📜 Bill expanding Texas’ medical marijuana program headed to Governor
IL freezes permitting of new dispensaries. OH doubles amount of cannabis flower consumers can purchase. Budr takeover of Botanist's CT dispensaries. Vangst acquires Se7en. AWH closes $50M 12.75% Notes
🌿 Industry
Texas lawmakers pass medical marijuana bill that includes chronic pain. A bill expanding Texas’ medical marijuana program is headed to Texas Gov. Greg Abbott’s desk. — Fort Worth Star-Telegram
The bill’s measures include: permitting satellite locations where dispensing organizations can securely store medical marijuana for distribution. Currently the products can only be stored overnight at an organization’s main location, creating distribution challenges; Requires the state to have 15 dispensing organizations. At least three are required now; Allows inhaling medical marijuana as an aerosol or vapor. Smoking is still not allowed
It also expands qualifying medical conditions to include: A condition that causes chronic pain, a traumatic brain injury, a terminal illness or condition that requires hospice or palliative care
Illinois freezes permitting of new dispensaries. Illinois has 260 operational dispensaries and another 103 conditional licenses—meaning there are still 137 dispensary permits left to award before the state hits its cap of 500. — Chicago Business (paywall)
Rep. La Shawn K. Ford, D-Chicago and other lawmakers are searching for solutions that will allow the struggling 103 retailers with conditional licenses and other types of permits given to “social equity” candidates to get off the ground
The state has issued 88 permits to craft growers, but thus far, only 21 of them are operational, according to the state Division of Cannabis Regulation
Ohio doubles amount of cannabis flower consumers can purchase. Consumers will be able to purchase up to 2.5 ounces of flower per day, a more-than-double increase from the previous limit of 1 ounce per day. — Cleveland.com
The increase in allowable cannabis purchase quantity was announced as part of updated guidance by the Ohio Division of Cannabis Control in late May. The increase applies to only dried cannabis plant material, and not other cannabis products including vapes or gummies
California cannabis market posts biggest sales drop in States’ legalization history. Taxable sales at California’s legal cannabis stores amounted to $1.1 billion in Q1 2025, the lowest figure in five years and an 11% drop in sales compared to the same quarter a year earlier. — SFGATE
Tamma Adamek, a spokesperson for the California Department of Tax and Fee Administration, did not dispute SFGATE’s analysis of the drop. However, she said comparing the latest figures to earlier reported taxable sales is like comparing “apples to oranges” because the tax figures are constantly being updated as more cannabis stores file their tax reports
Hirsh Jain said in a text message to SFGATE that the legal market “is getting worse” and that the DCC’s argument that the market is expanding is “becoming more and more laughable”
Trump Wants To Delete State Medical Marijuana Protections From Budget. Trump is seeking to delete a longstanding rider that’s barred the Justice Department from using its funds to interfere in the implementation of state-level medical marijuana laws. — Marijuana Moment
This is Trump’s first budget request of his second term, but during his first term he similarly called for its deletion each year of his presidency
Congress has the final say on appropriations legislation language, however, and has not followed through on any president’s request to delete the medical marijuana protection since it was first enacted into law in 2014—though lawmakers have also declined to expand the protections to cover state recreational marijuana programs
Texas Hemp Advocates Deliver 100,000+ Signatures to Stop SB 3. A growing petition with more than 118,000 signatures to Governor Abbott, urging him to veto SB 3 and save 53,000 Texas jobs connected to hemp. — mg
Governor Abbott has until June 22 to decide whether to sign bills into law, veto them, or allow them to become law without his signature. More and more Texans have voiced their support for legal, regulated hemp in recent weeks
Germany imports record quantity of medical cannabis in Q1. Germany imported a record of roughly 41 tons of medical cannabis in Q1 2025, 4.6x the amount in Q1 2024 — MJBizDaily
“We are on track for 150 tons of cannabis to be imported into Germany for medical and scientific purposes by 2025,” Niklas Kouparanis, co-founder and CEO of Bloomwell Group said in a statement
Smoking Cannabis and consuming edibles linked to early heart disease, study finds. “To my knowledge, it’s the first study looking at THC’s impact on vascular function in humans,” said Matthew Springer, professor of medicine at UCSF. — CNN
“We found that vascular function was reduced by 42% in marijuana smokers and by 56% in THC-edible users compared to nonusers,” lead study author Dr. Leila Mohammadi, an assistant researcher in cardiology at the UCSF
Cannabis Use Rises Among U.S. Older Adults. Prevalence of past-month cannabis use climbed to 7% in 2023, up from 4.8% in 2021. — Medpage Today
Among nearly 15,700 adults ages 65 and older, the prevalence of past-month cannabis use rose from 4.8% in 2021 to 7% in 2023, reported Benjamin Han, MD, of UCSD School of Medicine, and co-authors in a JAMA Internal Medicine
"Adults with the highest incomes initially had the lowest prevalence of cannabis use vs other income levels, but by 2023, they had the highest prevalence, which may indicate better access to medical cannabis given its costs," Han noted
💵 Deals
Budr grows CT cannabis market with takeover of Botanist dispensaries in Danbury, Vernon, Montville. Budr’s acquisition of three hybrid retail and medicinal shops owned by The Botanist, grows Budr’s footprint in Connecticut from four locations to seven—as the company’s founder look in Danbury and in Manchester for a warehouse suitable for a 10,000-square-foot cannabis production farm. Budr, which has locations in West Hartford, Tolland, Stratford, and Danbury’s east side, has been meeting its sales goals and saw an opportunity to buy out a competitor. Terms of the Botanist acquisition were not released, except that the deal was financed by Poseidon Investment Management.
