🍑 GA Governor Signs Bill To Expand Medical Marijuana Access and Revise Potency Limits

LEEF Brands closes $9.3M Financing. Apollo to acquire MJBiz Owner Emerald. IIPR closes $56.5M TL. ACE Venture completes 51% acquisition of Vireo Health New York. Texas revokes Cresco Labs’ permit.

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🌿 Industry

Source: GMCC

Georgia Governor Signs Bill To Expand Medical Marijuana Access. Until now, patients have only been able to access oils, tinctures, capsules, lozenges, topicals and transdermal patches. — Marijuana Moment

• The law adds lupus as a qualifying condition and removes the prior requirement that many conditions be “severe or end-stage” to qualify — broadening the eligible patient pool meaningfully, to an estimated ~600,000 people

• Patients 21+ may now vaporize medical cannabis (smoking still prohibited) and the 5% THC potency cap is replaced with a 12,000 mg total THC possession limit; the bill also rebrands “low THC oil” as “medical cannabis” throughout state statute

Texas revokes Cresco Labs’ permit to enter the medical market. In an abrupt about-face, Texas officials rescinded three conditional permits to enter the state’s expanded medical marijuana program. — MJBizDaily

• Cresco Labs said it is “evaluating its options” after the Texas Department of Public Safety (DPS) released an updated list of winners of conditional permits to participate in the Texas Compassionate Use Program

• In a statement, DPS said it identified a “tabulation error” in how it scored the applications received for a TCUP permit, a hiccup only noticed after it awarded permits on April 1 to Cresco and two other companies

• Two other companies (Story of Texas LLC, Texas Medica Collective) from the original approval list and Cresco Labs were shifted to a waiting list of 12 businesses eligible to fill future openings

Massachusetts Lawmakers Decline to Advance Cannabis Rollback Measure. The Special Joint Committee on Initiative Petitions recommended the legislature take “no action” on the proposal that would repeal commercial adult-use sales while preserving the medical program. — Marijuana Moment

• Committee members flagged substantial concerns about structure, implementation, and impact on licensed operators, tax revenue and public health safeguards

• Organizers must now collect an additional 12,429 certified signatures by July 1 to make the November ballot

• A parallel industry lawsuit argues the initiative represents “an unconstitutional regulatory taking” that would “destroy the reasonable, investment-backed expectations” of MA cannabis businesses

DEA’s Schedule III Cannabis Registration ‘Coming Soon’ For Cultivators, Manufacturers, Distributors, Labs. The application for non-dispensary businesses to handle Schedule III medical cannabis will be available in the coming weeks. — CBT

• Those who apply for the department’s expedited registration process could receive a first-mover advantage to certain federal protections; however, a Schedule III listing does not legalize medical cannabis – it merely loosens its control status

• That first-move advantage could also encompass potential access to export licenses, interstate commerce and compliance with any future regulations surrounding industry banking, exchange listings, credit facilities, and M&A, according to Foley Hoag

• Medical marijuana manufacturers in Oklahoma will be required to register with the DEA to keep their state permits

MJ Unpacked 2nd Annual Cannabis Cup Winners

Connecticut Reinstates THC Caps, reimposing a strict 35% THC potency cap on all cannabis flower products, citing pushback over public health concerns

Cannabis business licenses have declined for seven consecutive quarters

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💵 Deals

LEEF Brands Closes Final Round of Oversubscribed $9.3M Financing led by Mindset Capital. In connection with the final closing, the Company issued 24,994,642 common share units for gross proceeds of ~$4.7M and 357,553 preferred shares for gross proceeds of $100K. Across both closings, the Company raised aggregate gross proceeds of ~$9.3M through the issuance of ~33,146,842 common share units and ~11,084,132 preferred shares. The financing consisted of a combination of common share units and convertible preferred shares. Units were issued at a price of C$0.25/Unit, with each Unit consisting of one common share and one full common share purchase warrant exercisable at C$0.30 for a period of 24 months. The Preferred Shares carry a 15% annual dividend, consisting of 10% in cash and 5% paid-in-kind (PIK), and are convertible into common shares at a conversion price of C$0.38/share.

IIPR Closes $56.5M Secured Term Loan. The Loan has an initial term of three years, bears interest at the one-month Secured Overnight Financing Rate (SOFR) plus a spread of 500 basis points, is interest only and is secured by certain properties of the Company. The proceeds from the Loan are expected to be used to pay off the Company’s unsecured notes that are maturing at the end of this month.

ACE Venture Completes 51% Acquisition of Vireo Health New York. Alongside the acquisition, ACE Venture announces the consumer launch of Boukét, its flagship cannabis lifestyle brand. Anchoring the house-of-brands at launch are three partnerships with figures whose careers are deeply woven into New York's creative fabric. Rohan Marley and Kareem "Biggs" Burke launch their respective brands exclusively within the ACE Venture platform, while Gee Roberson joins as Cultural Creative Partner, bringing a legacy forged at the intersection of music, fashion, and lifestyle to define the creative vision and cultural voice of Boukét.

