💻 Canix Acquires Trym
Chicago’s United Center x THC Beverages from GTI. Jeeter Expands to Missouri / Curaleaf Exits Missouri. Chicago Atlantic Upsizes Verano Revolving Credit Facility + Finances Illicit Cannabis ESOP.
💬 With The Highrise event happening in two days—Thursday, January 29th, I asked Joanne Wilson, Founder & CEO of Gotham (who is collaborating with Cultivated on the event), for further details/expectations. She expects the event to reach its cap of 150 guests and include a mix of founders, operators, investors, regulators, policymakers, journalists, and cultural leaders. She said “New York’s rollout has been complicated, and that’s why this conversation matters. Expect Senator Gillibrand to speak directly to the issues that will determine whether markets like New York stabilize—including rescheduling, banking access, and interstate commerce.” Attendees should walk away with a clear, realistic picture of what’s moving in Washington and how federal policy will affect capital, compliance, and long-term growth. This is the first of a semi-annual series. Future salons will evolve with the industry, covering policy, capital, science, and culture in real time while keeping the same curated, decision-maker-first format.
🎙️Also, since I forgot to include my appearance on Higher Exchanges in the last newsletter + today’s M&A consolidation news—check out the latest episode if you haven’t already, where I join Jesse Remond (LEEF Brands) and Morgan Paxhia (Poseidon) to discuss a potential M&A tailwind based on the Rescheduling news.
🌿 Industry
After Cannabis Shake-Up in New York, Hochul’s Leadership Is Questioned. Efforts to get the state’s Office of Cannabis Management on track have been slow to yield results. — The New York Times
Hochul’s budget proposal includes $110M for the Office of Cannabis Management. But it leaves the agency’s operating budget flat at $68M. Mack Hueber, President of Ayrloom, said the office needed a bigger budget and more employees to handle the size and complexity of the market
Hirsh Jain, Founder of Ananda Strategy, said Regulators in New York began handing out licenses in 2022 while they were still creating the rules of the market, an approach that officials frequently likened to building a plane in flight. That led to turnover among regulators, the proliferation of illicit shops and a series of court decisions finding some of the agency’s policies legally dubious — all problems that have overshadowed the compelling case New York presents for the justice and economic benefits of legalization
Chicago’s United Center Becomes First Major Events Arena to Sell THC Beverages. The stadium just announced its new multi-year partnership with GTI brands Señorita and RYTHM. — VICE
Señorita and RYTHM’s drinks will be available at 24 different points of sale across the venue, including seven grab-and-go stations, 16 bars, and a Señorita mobile branded bar
Missouri Cultivators fined for breaking the ‘immaculate conception’ rule. State regulators discovered cultivation licensees were bringing in clones, seeds and tissue cultures from other states, in violation of tracking regulations. — Missouri Independent
One year after a licensee passes a commencement inspection, the state essentially closes its eyes and puts its hands over its ears on how a cultivation facility starts its inventory. It’s called the immaculate conception rule, and six facilities were fined up to $500,000 from breaking it last year
The combined fee for four cultivation licenses representing Good Day Farm and Codes, which share management, was $347,495. For High Profile, it was $500,000, two smaller cultivators also saw fines of $20,000 and $50,000
Minnesota adult-use cannabis sales hit $31M since September launch. Minnesota cannabis stores reported more than $31 million in revenue from 466,000 transactions through the end of December, according to the Minnesota OCM. — MJBizDaily
Among the problems hampering Minnesota’s launch was a lack of licensed cultivation space that left many retailers with bare shelves. Then, after cultivators kicked into gear, a lack of licensed transporters kept product away from consumers. Only four of the licensed businesses are cultivators, though 13 of the 95 licensed “microbusinesses” can cultivate.”
Minnesota’s cannabis business licensing process faced significant delays, with only 59 adult-use retail licenses issued as of late 2025, while over 1,400 applicants were waiting for final approval
Alabama Issues Three Medical Cannabis Dispensary Licenses, Approves Five Certifying Physicians. While licenses have been issued, regulators caution that full statewide access will occur in phases. — The Montgomery Independent
Rhode Island sees 98 entities submitted for 24 cannabis dispensary licenses. Just two applications were submitted for the northern part. — The Providence Journal
The applications will be vetted before being assigned via a lottery system, but a date for applicants to get zoning approval for their retail establishments has been pushed out to March 2, while some cities and towns, such as Pawtucket, are changing their zoning rules after the application period closed
While Rhode Island passed a law allowing for the opening of retail dispensaries in 2022, the licenses have yet to be issued, although dispensaries that sold medical marijuana have been selling recreational marijuana as well
New York’s Cannabis Boom Is Real, But So Are the Risks. Looking ahead, sales have the potential to reach $2.5B in 2026, reinforcing New York’s position as the most exciting growth market in U.S. cannabis. But rapid growth at the market level does not guarantee success for individual operators. — Cannabis Industry Journal
Minnesota Office of Cannabis Management (OCM) launches Cannabis Market Monitor. The new dashboard that provides monthly statistics about the state’s growing adult-use and existing medical cannabis markets, including aggregate licensing data, monthly and annual retail sales, retail sales by product type, and monthly planting and harvest data.
