extension of Uncle Arnie’s $7.5M Series A last August. It represents investor confidence in the company’s strategy of operating in both the recreational dispensary channel with cannabis beverages and traditional beverage alcohol retailers with hemp drinks. Uncle Arnie’s new funding will support the brand’s expansion into New York State’s recreational channel as well as existing partners in both adult-use marijuana and intoxicating hemp. The brand launched its first hemp-derived THC multiserve product, Social Spirit, last month at Spec’s in Texas. Available in two varieties (Tropical Haze and Lemon Lime), each 750ml bottle contains 166mg of THC (10 mg per serving).

Verdant Capital Partners Completes Acquisition of Native Roots Retail Operations. Verdant Capital Partners successfully closed its acquisition of 15 Native Roots retail dispensaries in Colorado following receipt of all required regulatory approvals. Effective July 31, Verdant has assumed ownership and operation of the acquired locations. With its first retail operating platform now established, Verdant intends to continue expanding through the acquisition of leading cannabis retail businesses in regulated markets while applying the same disciplined operating approach focused on customer experience, operational excellence, and long-term value creation.

NFP acquires Frontier Risk Group’s cannabis insurance business. The Aon-owned P&C broker and benefits consultant picked up Frontier Risk’s retail cannabis book, folding it into NFP’s Life Sciences practice under Scott Foster. Frontier Risk SVP Eric Schneider joins NFP with the same title. Frontier Risk itself will refocus on Strata Specialty, its multi-program manager for critical-infrastructure and other emergent-category risk transfer.

Southern Bloom Botanicals acquires Red White & Bloom’s entire Florida cannabis operation. The transaction closed July 14 with Florida OMMU authorization of the change of control over Red White & Bloom’s licensed Florida operations.

High Tide closes $40M of Senior Secured Credit Facilities. The facilities materially increase available capital and lower High Tide’s cost of debt, landing the same week as a record quarter.

TerrAscend completes an oversubscribed $21.8M convertible debt financing. The raise extends convertible maturities to 2031 at a lower interest rate. TerrAscend also signed an agreement during the quarter to acquire its fifth New Jersey dispensary.

📄 Company Updates / Earnings

Curaleaf Q2: $340M revenue, +10% YoY; adj. EBITDA $70M (20.6%). Domestic grew 7% and International 26% (to $51M). Gross margin 50% (+70 bps), Net Income from continuing operations $12.5M, cash $107M.

Green Thumb Q2: $306.7M revenue, +4.6% YoY; normalized EBITDA $84.3M (27.5%). GAAP Net Income $4.9M ($0.02/share), cash flow from operations $29M, and $283.6M of cash.

Trulieve Q2: $271M revenue, 63% gross margin. Medical-only revenue rose 4% sequentially to $222M.

Verano Q2: $218M revenue, +8% YoY and +5% sequentially; adj. EBITDA $51.2M. Third consecutive quarter of sequential revenue growth, though margins remain under pressure.

Cresco Labs Q2: $173M revenue; $40M adj. EBITDA; $15M net income. Gross profit $87M, SG&A $63M or 36.5% of revenue.

TerrAscend Q2: $67.1M revenue; 54.0% gross margin; adj. EBITDA $17.7M (26.3%). $42.0M in cash. Jason Wild: the company is “taking the appropriate steps to prepare for an uplisting to a major U.S. exchange.”

Aurora Cannabis FQ1’27: net revenue C$67.6M, down 9%; $149.1M cash and no debt. International medical rose 17% to $43.3M on German patient demand, while Canadian medical fell (25%) to $20.7M after the federal reimbursement program cut rates ~30% effective April 1. Adjusted gross margin before FV adjustments was 58% versus 64%.

Organigram FQ3’26: gross revenue $145.1M (+32%), net revenue $105.8M (+49%), adj. EBITDA $13.4M (+136%). Reported Aug. 11, with the Sanity Group acquisition driving the step-change in scale and the German contribution.

High Tide Q2: record revenue $179.3M and adj. EBITDA $13.9M. Positive free cash flow and net income, with German medical subsidiary Remexian Pharma contributing.

RYTHM Q2: $23.0M revenue from continuing operations; $6.4M adj. EBITDA; $1.2M net income.

ACT LAB Expands National Laboratory Network To New Jersey. The expansion follows the acquisition of Sriven Labs (SV Labs – NJ), a licensed cannabis testing laboratory serving New Jersey’s regulated cannabis market. Over the past year, the company expanded its Pennsylvania operations with a second laboratory in Harrisburg, relocated and expanded its Ohio laboratory to Columbus to improve statewide service and turnaround times, and completed an expansion of its Illinois laboratory to increase testing capacity for operators.