Body and Mind closes the New Jersey equity interest transaction. The Company’s wholly owned subsidiary, DEP Nevada, Inc., entered into a Purchase Agreement with Ascend New Jersey, LLC, whereby DEP, which owned 100% of BaM Body and Mind Dispensary NJ, Inc. (BAM NJ) agreed to sell all of the equity interests in BAM NJ to the Purchaser and a social equity partner, which resulted in Purchaser owning 35% of BAM NJ and Purchaser’s Social Equity Partner owning 65% of BAM NJ.

Apollo to Acquire MJBiz Publisher Emerald. Apollo (NYSE: APO) have entered into separate definitive agreements to acquire Emerald Holding, Inc. (NYSE: EEX) (“Emerald”) and Questex, LLC (“Questex”), with the intention to combine the businesses to create a leading North American B2B experiential events and media platform, in an all-cash transaction.

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📄 Company Updates / Earnings

Curaleaf Q1 2026 Revenue $324.2M (+6% YoY); 49% GM (-220 bps YoY); Adj. EBITDA $63.4M (19.6%, -200 bps YoY incl. 170 bps drag from international); Cash of $106.1M.

GTI Q1 2026 Revenue of $300.2M (+7% YoY); 48% GM (modest compression from licensing fees + price pressure); Normalized EBITDA of $93.5M (31.2% margin), Net income of $15.4M; Cash of $346.2M.

Trulieve Q1 2026 Revenue of $287M (GM 59% ); Net income $2M (Adj. NI $20M); Adj. EBITDA $100M (35% margin); Cash $353M. Rivers said retroactive 280E relief is “a when, not an if” — Trulieve has already received $114M+ in IRS refunds.

Vireo Growth Q1 2026 Revenue of $106.2M (+333% YoY), now the 4th Largest MSO on a Pro Forma Basis, Pro forma Q1 revenue of $210.2M (+5.0% YoY); Pro Forma adjusted EBITDA of $42.2M (20.1% margin), Cash of $137.8M.

Jushi Holdings Q1 2026 Revenue $66.4M (+4% YoY), 45.0% GM (+460 bps YoY), adjusted EBITDA $11.4M (17.2% margin), net loss of ($19.8M), $42.3M cash and $222.1M of debt after refinancing $132.3M of prior facilities into a new $160M, 12.5% secured term loan due 2029 (issued at 4% OID).

Grown Rogue Q1 2026 Revenue of $9.2M (+28% YoY), Adjusted EBITDA of $1.6M (17.1% margin), cash of $13.7M. Growth was driven largely by material revenue increases in New Jersey (note: The company seems to be making noise in NJ as it hosted one of the larger parties at MJ Unpacked last week with what seemed to be the majority of retailers and brands in attendance).

WM Technology Q1 2026 revenue of $43.6M (down ~2% YoY) with 95% GM and $5.9M adjusted EBITDA (13.5% margin); GAAP net income of $1.7M; $57M of cash.

Cronos Group Q1 2026 Net Revenue $45.2M (+40% YoY), Gross profit of $19.2M (42% GM), Adjusted EBITDA of $5.1M, Cash of $822M.

Organigram Q2 FY2026 Net Revenue of $59.8M, down (9%) YoY, Adjusted EBITDA of $0.9M, As of March 31, 2026, cash of $54.8M—Subsequent to quarter end, the Company deployed the majority of its total cash position in consideration of the Sanity Group acquisition and secured $60M in debt financing, of which $20M was allocated to the Sanity Group acquisition.

Arcana Collective Expands EU Market Reach with Pure Sativa Distribution Partnership. This positions the company’s genetics within one of the EU’s most recognized seed bank platforms. The company already maintains a direct-to-consumer online presence, offering seeds and slips through its own channels, as well as domestic wholesale relationships.

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🏬 Retail / Cultivation

Target Leans Into Hemp Beverages. Despite the looming Congressional ban on intoxicating hemp products, Target is expanding its hemp-derived THC beverage distribution pilot to 300 locations across Florida, Texas and Illinois, signaling that the major big-box retailer views the consumer demand as strong enough to weather the regulatory friction.

Speakeasy Dispensary Opens Eastern Kentucky’s First Medical Cannabis Dispensary in Ashland, KY. The Ashland location introduces a distinct approach to the Speakeasy experience, with a lobby designed as a curated art gallery featuring work from Kentucky artists. The space offers patients a personal, community-driven introduction before entering the main sales floor.

Silver Therapeutics Opens Stillwater’s 1st Cannabis Dispensary in Minnesota. The store carries both low-dose hemp-derived products and full cannabis offerings, giving customers flexibility as they explore what works best for them.

High Profile Opens Dispensary in London, KY. This marks the Company's entry into the state and expands access to safe medical cannabis for registered patients across Laurel County and the surrounding southeastern Kentucky region.

