🏷️NY Cultivators expect seed-to-sale tracking will be delayed 6-12 months
The Cannabist Co. divests dispensary footprint in PA. TILT Holdings sells 2 MA dispensaries. Uncle Arnie’s $7.5M Series A. High Tide acquires 51% of Remexian for €27.2M (Germany).
🌿 Industry
Cultivators expect 6-12 month delay for N.Y. track-and-trace system. OCM indefinitely paused the launch of its Seed to Sale system after BioTrack, which is contracted with the state, announced a merger with Metrc. — Spectrum News 1
OCM continues to evaluate the impact of the merger on the emerging system and licensees. Metrc may have to submit a new proposal to the state to take over BioTrack's $1.2M contract
Trump’s Cannabis Plays, Explained. Harris Sliwoski looks at how this should work.
There are four primary paths:
Resume the stalled rulemaking process, to adopt last year’s proposal placing marijuana in Schedule III;
Begin a new rulemaking process, presumably with a new proposed rule;
Jettison rulemaking hearings altogether, and DOJ simply publishes a final rule, placing marijuana on Schedule III (or wherever); or
Do nothing. Say, “we like marijuana where it is, science and treaties be damned.”
One thing to address at the outset is the oft-repeated fiction that Trump could simply re-or deschedule marijuana on his own, via executive order. He cannot. He could, however, direct the process much like Biden did, when Biden issued a 2022 executive order directing HHS to revisit the control status of marijuana. Essentially, Trump could say what he’d like to see, and it will probably happen—especially given the strict fealty shown to him by DOJ
NORML Deputy Director Paul Armentano wrote an Op-Ed on Rescheduling Myths
12 NYC cannabis businesses sue state to block school-distance rule change. The lawsuit challenges the recent reinterpretation of a state law requiring cannabis dispensaries to operate 500 feet away from a school. — MSN
The plaintiffs in the lawsuit argue the effects of the rule change, which render at least 152 dispensaries noncompliant, are “catastrophic” and “legally indefensible”
As part of the lawsuit, the businesses are seeking injunctions barring enforcement of the new standard, a court declaration that their sites remain compliant under the prior interpretation, and a ruling preventing denials or non-renewals based on the revised method
Chris Alexander, OCM's former executive director says the the measurement conducted was a choice, not a mistake
MA Testing Lab at center of scandal will reopen after $300K fine. Assured Testing Laboratories, which tested roughly 25% of the cannabis in the state between April 2024 and 2025, had been out of business since July 4 after the state Cannabis Control Commission suspended its license. — MJBizDaily
MA auditor report finds mismanagement and missed fee collection at cannabis board. The auditor determined the Cannabis Control Commission violated state regulations and mismanaged some of its routine fee collection, resulting in lost revenue. — MassLive
In one such case, a Brookline dispensary was mandated to donate $975,000 to charity as part of its operating agreement with the town, even as another Brookline dispensary faced no such requirement
The audit found that commission managers lacked a consistent, equal process for approving the extension of licenses that all marijuana businesses must hold to operate. As a result, the commission failed to bill for all fees owed by licensees
In the spring, the state inspector general found the commission failed to collect about $1.7 million in fees between August 2022 and August 2024
Washington Adult-Use Cannabis Sales Decline for Fifth Straight Year. Q1 2025 sales reached $277M, which is ~$100Mless than the market’s peak during the pandemic in 2021. Based on current trends, annual cannabis sales this year could be the state’s lowest since 2019 after five straight years of declining sales in Washington.
Arizona sales have fallen this year for the second consecutive quarter. Combined adult-use and medical-use cannabis sales in the state totaled ~$298M during Q2 2025, down (13.7%) from Q1 2024.
MJBizCon & Budist Launch The MJBowl, a Bi-Coastal Cannabis Competition & Awards. Categories include flower (indoor, outdoor, greenhouse), pre-rolls (infused, non-infused), concentrates (solvent, solventless), edibles (confections, beverages), and vapes (solvent, solventless). Winners will be announced at MJBizCon.
Inc. 5000 2025. The list included The Flowery (#86, 3800% 3-year growth), LuvBuds (#3,803, 99% 3-year growth), Silver Therapeutics (#4,197, 83% 3-year growth), Green Check (#4,467, 72% 3-year growth).
Scotts Miracle-Gro Tried Playing Both Sides: Weed Killers, ‘Weed’ Growers. The company created a line of products for legal cannabis growers, a bet that for a time looked like genius.
Benzinga executives split off — and take the cannabis media brand with them. Four executives from Detroit-based financial media organization Benzinga, including its founder Jason Raznick, have split from the company and acquired its cannabis arm to launch IgniteIt.
Viridis Laboratories will shut down. The settlement ends a years-long clash between regulators and Viridis, which was one of the larger cannabis testing labs in Michigan.
Canadian prices for adult-use recreational cannabis declined by 0.6% in July 2025 compared to the month prior, and by 2.4% from July 2024 to July 2025.
