🏪 Curaleaf converts West Palm Beach, FL dispensary into The Hemp Co. store
Scotts Miracle-Gro transfers Cannabis Investment Arm to Strategic Partner. BeLeaf Medical acquires BesaMe Wellness (MO). AYR Wellness Interim CEO. Verano new CFO. Wana Brands President departs.
🌿 Industry
Without tax relief, California cannabis stores need ‘significantly’ more customers. Licensed cannabis stores in California would have to attract ~200 extra customers a month to keep revenue steady if taxes increase on July 1, according to one retailer’s analysis. — MJBizDaily
Despite widespread concerns about overtaxation and the illicit market, California’s current 15% excise tax is set to increase to as much as 19% this summer
A bill introduced in February by state Assembly Member Matt Haney, would freeze the planned increase. However, with the increase scheduled for July—before typical legislation can be passed, signed into law and implemented—any pause in the tax increase would have to involve Gov. Gavin Newsom
Arizona sees second consecutive year of declining sales. Arizona sales are down nearly 10% in 2024, breaking a three-year streak of at least $1.4 billion in legal cannabis purchases. — AZ Mirror
For 2024, recreational sales totaled ~$1.1B, almost $43M less than in 2023. But medical marijuana purchases fell by $114M, dropping almost 40% YoY
Cannabis vape companies hit hard by tariffs—compounding headwinds in Michigan. Michigan operators sold an estimated 53.8M vapes in 2024. — GMR
Lion Labs sold 200,000 vapes last year. It pays $3.50 per vape hardware, a 145% additional cost would push that to $8.57 per unit, adding ~$1M in costs
House Brands Distro produces around 500,000 vapes/month. Even if they were able to source hardware from China for $1 each, the additional cost would be $1.2M/month, or nearly $15 million annually
Trulieve contributed $19.6M in Q1 2025 toward the Smart & Safe Florida. This is part of a renewed effort to place recreational cannabis on the 2026 ballot.
Minnesota OCM announces final cannabis rules published in the State Register and in effect. There are currently more than a thousand qualified applicants for social equity licenses – many of whom applied for license types that are not capped in statute and will not be subject to lotteries, including microbusiness, wholesaler, transporter, testing facility, and delivery service. More than 600 of these qualified applicants advanced from last Fall’s license preapproval process and are first in line to receive business licenses after completing application requirements.
Missouri DCR revokes 25 microbusiness cannabis facility licenses. Overall, the DCR has revoked 34 of the 105 licenses awarded during the first two licensing rounds due to ineligibility, including 32 for individuals the division determined had failed to meet ownership qualifications and two who had disqualifying felony offenses.
Ohio’s legal cannabis industry has generated $656.4M in sales in the eight months since the state’s adult-use program launched in early August 2024.
LeafLink's 2025 Wholesale Cannabis Pricing Guide. For this year's guide, LeafLink analyzed $5 billion of wholesale orders across 398,000 SKUs placed in 2024.
💵 Deals
Scotts Miracle-Gro Transfers Cannabis Investment Arm to Strategic Partner. In a statement, Jim Hagedorn, chairman and CEO of ScottsMiracle-Gro, called the move an “initial step” in the company’s plan to move its “cannabis-adjacent subsidiaries into a separate and independent company” as Scotts furthers its focus on its core lawn and garden business. Scotts transferred The Hawthorne Collective to an independent strategic partner in exchange for an interest-bearing promissory note. The parent company has the option to reacquire The Hawthorne Collective if marijuana is legalized or other measures that positively impact the industry are approved at the federal level.
BeLeaf Medical acquires BesaMe Wellness and launches rebrand to SWADE. The acquisition brings BesaMe’s five retail locations into BeLeaf’s retail arm, which will now operate under the SWADE brand. BeLeaf had five dispensaries, though all were in the greater St. Louis area, BesaMe’s dispensaries are mostly in the greater Kansas City area.
Grown Rogue Converts Remaining Debentures. Holders of the remaining $3.3M in outstanding debentures have elected to convert early, resulting in the issuance of 19,559,500 common shares. Following the conversion, the Company has 246,852,938 common shares issued and outstanding and 269,692,563 FD common shares.
SNDL to acquire 32 dispensaries operating under the Cost Cannabis and T Cannabis banners (1CM). Under the terms of the Agreement, SNDL will acquire, with the option to assign, the 1CM Stores for total consideration of $32.2M in cash. The 1CM Stores are comprised of two stores in Alberta, three stores in Saskatchewan and 27 stores located in Ontario. The 1CM Stores generated annual revenue of an aggregate of $53M for the fiscal year ended August 31, 2024 with 30 active stores. The acquisition of the 1CM Stores will bring SNDL's total owned and franchised cannabis retail store count to 219.
📄 Company Updates / Earnings
Tilray Brands Q3 FY2025 Financial Results. Net revenue of $185.8M compared to $188.3M in the prior year quarter, Net loss was $(793.5M) due to ~$700M of non-cash impairment, Adjusted EBITDA in the third quarter was $9.0M compared to $10.2M in the prior year quarter. $248M in Cash and Marketable Securities.