Arcana Collective Launches Colorado Nursery Sciences, Bringing Biosecurity, Diverse Genetics and Cost Savings To Colorado Cultivators. The facility has secured its first customer, National Green Source LLC (NGS), a woman-owned, vertically integrated cannabis operator based in Pueblo, Colorado, marking the formal launch of Arcana’s nursery operations in the state. Through Arcana, Colorado Nursery Sciences will gain access to hundreds of unique phenotypes developed and verified at Ghost Town, Arcana’s state-of-the-art nursery and research campus in Shelton, Washington. Selected genetics are being supplied to NGS as verified, production-ready rooted clones, with Arcana breeders overseeing propagation standards and genetic integrity on-site. The model addresses one of the most persistent inefficiencies in licensed cannabis cultivation. Conventional operators often dedicate substantial facility space and labor to breeding, maintaining mother plants, and cutting and rooting clones. That process can add weeks to production timelines while consuming up to 25% of a facility’s usable canopy capacity. By supplying verified clones, Colorado Nursery Sciences allows cultivators to redirect labor, time and square footage toward revenue-generating production.

Green Flower Launches New Cannabis Career Certificate Programs for UNLV. Featuring more than 50 cannabis industry leaders and subject matter experts, these new programs offer industry-aligned curricula, accessible pricing, and robust career support through Green Flower’s Cannabis Career Resource Center.

🏬 Retail

Speakeasy Dispensary Opens Stanford, KY Dispensary.

Green Thumb opens its 23rd Florida location, RISE Dispensary Port Charlotte.

Standard Wellness opens The Forest in Cleveland Heights, Ohio.

🌱 Product

Jaunty Launches a New Line of Solventless Hash Gummies, Reformulated for a Full-Spectrum Experience. New edibles line combines naturally occurring terpenes, THC and minor cannabinoids to deliver an entourage of desirable effects; available in six fruit-forward flavors. The Hash Gummies are one of several innovative new drops for Jaunty in 2026, a year that so far has also featured a partnership with True Terpenes to launch the state’s first Liquid Diamonds vape line powered by Headstash, and Hash Hole Pre-rolls, curated premium indoor flower joints infused with solventless rosin. Jaunty vape products also make up three of the top five best-selling items in their category in New York, according to the latest Headset data.

Tilray launches the Mollo Lite Blackberry Lemon Seltzer multi-pack. A 2.5mg THC light seltzer in a 4-pack.

Curaleaf rolls out Dark Heart ultra-premium flower across 11 states. Management flagged strong consumer reception.

🧔 People

Verano Challenges Its New Jersey Cannabis Industry Labor Peace Agreement. New Jersey set the rule in 2018 that cannabis licensees in the state must maintain a labor peace agreement with a union. However, a federal judge ruled in May in a suit filed by Curaleaf that the agreements are preempted by federal law. Referencing the Curaleaf decision, Verano is now asking a judge to declare that the company cannot have its license revoked, suspended, or denied renewal because of its labor peace agreement, and that its agreement should be considered void.

Curaleaf appoints Torsten Greif and Faith Charles to its board. Greif is co-founder and managing director of Four 20 Pharma, Curaleaf’s German subsidiary; Charles is a partner at Thompson Hine LLP.

🎙️ Interviews

Innovating Cannabis — “Cannabis Rescheduling, Interstate Commerce and the Next Wave of Market Growth” with Hirsh Jain

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👋 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.

🌿 Industry

Senate Gives Hemp THC Products a Lifeline, Delaying Federal Ban to December 11. Senate Appropriations leaders released a continuing-resolution text that would push the planned federal recriminalization of most hemp-derived THC products from November 12 to December 11, 2026. — Marijuana Moment

• The carve-out is not universal: synthetic cannabinoids “that are not capable of being naturally produced by a Cannabis sativa L. plant” would still be recriminalized on November 12 as scheduled

• The U.S. Hemp Roundtable’s general counsel called passage in current form “our biggest win since the 2018 Farm Bill legalized hemp”

• The House-passed CR contains no delay, so the provision still has to survive reconciliation between the chambers — underwrite accordingly, but the November cliff is no longer the only live date

• Jonathan Grella, a spokesperson for the Beverage Alcohol Merchants Coalition (BAMCO), said “The Senate continuing resolution creates an important opportunity to achieve meaningful hemp regulation.”