💵 Deals
The Cannabist Co. Divests Dispensary Footprint in Pennsylvania. The Cannabist Company closed the sale of its Pennsylvania affiliate that owns 3 medical dispensaries to VP Investment Holdings, LLC (VP Holdings). VP Holdings is comprised of principals from a privately-held dispensary operator in Pennsylvania, Restore Integrative Wellness Center, LLC. The sale will include a concurrent supply agreement with VP Holdings for products produced by Cannabist’s grow/processing affiliate, gLeaf.
TILT Holdings Sells 2 Massachusetts Dispensaries to In Good Health for $1.75M. The definitive agreement for this transaction was previously announced on Feb. 3, 2025. Simultaneously, with the closing, the parties entered into an amendment adjusting the purchase price to $1.75M.
Uncle Arnie’s raises $7.5M Series A. The round was co-led by Mindset Capital and Delta Emerald Ventures, with participation from strategic investor Harry Rubin, a founding partner of the Boston Beer Company (producer of Samuel Adams beer), who joins the company’s board of directors. Positioned as a strategic growth raise rather than a capital need, the Series A will enable Uncle Arnie’s to nearly double its team from 40 to 75 employees over the next year, expand into new state markets, and deepen its presence in high-performing regions. The company has achieved close to 100% YoY growth since inception and projects the same trajectory through 2026.
LEEF Brands closes C$2.1M Private Placement. The Company raised gross proceeds of ~C$2.1M through the issuance of 8,363,560 units at a price of C$0.25 per Unit, representing approximately twice the size of the original Offering. Each Unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder to purchase one additional common share of the Company at a price of C$0.30 for a period of 24 months from the closing date of the Offering.
Cresco Labs Closes $325M Senior Secured Term Loan Refinancing. The new $325M senior secured term loan bears an interest rate of 12.5% per annum and matures on August 13, 2030. It replaces the Company’s prior $360M facility, reducing total debt, extending the maturity to 2030, and providing enhanced flexibility to prepay up to $125M at a reduced premium.
High Tide enters German medical cannabis market by acquiring 51% of Remexian for €27.2M. Founded in 2018 and headquartered just outside of Berlin, Germany, Remexian is a leading and established pharmaceutical company built for the purpose of importation and wholesale of medical cannabis, and has a fully certified EU GDP warehouse. Among all German medical cannabis procurers, Remexian has one of the most diverse reaches across the globe, currently licensed to import into Germany from 19 countries, including Canada which represents approximately 33% of their total imports into Germany. Remexian has annualized revenue and Adjusted EBITDA of €70M and €15M, respectively, for the six months ended March 2025. Remexian is also one of the largest distributors of cannabis flower in Germany in terms of total grams sold, which equaled 7 tonnes in Q2 2025, representing 16% of the 43 tonnes imported into Germany in the quarter.
📄 Company Updates / Earnings
Chicago Atlantic Q2 2025 Financial Results. As of June 30, 2025, the Company’s investment portfolio had an aggregate fair value of ~$307.5M across 31 portfolio companies. During the quarter, the Company funded nine portfolio companies with an aggregate par value of $39.1M, three of which were in new borrowers. Subsequent to quarter end, the Company funded five investments with an aggregate par value of $17.2M, three of which were to new borrowers. The Company had principal repayments of $22.3M of which $3.1M was receivable as of June 30, 2025.
Advanced Flower Capital Q2 2025 Financial Results. AFC intends to seek to convert from a REIT to a Business Development Company (BDC), subject to shareholder approval of certain related matters. If approved, the conversion will enable the Company to pursue a broader array of investment opportunities, including both real estate- and non-real estate-related assets.
Dutchie Product Support Agents and Product Support Analysts File for Landmark Union Election. The election marks the first time that cannabis software company workers have filed to form a union.
Central Coast Agriculture and partners agree to $620,000 settlement. A $620,000 settlement of an environmental protection lawsuit has been reached by Central Coast Agriculture and several related companies over the use of multiple diesel generators at cannabis cultivation operations for more than a year. According to the Santa Barbara County District Attorney's Office, the cannabis companies violated the California Air Resources Board's Portable Engine Registration Program (PERP) by using those diesel generators as the primary power for a building, facility, or stationary equipment without Air Pollution Control District authorization, kept them at the same location for more than 12 months, and failed to record the location of each generator on a monthly basis.
Tilray Brands Requests Extension to Regain Nasdaq Compliance. The Company is evaluating several options including, but not limited to, a stockholder-approved Reverse Stock Split to address capital structure and maintain adherence to Nasdaq’s continued listing requirements.
Würk x Symphony Grow Partner to Deliver Integrated HR and Insurance Solutions for the Cannabis Industry. The partnership brings together Würk's robust HR, payroll, and workforce compliance technology with Symphony Grow's expertise in insurance, employee benefits, and risk management, creating a unified offering that supports cannabis businesses day-to-day operations and long-term growth.
