🏛️ Michigan House approves 24% Cannabis Wholesale Tax, Proposal now heads to Michigan Senate
Mamedica raises £4.5M. Grown Rogue fully acquires IL subsidiary. Pelorus Capital Group Launches Growth Equity Strategy w/ $1B Target. LeafLink names ex-Lyft Exec as CEO. Canopy Growthnames new CFO.
🗣️I’ll be at Hall of Flowers NYC, Oct. 8-9, let me know if you plan to be there as well
🌿 Industry
Michigan Lawmakers Pass Marijuana Tax Increase That’s Projected To Bring In $420M in Annual Revenue. The proposed Comprehensive Road Funding Tax Act would impose a 24% tax on the wholesale price of marijuana sold or transferred to a retail shop, beginning in January. — Bridge Michigan
The proposal passed the Republican-led House with bipartisan support in a 78-21 vote just hours after it was unveiled, with opposition from 10 Republicans and 11 Democrats. It now goes to the Democratic-led Senate for further consideration
The state collected $331M+ in excise taxes from the industry in 2024. The new wholesale tax would more than double that tax burden and put the state ahead of California in taxation
Track and trace now coming to New York market December 17. Most recently, seed-to-sale tracking was supposed to begin in August. — MJBizDaily
According to OCM, major deadlines include:
Nov. 7, Metrc credentialing begins and operators can start ordering ID tags
Nov. 21, businesses can start inputting key info into Metrc
Dec. 5, labs upload results for product already tested
Dec. 15, all inventory must be tagged in Metrc
Dec. 17, when all licensees must be in the system
Tokelahoma’s Cautionary Tale: How Weed Legalization Went Wrong in a Deep Red State. Higher costs, tougher enforcement, cratering prices and rampant criminal activity have eviscerated the once-booming medical marijuana market. — POLITICO
A 2023 study found that the state was producing 64 times the volume of marijuana required to serve the ~400,000 patients enrolled in its medical program
The overwhelming rejection of the 2023 recreational legalization referendum seemingly emboldened public officials who had previously been hesitant to crack down on the booming market out of fear of alienating their constituents
Since then, a slew of laws and regulations, as well as higher fees and tougher enforcement, have been put in place that have made it more challenging for businesses to operate and turn a profit
Colorado fines, bans maker of cannabis sleep aid connected to liver damage. The three companies, co-founded by Peter Barsoom manufactured and distributed Midnight Drops under the 1906 brand. — MJBizDaily
Under terms of a settlement, the companies will pay $400,000 in fines and cease operations in Colorado
An investigation found that the company failed to adequately research two herbal extracts used in the products—and also failed to properly notify retailers carrying the products
Company wins $1.9 million verdict in Baldwin Park cannabis corruption scandal. 'This case is among the first in California to expose and penalize municipal corruption in the commercial cannabis industry,' said an attorney for the plaintiff. — SGV Tribune
A company that purchased a cannabis license connected to a bribery scheme set up by Baldwin Park officials has won a $1.9 million verdict against the city, its former city attorney, a City Council member and a former councilmember
The city of Baldwin Park is on the hook for an additional $290,000 for “negligence,” according to the jury’s verdict
County restrictions on Delaware cannabis licenses lifted. Businesses can now apply to transfer permits between the state’s three counties. — MJBizDaily
The policy change aims to kick-start sales in the new market, which opened last month, and give businesses the flexibility to relocate from heavily regulated areas to more favorable locations
NJ launches NJ LEAF program to help support state’s cannabis supply chain. The New Jersey Economic Development Authority has just approved a new $15 million pilot program to support the state’s cannabis supply chain. The program is said to bridge capital across gaps for recreational cannabis growers, manufacturers and testing laboratories. The New Jersey Lending for Equality, Access and Financing (NJ LEAF) program will provide up to $1.5 million to eligible cannabis companies. Businesses must be based in New Jersey, employ fewer than 250 full-time employees and have been in operation for one calendar year to qualify. They must also have an annual gross income of $5 million or less.
Hemp-derived THC products face uncertain future in Illinois
The number of active cannabis business licenses in the U.S. fell 2% in Q2 2025
NECANN Atlantic City: Insights on NJ’s Market — Cannabis Industry Journal
Georgia lawmakers meet again to consider expanding medical marijuana program. Lawmakers debated expanding the list of conditions to include conditions like insomnia, non-PTSD anxiety, depression and fibromyalgia.