  • BAMCO’s members include Total Wine & More, BevMo! by Gopuff, ABC Fine Wine & Spirits, Spec’s Wine and Spirits & Finer Foods, as well as a group of hemp product wholesalers

U.S. Cannabis Sales Fell Year-Over-Year for the First Time on Record. National sales dropped from $32.0B in 2024 to $29.94B in 2025, per the MJBiz Factbook — driven by price compression, not weaker demand. — MJBizDaily

• Michigan is the clearest case: sales fell 5.3% while unit volume slipped only 2.1%, at an average item price of ~$9.06 — the cheapest market analyzed

• Newer markets held price: Missouri posted a record $1.5B at a $26.82 average item price; New Jersey unit sales rose 8.8% with average price steady at $30.59

California Treasurer Fiona Ma Calls the State’s Legalization Law a “Complete Failure.” Ma argued Prop 64 should be replaced with a new ballot initiative — Marijuana Moment

Judge Orders California DCC to Restore BelCosta Labs’ License. In another adverse ruling for the Department of Cannabis Control, a judge reinstated the license of a testing lab the regulator shuttered in April 2025, after a prior judge questioned whether BelCosta received due process. — WeedWeek

Daily Marijuana Use Now Outpaces Both Alcohol and Cigarettes. A new federal report shows Americans are now more likely to use marijuana nearly every day than to smoke cigarettes or drink alcohol daily. — Marijuana Moment

Federally Funded Study: High Cannabis Taxes Push Consumers to the Illicit Market. States imposing high tax rates on regulated products are driving adult consumers back to unlicensed sources — Marijuana Moment

Utah Opens Applications for a Second Medical Cannabis Pharmacy. The state is expanding licensed retail capacity in one of the more tightly capped medical programs. — MJBizDaily

Revelry Brings Buyers’ Club to Pier 36 in Manhattan September 18th. The event closes out On The Revel’s milestone 10th-anniversary year and follows a record-setting spring edition in Hudson, NY that drew 2,800 attendees, 250+ brands across 180 exhibitor booths and sponsorships, and 562 licensed retail stores — an 85% penetration rate among New York’s 663 active retailers. Buyers’ Club Fall will also continue the Micro Business Showcase, which debuted in Hudson to spotlight New York’s craft cannabis operators.

💵 Deals

Vireo Growth enters Ohio with a ~$208M four-deal, all-stock transaction. Vireo (CSE: VREO) signed definitive agreements to acquire FarmaceuticalRx, FarmaceuticalRx 2, CAOH and Canoe Hill Ohio — eight dispensaries plus a cultivation and processing facility. Consideration is ~11 million Vireo subordinate voting shares issued in three tranches (50% at closing, 25% at ~90 days, 25% at ~180 days), with up to 25% of the deferred shares subject to clawback against seller performance thresholds. On completion Vireo expects to operate in 16 states with roughly 270 dispensaries.

Vireo Growth to acquire Planet 13 in an all-stock merger valued at ~$52M. Each Planet 13 (CSE: PLTH) share converts into 0.015383618 of a Vireo subordinate voting share — a 16.6% premium to Planet 13’s 20-day VWAP and 24% to its July 24 close. Vireo picks up Planet 13’s Las Vegas superstore plus a second Nevada dispensary, ~45,000 sq ft of active cultivation/production with ~2.3M sq ft expandable, ~33 Florida dispensaries and two Florida cultivation/production facilities, and a Waukegan, Illinois store. Including all announced and pending deals, Vireo expects ~265 dispensaries across 15 states.

SNDL closes the Surterra/Parallel foreclosure. Completed via a secured-creditor foreclosure rather than a straight purchase, the deal adds 56 U.S. stores — 43 Surterra Wellness in Florida, 10 Goodblend in Texas, three NETA in Massachusetts — plus three cultivation and manufacturing facilities, with ~$150M of combined annualized revenue. SNDL now operates 249 stores globally under Value Buds, Spiritleaf and Cost Cannabis. The transaction runs through the Sunstream Bancorp JV, giving SNDL indirect economic exposure equivalent to 66.7% of the equity and 69.4% of the debt of SH Parent, Surterra Holdings and CDXX TransCo.

AIR Global invests $20M in vape-hardware maker Greentank Innovations. AIR Global PLC (Nasdaq: AIIR), a Dubai-based flavored-inhalation company and the largest player in flavored shisha molasses, bought preferred shares at an ~$170M pre-money valuation. AIR also secured a warrant to add another 20% over the next 24 months at a $250M valuation, plus the right to nominate a Greentank board director, enhanced commercial terms and long-term supply assurances. Greentank’s Quantum Chip atomization platform powers AIR’s Crown Switch vapes; the two have partnered since 2023.

High Tide closes its acquisition of four Northern Helm stores in Ontario for C$7.77M. This brings High Tide (Nasdaq: HITI) to 228 stores across Canada, 103 of which are in Ontario.

FLUENT shareholders approve the Vireo arrangement with 82.5% of votes cast. A final court approval hearing was set for August 4, with closing targeted for Q4 2026.