Cresco Labs Opens Sunnyside Dispensary in Aberdeen, OH. This marks the Company's second Ohio dispensary opening in the past month, increasing its footprint to eight locations statewide and 74 nationally.

Curaleaf Opens Two More Florida Dispensaries. Now at 73 in FL, 165 Nationwide.

Budr plans Stratford, CT cultivation expansion next to competitor. Budr is seeking approval for a special permit and coastal site plan to construct an ~11,000 sq ft addition, including about 4,300 sq ft dedicated to cannabis cultivation. Shangri-La Dispensaries currently operates a 40,000 sq ft cultivation facility at the location. Budr Cultivation co-founder Carl Tirella Jr. said the company also plans to purchase 6,000 sq ft from the existing Shangri-La facility and subdivide the structure so the two cultivation businesses can operate separately within the same building.

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🌱 Product

Gelato Canna introduces the Baller Brush. This first-of-its-kind tool makes using cannabis concentrates easier than ever, launching first in Michigan, Arizona, and California. The Baller Brush is a “paint brush” for cannabis—a sleek, handheld device filled with high-quality cannabis oil. Whether you are a long-time enthusiast or a casual user, it takes the mess and guesswork out of using concentrates. Just twist the top to click out the oil, which flows through a soft-tip brush. This allows you to “paint” the oil exactly where you want it.

Sluggers Hit x Xzibit launches King Maker Kush. The limited release debuts exclusively at Xzibit’s West Coast Cannabis stores before expanding throughout California. King Maker Kush is a new JUICED* 5-Pack featuring Fire OG x 3X Krazy genetics and Sluggers’ infused format combining premium flower, solventless hash, diamonds, high terpene extract, and a kief coating. The collaboration arrives as Sluggers continues rapid expansion beyond California into Arizona, New York, Massachusetts, and Canada while building a reputation around larger-format products, collectible packaging, and culture-led branding.

Mfused Launches in Missouri Through Partnership with Curio Wellness. This launch marks Mfused’s official entry into the Missouri market, bringing its proprietary hardware technology and premium formulations to consumers across the state. Products are available at Curio Wellness retail and select dispensary locations across the state. Mfused’s initial Missouri lineup will be under its Super Fog brand, featuring its industry-leading Jefé all-in-one vapes and Fattys pre-rolls.

RYTHM becomes Official THC Beverage Partner at Chicago’s Navy Pier. The multi-year partnership launches May 22 and centers on the RYTHM Stage in the Navy Pier Beer Garden, brought to life through events, pop-ups, sampling, and seasonal programming. Guests will have access to RYTHM’s full beverage lineup, including Sativa and Kush, each designed around distinct, effect-driven experiences. Señorita THC Margaritas will also be available alongside RYTHM at the garden and at select bars and points of sale across the Pier. The lineup of THC beverages arrives just in time for Navy Pier’s largest summer of Pier-produced programming ever. All beverages will be available in 12oz cans with 5mg of hemp-derived THC.

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🧔 People

Aprio Acquires Price Kong, Entering the Cannabis Industry. Aprio is a Top 20 accounting firm (FY revenue: $616M; Charlesbank-backed) and will be adding 5 partners and 40 professionals, marking Aprio’s formal entry into cannabis accounting and advisory services.

Curaleaf Employees at Arizona midtown Phoenix dispensary finally ratify union contract after yearslong fight. The agreement includes guaranteed wage increases and language preventing the loss of existing benefits during the life of the contract. The three-year collective bargaining agreement covers workers at just the Phoenix Midtown location, which is one of Curafleaf’s 16 Arizona cannabis stores.

Nabis is hiring a VP of People

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🎙️ Interviews

Stop Losing Dispensary Sales to Dirty Data w/ Socrates Rosenfeld | High Functioning

Rescheduling Financial Deep Dive with Gail Rand & Michael Harlow | High Spirits

Conversation with Kentucky’s Office of Medical Cannabis | IgniteIt Events

Obie Strickler (Grown Rogue): How to Scale Multistate Craft Grows | CEN

Fireside Chat with Village Farms President & CEO | Zuanic & Associates

Cronos Group CEO Mike Gorenstein | Cultivated Media

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👋 Highly Objective is a weekly Cannabis newsletter and podcast curated by Dai Truong, who leads Cannabis Investment Banking at Arlington Capital Advisors. Third-party information presented here and links to third-party content are for informational purposes only and are not intended as a recommendation, offer or solicitation for the purchase or sale of any financial instrument, security or investment. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. Linking to third-party sites in no way implies an endorsement or affiliation of any kind between Arlington Capital Advisors, LLC, or its affiliates and any third party. The information in this blog constitutes my own opinions (and any opinions posted by guest bloggers from time to time) and it should not be regarded as a description of services provided by Arlington Capital Advisors, LLC or any affiliate.