Revelry: New York’s Cannabis Market Finds Its Stride (mg), Revelry on the River in NYC (Cannabis Now), NYC’s Unstoppable Fusion of Cannabis, Culture, and Community (Beard Bros)
💵 Deals
Mamedica, the UK’s leading medical cannabis clinic raises £4.5M led by Casa Verde. With ~7,500 active patients currently under care and a 10% month-on-month growth in bookings for initial consultations, the business is on track to double its patient base annually. The raise positions Mamedica to continue delivering high-quality, regulated treatment to those for whom conventional healthcare has often fallen short. At the heart of Mamedica’s operation and bolstering the motivation behind its current investment round sits a proprietary digital healthcare platform purpose-built to manage the prescribing, dispensing and fulfilment of cannabis-based medicines in line with UK regulations. The cloud-based system securely connects patients, clinicians and pharmacists across the entire care journey – from digital assessments and e-prescriptions to inventory, logistics and ongoing treatment monitoring. With this infrastructure, Mamedica is establishing new standards for compliance, efficiency, and patient outcomes in a growing sector set to reach £1bn in annual sales by the end of 2028.
Grown Rogue Acquires Remaining 30% Minority Interest in Illinois Subsidiary. Grown Rogue has completed the acquisition of the 30% minority interest in Rogue EBC, LLC, its Illinois subsidiary. The total consideration is $1.5M, with $500K paid at closing, $500K due in six months, and $500K due at the earlier of 15 months from closing or the date of the first harvest.
Lucid Green Raises Undisclosed Capital. The funding was led by its lead investor. The company recently reached a record 800,000 daily LucidID’s generated and now has over 160 million LucidID’s in the market.
InterCure Acquires Technology, Brands Company ISHI. InterCure acquires Botanico Ltd., also known as ISHI, a premium medical cannabis technology and brand company that delivers immediate access to advanced cultivation technologies and established partnerships with leading American cannabis operators. ISHI brings an exclusive partnership with a top tier indoor facility, sophisticated AI-driven cultivation optimization systems, automated production capabilities, and exclusive partnerships with premium U.S. cannabis brands, including established operators like The Flowery.
Flora Growth (FLGC) $401M Funding with a $22.9M Strategic Investment from Defi Development Corp. (DFDV) to Initiate Groundbreaking AI Zero Gravity ($0G) Coin Treasury Strategy. 0G is the largest AI-first blockchain that is infinitely scalable and designed to power the future of distributed AI. Upon close of the transaction, the company expects to rebrand as ZeroStack and retain the "FLGC" ticker symbol. Although Flora Growth still operates brands such as JustCBD and Vessel, its cannabis segment will now take a back seat.
📄 Company Updates / Earnings
Pelorus Capital Group Launches Growth Equity Strategy. The Growth Fund, which is an offering up to $1 billion in capital, will build off Pelorus’ experience lending to businesses in the cannabis industry and complement the existing Pelorus Fund, a private mortgage real estate investment trust structure. Pelorus has seeded the Growth Fund with a portfolio of ~$100M of cannabis-use business assets secured through and spun out of current Pelorus real-estate investments. The fund will have a mandate of investing in and building industry leading cannabis operating businesses and developing market-leading platforms capable of capturing the current wave of consolidation in the industry.
Vireo Growth Launches Adult-Use Cannabis Sales in Minnesota. The Company is now dispensing a full suite of both medical and adult-use cannabis products at all eight of its Green Goods™ dispensaries located throughout the State of Minnesota.
Curaleaf’s Michigan Problem. Curaleaf lost a trial in a federal court in Michigan earlier this year and owes the plaintiff, Hello Farms, $37.3M. Curaleaf did disclose this in their quarterly filings last month. In addition, the Company’s uncertain tax position is now $476.9M. In the first half of 2025, the company paid $20.9M of taxes.
Edible Arrangements Is Taking Its THC Delivery Service Nationwide. Following a successful pilot in Texas earlier this year, Edibles.com, the hemp-derived THC marketplace from the company that owns Edible Arrangements, is going nationwide. Atlanta-based Edible Brands announced today that it will ship gummies, drinks, and other THC-infused products to the 30 or so states where those deliveries are legal and will introduce same-day local delivery to Florida, Georgia, and North Carolina. For now, Edibles.com will leverage the logistics and delivery system built up for Edible Arrangements’ nearly 800 franchise locations, which allows it to be one of the few marketplaces for THC products with nationwide reach. The company also intends to expand to brick-and-mortar stores.