📄 Company Updates

Jushi Holdings posts Q2 revenue of $71.3M, up 10%, with a record wholesale quarter. Gross profit was $31.5M (44.2% margin), net loss ($7.3M), and adjusted EBITDA $13.3M (18.7% margin), with $35.5M of cash, cash equivalents and restricted cash. Wholesale revenue rose 68% year-over-year to an all-time record $9.4M, while retail revenue grew 4% to $61.9M on an 11.4% increase in units sold

Tilray Brands delivers record fiscal 2026 revenue of $915.5M, up 11%. Adjusted EBITDA rose 11% to $61.1M; Q4 revenue was $281.7M, up 25.5% year-over-year, with beverage net revenue of $105.6M in the quarter versus $65.6M a year earlier.

Ascend Wellness ends the largest strike in U.S. cannabis history. More than 300 workers at Ascend’s 110,000 sq ft Barry, Illinois cultivation complex ratified a first contract with Teamsters Local 916 on July 30, closing a month-long work stoppage; terms were not disclosed.

CannaCraft and NorCal Cannabis Company announce layoffs. CraftForce Services, the manufacturing arm of CannaCraft, and NorCal Cannabis Company both disclosed workforce reductions.

🏬 Retail

Curaleaf marks its 75th Florida dispensary with Boynton Beach opening. The store in Palm Beach County brings Curaleaf to 75 Florida locations and 167 nationwide. It is the company’s sixth Florida opening this year, with the state now nearly half of its total retail footprint.

Green Thumb expands in Pennsylvania with RISE Dispensary Hanover. The store will serve South Central Pennsylvania patients, with a grand opening celebration slated for late August.

Perfect Union Northside becomes the first California dispensary approved for RFID-powered self-checkout. The DCC approved self-checkout at its Sacramento store — a labor-cost and throughput lever.

Life is Chill and LoveBud launch a cannabis ordering kiosk inside an Arizona retirement community. The kiosk at Sun Lakes Country Club uses an “easy mode” senior-focused interface with larger navigation elements, streamlined ordering and a curated menu. Sun Lakes has about 2,000 residents, and the partnership extends access to sister communities totaling more than 12,000 residents across the greater Sun Lakes active adult community

🌱 Product

BLAZE launches BLAZE Growth, All-in-One Marketing Suite. BLAZE Growth is an integrated marketing suite built for cannabis retail, transforming POS data into automated outreach, a loyalty program that drives purchasing behavior, and digital wallet passes that put your brand directly on your customers’ lock screens. Three powerful tools, one platform:

• BLAZE Outreach allows Dispensaries to reach customers across SMS/MMS, email, push notifications, and wallet notifications—all segmented automatically using the customer purchase data already in your POS system

• BLAZE Loyalty turns purchase history into a retention engine with points, missions, multipliers, and tiered rewards that increase repeat visits and basket size, featuring seamless self-enrollment

• Wallet Passes place a dispensary’s loyalty card directly inside Apple Wallet and Google Wallet—providing a direct line to send real-time balance updates, reward alerts, and proximity-triggered push notifications

LEVIA goes national with hemp-derived THC beverages. Massachusetts’ best-selling cannabis beverage brand launched a hemp-derived line on July 28, giving it distribution outside licensed dispensary channels for the first time.

Terrabis launches Terrabis Flower in Missouri. The launch marks the company’s first branded flower line in the state.

🧔 People

Glass House Retains Former DEA Compliance Executive. Glass House Brands has retained Matt Murphy as an advisor on Drug Enforcement Administration compliance as it relates to instituting regulations related to interstate commerce and the export of medical cannabis compliant with Schedule III regulatory requirements contained in the Controlled Substances Act (CSA).

IM Cannabis director Alon Dayan resigns. Dayan stepped down from the board of the Nasdaq-listed Israel and Germany medical operator effective July 26, citing personal reasons.

🎙️ Interviews

High Spirits — Reclaiming California’s Cannabis Market” with DCC Director Clint Kellum. Ben Larson and AnnaRae Grabstein press California’s top regulator on operators caught between a stubborn illicit market and rigid oversight as the state crosses year eight of adult use.

Higher Exchanges — Inside the World’s Largest Cannabis ETF: How Dan Ahrens Picks Stocks. AdvisorShares Managing Director and CIO Dan Ahrens on how he evaluates cannabis companies and builds positions across MSOS.

Story Cannabis CEO Jason Vedadi on betting smaller the second time around. Vedadi founded Harvest Health & Recreation in 2011 and engineered its ~$2.1B sale to Trulieve; he now runs privately held, Phoenix-based Story Cannabis, with 800 employees and adult-use and medical licenses in five states.

Jaunty CEO Nicolas Guarino on Talent in Cannabis. Guarino on how Jaunty went from New York’s hemp pilot program to a vertically integrated cannabis brand — raising millions and building processing capacity only to watch CBD ingredient prices collapse from roughly $6,000/kg to as little as $60, and preparing to shut down before New York opened an adult-use pathway for qualified hemp operators.

