đ€ Kiva Sales & Service (KSS) x Petalfast Merger
Verano $195M Term Loan. LEEF Brands $4.5M Initial Closing led by Mindset Capital. Grown Rogue takes over former PharmaCann Dwight, IL Cultivation. FLUENT Amends Credit Agreement.
đż Industry
Virginia adult use cannabis sales could launch Jan. 2027. Virginia may finally see adult-use cannabis sales begin more than five years after legalization. â VPM
Virginia lawmakers last week approved a bill that sets a Jan. 1, 2027 start date for adult-use cannabis sales
After the House of Delegates and state Senate passed their own versions of the cannabis market bill, a group of eight legislators began closed-door negotiations to iron out differences and come up with a final compromise
Existing medical cannabis operators in Virginia would have to pay $10 million to get into the retail marketplace, a compromise between the $5 million proposed in the House and the $15 million proposed in the Senate
The final proposal maintains language that was in both bills, includes capping the number of retail cannabis establishment licenses at 350 and increasing the possession limit from 1 ounce to 2.5 ounces. Localities canât opt out of recreational sales
The Governor has until April 13 to sign or veto each proposal, or return it to lawmakers with proposed amendments for them to consider. She can also take no action and allow a bill to be enacted without her signature
Cannabis vapes now outselling flower in California â thanks to Gen Z. Vape sales first surpassed flower sales last June and have maintained the lead ever since, according to state Department of Cannabis Control data. â MJBizDaily
According to data analytics firm Headset, Gen Z allocates 38% of their cannabis spending to vapes, compared to 32.5% on flower
Headsetâs data shows that flower still outpaces vapor pens in California and in other states, but the gap is narrowing, and sales of vape products will surpass flower in the companyâs data in a matter of months
Cannabis IP: Why Snoop Dogg canât trademark âSmoke Weed Everyday.â Snoop Dogg canât patent âSmoke Weed Everydayâ because itâs too popular. â MJBiz
But while Snoop may still have trouble securing copyright protections for this particular phrase, he and other entrepreneurs in the legal marijuana industry have options when seeking brand protections, according to legal experts
But âone way Snoop Doggâs legal team could respond is by amending the application to limit the goods or services to products that are lawful under federal law, such as certain hemp-derived CBD products that comply with the 2018 Farm Bill,â intellectual property attorney Josh Gerben wrote in a blog post
Klutch Sports sues Klutch Cannabis for trademark infringement. Klutch Sports Group says Klutch Cannabis is wrongly profiting from agencyâs Ohio connections.
Preliminary Headset shows that Michigan cannabis revenue sank to $206.18M in February 2026âa 14.8% drop from February 2025. â MJBizDaily
Massachusettsâ70%+ of consumers buying cannabis from a licensed retailer
đ” Deals
Kiva Sales & Service (KSS) x Petalfast Sign LOI. Kiva Sales & Service (KSS), a sales and distribution agency announced a strategic combination with Petalfast, a high-performance sales, distribution and retail engagement services company. The transaction will unite two of the leading cannabis distribution companies, creating a step-change in scale that enhances operational efficiency and expands market reach for supplier partners across California, Arizona and beyond. Central to the combined organization is the launch of KSS Lite, a streamlined, "no-frills" distribution tier engineered for brands that prefer to lead their own sales efforts. While KSS continues to offer its "Full Partnership" modelâ KSS Lite provides the logistical precision and retail access of the KSS network without the full-service overhead. KSS' digital marketplace, KSS Live, will also position the combined organization as a leading player, expanding capabilities and improving service on behalf of all partners. KSS Live boasts a 60% buyer adoption rate, making it one of the most powerful ordering platforms in the industry.
Verano Secures $195M Senior Secured Term Loan. The $195M Term Loan is under a new credit agreement led by Needham Bank as administrative and collateral agent and Chicago Atlantic Financial Services, LLC, as co-administrative agent. Simultaneous with the refinancing, the Company also announced it has drawn the remaining $50M available under its existing revolving credit facility, which was initially entered into in September 2025 and subsequently upsized to $100M in January 2026. The loan matures March 11, 2029, with an option for the Company to extend the maturity date for an additional one-year period, subject to customary conditions and an extension fee. The Interest Rate is a floating rate equal to Term SOFR plus 5.50%, subject to a 4% Term SOFR floor, or 9.50% per annum.
LEEF Brands $4.5M Initial Closing of Up to $8M Financing Led by Mindset Capital. LEEF will offer units (LEEF Units) at CAD $0.25 per unit, each consisting of one common share and one warrant. Each warrant entitles the holder to acquire one additional common share at CAD $0.30 for a period of two years from the date of issuance. In addition, LEEF will also offer Preferred Shares carrying a 15% annual dividend paid quarterly (10% in cash, 5% paid-in-kind), with a conversion price of CAD $0.38 per share. LEEF expects to raise up to $8M in aggregate through the concurrent offerings, including the $4.5M initial closing announced today. With the full amount expected to be raised, the financing would result in the issuance of ~21,868,800 common shares and ~14,579,200 preferred shares. Proceeds from the financing will primarily support the expansion of Salisbury Canyon Ranch, LEEFâs flagship California cultivation asset designed to supply biomass for its concentrate production.
Grown Rogue Accelerates Illinois Entry with Lease of Turnkey Facility. Grown Rogue has entered into a series of definitive agreements with its affiliate, Grown Rogue Management Associates (GRMA) SEA Craft to operate a cannabis production facility in Dwight, Illinois, formerly operated by PharmaCann (owned by IIP). GRMA (80% owned by the Company) is acquiring a 49% interest in SEA Craft, the holder of an Illinois craft grow license and an existing cash balance of $1.0M, with an option to acquire the remaining 51% subject to regulatory and performance-based considerations. SEA Craft entered into a lease for a fully constructed cultivation and processing facility totaling 66,000 sq ft, including ~10,000 square feet of existing indoor flowering canopy, with capacity to expand to the 14,000 square feet ultimately permitted under the craft grow license, and dedicated post-harvest, processing, and manufacturing infrastructure. GRMA completed a $3.0M preferred equity investment to support SEA Craftâs projected capital needs.
