🏛️ DEA Picks Participants For Marijuana Rescheduling Hearing
Vireo Growth Acquires C21 Investments, Completes Bridgewell Acquisition. Glass House Brands applied for uplisting to NYSE. Dutchie Launches Consumer AI. Cresco Labs Closes $50M Credit Facility.
🌿 Industry
DEA Picks Participants For Marijuana Rescheduling Hearing, And Only Opponents Are Invited. The DEA began notifying parties who had expressed intent to participate that they have been invited to do so, and also sending rejection letters to those who are not being invited. — Marijuana Moment
The invited participants are: National Drug & Alcohol Screening Association (NDASA), Tennessee Bureau of Investigation, Smart Approaches to Marijuana (SAM), The States of Nebraska, Idaho, Indiana, and Louisiana, DUID Victim Voices, Kenneth Finn, MD, Phillip A. Drum, PharmD
Michael Bronstein, President of ATACH, said his group is “deeply disappointed that not a single supporter of cannabis rescheduling was selected. The upcoming rescheduling hearing will now strictly include prohibitionist parties that oppose President Trump’s position on rescheduling. It will now be solely up to the Drug Enforcement Administration to defend its rule.”
Trulieve Becomes the First U.S. Cannabis Operator to List on a Major American Exchange. Trulieve’s subordinate voting shares began trading on the NYSE under ticker TRLV 0.00%↑ at the June 10 open. — The Motley Fool
Trulieve’s NYSE debut became possible after the U.S. government moved state-licensed medical marijuana businesses into Schedule III designation, which is reserved for drugs with possible therapeutical uses. This change creates a pathway for federal registration of medical cannabis operators
To qualify, Trulieve restructured its business so that the company listed on the exchange consists entirely of medical marijuana operations
Trulieve didn’t, however, abandon the recreational cannabis market. That business still exists and can continue generating revenue, but it’s not included in the NYSE-listed entity’s financial structure. Trulieve created a corporate structure that satisfies exchange requirements while preserving its economic exposure to the broader cannabis market
Massachusetts caps cannabis cultivation, expands retail. As of June 16, the Cannabis Control Commission stopped accepting new applications for indoor and outdoor marijuana cultivator licenses. — MJBizDaily
Massachusetts cannabis regulators recently moved in two directions at once, freezing one part of the market while opening another
With an estimated 1 square foot to 1.2 square feet of licensed canopy per adult age 21 or older, Massachusetts has significantly more cultivation capacity per capita than nearby Connecticut, where prices are higher, according to the CCC
Regulators are hoping that imposing the freeze will halt a trend that’s seeing cultivators go out of business in the unlimited-license market
Rescheduling Faces a D.C. Circuit Stay Bid Ahead of the June 29 DEA Hearing. NDASA, Smart Approaches to Marijuana, and pharma developer MMJ International Holdings petitioned the D.C. Circuit to stay the Schedule III order, arguing it bypassed scientific review and public comment; their suit is consolidated with a challenge from the Indiana and Nebraska AGs. The DEA’s substantive hearing — framed around whether to extend rescheduling to adult-use — opens June 29, with participants notified June 22. — Cannabis Business Times
Virginia Seals a Budget Deal to Launch Recreational Sales in 2027. Gov. Abigail Spanberger and legislative sponsors agreed to fold adult-use retail into the state budget — launch set for July 1, 2027, purchases up to two ounces, and an 8% excise tax after two years. The budget needs approval by June 30. — Governor of Virginia
Kentucky Gov. Rescinds Order Allowing Out-of-State Access for Cannabis Patients. Now that the Kentucky medical cannabis program has launched, Gov. Andy Beshear has rescinded a 2022 executive order allowing patients to possess out-of-state cannabis products. — Ganjapreneur
Louisiana Withdraws From the Anti-Rescheduling Lawsuit. Louisiana AG Liz Murrill dropped the state out of the case, leaving Indiana and Nebraska to carry the challenge. — MMJDaily
Alabama Opens Its Medical Market After a Five-Year Wait. The first state-sanctioned sale took place June 4 at Callie’s Apothecary in Montgomery, more than five years after the 2021 Alabama Medical Cannabis Act. — Alabama Reflector
Illinois folds hemp THC into regulated cannabis system, but drinks unclear. Gov. JB Pritzker had threatened to ban intoxicating hemp products entirely if lawmakers failed to establish regulations for the products.
