💻 Cannabis Businesses Register with DEA
Nabis acquires NJ License. Vireo acquires FLUENT. FLUENT sells TX Operations to Legacy Therapeutics for $30M. Curaleaf Completes Buyout of Four 20 Pharma. Good Day Farm Lawsuit over Retail Monopoly.
💭I’ll be at MJUnpacked this week in Atlantic City, if you’re around and want to connect, let me know.
🌿 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