🏪 Delaware to Launch Adult-Use Sales on August 1st
TerrAscend exits Michigan market. AYR Wellness misses interest payment. MA CCC orders testing lab to halt operations. CA cannabis excise tax rate increase takes effect (15%➡️19%).
🌿 Industry
Delaware to Launch Adult-Use on August 1st. — Delaware.Gov
In October 2024, the Office of the Marijuana Commissioner (OMC) received 1,269 paid license applications during the application period from August 19 to September 30, substantially exceeding its projections
In December 2024, OMC announced the successful applicants for 125 available licenses in its public license lottery
Adult-use will be available first at 13 medical dispensaries that received conversion licenses. 30 other retail stores are in the pipeline
MA Cannabis Control Commission finds evidence of test fraud, orders testing lab to close. Assured Testing Laboratories failed to accurately report levels of mold and yeast it found in the cannabis it tested. — Boston Globe
Issued Monday, the order requires Assured — one of the state’s largest cannabis testing labs — to halt operations by midnight July 4. Assured has 21 days to appeal the decision
In a lawsuit filed earlier this year, MCR Labs alleged eight of its competitors, including Assured, used deceptive practices to attract business by artificially inflating potency and ignoring failed test results for yeast, mold, lead, and pesticides
Despite New Jersey’s wealth and dense population, marijuana market not reaching potential. Nearly five years after New Jersey voters signaled their desire for a robust marijuana marketplace, the state’s cannabis ecosystem remains underdeveloped and underperforming. — MJBiz
In 2025, New Jersey is on pace to generate $1.3B in cannabis sales. By contrast, Missouri—a low-income state with 40% lower population than New Jersey and whose voters approved a recreational marijuana market a full two years later—will generate $1.6B+ in 2025 cannabis sales, 25% more than New Jersey
Pricing remains high in New Jersey because of limited supply—there are ~50 operational cultivators today, a remarkably low number considering most mature cannabis markets have several hundred licensed cultivation operations
According to the CRC, there are ~250 licensed dispensaries open. However, of the 564 cities in New Jersey, only 160 (28%) allow cannabis retailers to operate in their jurisdiction
‘Nail in the coffin’: Calif. cannabis tax increase takes effect. The state cannabis excise tax rate increased from 15% to 19% on July 1st. — GreenState
Despite the bleak outlook, hope is not completely lost for California’s legal cannabis operators. Industry advocates have shifted focus to the passage of AB 564, which would delay the tax increase until 2030—and buy operators more time to convince lawmakers to possibly scrap the increase altogether
“We are doubling down on our commitment to California consumers and need all hands on deck to support AB 564. We will continue educating California consumers who will need to keep the pressure on their senators to prevent this 25% tax increase from being implemented forever.” Embarc CEO Lauren Carpenter said
2025 California Cannabis Award Winners. Judges for the California State Fair Cannabis Awards handed out 150 medals across nine categories and newly expanded 50 subcategories, including indoor, outdoor, and mixed light flower, pre-rolls, concentrates, cartridges, edibles, beverages, wellness products, and new additions, including blunts, hash, and chocolates. — The Marijuana Herald
All flower submissions were tested through SC Labs for scientific quality assessment, while a panel of judges evaluated all entries using Budist‘s standardized 100-point, sommelier-level evaluation scale to objectively assess attributes such as aroma, flavor, appearance, and effect
Gold medal winners are now vying for nine coveted “Best of California” Golden Bear trophies, which have quickly become the cannabis industry’s equivalent to the “Michelin Guide” for cannabis products
CT legalized recreational cannabis 4 years ago. What’s changed? — CT Mirror
In May 2025, recreational cannabis retail sales were $18.7M, Medical retail sales were $6.6M
Statewide, there are 36 recreational dispensaries and 35 hybrid dispensaries
Illinois adult-use sales of $149.8M in May, up 2.1% sequentially and 2.4% YoY.
Arkansas medical marijuana sales of ~$121M through May, on track to break annual record from 2023. According to the Arkansas health department, active patient cards are up 12.8% to 109,854 compared with 97,374 at the start of 2024.
💵 Deals
WM Technology Co-Founders Withdraw Potential Take-Private Offer. WM Technology received a letter, dated June 23, 2025, from Douglas Francis, a founder, CEO and Chairman of the Board, Justin Hartfield, a founder and stockholder of WM Technology, and entities affiliated with Messrs. Francis and Hartfield, pursuant to which Messrs. Francis and Hartfield communicated that (1) due to certain external factors they must withdraw their non-binding proposal, dated December 17, 2024, to purchase all of the outstanding common stock (Class A and Class V) of WM Technology not already beneficially owned by Messrs. Francis and Hartfield for $1.70 per share of WM Technology common stock and (2) Messrs. Francis and Hartfield will continue to evaluate a transaction and may submit an alternative proposal.
Vireo Growth x Curio Wellness Manufacturing and Distribution Partnership. Under the agreement, Vireo will have the ability to manufacture and distribute Curio’s full portfolio of products—topicals, tablets, chews and vapes—leveraging Vireo’s existing infrastructure in New York. This capital-light growth model allows Curio to expand into one of the most promising markets in the country without the need for significant new investment, while Vireo enhances its portfolio. The first Curio-branded products are expected to launch in licensed New York dispensaries in Q4 2025.
Blüm Holdings Signs Agreement to Acquire Northern California Retail Dispensary. Blüm has signed a binding agreement to acquire a majority of the membership interests in another licensed adult-use and medical cannabis dispensary in Northern California. The transaction is structured as an all-stock deal, valuing the business at up to $5.0M, including performance-based earn-outs tied to revenue and EBITDA benchmarks.