Vangst acquires Se7en Staffing & Employment Solutions. Founded in 2019 by Christy Essex, Se7en offers temporary, temp-to-hire and direct-hire placements.The acquisition of Missouri-based Se7en increases Vangst’s customer base to more than 2,000 businesses.
Ascend Wellness Holdings Closes $50M 12.75% Senior Secured Notes due 2029. The Notes form part of the same series of the $250M aggregate principal amount of the Company's 12.75% senior secured notes due 2029, of which $235M aggregate principal amount was issued on July 16, 2024 and $15M aggregate principal amount was issued on January 13, 2025. The Notes were issued at a price of 97.5% of face value pursuant to and governed by a trust indenture entered into as of July 16, 2024, as amended and supplemented by a first supplemental indenture dated as of January 13, 2025. The Company intends to use the net proceeds of the Notes, together with cash on hand, to prepay the total principal amounts outstanding under its existing term loan, along with accrued interest and other transaction-related expenses.
Village Farms International Closes Transaction to Privatize its Fresh Produce Business. The transaction transforms Village Farms into a global cannabis expansion platform with ownership of 160 acres of advanced greenhouse facilities, increasing exposure to international markets through the combination of its export sales and Netherlands operating assets, and incremental upside opportunity through its ownership interest in Vanguard Food LP.
📄 Company Updates / Earnings
The Cannabist Co. Completes Previously Announced Plan of Arrangement. The Arrangement resulted in, among other things: (a) the exchange of all outstanding 6.0% senior secured convertible notes of the Companies due June 29, 2025 and all 9.5% senior secured first-lien notes of the Companies due February 3, 2026 for an equivalent principal amount of new senior notes due December 31, 2028, and the issuance of an aggregate of 118,209,105 common shares of The Cannabist Company to the holders of such notes on a pro rata basis; (b) the exchange of all outstanding 9.0% senior secured convertible notes of the Companies due March 19, 2027, and together with the 2025 Notes and the 2026 Notes, for either (i) an equivalent principal amount of New Senior Notes, as well as a pro rata amount of the New CBST Common Shares or (ii) an equivalent principal amount of new senior convertible notes due December 31, 2028; and (c) the issuance of an aggregate of 118,246,947 common share purchase warrants of the Company (Anti-Dilutive Warrants) to Company shareholders of record as of May 27, 2025 on a pro rata basis.
AYR Delay of Q1 2024 Financial Statements and MD&A, Expected Cease Trade Order and Strategic Review Process. AYR also announces that it has been undertaking a strategic review process given its upcoming payment obligations to its creditors and its desire to continue to execute on its strategic plan.
Cresco Labs Q1 Revenue of $166M, down 6% QoQ, Adjusted gross profit of $82M (49% margin, Net loss of ($15M), Adjusted EBITDA of $36M (22% margin), $30M Operating Cash Flow. $159M cash, debt of $353M.
FLUENT Q1 2025 Revenue was $26.7M (46.8% GM) vs. $25.2M (48.6% GM) in Q1 2024, Adjusted EBITDA was $3.5M, $30.7M cash and $79.1M debt.