Michigan 2025 sales of ~$3.2B, $113M less than in 2024.
Montana adult-use cannabis sales hit a record $327M in 2025. Adult-use sales now account for 90% of all cannabis purchases.
Arkansas sales of $291M in 2025, surpassing the $283M record set in 2023.
💵 Deals
Canix Acquires Trym. Canix, an enterprise resource planning (ERP) platform for cannabis operators, has acquired Trym, a cultivation management software platform. The transaction expands Canix’s end-to-end ERP capabilities and advances its long-term mission to become the most advanced technology platform for cannabis operators worldwide. Trym brings industry-leading cultivation intelligence that significantly strengthens Canix’s profit optimization workflows, including yield forecasting, environmental monitoring, team management, mobile-first workflows, and richer, more relevant cultivation data. Canix co-founder Stacey Hronowski said their “goal is to build the most advanced cannabis technology platform on the market, supporting operators from seed to sale, compliance to optimization to forecasting, and single facilities to multi-state expansion. Trym’s cultivation expertise is a critical piece of solving that complexity end-to-end.”
Verano Upsizes Revolving Credit Facility to $100M, Extends Maturity Date. The Company amended its existing $75M revolving credit facility agented by Chicago Atlantic, initially entered into on September 30, 2025. The revolving credit facility commitment was increased to $100M and the maturity date was extended from September 29, 2028 to February 28, 2029. No additional collateral was pledged by the Company to secure the increased borrowing availability, which is secured by certain owned real estate. To date, $50M has been drawn under the revolving credit facility, leaving an additional $50M available to draw upon satisfaction of certain conditions. A floating annual interest rate on amounts drawn equal to SOFR (3.66% on January 15th, 2026) plus 6% (subject to a 4% SOFR floor).
Chicago Atlantic Closes Senior Secured Financing to S1 Enterprises, the Parent Company of Illicit Cannabis. Proceeds from the transaction will be used to finance the sale of 100% of the Company’s equity to an Employee Stock Ownership Plan (ESOP). The ESOP encompasses the Company’s Missouri and New Jersey operations, creating a long-term ownership pathway for more than 500 employees and aligning the Company’s financial future with the people who helped build it from the ground up. As a 100% ESOP-owned S Corporation, the Company will benefit from tax-exempt status, generating a meaningful increase in cash flow that will be reinvested into continued growth, innovation, and enhanced employee benefits.
cbdMD Acquires Bluebird Botanicals. cbdMD Inc. acquired substantially all the assets of Bluebird Botanicals in an all-stock transaction. Bluebird, founded in 2012, is among the longest-standing brands in the CBD space. Previously, Bluebird attracted backing from Juggernaut Capital Partners, a middle-market private equity firm focused on consumer and healthcare investments.
📄 Company Updates
Curaleaf Exits Missouri. Boris Jordan, Chairman and CEO noted the Company’s sub-scale presence in the state did not justify continued investment.
Dark Horse Cannabis Marks First Harvest at Richmond, Kentucky Cultivation Facility. The harvest, completed on Thursday, December 11, represents a key operational milestone as Kentucky's medical cannabis program continues to move from development into active production. As a licensed Tier III cultivation facility, the Richmond site is designed to support scaled, compliant cultivation while contributing to the foundational supply infrastructure needed for a stable, long-term medical cannabis market in the Commonwealth.
Choice Labs set to exit receivership under new ownership. Choice Labs, headquartered in Jackson, MI and known for its Crude Boys and Choice Chews brands, will emerge from receivership under the control of Chicago Atlantic. The firm acquired the ~$52M debt of Choice Labs’ parent company, Glorious Cannabis, last year for an undisclosed sum, replacing Needham Bank as the company’s primary lender. In July, Chicago Atlantic, which has an investment in Michigan-based Common Citizen, acquired Needham Bank’s note and moved forward as the stalking horse bidder for the companies’ assets. These include Glorious Cannabis’ 50,000 sq ft cultivation facility in Au Gres, Choice Labs’ processing campus in Jackson, and a dispensary located in the same city.
Circle K adds D9 Hemp in Texas. Despite an uncertain regulatory environment around the beverages, Alimentation Couche–Tard has now added Varin to its product lineup in Texas. Alimentation Couche-Tard has partnered with THC beverage maker Varin to bring its energy drinks to select franchise Circle K locations in Texas. In addition to between 10 and 30 milligrams of hemp-derived THC, Varin’s drinks include select nootropics, like theobromine, L-theanine, lion’s mane and B-12. The drinks also have no caffeine, sugar or calories.
