📰 Jim Baird (R-IN) Files Bill To Delay Federal Hemp Ban For Two More Years

Sunderstorm Acquires Lime. KEY Investment Partners Acquires BellRock Brands’ Portfolio out of Receivership, appoint Joe Bayern CEO.

Jan 14, 2026

🗨️ Update: I’m bringing back conversations with industry leaders that I think could be interesting to subscribers. First up is talking through 2026 Growth States & Why with Hirsh Jain of Ananda Strategy. Instead of pushing it out as a podcast, I’m starting with a summary of the conversation and raw transcripts that will be edited over time. If you want to chat about anything or have a topic you recommend, please reach out.

🌿 Industry

GOP Congressman Files Bill To Delay Federal Hemp Ban For Two More Years. Jim Baird (R-IN) filed new legislation that would push the Federal Hemp Ban timeline back by another two years. — Marijuana Moment

Baird’s bill has four initial cosponsors: Reps. James Comer (R-KY), Gabe Evans (R-CO), Tim Moore (R-NC) and Angie Craig (D-MN)

Pennsylvania medical marijuana program sees slight decline in registered users. The Commonwealth had ~439,400 users registered with the medical marijuana program as of Nov. 1, a decline of ~1,300 compared to the same time in 2024, per state data. Across the state, 185 medical marijuana dispensaries are operating — one less than the year before — along with 30 growers and processors.

New York Cannabis market reaches $1.6B in 2025 as retail footprint expands. As of November 30, 2025, combined adult use and medical cannabis sales reached ~$1.6B, an increase from ~$1.0B in 2024.

Ohio Recreational sales of $836M in 2025. The manufactured sales average was $23.83 for the week ending in Jan. 3 compared to $26.66 for the week ending of Jan. 4, 2025, according to the Division of Cannabis Control.

Massachusetts topped $1.65B in 2025 sales. Retailers recorded 46.3M transactions in 2025, about 3.4M more than the previous year.

Oregon sales declined by 3.5% for a total of $925M in 2025. Oregon growers harvested more than 13M lbs — up from just over 12M lbs the previous year. Industry experts largely blame low retail prices, not lack of demand, for the falling sales numbers. And they expect low retail prices to persist through 2026, mostly thanks to record setting production for the last cannabis season.

Mississippi Retail sales for 2025 totaled ~$139M. Patient participation also grew substantially, with 66,041 active patients by the end of the year compared to 49,626 patients in 2024. The number of active certifying practitioners stayed steady at 259.

Sprouts Farmers Market Adds THC Drinks. In a significant move for the hemp-derived beverage category, Sprouts will launch intoxicating hemp beverages in 115 stores, further "mainstreaming" THC drinks into traditional retail channels. Sprouts said eight Hemp-THC beverage brands will be sold in the stores—Cann, Delta, High Pour, Magic Cactus, Nectar, Wynk, Howdy (Texas only) and Nowadays (Florida only).

Proposed Texas hemp THC regulations threaten $5.5 billion market. The new rules, prompted by Gov. Greg Abbott’s September executive order to regulate hemp products after he rejected an outright ban, could take effect as early as Jan. 25. Under the proposed regulations, annual fees for hemp manufacturers would skyrocket from $250 to $25,000 per facility, while retail registration would jump from $150 to $20,000 per location. The rules also introduce stricter packaging requirements, expanded testing protocols and mandatory recall procedures.

Abstrax Releases 2026 Cannabis Flavor & Application Trends to Guide Product Innovation and Portfolio Growth. Built from years of research, development, and commercial launches, the 2026 report distills what is actually selling on dispensary shelves. It highlights that ~60% of cannabis consumers prioritize flavor above all else when choosing vapes, and that flavor variety is the top driver for purchases across North America. It also shows how low brand loyalty in many categories creates room for disruptors that lead with bolder, more targeted flavor systems.

Medical Cannabis Prescriptions in Germany Up 3,300% Since Reclassification. Despite this surge in demand, prices have fallen sharply and product availability has expanded, pointing to a maturing, competitive market. The data, published as part of Bloomwell Group’s latest ‘Cannabis Barometer: 2025 Annual Review’, is based on the anonymous evaluation of hundreds of thousands of prescriptions redeemed by self-paying patients via the Bloomwell platform at partner pharmacies across Germany between January 2024 and December 2025.

💵 Deals

Sunderstorm acquires Lime. Founded in 2019, Lime has secured shelf space in hundreds of licensed dispensaries throughout California. The transaction is Sunderstorm’s second strategic acquisition and comes following its purchase of vape brand Bounti in 2023.

KEY Investment Partners Acquires BellRock Brands’ Portfolio. KEY Investment Partners has purchased BellRock Brands out of receivership through an investment that secures all brand assets and provides working capital to refocus and revitalize the brands. Former Curaleaf CEO Joe Bayern will serve as CEO for the newly formed company, MM Brands. The BellRock family of brands included well-established names such as Dixie Elixirs, Rebel Coast, Défoncé and the extremely popular Mary’s Medicinals, Mary’s Nutritionals and Mary’s Tails. The company was placed into receivership in March 2024.

Connecticut $416K settlement with cannabis business in premature ‘gun-jumping’ in merger. Crisp Cannabis has three dispensaries in Bridgeport, East Hartford and Cromwell. The company that is seeking to acquire the businesses, Mohave CT LLC, also was involved in the settlement. Evidence showed that the acquiring entity assumed decision-making authority and coordinated the operations, branding, and staffing of three separate cannabis establishments for more than 100 days before notifying regulators.

SNDL & 1CM Complete Purchase and Sale of 5 Retail Stores in Alberta and Saskatchewan. As previously announced, it is anticipated that the second (and final) closing will occur sometime in the first half of 2026, in respect of 27 additional cannabis retail stores located in Ontario, subject to obtaining the required regulatory approvals.