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👋 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.

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🌿 Industry

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

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

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

• The awards are part of the California Cannabis Experience, a first-of-its-kind educational and retail activation at the California State Fair that showcases California’s cannabis culture, agriculture, innovation and craftsmanship

• 2026 Golden Bear Winners

  Sun Grown Flower: Greenshock Farms — Pink Rider

  Mixed Light Flower: Ridgeline Farms — Blueberry Caviar

  Indoor Flower: Wood Wide — Woodzy

  Pre-Rolls: One of a Kind x Joy Ridge Farms — Dutch Treat

  Cartridges: Moon Valley Cannabis — Neon Panther Live Rosin All-in-One

  Concentrates: Moon Valley Cannabis — Neon Panther Ice Water Hash

  Edibles: Emerald Sky — Blue Dream Live Rosin GrooveBar

  Beverages: St. Ides — Lychee Pear High Tea

  Wellness: Emerald Bay Extracts — Super Lemon Haze RSO Tablets

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

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

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

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

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

• The new Lawful Hemp Protection Act, introduced by Reps. Andy Barr (R-KY) and Angie Craig (D-MN), would put in place a number of regulations for manufacturing, labeling, sales and taxation of hemp-derived products, including an age limit of 21

• The new 60-page bill, which a press release from Barr’s office says is supported by the White House, would keep many hemp products that are now on the market legal for people over the age of 21, again changing the definition of hemp to allow concentrations of up to 1 percent total THC on a dry-weight basis

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

• Coming on the heels of a record year in 2025, it’s interpreted as a sign that demand keeps growing six years after the state legalized adult-use cannabis

• Prices, meanwhile, keep sliding. Industrywide, cannabis prices have fallen for several years amid the oversupply experienced in more mature markets. Even so, store counts keep rising. Illinois now has 288 dispensaries, up 10% from a year ago, as new license holders open their doors, Crain’s reported

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

• Familiar complaints of THC potency inflation, unsafe product and unscrupulous operators profiting via “lab-shopping” continue to plague the $600 million Oklahoma cannabis industry

• That’s in part because, despite spending nearly $5 million over the past three years to develop a state-run “reference lab,” the Oklahoma Medical Marijuana Authority (OMMA) lab is still not yet up and running, authorities say

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

💵 Deals

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

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

📄 Company Updates

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

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

🏬 Retail

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

Trulieve opens Medical Dispensary in Marco Island, FL.

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

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

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

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

🌱 Product

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

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

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

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

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

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

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

🎙️ Interviews

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

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

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

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

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👋 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.

🌿 Industry

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

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

• In Wyoming, state drug laws generally follow federal law. However, Wyoming state law also allows the state attorney general to object

• AG Keith Kautz justified his objection on two facts:

  • There are only three FDA-approved marijuana products, and all three are already scheduled

  • Wyoming lawmakers have not legalized medical cannabis

• “The question of whether to remove any type of marijuana from Schedule 1 of the Wyoming Controlled Substances Act is for the Wyoming Legislature and should not be done through the administrative rulemaking process. As stated in the original objection to the rescheduling, the decision to reschedule medical marijuana and marijuana products is an important policy decision that is best left with the Wyoming Legislature and should not be done through the administrative rulemaking process.” Kautz said in a press release

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

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

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

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

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

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

• That's according to new Q1 2026 benchmark based on 2.1M cannabis shoppers and $452.5M in retail revenue across active dispensary loyalty programs

• Loyalty members represent 81.7% of active customers and generate 89% of revenue. But despite enrollment growing ~35% YoY, fewer than one in four new members earn their first loyalty point, and just 6.6% reach their first redemption

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

• 44% call THC drinks part of a regular wellness routine

• On the looming ban, 87% are aware, 27% are already stocking up (41% more plan to), and if it hits, 67% would switch to other cannabis forms while 23% would drink more alcohol

• Channel: 63% buy online, 26% at grocery/liquor/convenience

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

💵 Deals

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

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

📄 Company Updates

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

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

🏬 Retail

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

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

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

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

🌱 Product

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

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

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

🧔 People

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

🎙️ Interviews

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

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

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

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👋 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.

