💳 Arboretum (AYR Wellness Senior Secured Noteholders) Close on Operations in Three Additional States (FL, NJ, NV + VA)
Vireo Buys Its NY Facility from IIPR for $88.5M and Expands Into Ag via Acquisition of Bridgewell Agribusiness. Curaleaf and Verano Prepares for U.S. Uplisting. Green Flower Cannabis Career Summit.
IgniteIt’s Cannabis Capital Conference is less than 2 weeks away—If you still need tickets, you can use code: HIGHLYOBJECTIVE or use this link for a 20% discount.
🌿 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