📄 Company Updates / Earnings

Tilray Brands (all comparisons made to the prior year period) Q2 FY 2026 Net revenue up 3% to $217.5M, 26% GM compared to 29% GM, Adjusted EBITDA was $8.4M compared to $9.0M, cash and marketable securities balance of $291.6M. Adjusted EBITDA Outlook for FY 2026 Reaffirmed at $62–$72M.

Canopy Growth Strategic Recapitalization Transactions. The Company has entered into a series of transactions to recapitalize its balance sheet and extend the maturity dates of all outstanding indebtedness to January 2031 at the earliest. At the conclusion of these Transactions, Canopy is expected to have cash of ~C$425M.

Curaleaf Proposed Domestication to Delaware. Curaleaf believes the favorable corporate environment afforded by Delaware will further the Company’s strategic objectives, streamline the Company’s organizational and regulatory structure all within the United States and help the Company conduct its business more effectively. After completion of the Arrangement, Curaleaf expects the Delaware Subordinate Voting Shares to continue to be listed for trading on the TSX) and be quoted on the OTCQX in place of the Subordinate Voting Shares and the trading symbols to remain the same.

River Remedy 2025 Mississippi Medical Cannabis Market Reflections: Observations, Analysis, and Outlook. The Company expanded their retail footprint to five dispensaries across the state, including locations that gives them direct visibility into patient behavior. That geographic reach, combined with our vertically integrated operations, allows us to see how regulatory decisions and operational realities interact across the entire cannabis ecosystem. CEO Will Chism describes his market observation and what it suggests about where Mississippi’s medical cannabis program is headed next.

Illicit launches largest Employee Stock Ownership Plan in U.S. cannabis industry. S1 Enterprises, the parent company of the Illicit brand and affiliated cannabis operations in Missouri and New Jersey, has successfully closed on its sale to an Employee Stock Ownership Plan (ESOP), marking a major milestone for employee ownership in the regulated cannabis industry. The ESOP covers S1 Enterprises’ Missouri and New Jersey operations which creates a long-term ownership pathway for its more than 500 employees, aligning the company’s financial future with the people who helped build it from the ground up. The new ownership structure is designed to support meaningful retirement benefits for employees whilst preserving the company’s culture, mission, and operational independence.

Blüm $3M Debt Conversion. The conversion was completed at a fixed price of $0.98 per share, representing 85% of a $20.9 million pre-money valuation on a fully diluted basis. As a result of the transaction, Blüm issued 3,248,547 shares of common stock, and the converted debt was cancelled and satisfied in full. In connection with the transaction, Blüm also executed a $525,000 senior secured promissory note consolidating two previously issued and expired unsecured notes. The new note bears interest at 8.0% per annum, matures on December 31, 2027, is secured by substantially all of the Company’s assets, and may be prepaid at any time without penalty. Warrants previously issued in connection with the prior notes were cancelled.

🏬 Retail

Fine Fettle Converts All Connecticut Locations to Hybrid Dispensaries. All nine Fine Fettle dispensaries across the state will be converted to hybrid facilities on Jan. 15, serving both medical patients and adult-use customers. This expansion follows recent changes to Connecticut cannabis regulations and legislation that allow recreational cannabis retailers to convert to Hybrid Dispensaries and sell to registered medical patients in the Connecticut Medical Marijuana program. These conversions create new opportunities for patient access and operational efficiency across the state.

The Medicine Woman, Dispensary co-owned by Ice-T has closed less than a year after opening in Jersey City, NJ. The store’s website no longer lists its Jersey City location and Google search results say it has permanently closed. In a statement, the dispensary owners blamed a lack of local government support and mounting costs for the business’ failure.

Green Goat Cannabis Shoppe opens in New Paltz, NY. Drawing on strong bonds of friendship, a shared vision for what acquiring and consuming cannabis could be like, and the mysteries of how goats bless the earth of a centuries-old farm, the three people at the center of this artisanal establishment are ready to curate cannabis from their own crop for all comers.

Cresco Labs opens Sunnyside Tamarac, FL. It is the Company’s 31^st dispensary in Florida and 72^ndnationwide.

🌱 Product

Willow Industries Debuts Halo Pro to Infuse Distillate, Terpenes Onto Biomass. Halo Pro provides an economical, automated, and safe way for cultivators and operators to infuse product. Terpenes and/or distillate are placed in a canister at the top of the Halo Pro, the canister is heated to a predetermined temperature and then atomized into a drum as it tumbles anything from ground to whole flower.

🧔 People

Common Citizen appoints Robert Beasley as CEO. Founding CEO Michael Elias stepped away from the position roughly a year ago amid financial turmoil, and co-founder David Yostos filled in on an interim level until Beasley’s hiring. As others exit the Michigan market, Beasley sees the opportunity for growth — arguing that the market itself can sustain the price increase if planned for. “Prices are at rock bottom,” Beasley said. “There is some room in the price to accommodate the tax, but there is no room in the margins or profitability. This has to be absorbed and shared in some reasonable way. It can’t all be passed down to the customer. The competitors that try to resist (absorbing some of the costs) are going to have a hard time. Citizen has weathered the storm while others have not. When you’re the last shrimp boat around, there are plenty of shrimp.”

Curio Wellness promotes Matt O’Neal to Regional President, Midwest. This is a newly created role designed to strengthen geographic leadership, deepen wholesale relationships, and accelerate revenue and market share growth across key Midwestern markets. Curio has also initiated a search for a Regional President, Mid-Atlantic, based in Maryland, further reinforcing its commitment to geographic leadership as the company continues to scale.