🌿 Industry

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

• The Drug Enforcement Administration (DEA) made it clear on June 29 that the government not only is the proponent of a Biden-era proposed rule to loosen restrictions on cannabis as a Schedule III substance, but it “supports” the rule, too

• The DEA called its first witness, Dominic Chiapperino, Ph.D., of the U.S. Food and Drug Administration (FDA), on the first day of the two-week hearing, which is scheduled to conclude no later than July 15

• The other witness is Dr. Corey Burchman, a professor at the Geisel School of Medicine at Dartmouth College in New Hampshire. He’s expected to testify that medical cannabis is an effective pain treatment

• Before Chiapperino’s testimony and before the cross-examinations, James J. Schwartz, an attorney in the Diversion Section of the DEA’s Office of Chief Counsel made clear that the hearing is not about two things: It’s not about recreational cannabis use, and it’s not about legalization

• Instead, the DEA attorney said the government’s two witnesses and supporting documents will lay the groundwork to overcome the burden of proof that cannabis has currently accepted medical use (CAMU) in the U.S

• According to Vicente, the opponents’ witnesses are expected to be — MJBizDaily:

  • Bertha Madras, a professor of psychobiology at Harvard Medical School and former official at the White House Office of National Drug Control Policy. Madras testified in favor of keeping cannabis a Schedule 1 drug as a government witness in 2014, who will testify on behalf of SAM

  • Dr. Deepak Cyril D’Souza, a professor of psychology at Yale University who oversees the Yale Center for the Science of Cannabis and Cannabinoids and is the editor of “Marijuana and Madness,” a book in its third edition

  • Sheriff William Honsal of Humboldt County, California. Honsal and D’Souza will testify on behalf of the states of Nebraska, Indiana and Idaho

  • The National Drug and Alcohol Screening Association’s Executive Director Jo McGuire, who has lobbied for employers’ rights to deny jobs to cannabis users

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

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

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

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

• OMB Director Russell Vought wrote to House Speaker Mike Johnson (as part of a supplemental funding request) asking Congress to revise federal hemp regulation “to ensure the fair treatment of hemp products” consistent with Rep. Andy Barr’s blocked Amendment #54 to H.R. 8646 — “or, at minimum,” to extend implementation of the framework in Section 781 of Public Law 119-37

• Barr (R-KY) is preparing standalone legislation, but it faces a strange-bedfellows opposition of segments of the alcohol industry, licensed marijuana operators, and legalization opponents. President Trump separately urged Congress in April to protect full-spectrum CBD

💵 Deals

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

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

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

📄 Company Updates

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

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

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

🏬 Retail

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

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

🌱 Product

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

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

🎙️ Interviews

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

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

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

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

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👋 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.

🌿 Industry

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

• The invited participants are: National Drug & Alcohol Screening Association (NDASA), Tennessee Bureau of Investigation, Smart Approaches to Marijuana (SAM), The States of Nebraska, Idaho, Indiana, and Louisiana, DUID Victim Voices, Kenneth Finn, MD, Phillip A. Drum, PharmD

• Michael Bronstein, President of ATACH, said his group is “deeply disappointed that not a single supporter of cannabis rescheduling was selected. The upcoming rescheduling hearing will now strictly include prohibitionist parties that oppose President Trump’s position on rescheduling. It will now be solely up to the Drug Enforcement Administration to defend its rule.”

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

• Trulieve’s NYSE debut became possible after the U.S. government moved state-licensed medical marijuana businesses into Schedule III designation, which is reserved for drugs with possible therapeutical uses. This change creates a pathway for federal registration of medical cannabis operators

• To qualify, Trulieve restructured its business so that the company listed on the exchange consists entirely of medical marijuana operations

• Trulieve didn’t, however, abandon the recreational cannabis market. That business still exists and can continue generating revenue, but it’s not included in the NYSE-listed entity’s financial structure. Trulieve created a corporate structure that satisfies exchange requirements while preserving its economic exposure to the broader cannabis market

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

• Massachusetts cannabis regulators recently moved in two directions at once, freezing one part of the market while opening another

• With an estimated 1 square foot to 1.2 square feet of licensed canopy per adult age 21 or older, Massachusetts has significantly more cultivation capacity per capita than nearby Connecticut, where prices are higher, according to the CCC

• Regulators are hoping that imposing the freeze will halt a trend that’s seeing cultivators go out of business in the unlimited-license market

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

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

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

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

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

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

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

Missouri cannabis sales hit a record $135.1M in May

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

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

💵 Deals

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

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

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

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

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

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

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

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

📄 Company Updates / Earnings

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

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

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

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

🏬 Retail

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

🌱 Product

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

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

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

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

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

🧔 People

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

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

🎙️ Interviews

Cannabis Biz News Roundup | High Spirits

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

Nabis CEO Vince Ning | MJBizDaily

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👋 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.

