🏛️ Intoxicating Hemp Ban Unchanged in 2026 Farm Bill’s Advancement
Verdant Capital Partners to Acquire Native Roots CO Retail Operations. Tilray Brands Acquires BrewDog. Cresco Labs Revenue declines but margins improve.
🌿 Industry
Intoxicating Hemp Ban Unchanged in 2026 Farm Bill’s Advancement. The House Agriculture Committee passed the legislation without a two-year delay on the forthcoming federal ban, as proposed in separate legislation. — CBT
The 2026 Farm Bill won’t be the vehicle to delay the November 2026 implementation of the federal government’s ban on intoxicating hemp products
The legislation broadly addresses the nation’s agricultural and food policies, but one provision in the 800-plus page bill would define hemp as a cannabis plant that does not test higher than 0.3% total THC (including THCA), meaning it would remove language from the 2018 Farm Bill that includes a 0.3% delta-9 THC threshold, often referred to as the “loophole” that allowed intoxicating hemp products to proliferate nationwide
Although bipartisan lawmakers are hoping to repeal or delay the intoxicating product ban, House Agriculture Committee Chairman Glenn “GT” Thompson, R-Pa., has made his intentions clear: The 2026 Farm Bill should deal with agriculture (hemp plants), not finished goods (hemp products)
Alabama Medical Cannabis set to roll out this Spring. The commission licensed four dispensary companies, nine growers and four processors. — WHNT
Alabama Medical Cannabis Commission Chairman Rex Vaughn said when everything is up and running, Alabamians will have 12 dispensary locations across the state, due to each licensed dispensary company operating three locations
But Yellowhammer Medical Dispensaries, LLC., which would open an Owens Cross Roads location, has a stay on its license while its attorney, Patrick Dungan, said it navigates court proceedings
A Company that was not awarded a license filed an appeal involving Yellowhammer’s dispensary license. The commission and the company must wait for that appeal to have its day in court, but the three other dispensary companies will continue progress forward in the process
California Cannabis sales of $3.9B in 2025, down from $4.2B in 2024. California’s unit sales declined to 208.7M last year, down slightly from the 210.4M units sold in 2024. — MJBizDaily
A since-repealed excise tax increase that went into effect on July 1 also may have contributed to the decline in sales
But sales during Q4—after the tax hike was repealed Oct. 1—were still significantly lower than the same period a year ago, according to DTFA data
$2.5M Rift Pits Cannabis Pioneer Against Group That Backed Her. A dispute between the nonprofit Housing Works and the owner of a cannabis dispensary shows the risks for businesses in an industry that is locked out of traditional financing and resources. — NY Times
Under Matawana/Leeann Mata’s deal, Housing Works introduced her to investors who put up $700,000 for a 19% stake. The nonprofit also assumed responsibility if Matawana defaulted on its lease, and it brought on consultants who hired staff members and managed payroll and accounting. In exchange, Matawana agreed to pay $20,000 a month and give 5% of its revenue to Housing Works under a three-year deal
Matawana is one of six dispensaries that partnered with Housing Works, and the only one to sever the deal on bad terms
Los Angeles Hopes to Recoup $30M of $400M Unpaid Cannabis Taxes Through Amnesty Program. The City Council is moving forward with a proposal to excuse late fees and interest and allow businesses to pay off their back taxes. — CBT
~$35M in accrued interest and $100M in penalties would be forgiven
City Treasurer Diana Mangioglu projected that the city could receive as little as $30M based on projections around anticipated program participation rate while also considering that only about $150M of the $400M in delinquent tax payments remains collectible because some liabilities are past their three-year statute of limitations, while others are connected to businesses that are no longer operating
Louisiana floats pilot program to test adult-use cannabis legalization. The program would launch next year and run through 2030, with the Louisiana Department of Health overseeing the program. — MJBizDaily
Participation would be limited to the state’s existing 10 dispensaries to serve both medical and recreational consumers
John Davis, president of licensed cultivator Good Day Farm Louisiana, recently said the program’s success is a result of the number of patients doubling to 150,000 over two years, falling prices and limited competition – there are just two growers and 10 dispensaries in the state
Unreliable Lab Results Prompt New York Adult-Use Cannabis Recall. Regulators said an investigation into Keystone State Testing New York conducted between December 2025 and January 2026 determined that the lab issued unreliable test results for multiple cannabis products. — Ganjapreneur
The agency identified 54 product lots with incorrectly reported results for Aspergillus that “did not meet required safety standards for consumption.” There was also a product lot with incorrect reporting of heavy metals
Oregon cannabis industry defeats edibles THC cap. Senate Bill 1548 sought to mandate individual wrapping for each piece of THC-infused edibles and cap the potency of individual doses at 10 mg. — MJBizDaily
NY OCM Acting Executive Director John Kagia predicts $4.6B in sales by 2028. Current New York production capacity is at ~588,000 pounds of cannabis annually. While just over half of the ~9M square feet of permitted canopy is operational, fulfilling future demand might require three times as much supply. — MJBizDaily
💵 Deals
Verdant Capital Partners to Acquire Native Roots’ Retail Operations. Verdant Capital Partners has entered into a definitive agreement to acquire the retail operations of Native Roots, consisting of seventeen cannabis dispensaries located in Colorado. Native Roots is one of the longest-operating cannabis dispensary operators in the United States, having been established in 2009. Verdant Capital Partners was formed by experienced cannabis operators and investors focused on acquiring and operating regulated retail cannabis assets.