🏬 Retail
Klutch Cannabis opens Fifth Dispensary in Ohio. The new location marks Klutch's first dispensary in Summit County, where the company is headquartered. The dispensary is conveniently situated directly across the street from the MGM Northfield Park Casino and Racetrack.
PharmaCann Opens 4th Ohio Verilife Dispensary in Solon. Verilife opened its first Ohio location in 2019 in Cincinnati, then acquired dispensaries in Hillsboro and Wapakoneta in 2021.
Goldflower Cannabis opens tenth FL dispensary in Lakeland, FL. Goldflower operates over 300,000 sq ft of cultivation and manufacturing space in Florida. The Lakeland dispensary joins a growing network of locations set to expand into The Villages, Cape Coral, Tallahassee, Punta Gorda, Gainesville and Orange Park.
🌱 Product
Metrc Launches Direct-to-Consumer Product Recall Feature in California. Retail ID™, which launched in the California market in November 2024, is a QR code-based solution designed to improve supply chain visibility, bolster compliance, simplify inventory processes, and increase consumer engagement. ~20% of California’s weekly product volume is now identified with a Retail ID™ QR code. With this latest enhancement, consumers can now instantly determine whether a cannabis product has been recalled by scanning the Metrc Retail ID™ QR code on the package.
FLUENT x Connected Cannabis Exclusive Cultivation Partnership at New Facility in Buffalo, NY. FLUENT Corp commenced operations at its new 68,000+ sq ft indoor cultivation facility in Buffalo, doubling FLUENT’s New York cultivation capacity and further strengthens its premium wholesale portfolio across the state. Alongside this expansion, FLUENT has entered into an exclusive partnership with Connected (Connected Cannabis, AlienLabs, and Smoken Promises).
Mfused Partners with Flow Distribution on Exclusive Licensing Deal in Arizona. Moving forward, Flow will manage all operations, supply chain and distribution of Super Fog by Mfused products in the state. Mfused will continue to oversee sales, marketing and field marketing for the brand. Founded in Washington state in 2012, Mfused quickly became the largest cannabis brand based in the PNW. Mfused entered the AZ market in 2024, and today its Super Fog brand ranks among the best-selling vaporizers in the state, with products on shelves in ~73% of the market.
COAST Cannabis Co. introduces two new CBC-Enhanced Gummies: Strawberry Lemonade (THRIVE) & Berry Boost (ENERGY). Crafted to blend bold citrus flavors with targeted benefits, the new offerings expand COAST’s portfolio of functional edibles designed to help consumers get the best out of every day. CBC (cannabichromene), a non-intoxicating cannabinoid, is gaining attention for its potential mood-lifting and anti-inflammatory properties. COAST’s new gummies harness CBC in harmony with other minor cannabinoids like CBG (cannabigerol) and THCV (tetrahydrocannabivarin) to create purposeful, full-spectrum effects.
Presidential debuts blunts and prerolls in New York, marking its expansion into its fifth state. According to a recent report, infused pre-rolls now account for 44.4% of the market, with Presidential ranked among the top five brands—generating $43.3M in sales and selling ~2.6M units.
According to BDSA, the brand is California’s top-selling blunt and a top-five infused pre-roll—success it has continued to replicate in every new market it enters, including Arizona, Nevada, and Oklahoma.
Grön Handcrafted Medical Marijuana Infused Troches Debut In Pennsylvania. “Over the past two years, we’ve seen incredible momentum across the East Coast,” said Christine Apple, Founder & CEO of Grön. “Expanding into Pennsylvania’s thriving medical program allows us to reach more patients seeking targeted cannabinoid effects for sleep, stress, and daily wellness, and we’re proud to offer products that deliver both relief and great taste.”
🧔 People
Canopy USA Appoints New Executive Team to Accelerate Growth Across U.S. Cannabis Market. Casey Rash, CFO, will oversee centralized functions including Finance, Human Resources, and IT. Mr. Rash brings deep expertise in regulated industries and a strategic approach to driving organizational scale and efficiency. Rebecca Kirk, COO, will lead the Company's Operations, Innovation, and Legal teams. Known for building scalable systems and launching category-leading products, Ms. Kirk will play a critical role in driving Canopy USA's performance across its value chain. Kelly Flores, Chief Business Development Officer, will be responsible for Marketing, Market Expansion, and Product Strategy. With a proven track record in cannabis commercialization, Ms. Flores will guide brand development and strategic growth initiatives in both existing and emerging state markets.
MN Governor Walz Appoints Eric Taubel as Executive Director of the OCM. Eric Taubel is currently the interim director for the Minnesota Office of Cannabis Management, where he previously served as the office’s general counsel. Taubel arrived at OCM with experience in legal work at two other state agencies and in private practice.
🎙️ Interviews
S3 Playbook ft. Hirsh Jain of Ananda Strategy) | Cannabis Investing Network
Revelry NYC 2025: Inside NY’s Cannabis Culture & Industry Festival | HIGH TIMES
How CFO-built The Travel Agency is expanding in New York City | CFO
Tier One MSO Earnings – Q2 2025 Highlights | Higher Exchanges