🏛️ DEA’s Schedule III Rescheduling Hearing Opens
Glass House Brands debuts on the NYSE (GLAS). TerrAscend $21.7M Debt Financing. Tilray acquires HelloMD. Chicago Atlantic & REFI merge. TerrAscend Files Proxy for U.S. Uplisting.
🌿 Industry
DEA Opens Formal Schedule III Rescheduling Hearing in Arlington. A DEA administrative law judge convened the hearing on June 29 in Arlington, VA, with proceedings scheduled to run through July 15. — Cannabis Business Times
The Drug Enforcement Administration (DEA) made it clear on June 29 that the government not only is the proponent of a Biden-era proposed rule to loosen restrictions on cannabis as a Schedule III substance, but it “supports” the rule, too
The DEA called its first witness, Dominic Chiapperino, Ph.D., of the U.S. Food and Drug Administration (FDA), on the first day of the two-week hearing, which is scheduled to conclude no later than July 15
The other witness is Dr. Corey Burchman, a professor at the Geisel School of Medicine at Dartmouth College in New Hampshire. He’s expected to testify that medical cannabis is an effective pain treatment
Before Chiapperino’s testimony and before the cross-examinations, James J. Schwartz, an attorney in the Diversion Section of the DEA’s Office of Chief Counsel made clear that the hearing is not about two things: It’s not about recreational cannabis use, and it’s not about legalization
Instead, the DEA attorney said the government’s two witnesses and supporting documents will lay the groundwork to overcome the burden of proof that cannabis has currently accepted medical use (CAMU) in the U.S
According to Vicente, the opponents’ witnesses are expected to be — MJBizDaily:
Bertha Madras, a professor of psychobiology at Harvard Medical School and former official at the White House Office of National Drug Control Policy. Madras testified in favor of keeping cannabis a Schedule 1 drug as a government witness in 2014, who will testify on behalf of SAM
Dr. Deepak Cyril D’Souza, a professor of psychology at Yale University who oversees the Yale Center for the Science of Cannabis and Cannabinoids and is the editor of “Marijuana and Madness,” a book in its third edition
Sheriff William Honsal of Humboldt County, California. Honsal and D’Souza will testify on behalf of the states of Nebraska, Indiana and Idaho
The National Drug and Alcohol Screening Association’s Executive Director Jo McGuire, who has lobbied for employers’ rights to deny jobs to cannabis users
U.S. Cannabis Sales and Jobs Decline Together for the First Time Since Legalization. A new industry report shows both employment and revenue fell in tandem — the first annual retail sales decline since 2014 — as price compression, oversupply, and the 280E tax drag continue to grind on operators. — Forbes
SAFER Banking Act Reintroduced — For the 8th Time. Bipartisan lawmakers refiled the Secure and Fair Enforcement Regulation Banking Act on the eve of the DEA hearings, again seeking to give state-legal cannabis businesses access to mainstream banking and payment rails. — MJBizDaily
Missouri Opens 77 Microbusiness Equity Licenses. Missouri’s Division of Cannabis Regulation will accept applications July 13–27 for 77 new microbusiness (dispensary or cultivation) licenses reserved for marginalized/underrepresented applicants, with a Sept. 9 lottery and licenses expected by December. The application fee is $1,500 (refundable if unsuccessful). — Marijuana Moment
White House Urges Congress to Spare Hemp From the November Ban. In a major reversal of pressure, the White House — which signed off on the hemp rules in the spending bill adopted last November — is now urging Congress to either adopt regulations protecting the sale of certain hemp-derived cannabinoids or delay the hemp rules again. — Marijuana Moment
OMB Director Russell Vought wrote to House Speaker Mike Johnson (as part of a supplemental funding request) asking Congress to revise federal hemp regulation “to ensure the fair treatment of hemp products” consistent with Rep. Andy Barr’s blocked Amendment #54 to H.R. 8646 — “or, at minimum,” to extend implementation of the framework in Section 781 of Public Law 119-37
Barr (R-KY) is preparing standalone legislation, but it faces a strange-bedfellows opposition of segments of the alcohol industry, licensed marijuana operators, and legalization opponents. President Trump separately urged Congress in April to protect full-spectrum CBD
💵 Deals
TerrAscend Completes Oversubscribed Debt Financing, Raising $21.7M. $11.1M of the gross proceeds were used to retire existing higher interest rate senior unsecured convertible debentures, with the remainder available for M&A. In connection with the closing, the Company issued an aggregate of 21,702 senior secured convertible debentures of the Company at a price of $1,000 per Debenture. The Debentures mature on September 30, 2031 and bear interest at a rate of 8.00% per annum, calculated and compounded quarterly, payable in cash, unless otherwise determined by the Company. The Debentures are convertible into common shares of the Company at a conversion price equal to $0.87, representing a 25% premium to the 20-day volume-weighted average price of the Common Shares on the TSX on June 22, 2026. The Debentures are secured by a second lien on the U.S. business.