WNBA Removes Cannabis From Its Banned-Substances List. Cannabis is no longer a prohibited substance under the league’s new collective bargaining framework.
Missouri cannabis sales hit a record $135.1M in May
Missouri cannabis sales hit record $135.1M in May. The average price of cannabis items sold dropped from $28.79 in May 2025 to $26.61 for the same month this year.
Restaurant lobby asks Congress to stop hemp THC drink ban. The National Restaurant Association sent a letter to leadership in the Senate and House of Representatives outlining its support for keeping hemp THC beverages legal with “durable” federal regulations that include age verification, quality control, labeling requirements and impairment standards while also allowing states and localities to set tailored rules for their markets—”similar to that of alcoholic beverages.”
💵 Deals
Vireo Growth to acquire C21 Investments. The acquisition will expand Vireo’s operating footprint in the Nevada market with 3 dispensaries and ~104,000 sq. ft. of cultivation and production capacity. Pursuant to the terms of the Arrangement Agreement, each shareholder of C21 will receive 0.023052 of a subordinate voting share of Vireo in exchange for each C21 Share held. With the acquisition of C21, it is expected that Vireo will broaden its presence in Nevada to ~15 total dispensaries and 158,000 square feet of cultivation and manufacturing capacity.
Vireo Growth Completes Bridgewell Acquisition, Plans to Acquire Nevada, Maryland Dispensaries. The aggregate consideration for the Bridgewell Transaction was based on a base purchase price of $40.0M, subject to adjustments for assumed indebtedness that will remain outstanding following closing and the assumption of certain other transaction expenses. After giving effect to such adjustments, the closing purchase price was ~$13.7M. In connection with the closing of the Bridgewell Transaction, Vireo issued unsecured, subordinated convertible notes to the Sellers. The Convertible Notes will convert on or after the second anniversary of closing into, on a pre-share consolidation basis, an aggregate estimated 22,036,528 subordinate voting shares of Vireo at a deemed price of $0.62/share.
Vireo entered into an APA dated June 5, 2026, to acquire an M3 Wellness dispensary, located in Hawthorne, Nevada, from M3 Wellness for total consideration of $500,000, $290,000 of which is payable in cash on closing, and the balance of which will be satisfied by issuing, on a pre-share consolidation basis, 416,667 subordinate voting shares of Vireo at closing. In addition, subject to the terms and conditions of the APA, Vireo shall pay to M3 Wellness a single, performance-based earnout, based upon achievement of certain EBITDA benchmarks by December 31, 2029. Vireo also announced that it previously entered into a definitive agreement dated November 3, 2025, to acquire an indirect 49% equity interest in Chesapeake Integrated Health Institute, LLC and Maryland Alternative Relief, LLC from the current members of HA-MD (the sole owner of such licenses) for total consideration of $1.55M, $400,000 of which is payable in cash on closing (subject to adjustment based on the financial condition of HA-MD at the time of closing), $400,000 of which will be paid under promissory note and the balance of which will be satisfied by issuing, on a pre-share consolidation basis, 1,111,110 subordinate voting shares of Vireo at closing at a deemed issue price per share of $0.675.
Cresco Labs Closes $50M Revolving Credit Facility With Needham Bank. Borrowings under the facility will be available to fund growth initiatives, acquisitions and general corporate purposes. As a source of nondilutive capital, the facility enhances Cresco’s ability to pursue strategic opportunities that strengthen the company’s balance sheet and long-term financial profile. The facility bears interest at a fixed annual rate of 7.99% and matures in August 2030.