Tilray Brands Acquires BrewDog, a Leading Global Craft Brand, for £33M. Under the terms of the transaction, Tilray paid £33M in exchange for BrewDog’s worldwide intellectual property, UK brewing operations and a portfolio of eleven premier and profitable brewpubs including Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill, and Waterloo. These brewing and related operating assets are expected to generate annual net revenue of ~$200M and adjusted EBITDA of ~$6–8M.
📄 Company Updates / Earnings
Cresco Labs Q4 2025 & FY 2025. Q4—Revenue of $162M (52.2% Adjusted GM), down 2.0% QoQ and 8.2% YoY, Adjusted EBITDA of $40M (25% margin), OCF of $27M. FY2025—Revenue of $656M (50.2% Adjusted GM), Adjusted EBITDA $157M (24.0% margin), OCF of $73M. Cash of $91M, $311M debt and $19M mortgage loan.
RYTHM Q4 2025 & FY 2025. Q4—Revenue of $10.7M (75% GM), Operating loss of ($12.9M), primarily driven by a $8.5M non-cash impairment charge. Cash balance of $32.2M. Established a beverage retail footprint of over 6,000 locations across 18 states.
MariMed Extends Series B Preferred Stock Obligation Through 2031. The Restructuring and Exchange Agreement with the holders of its $14.725M Series B Convertible Preferred Stock. The Agreement eliminates the Company’s February 28, 2026 mandatory conversion date obligation and replaces it with a combination of long-dated instruments. As a result, the transaction extends the weighted average maturity of the obligation 4.6 years, significantly reducing near-term refinancing risk and enhancing the Company’s liquidity profile. Under the Agreement, the Company issued: a $2M promissory note maturing in March 2028, bearing interest at 8% with a two-year term; a $6M promissory note maturing in March 2031, bearing interest at 10% with a five-year term; and $6.725M of Series B Convertible Preferred Shares, valued at $0.25 per share, which are subject to mandatory conversion in February 2031, unless converted earlier pursuant to its terms.
Aurora Cannabis is now ‘solely’ a medical company. Aurora Cannabis is exiting the adult-use cannabis market to focus “solely” on global opportunities in medical marijuana. CFO Simona King laid out the licensed producer’s pivot to higher margin – and regulated – markets such as Australia, Germany and Poland during the TD Cowen Healthcare Conference in Boston.
Cannabis Teamsters at Cresco Labs Go on Strike in Pennsylvania. Teamsters at the Sunnyside dispensary in Wyomissing, Pa., voted unanimously to authorize a strike after the company failed to present a contract that fairly compensates its workers. Workers may be feeling emboldened after a 45-day strike at a York, PA, location of RISE (GTI), ended with a successful contract that included a raise.
Alpine IQ Earns 2026 Great Place to Work Certification. 93% of employees at Alpine IQ say it is a great place to work compared to 57% of employees at a typical U.S.-based company, according to the awarding organization.
🏬 Retail
High Profile Cannabis Opens Dispensary in Luna Pier, MI. Situated just minutes from the Ohio border and easily accessible from I-75, the dispensary provides a convenient stop for both local residents and customers traveling from northwest Ohio.
The Source Expands Southern Nevada Footprint With New Henderson Dispensary. This is The Source’s fifth location in Nevada, joining three locations in Las Vegas and one in Pahrump.
Texas Original Opens 5 New Locations to Expand Medical Cannabis Access Texas. The five sites (satellite locations in Plano and San Antonio, and pickup facilities in Lubbock, Nacogdoches and Tyler) will serve an addressable market of more than 14,000 patients. Satellite locations, authorized under HB 46, allow licensed medical marijuana providers to operate Department of Public Safety-approved locations where medicine can be securely stored onsite. Unlike traditional pickup sites, which require same-day transport from a central facility, satellite locations can maintain inventory overnight, enabling same-day pickup and more flexible access for patients.
Goldflower Cannabis Opens 13th Florida Dispensary in Summerfield, FL.
High Tide Opens Canna Cabana in Sarnia, Ontario. This opening brings High Tide’s total store count to 220 across Canada and 96 in the province of Ontario.
🌱 Product
Insa x Connected, Alien Labs for Pennsylvania. The initial rollout features a lineup of the most recognized strains, including Permanent Marker, Ambrozia, Gelato 41, Silver Spoon, Biscotti, Ghost OG and Cherry Marker, bringing the signature quality and genetics that built Connected’s West Coast reputation directly to Pennsylvania patients. Following this launch, AlienLabs, will debut in Pennsylvania in late March. The pending release will include Krypto Chronic, Gemini, Biskante, Dark Web, Xeno, Atomic Apple and XJ-13, further expanding access to some of the industry’s most talked-about and market-moving strains.
Organigram Global Expands FAST™ Innovation Platform with SHRED Shotz. SHRED Shotz is a compact, single-serve 65ml cannabis beverage powered by FAST™, Organigram’s fast-acting nanoemulsion technology platform designed to deliver a 15-minute onset. Each compact 65 mL bottle contains 10 mg THC and will be available in Blue Razzberry and OG Lemonade flavours.
🧔 People
High Tide Appoints Two New Directors. High Tide appointed two new directors as part of a planned board of directors renewal process. Nitin Kaushal and Andrea Elliott resigned from the board. Kaushal had served since 2018 and Elliott since 2021. In their places, the board appointed Kathleen Skerrett and Menashe Kestenbaum. Skerrett is a partner at Gardiner Robers LLP, where she practices in the areas of securities law, corporate governance, and capital markets transactions. Kestenbaum is a technology entrepreneur, public company executive, and venture capital investor.
🎙️ Interviews
The $28 Billion Ban: Hemp’s Last Stand | The High Rise
Micah Anderson, CEO of LEEF Brands | The Dime
How Charlotte’s Web plans to unlock a $4.5 billion CBD market | MJBizDaily