Canopy Growth Net revenue in Q4 FY2025 decreased 11% YoY primarily due to decreased international markets cannabis and Storz & Bickel net revenue, offset by higher Canadian cannabis net revenue, Adjusted EBITDA loss of ($9M), Free Cash Flow outflow of $36M, 114M cash, $304M debt.
🏬 Retail / Cultivation
Cresco Labs opens Chippewa Township, Beaver Falls, PA Dispensary. The Sunnyside location is just 1.5 miles northwest of I-376 and easily accessible from nearby towns such as New Brighton, West Mayfield, and New Beaver.
FLUENT Expands Indoor Cultivation Footprint with First Planting at Rosa Facility in Tampa, FL. The Rosa facility adds 9,200 square feet of high-efficiency indoor canopy, supporting FLUENT’s commitment to premium, hand-trimmed whole flower production. The Rosa build-out expands FLUENT’s total Florida cultivation footprint to 103,000 square feet, with a deliberate balance between 45,000 sq. ft. of indoor capacity and 58,000 sq. ft. of greenhouse operations, providing flexible, tiered product output aligned with brand positioning and evolving patient preferences.
The Goods THC Launches Connecticut Cannabis Cultivation Facility. The facility features 10,000 square feet of dedicated grow space spread across seven state-of-the-art, climate-controlled flowering rooms—the maximum canopy permitted under Connecticut’s micro-cultivation license. The company anticipates its first product launch in late July or early August 2025. The Goods THC holds exclusive cultivation rights in Connecticut for Cookies and Tyson 2.0.
🌱 Product
MariMed’s Premium Nature’s Heritage Brand Enters Functional Mushroom Market Launching Plant-Based MycroDose. MycroDose by Nature’s Heritage delivers four targeted, plant-based solutions designed to enhance mental clarity, promote relaxation, improve focus, and support overall well-being in four distinct formulations. They are available now in Massachusetts at MariMed’s own Panacea Wellness stores and other select dispensaries.
Belushi's Farm Signature Strains launches at Bloom Cannabis Dispensaries. Belushi's Farm has partnered with Wondergrove (Bloom's house brand) to bring its signature strains to Ohio. Belushi's Farm products are currently available at all Bloom Cannabis Dispensaries in Columbus, Akron, Painesville Township, and Seven Mile, with plans to expand across the state in the coming weeks.
BLAZE Company Promotions: Scalable Campaigns for Cannabis Dispensaries. From brand-specific discounts to loyalty-driven incentives, Company Promotions makes it easy to scale targeted campaigns without redundant setup. One of its most impactful features is Smart Collections, which automatically groups products by brand, category, product type, tags, or vendor — eliminating manual work and ensuring real-time updates as inventory changes. Retailers can also tailor promotions based on customer behavior, such as offering a discount on a first visit or rewarding repeat shoppers. This flexibility empowers dispensaries to create personalized experiences that build loyalty, boost retention, and drive long-term revenue growth.
🧔 People
TerrAscend CFO Steps Down. Keith Stauffer, CFO, will be departing the Company on July 18, 2025, to pursue a career opportunity outside of the cannabis industry. Effective upon his departure, Alisa Campbell, currently SVP, Corporate Finance & Accounting, will assume leadership of the Company’s accounting and finance function on an interim basis, reporting to Ziad Ghanem, President and CEO.
Organigram Global CEO Succession Plan. Beena Goldenberg, CEO, Organigram, will be retiring at the conclusion of the Company’s current fiscal year ending September 30, 2025. Until this date, Ms. Goldenberg will continue in her role as CEO and as a member of the Company’s Board.
C3 Industries Adds to Executive Team. The newly appointed retail leadership team includes: Chris Melillo, Chief Retail Officer—former senior executive with extensive experience scaling national MSO & retail operations in both Cannabis and traditional retail sectors. Rob Jones, VP of Buying & Planning—recognized buying and planning industry leader supporting innovative pricing, analytics and inventory management. Dinesh Penugonda, VP of Retail Operations—experienced operations leader specializing in data-driven retail solutions for omnichannel customer engagement. Louis Cohen, Regional VP of Retail—experienced cannabis retail operations leader.
🎙️ Interviews
How Dan Roda is shaping Arkansas’ cannabis industry | Arkansas Times
Hitoki Co-Founder explains his innovative elevation of the bong space | The Pitch
Brett Puffenbarger: The Future of Cannabis Will Look Like This.. | The Dime