GTI $50M Share Repurchase Program. The repurchase program authorizes, pursuant to a normal course issuer bid, the repurchase of up to 10,364,640 of its shares over the next 12 months. Under the company’s previous repurchase programs that began on September 5, 2023, GTI repurchased ~13.5M shares for $108M.
Jushi Favorably Modifies Mortgage on Virginia Cultivation, Manufacturing Facility. In connection with the modification: (1) the Company has received an additional $4M of loan proceeds, (2) the maturity date of the loan has been extended to September 18, 2030, and (3) the interest rate floor has been lowered from 8.25% to 7.50%. The loan, as modified, remains principally secured by the Company’s cultivation and manufacturing facility located in Manassas, Virginia. The additional loan proceeds will be used for capital expenditures, working capital and other corporate purposes.
Wana Brands Launches Hemp-Derived THC Edibles and Beverages in Georgia. This marks Wana's 24th state of distribution, this strategic expansion underscores Wana's mission to provide innovative cannabis products—empowering consumers to embrace plant-powered wellness on their own terms.
Ispire Technology Financial Results FY2025. Comparisons are to FY2024. Revenue decreased to $127.5M, compared to $151.9M, Gross profit declined to $22.6M (17.8% GM), as compared to $29.8M (19.6% GM), Net loss of ($39.2M), compared to net loss of ($14.8M). As of June 30, 2025, Ispire had $24.4M in cash and cash equivalents.
🏬 Retail
Bloom Cannabis Expands in Ohio with New Athens Dispensary. This is the company’s seventh Ohio dispensary.
JARS Cannabis celebrates grand opening of new Madison Heights, MI dispensary. This is the company’s 32nd Michigan dispensary.
Cresco Labs Opens Sunnyside Proctorville, OH. It is the Company’s sixth dispensary in Ohio and 71st nationwide. Located in downtown Proctorville, Sunnyside is the only Ohio dispensary within a 45-mile radius.
Jushi Opens Beyond Hello Dispensary in Parma, OH. Sixth Beyond Hello Location in Ohio and 41st Retail Location Nationwide.
Verano opens 82nd Florida Dispensary in Crystal River. Situated in Florida’s Citrus County, a growing region with over 150,000 residents, MÜV Crystal River is the first MÜV dispensary in the county.
🌱 Product
1906 launches Spirits Neutral-Flavored Cannabis Spirit. Each 750ml bottle containing, both 200mg THC and 200mg, CBG can blend seamlessly into any beverage including cocktails, mocktails, sparkling water, or soda, delivering a fast-acting, hangover-free experience. 1906 Spirits was created for this cultural reset. Unlike existing cannabis beverages, which are heavily flavored and only include THC, 1906 Spirits is deliberately neutral in that it contains both THC and CBG, making it "the vodka of cannabis." The addition of CBG balances THC for a smoother and more social high, ideal for modern social drinking.
Missouri’s Own THC-infused BBQ seasoning hits dispensary shelves. The seasoning combines bold, smoky barbecue flavor with a precisely dosed cannabis infusion. Each jar contains 100 milligrams of THC. Unlike traditional rubs, this product was developed as a seasoning to be added after cooking rather than during high-heat grilling or smoking. Because THC begins to degrade at high temperatures, Missouri’s Own crafted the blend to complement low-temperature smoked BBQ—below 300 degrees—or to be used as a finishing seasoning.
IndicaOnline launches enhanced delivery software. With features that support both Hub and On-Demand delivery models, dispensaries have full flexibility to scale operations, expand territory, and serve more customers faster and more accurately.
🧔 People
LeafLink Names ex-Lyft Exec Ashwin Raj as CEO. Prior to LeafLink, Raj was CEO of ezCater, an enterprise food platform. He was also EVP and Head of Ridesharing at Lyft. And before that, Raj held senior leadership positions at Amazon.
Canopy Growth name Tom Stewart CFO. Stewart has served as Canopy Growth’s Interim CFO since July 2025 and has been a member of the Company’s senior finance leadership team since 2019.
🎙️ Interviews
Billion-Dollar Cannabis Bet: Pelorus Capital’s New Equity Fund | Trade to Black
Cannabis Crossroads: Record US Demand Meets Federal Gridlock | INN
The case for relaxing NY’s cannabis beverage regulations | The Capitol Pressroom