The Cannabist Company Obtains Chapter 15 Recognition. A U.S. bankruptcy court granted Chapter 15 recognition of the CC Group’s Canadian CCAA proceedings, clearing the way for its cross-border restructuring and asset sales.
Zoned Properties Sells Its Michigan Cannabis Real Estate Portfolio. The REIT offloaded its Michigan property portfolio at a steep discount (~$700K), one of two Michigan distressed exits this period alongside TerrAscend’s receivership.
High Tide Secures Credit Approval for C$40M Senior Secured Credit Facilities. The Loan Agreement with Bank of Montreal (BMO) provides for two committed facilities: a $25M committed revolving facility with a three-year maturity, to be used to refinance the Company’s loan with connectFirst at closing, for general working capital and corporate requirements, and for permitted acquisitions and permitted investments. The balance owing to connectFirst is expected to be slightly over $6M at closing, resulting in almost $19M of available room on the revolving facility. A $15M committed delayed draw term loan to be used to refinance the Company’s existing $15M second-lien debentures. The company will also acquire Northern Helm, adding 4 retail cannabis stores in Ontario and bringing High Tide’s total store count to 228 Canna Cabana locations across Canada and 103 in the province of Ontario.
Little Green Pharma Completes All-Scrip Merger With Cannatrek. The combined entity, now operating as the LGP Cannatrek Group, brings together vertically integrated operations across cultivation, EU-GMP recognised and AU-GMP certified manufacturing, distribution, clinics, digital health platforms, brands, and export operations spanning Australia and Europe.
📄 Company Updates / Earnings
Glass House Brands Deconsolidation of its Dual-Use Business and its Application for Uplisting of Shares to NYSE. In support of its listing application, the Company and its indirect wholly owned subsidiary, GHB Usub, LLC (Company Subsidiary), entered into several agreements to facilitate the deconsolidation of its former indirect wholly owned subsidiary, Glass House Retail, LLC (GHR), from the Company segregating the Company’s dual-use cannabis business from its medical cannabis business. As a result of the Deconsolidation Transaction, Company Subsidiary holds non-voting and non-participating units (the Non-Voting Units) in the capital of GHR, which now holds the Company’s former dual-use cannabis business, other than businesses the transfer of which is subject to regulatory approval, which businesses will, automatically and without any action on the part of the Company or any other party, transfer to GHR upon the receipt of regulatory approval.
Grown Rogue Partner SEA Craft Restarts Cultivation at Illinois Facility. SEA Craft LLC, the license holder for the Dwight, Ill., facility, received approval from Illinois to restart cultivation operations at the facility on June 5, 2026.
Canopy Growth Reports Q4 and FY2026 Results; MTL Acquisition Makes It Canada’s Top Medical Player by Revenue. Q4 FY2026 consolidated net revenue of C$71.2M (+10% YoY) and full-year net revenue of C$284.6M (+6% YoY). Cannabis net revenue rose 20% in Q4 to C$54.5M, led by Canada medical +27% (C$25.3M) and international markets +68% (C$8.6M), while Canada adult-use was roughly flat (+1%) in the quarter. Consolidated gross margin fell to 12% in Q4 (24% for the full year, down from 30%), pressured by C$10.7M of inventory charges. The adjusted EBITDA loss narrowed to C$6.3M in Q4 (−32% YoY) and C$20.2M for the year (−14%). Net cash position of C$131.3M (a ~C$304M swing from prior-year net debt).
Aurora Cannabis Posts Record Annual Revenue and Adjusted EBITDA (FY2026). Record annual global medical cannabis net revenue of $288.6M (+18% YoY) and record annual Adjusted EBITDA of $53.8M (+32%), with full-year gross margin ~64%. Q4 total net revenue was $84.8M; the company ended the year with ~$164.7M in cash and no debt. Aurora closed a $26.5M acquisition of Safari Flower (EU-GMP capacity) and divested its 50.1% Bevo stake. FY2027 guidance calls for lower revenue and Adjusted EBITDA with adjusted gross margins in the mid-to-high 50% range.