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🌿 Industry

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

• Four operators – Curaleaf, GTI, PharmaCann and FLUENT—are servicing adult-use customers after paying $5 million, according to a source familiar with the matter. They’re in discussions with state regulators over a remaining $2 million balance on those installment payments

• During testimony ahead of last year’s state budget, when the conversion fee was slashed from $20 million to $15 million, representatives for the MSOs said the fees were contributing to an “alarming deterioration of the medical program”

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

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

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

• 55% of U.S. adults support legalizing cannabis for both recreational and medical use, and that another 33% say it should be legal for medical use only

• Only 11% of Americans say marijuana should remain illegal across the board

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

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

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

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

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

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

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

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

🤝 M&A / Transactions

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

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

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

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

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

📄 Company Updates/ Earnings

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

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

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

🏪 Retail

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

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

🌱 Product

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

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

👤 People

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

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

🎙️ Podcasts / Interviews

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

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

Verano Joins Curaleaf As Uplisting Momentum Builds | Trade to Black

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👋 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.

IgniteIt’s Cannabis Capital Conference is three weeks out—if you are planning to be in attendance and want to connect there, please let me know. If you’re late to buying tickets, you can use code: HIGHLYOBJECTIVE or link for a 20% discount.

🌿 Industry

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

• Chapter 15, which governs foreign proceedings, had been an untapped option for cannabis businesses until now, partly because companies were hesitant to pursue bankruptcy, said David J. Cohen, a partner at Weil, Gotshal & Manges LLP who serves as counsel for Cannabist’s foreign representative in the US case

• Businesses also must qualify for foreign insolvency proceedings before seeking US recognition

• “Combined with some regulatory changes that probably provided enough impetus, at least in these circumstances, the facts made it make sense to pursue this path,” Cohen said. “It’s not going to be the right path for every company, but for those who have a cross-border element, it’s certainly a good alternative”

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

• Sponsors had widely expected Spanberger to sign after prior Gov. Youngkin vetoes; the Democratic-controlled General Assembly does not have the supermajority needed to override

• Industry advocates called the move “outrageous” and warned the illicit market continues to capture the demand that a regulated channel was designed to recapture

• Days before Spanberger vetoed the cannabis commercialization legislation, CSBA, hemp companies and major alcohol retailer Total Wine & More sent the governor a letter asking her to do so and then “revisit” the issue in the 2027 session after “thorough stakeholder engagement and economic policy expert input”

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

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

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

• The case, Murray et al. v. Cresco Labs Inc. et al., was filed on May 4 in the U.S. District Court for the Northern District of Illinois. It represents the most ambitious legal assault yet on the marketing practices of MSOs

• The complaint makes explicit comparisons to the litigation playbook against “Big Tobacco” in the 1990s. With claims across 12 states and spanning allegations of Racketeer Influenced and Corrupt Organizations (RICO), consumer fraud, breach of warranty, negligent misrepresentation and more

• The underwriting on cannabis product liability has, to date, focused on potential contamination, mislabeling, and the occasional exposure or ingestion-based bodily injury claim. Murray v. Cresco, however, introduces a different species of claim, one rooted in marketing conduct rather than product defect in the traditional sense

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

• Damon Frost Jr., who filed the class-action lawsuit argues that Missouri marijuana laws allow for no more than 22 dispensaries to be under “substantially common control, ownership or management”

• A review by The Independent of publicly-available marijuana business compliance records revealed the state no longer requires owners of licensed dispensaries, manufacturers and cultivators to submit affidavits attesting they don’t share common control or management with other licenses

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

• But it isn’t true, the Transportation Security Administration (TSA) tells Marijuana Moment. “TSA’s policy on medical marijuana has not changed,” a TSA spokesperson said in an email

• “Per TSA’s website: If any illegal substance or evidence of criminal activity is discovered during security screening, TSA will refer the matter to a law enforcement officer,” they said. While it is true that the agency’s listing for medical marijuana on the “What Can I Bring?” section of its website was updated on April 27, there was no substantive change in the policy

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

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

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

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

💵 Deals

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

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

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

📄 Company Updates / Earnings

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

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

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

🏬 Retail / Cultivation

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

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

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

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

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

🌱 Product

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

🧔 People

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

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

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

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

🎙️ Podcasts / Interviews

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

Cannabis Lending After Schedule III | Higher Exchanges

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

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👋 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.

🌿 Industry

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

• The law adds lupus as a qualifying condition and removes the prior requirement that many conditions be “severe or end-stage” to qualify — broadening the eligible patient pool meaningfully, to an estimated ~600,000 people

• Patients 21+ may now vaporize medical cannabis (smoking still prohibited) and the 5% THC potency cap is replaced with a 12,000 mg total THC possession limit; the bill also rebrands “low THC oil” as “medical cannabis” throughout state statute

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

• Cresco Labs said it is “evaluating its options” after the Texas Department of Public Safety (DPS) released an updated list of winners of conditional permits to participate in the Texas Compassionate Use Program

• In a statement, DPS said it identified a “tabulation error” in how it scored the applications received for a TCUP permit, a hiccup only noticed after it awarded permits on April 1 to Cresco and two other companies