Belushi’s Farm x C4 to enter Missouri. In early 2025, Belushi brought his Belushi’s Farm and the iconic Blues Brothers brands and genetics to Missouri, through a partnership with Carroll County Cannabis Company (C4).
Glass House Brands x Eaze to Launch PLUS Cannabis Gummies in Florida. The launch will roll out over the coming weeks in all of Eaze’s 39 Green Dragon Florida medical cannabis stores.
🏬 Retail
Curaleaf Opens The Hemp Co. Storefront in West Palm Beach. The Hemp Company in West Palm Beach is the Company's first fully dedicated hemp retail storefront, providing an accessible brick-and-mortar marketplace for best-in-class, Farm Bill-compliant hemp-derived THC products. Product assortment will include the Company's portfolio of Select™ hemp-derived THC products, including Select Zero Proof Seltzer, the new Select FormulaX energy drink, Select™ Gummies, including Fast-Acting Bites, Classic Bites, XBites, and Snooze Bites. The Hemp Company storefront also carries an unrivaled selection of third-party partner brands, including 1906, Artet, BRĒZ, Cann, Foria, Kiva, Kanha, Keef, MXXN, Old Pal, Papa & Barkley, Sprinkle, VetCBD, Wyld, and Wynk.
STIIIZY opens 44th dispensary in Hawthorne, CA. The STIIIZY Hawthorne opening marks the company's ninth retail store launch in the past year.
Curio Wellness Partners With Viola, Opening 3rd Far & Dotter Dispensary in Maryland. This marks the company's third retail location in the state, joining existing dispensaries in Timonium and Elkton.
Fine Fettle to open 9th Connecticut location in West Hartford, CT. Fine Fettle currently has eight other stores in the state, including ones in Bristol, Manchester, Newington and a new shop in Waterbury. The company also operates in Massachusetts and has a medical dispensary in Georgia.
Terrasana to open 5th Ohio Dispensary in Middletown, OH. Strategically located just minutes off I-75 in a high-traffic retail corridor, the new dispensary will serve Middletown as well as communities between Dayton and Cincinnati, including Monroe, Franklin and West Chester.
PharmaCann opens 3rd Verilife Dispensary in Massachusetts in Newton, MA. This is the company's 51st, which includes both the Verilife and LivWell retail brands.
Mint Cannabis Expands to Las Vegas With Two New Dispensaries. One Mint Cannabis dispensary is located near the Las Vegas Strip while the other dispensary is located in the Spring Valley area of Southwest Las Vegas.
Tariff Labs opens Morgantown, WV Dispensary. This expansion brings its total retail footprint to six locations in the state.
🌱 Product
Klutch Cannabis Launches "Habitat by Klutch." Habitat has been crafted with emerging cannabis users in mind, as well as active lifestyle enthusiasts and adults exploring the wellness benefits of cannabis for the first time. The brand will debut with a full line of products, including premium, hand-trimmed flower, artisan-tailored edibles, and a brand-new all-in-one vape device.
Curaleaf Launches Anthem, a Classic Pre-Roll Brand Celebrating American Grown Cannabis. Anthem's signature 10-pack of 0.35g pre-rolls is now available in New York, Illinois, Massachusetts, and New Jersey. In April, the signature 10-pack will also be in stores across Arizona, and Florida, including the launch of a 5-pack of 0.35g pre-rolls in Florida. Additional expansions to the product lineup are expected this Summer.
MWG Holdings Expands Blazy Product Line With Cannabis-Infused Peanut Butter Cups. Blazy Cannabis-Infused Peanut Butter Cups will be available at all Perfect Union and Wild Seed Wellness locations.
🧔 People
AYR Wellness appoint Scott Davido Interim CEO. Steven M. Cohen served as Interim CEO from September 18, 2024, and will remain engaged as an advisor to the Company to support this transition. Davido is a senior managing director at Ankura Consulting Group, a global advisory and business consulting firm. He previously served in the same role at FTI Consulting.
Verano appoint Richard Tarapchak CFO. Tarapchak succeeds Brett Summerer, who is departing the Company. Tarapchak joined Verano in July of 2022, and has served as Verano’s EVP, Finance and Corporate Controller and Principal Accounting Officer.
MariMed promotes Ryan Crandall to Chief Commercial Officer. He has served as MariMed’s Chief Revenue Officer since July 2022, and prior was the Company’s Chief Products Officer and SVP, Sales for four years.
Wana Brands President Joe Hodas Departs. No official announcement, but Hodas posted his farewell message on LinkedIn, mentioning this is his last week.
🎙️ Interviews
He Sold His Cannabis Vape Brand For Nine Figures—Now He’s Coming For Your Cocktail: Adaptaphoria / Cameron Forni | Forbes
Jushi CEO Talks Virginia PA DC, Cannabis Reform Update | TDR
Meet the CEO leading the charge in Canada’s global cannabis dominance | The Star
Grow Smarter: Learning from Cannabis Failures | Higher Exchanges