🏬 Retail
SNDL Ordered to Divest Its Entire Ontario Store Network. Ontario’s Alcohol and Gaming Commission (AGCO) told SNDL to sell its Ontario cannabis stores or risk licence revocation. A confidential “pre-enforcement notice” dated April 13, 2026 found that SNDL holds “de facto control” of Spirit Leaf Ontario and Superette Ontari— effective control of 46 stores—breaching Ontario’s rule barring producers from owning or controlling more than a 25% interest in any licensed retailer. The order lands even as the province weighs raising its retail cap, and it follows SNDL’s scrapped C$32.2M deal for 1CM’s Ontario stores.
🌱 Product
Dutchie Launches Consumer AI featuring Voice AI, Agentic Commerce, Register Co-Pilot, and Consumer Pulse. Dutchie Consumer AI is built directly into the workflows dispensaries already use every day, from inbound calls and e-commerce to checkout and reputation management. Every interaction runs on one customer identity, so the same customer can be supported across phone, online, in-store, and reviews, helping businesses capture more revenue, reduce operational friction, and better manage their brand presence.
Azuca Expands TiME INFUSION® for Functional Terpene Beverage Innovation. For years, Azuca has helped brands solve one of the industry’s biggest formulation challenges: delivering fast-acting, predictable cannabinoid experiences in beverages and edibles. After powering more than 800 million infused servings, the company is now applying the same proprietary TiME INFUSION® process to functional terpene beverage innovation, helping brands create new sensory and functional experiences for consumers. As part of the initiative, Azuca is collaborating with leading terpene innovators, including Eybna and Terpene Belt Farms, while continuing to explore additional partnerships across the terpene, flavor, and functional ingredient ecosystem. Originally developed to transform oil-based cannabinoids into water-friendly ingredients that can be absorbed quickly and efficiently by the body, TiME INFUSION® creates a unique superstructure of individually encapsulated molecules designed for ingestible applications. The same process that helps create fast-acting cannabinoid products with first effects in as little as 5 to 15 minutes is now creating new possibilities for terpene-forward beverage innovation.
Khalifa Kush Enters Australia’s Medical Cannabis Market. Khalifa Kush will partner with Endoca to bring its signature products to patients across Australia. Khalifa Kush will introduce an initial portfolio of premium flower and edible products to the new market. The agreement provides distribution to pharmacies and clinics nationally, across all states and territories of Australia.
FundCanna to Embed ReadyPaid BNPL Into Apex Trading’s $150M+ Monthly Cannabis Marketplace. Apex Trading currently serves more than 4,000 unique clients and facilitates more than $150 million in gross merchandise value monthly. The integration is designed to remove transaction friction caused by delayed payments and limited access to traditional credit - challenges that continue to disrupt the cannabis supply chain. In addition to BNPL functionality, Apex clients will also have access to FundCanna’s automated prequalification process, providing near-instant insight into capital availability.
Tilray Launches ARX, Its First Medical Cannabis Brand Cultivated in Germany. Tilray Medical Germany debuted the premium ARX line — its first locally grown German medical brand. The company said the flower will be cultivated in Germany at Aphria RX’s Neumünster facility, using strains sourced from Canada.
🧔 People
Edibles.com Names Thomas Winstanley President. Previously, he served as executive vice president and general manager. He will report directly to Somia Farid Silber, chief executive officer of parent company Edible Brands®. Prior to joining Edibles.com, he served as chief marketing officer at Theory Wellness.
New York Senate Confirms John Kagia as OCM Executive Director. The confirmation cements leadership of New York’s ~$3.2B cannabis market, which OCM frames as entering a new chapter of stability and oversight.
🎙️ Interviews
Cannabis Biz News Roundup | High Spirits
Big Changes Are Hitting the Cannabis Industry Now | Trade to Black
Nabis CEO Vince Ning | MJBizDaily