📄 Company Updates
TerrAscend Exits Michigan Market. As part of the exit plan, TerrAscend and its consolidated entities intend to sell or divest all of the Company’s Michigan assets, including four cultivation and processing facilities, 20 retail dispensaries, and real estate. Net proceeds from the divestitures will be used to pay down existing Company debt. The Michigan exit is expected to be substantially completed in 2H 2025. Following the completion of the Michigan exit, the Company will operate 19 dispensaries and four cultivation and processing facilities across five states, including NJ, MD, PA, OH, and CA, and in Toronto.
AYR Wellness Provides Update on Senior Note Interest Payment. AYR did not make the interest payment due on June 30, 2025 in connection with the outstanding senior notes issued pursuant to its Amended and Restated Trust Indenture dated February 7, 2024. Should the Company not make the Interest Payment on or prior to July 30, 2025, that will result in an event of default in respect of the Notes. As announced by the Company on May 30, 2025, the Company is actively engaged in discussions with the holders of a majority of the outstanding Notes regarding the exploration of capital structure alternatives as part of a broader review and assessment of other strategic alternatives. AYR Wellness Receipt of Notice of Disposition of Collateral Relating to PA Natural Medicine LLC and an Extension of the Limited Waiver Agreement with Senior Noteholders. AYR has received a Notification of Disposition of Collateral from Anthony J. DePaul, as Agent and Secured Party under the Pledge Agreement dated as of October 1, 2021 between CSAC Acquisition PA II Corp., a subsidiary of the Company, and the Agent. Separately, the Company announces that it has entered into an additional amendment to the previously disclosed Limited Waiver Agreement dated June 6, 2025, as amended on June 19, 2025. The Notice alleges that due to certain purported defaults under the Pledge Agreement and related loan documents, the Agent intends to potentially reclaim ownership of and subsequently sell all of CSAC Acquisition PA II Corp.’s interest in and to all of the equity interests in PA Natural Medicine LLC owned by CSAC Acquisition PA II Corp.
Wyld Officially Joins The Conservation Alliance, Becoming First Cannabis Brand to Reach Pinnacle Status. As a Pinnacle Member, Wyld is pledging funds and advocating for the protection of wild landscapes and biodiversity across North America. This membership is guided by Wyld's broader Pillars of Commitment, which define the company's corporate social responsibility values. One of those pillars—Environmental Sustainability—prioritizes conservation funding, renewable energy adoption, waste reduction and education about sustainable practices.
🏬 Retail
Verano Unveils Bodega-Style Dispensary Experience at Zen Leaf Cave Creek in Phoenix. Customers who prefer to shop via the new bodega-style format can hand-select their favorite items from category-specific shelves including “Flower,” “Vapes,” “Edibles,” “Best Sellers,” “Accessories,” and more, with Zen Leaf experts available to offer guidance along the way.
Waabigwan Mashkiki opens St. Cloud’s first recreational dispensary. Waabigwan Mashkiki, which translates to “flower medicine” in Ojibwe, is operated by the White Earth Nation. The White Earth Nation company opened locations in Mahnomen in 2023 and Moorhead earlier this year. The Moorhead location marked a significant accomplishment, becoming the first off-reservation cannabis dispensary in the state.
Goldflower Cannabis opens eighth retail location in Orlando, FL. Goldflower Cannabis operates 300,000 sq ft of cultivation and manufacturing space in Florida.
Current Cannabis to open Oakville, MO dispensary. The dispensary marks the retail debut for the company, which operates as the consumer-facing arm of Teal. Founded by Adolphus A. Busch V, Teal has built a presence in Missouri through its manufacturing operations and branded cannabis products. The move into retail reflects a broader effort by the company to establish a vertically integrated footprint.
Nar Cannabis opens Mount Laurel, NJ dispensary. Outside of New Jersey, Nar has four other retail locations in Michigan, Ohio and Mississippi.
🌱 Product
Heavy Hitters launches in New Jersey. Heavy Hitters is launching with vapes and infused pre-rolls, with gummies joining later this year.
Viola and Tempter’s Launch New THC-Infused Beverage Line. By blending Viola’s deep-rooted cannabis legacy with Tempters’ expertise in functional beverages, the partnership aims to reshape how consumers experience THC through flavor, wellness, and accessibility. The new line is available now through select national retailers, including Stew Leonard’s, Top 10 Liquor, Total Wine, GoPuff, and online at tempters.us.
Cronos grows International Footprint in Switzerland. The company partnered with Dascoli Pharma AG to expand the distribution of its PEACE NATURALS brand in the Swiss market.
🧔 People
FLUENT appoint Peter Shumlin to Board. Shumlin joins the Board as a nominee of The Hawthorne Collective, expanding FLUENT’s board from seven to eight members. Governor Peter Shumlin served as the 81st Governor of Vermont from 2011 to 2017. His public service career spans nearly three decades, including time as a Vermont House Representative and as a longtime State Senator for the Windham District.
🎙️ Interviews
AI in Cannabis Commerce Is Here — But Jane’s Doing It Their Way | The Dime
Conquering the Universe with Ted Lidie, Founder of Alien Labs | Higher Exchanges
Big Ugly Bills: TX, NC, CA and DC Get Topsy Turvy with Hemp & Cannabis | High Spirits
Stay ‘Melo,’ Build ‘Lowd’ | Cannabis & Tech Today