• Two other companies (Story of Texas LLC, Texas Medica Collective) from the original approval list and Cresco Labs were shifted to a waiting list of 12 businesses eligible to fill future openings

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

• Committee members flagged substantial concerns about structure, implementation, and impact on licensed operators, tax revenue and public health safeguards

• Organizers must now collect an additional 12,429 certified signatures by July 1 to make the November ballot

• A parallel industry lawsuit argues the initiative represents “an unconstitutional regulatory taking” that would “destroy the reasonable, investment-backed expectations” of MA cannabis businesses

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

• Those who apply for the department’s expedited registration process could receive a first-mover advantage to certain federal protections; however, a Schedule III listing does not legalize medical cannabis – it merely loosens its control status

• That first-move advantage could also encompass potential access to export licenses, interstate commerce and compliance with any future regulations surrounding industry banking, exchange listings, credit facilities, and M&A, according to Foley Hoag

• Medical marijuana manufacturers in Oklahoma will be required to register with the DEA to keep their state permits

MJ Unpacked 2nd Annual Cannabis Cup Winners

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

Cannabis business licenses have declined for seven consecutive quarters

💵 Deals

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

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

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

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

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

📄 Company Updates / Earnings

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

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

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

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

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

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

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

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

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

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

🏬 Retail / Cultivation

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

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

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

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

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

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

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

🌱 Product

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

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

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

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

🧔 People

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

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

Nabis is hiring a VP of People

🎙️ Interviews

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

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

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

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

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

Cronos Group CEO Mike Gorenstein | Cultivated Media

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👋 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.

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🌿 Industry

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

• Operators who register by June 26, 2026, are guaranteed a six-month review timeline and the critical legal protection to continue operations while their federal application is pending

• Successful registration effectively terminates Section 280E tax restrictions for medical sales

• To satisfy international treaties, the framework includes a “buyback” loop where the DEA technically takes ownership of crops on paper before immediately selling them back to the registered manufacturer

• The DOJ is treating existing state medical licenses as “conclusive evidence” of authority, opting to layer federal oversight on top of state systems rather than replacing or re-litigating them

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

• The lawsuit alleges that Good Day Farm and its allies control 61 dispensary licenses—nearly triple the legal limit of 22—by masking ownership through complex LLC structures and hand-picked management boards.

• Plaintiffs claim this “clandestine business conspiracy” wielded disproportionate market power to force wholesale prices down by more than 20%, even as Missouri consumer prices remained among the highest in the country

• According to the suit, “to circumvent the cap,” the related companies operate under five different brand names: Good Day Farm (21), CODES (20), Greenlight (10), Fresh Karma (6), and 3Fifteen Primo (4)

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

• With 96% of residents living within 100 miles of a legal dispensary in neighboring states (IL, MI, OH, KY), Indiana is effectively “outsourcing” $180M in potential annual tax revenue

• Governor Braun noted that the federal move to reschedule marijuana makes state-level action “more likely,” shifting the conversation from “if” to “how” the state should regulate the existing $1.8 billion demand

• Despite the lack of a legal framework, the state has 1.3 million active users, with one-third reporting daily or near-daily use

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

• Licensed adult-use dispensaries can now operate for up to 14 consecutive days at approved locations, providing a critical alternative sales channel to capture summer foot traffic and engage consumers outside of traditional brick-and-mortar footprints

• Deployment is entirely contingent on local government buy-in; OCM will not issue a permit without written municipal approval, ensuring local authorities retain final say over event placement and public safety protocols

• Sales are restricted to the permit-holding retailer’s inventory—prohibiting direct sales or sampling by cultivators—and must adhere to rigorous age-gating, security reporting, and strict “no consumption” mandates

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

• Pricing Compression Continues: Wholesale prices declined across most major product categories, driven by increased supply, competitive intensity, and more price-sensitive purchasing behavior

• Edibles Show Relative Stability: Edibles & Ingestibles were the only category to remain effectively flat year-over-year, suggesting more consistent demand dynamics compared to inhalable products

• Competition Intensifies Across Categories: Increased brand participation and SKU proliferation are contributing to tighter pricing bands and greater segmentation between premium and value product tiers

💵 Deals

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

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

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

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

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

📄 Company Updates / Earnings

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

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

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

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

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

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

🌱 Product

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

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

🧔 People

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

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

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

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

🎙️ Interviews / Documentaries

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

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

Cannabis Rescheduling, 280E & DEA Registration | VERDANT Strategies

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👋 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.

🌿 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

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👋 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.

🌿 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

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

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

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👋 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.

🎟️ 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

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👋 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.

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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

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👋 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.

🌿 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

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.

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

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👋 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.

🌿 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

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👋 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.

🌿 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

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👋 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.

🌿 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

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.

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

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👋 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.