Tilray Brands Acquires HelloMD. Tilray bought the telehealth/patient platform HelloMD to build a fully vertically integrated medical cannabis framework in Canada — adding practitioner support, patient engagement, and digital healthcare capabilities to its global medical platform.
Chicago Atlantic BDC (LIEN) and REFI to Merge into a ~$600M Cannabis Lender. Chicago Atlantic BDC’s all-stock merger with Chicago Atlantic Real Estate Finance (REFI), will create a larger, more diversified cannabis-focused BDC with ~$613M of NAV and a ~$771M loan portfolio — aimed at improving diversification and access to cheaper debt. REFI holders receive LIEN shares based on relative adjusted NAV per share.
📄 Company Updates
Glass House Brands Begins NYSE Trading (GLAS) on June 30. Glass House becomes the second U.S. plant-touching operator on a major American exchange, following Trulieve’s June debut. To qualify, it deconsolidated its dual-use retail subsidiary, keeping cultivation and wholesale (Glass House Farms, PLUS Products, Allswell) in the listed entity. CEO Kyle Kazan: “This listing was not possible prior to the recent reclassification of medical cannabis to Schedule III.”
TerrAscend Files Proxy for U.S. Uplisting. TerrAscend filed a preliminary proxy with the SEC and on SEDAR+ for an August 24 special meeting (record date June 30), asking shareholders to approve a share consolidation at a board-determined ratio between 1-for-5 and 1-for-20 to meet a U.S. exchange's minimum price requirements. Executive Chairman Jason Wild said uplisting "is no longer a question of if, it is a question of when."
Aurora Cannabis Maps a “Partner, Don’t Consolidate” Path into the U.S. CEO Miguel Martin said Schedule III could let a Nasdaq-listed Canadian LP participate in the U.S. medical market via partnership rather than ownership. Aurora — now “solely” medical, operating in 12 countries with EU-GMP infrastructure — posted $48.8M of international medical revenue in fiscal Q4 (mostly Germany). Notably, Martin says 280E relief is “less interesting to us”; the prize is U.S. medical market access.
🏬 Retail
C3 Industries’ High Profile Cannabis Opens in Manchester. C3 Industries’ 4th Connecticut dispensary opens at 185 Spencer Street, on the commuter corridor connecting Hartford, East Hartford, Glastonbury, and Southern Manchester.
Sweetspot Cannabis Opens 4th New Jersey Dispensary. Sweetspot held a ribbon-cutting in Hamilton Township alongside the mayor, joining its Mount Olive, Voorhees, and River Edge NJ locations (plus stores in RI, MD, CT, and VT).
🌱 Product
Sluggers USA 250 campaign celebrates America’s 250th anniversary. Ahead of America's 250th anniversary, Sluggers Hit is launching Sluggers USA 250, a limited-edition campaign built around the theme "America's Preroll." Running throughout July, the campaign features a limited-edition USA 250 Collector's Tin available at participating dispensaries across Arizona, California, Massachusetts, and New York. For Sluggers, the campaign continues the brand’s focus on collectible culture, pairing limited-edition packaging with exclusive merchandise to create an experience that extends beyond the product itself. It also reflects the brand’s California roots and continued investment in U.S. cannabis cultivation and manufacturing through Sacramento-based Natura.
Hemp THC Beverages Return to Ohio Shelves After Federal Court Ruling. A federal judge temporarily blocked Ohio from enforcing SB 56 (which would restrict hemp-THC products to licensed marijuana stores), letting 10 plaintiff companies put intoxicating hemp drinks back on liquor-store and mainstream-retail shelves while their dormant Commerce Clause challenge proceeds. Separately, the Trump White House asked Congress to “revise federal regulation of hemp… or, at minimum” delay the November hemp-THC ban. — MJBizDaily
🎙️ Interviews
High Spirits #142 — “Is California Cannabis Going Global?” w/ Glass House President Graham Farrar. Timely listen alongside the GLAS uplisting — Farrar on scaling California cultivation globally. — High Spirits
This Week in Cannabis Live (June 26) — Another Nasdaq Moment & DEA Fairness. “Medical-until-retail” uplisting loophole, the closed-door DEA hearings, and the Cannabis Council of Canada’s shutdown. — High Spirits / Cultivated
The Dime #304 — “Rescheduling Is Already Picking Winners” w/ Hirsh Jain. Rescheduling is far more nuanced than “Trump rescheduled cannabis” — states are interpreting it very differently based on license structure, and those details are already widening the gap between winners and losers. — The Dime
MJBizDaily Interview — Aurora’s Miguel Martin on the U.S. Medical Opportunity. Deep dive on Aurora’s GMP-led, partnership-first strategy for entering the U.S. medical market post-rescheduling. — MJBizDaily