Safe Harbor Partners with Frontier Risk, AlphaRoot to Offer Cannabis-specific Insurance. Through these partnerships, Safe Harbor clients will gain streamlined access to tailored insurance products, including property, workers compensation, general liability, product liability and other risk management solutions critical to operating and scaling compliant cannabis businesses.
🏬 Retail
Jushi opens second Beyond Hello™ in Cincinnati, OH. This marks the 7th Beyond Hello location in the state of Ohio—joining Parma, Toledo, Oxford, Warren, Mansfield, and its existing Cincinnati-area location—and the Company’s 43rd operating retail location nationwide. Jushi continues to expand its vertically integrated operations in Ohio, where it cultivates and manufactures a portfolio of in-house brands including Hijinks, The Bank, SeCHe, The Lab, and Tasteology.
CERTIFIED opens fourth Ohio dispensary storefront in Patterson Park, OH. The company has existing stores in Cleveland, Columbus and Springfield, but this fourth location brings its retail footprint minutes from its cultivation and processing.
nuEra to open in Frankfort, KY. NuEra Frankfort is the third dispensary opening in Central Kentucky in recent weeks. Speakeasy Dispensary in Lexington opened on Jan. 15 while Blue Sage Dispensary in Jessamine County plans to open the week of Jan. 26. nuEra Frankfort will be the Company’s 10th dispensary and its first in Kentucky.
Curaleaf Launches Adult-Use Sales in Maine at Bangor Dispensary. Conveniently situated near the Bangor Mall, hotels, and restaurants, Curaleaf Bangor has served medical cannabis patients since 2021
Curaleaf Opens 71st Florida Dispensary in Lauderhill. The Company now has 160 retail facilities nationwide.
Trulieve to Open Medical Cannabis Dispensary in Fort Myers, FL.
Ascend Wellness Holdings Opens Dispensary in Englewood, OH. The new location expands Ascend's growing retail footprint in Ohio, reinforcing the Company's continued investment in the state's regulated cannabis market. Ascend currently operates dispensaries across Ohio, including locations in Piqua, Cincinnati, Sandusky, Coshocton, and Carroll.
🌱 Product
Jeeter Expands Pre-Roll Brand to Missouri. Launching with immediate market saturation, Jeeter’s Missouri debut represents one of the most comprehensive and strategic rollouts in the brand’s history. Jeeter’s Missouri expansion is powered by Elevate, the brand’s exclusive manufacturing and distribution partner in the state. One of Missouri’s most established and respected cannabis operators, Elevate brings deep regulatory expertise, operational excellence and a proven track record of building trusted cannabis brands statewide. Through this partnership, Jeeter launched in Missouri with more than 70% market coverage on day one via three exclusive wholesale partners, with full statewide distribution expected by the end of the month.
MariMed Launches Hemp-Derived THC Products Under its Vibations™ Brand in Rhode Island. The launch represents a capital-efficient opportunity for the Company to expand Vibations into the rapidly growing hemp THC beverage category through an established retail channel, without incremental cultivation or retail infrastructure investment. MariMed believes hemp-derived THC beverages provide a scalable pathway to incremental revenue and accretive gross margin, while maintaining disciplined capital deployment.
TeaPot Introduces New Rosin-Infused Blueberry Chamomile Iced Tea. TeaPot, the cannabis-infused iced tea brand from The Boston Beer Company’s Canadian-based subsidiary (BBCCC, Inc.), announces a new, evening addition to its rosin-infused lineup: TeaPot Blueberry Chamomile with 10mg of rosin THC. TeaPot’s new Blueberry Chamomile is a non-carbonated iced tea made with real chamomile and natural blueberry flavour. The beverage is infused with 10mg of THC sourced from rosin, a full-spectrum cannabis extract derived without the use of chemical solvents.
🧔 People
Curio Wellness CEO Michael Bronfein dies at 70. He was an ‘anchor’ in Baltimore’s business world. Bronfein co-founded Curio Wellness in 2014 with his daughter, Wendy Bronfein, helping launch the company during Maryland’s early medical cannabis era. Curio operates as a grower and manufacturer in the state and is known for its flagship dispensary, Far & Dotter, in Timonium.
MediPharm Labs Appoint CFO Greg Hunter as Interim CEO. David Pidduck will step down from his role as MediPharm Labs’ CEO, effective January 23rd.
🎙️ Interviews
Why Wyld and Grön Joined Forces w/ Aaron Morris and Draper Bender | High Spirits
What Schedule III Could Really Trigger Across Cannabis | TDR
Robotics vs Automation in Cannabis Manufacturing ft. Nohtal Partansky | The Dime
From Vegas Hustle to Cannabis Brand Building, Will Read’s Shares His Journey with CannaPlanners | Cannabis Tech Talks
Sensi Brands CEO Tony Giorgi | CannabisNow
Appreciate you, Dai.
Look forward to you being on HEX more often!