FLUENT Amendment to Senior Secured Credit Agreement. The Amendment permitted FLUENT to draw an additional $6M on the date of the Amendment in the form of term loans, which bear a paid-in-kind (PIK) interest rate of 13.00% per annum and is due to mature on December 31, 2026.
Canopy Growth completes acquisition of MTL Cannabis. The combined company establishes Canadaâs leading medical cannabis platform and strengthens Canopy Growthâs broader business through expanded premium flower supply, enhanced operating execution and ability to meet demand in regulated international medical markets, including Europe.
đ Company Updates / Earnings
Verano Q4 Full Year 2025 Results. Q4 2025âRevenues of $207M, up 2% QoQ /down (5%) YoY, (51% margin), Net Loss of $(183M), Adjusted EBITDA of $56M (27% margin). FY2025âRevenues of $822M, down (6%) YoY (50% GM), Net Loss of $(258M), Adjusted EBITDA of $229M (28% margin). Cash and cash equivalents of $83M, total debt, net of issuance costs, of $400M.
AWH Q4 Full Year 2025 Results. Q4 2025âNet revenue was $120.5M compared to $124.7M in Q3 2025, Net loss of ($48.7M), which includes a $17.0M arbitration settlement expense, Adjusted EBITDA was $30.2M (25.1% margin). FY 2025âNet revenue was $500.6M compared to $561.6M in FY 2024. Net loss of ($118.2M), Adjusted EBITDA was $116.9M (23.4% margin). Cash and cash equivalents of $85.7M as of December 31, 2025 and Net Debt was $215.8M.
Vireo Growth Q4 2025 Results. Revenue of $104.5M increased 317.7% YoY, driven by recently closed M&A transactions. On a pro forma basis, Q4 same store sales increased 22% YoY and wholesale revenue increased 55% YoY; excluding Minnesota, same store sales increased 11.3% YoY. Adjusted EBITDA of $29.5M (28.2% margin). Cash of $122.5M, current liabilities excluding uncertain tax liabilities were $71.6M. Pending acquisitions of Eaze, Schwazze, and PharmaCann retail assets in Colorado, and MOU for the acquisition of Hawthorne, are all expected to close in 1H 2026.
WM Technology Q4 Full Year 2025 Results. Q4âRevenue $43.1M, compared to $47.7M in the prior year period. Adjusted EBITDA decreased to $10.4M from $11.9M in the prior year period. Net loss was ($5.0M), compared to net income of $3.7M in the prior year period. FY2025âRevenue of $174.7M decreased from $184.5M in the prior year. Adjusted EBITDA decreased to $39.8M from $42.9M in the prior year. Net income decreased to $3.3M from $12.2M in the prior year. Cash of $62.4M.
Reklaim Credit Solutions Launches as the First Commercial Credit Rating Agency Built Specifically for the Legal Cannabis Industry. At the core of Reklaimâs platform is a purpose-built neural network ensemble model that aggregates accounts receivable data, integrates with state Secretary of State records and cannabis regulatory data, and applies predictive analytics developed by experts in credit risk, financial modeling, and cannabis finance. The result is a suite of services previously unavailable to the industry: cannabis-specific commercial credit scores, credit limit recommendations, and comprehensive credit reports calibrated to the unique financial realities of operating in a legal but federally complex market. Kraig Fox, CEO and Founder of Reklaim Credit Solutions said âOperators are sending inventory out on trade credit with zero visibility into who theyâre extending credit to. No scores, no limits, no history. Itâs a broken system that costs this industry hundreds of millions of dollars every year.â
đŹ Retail
Curio Wellness opens Far & Dotter Dispensary in Browns Mills, NJ. This is the first Far & Dotter franchise location in New Jersey and 5th nationwide.
Verano Opens MĂV Lehigh Acres. This is the Companyâs 84th Florida Dispensary and 161st Location Nationwide.
Trulieve to Open Medical Cannabis Dispensary in DeLand, Florida. The company now has ~159 dispensaries in Florida and ~233nationwide.
đ± Product
AIQ x Rank Really High Integration. This integration combines AIQâs headless ecommerce, powerful loyalty, and marketing automation with Rank Really Highâs native website platform, giving dispensaries more flexibility to build the online store that works best for their business.
Headset x Distru Partner to Automate Cannabis Ordering, Streamline Supply Chain. The integration connects Headsetâs real-time retail and market insights with Distruâs operational execution layer, allowing operators, brands, and distributors to place orders at the right time, in the right quantities, with seamless fulfillment from order through delivery. Together, the companies are addressing one of cannabisâs biggest operational challenges: translating demand signals into action without manual work, disconnected systems, or guesswork.
đ§ People
LEEF appoints Jamie Mendola to Board. Mendola is currently the CEO of Pacific Grove Advisors, where he advises founders, boards, family offices, and investment funds on growth strategy, capital deployment, and operational scaling. Previously, Mendola served as Chief Revenue Officer and Chief Business Development Officer at AYR Wellness and co-founded Mercer Park Brand Acquisition Corp., a cannabis-focused SPAC that merged with Glass House Group. He also served on the Board of Directors of Glass House Brands.
đïž Interviews
This $100 Million Vape Company Is A Pillar Of The Cannabis Industry | Forbes
Vape Pens vs. Flower in California, Texas Hemp Ban & State Market Updates | High Rise