🤝 Organigram to Acquire Sanity Group in Deal Valued up to €250M
iAnthus Sells Select AZ Assets to Sonoran Roots for $36.5M. The Cannabist Co. Closes $130M Sale of VA Assets. Planet 13 Completes California Exit.
🌿 Industry
Virginia Lawmakers Pass Competing Bills to Allow Adult-Use Cannabis Sales. House lawmakers passed HB 642 by a 65-32 vote on Tuesday morning, and the Senate narrowly passed SB 542 by a 21-19 vote several hours later. — Foley Hoag
The House and Senate bills are similar in many respects, including that they would both permit adults aged 21+ to purchase up to 2.5 ounces of marijuana/marijuana products in a single transaction and they would both license discrete activities within the cannabis supply chain (e.g., cultivation, processing, retailing, delivery)
However, they also diverge in certain key areas, including the proposed taxation of marijuana and marijuana product sales. Now that the bills have passed their respective chambers of origin, House and Senate leaders are expected to negotiate and reach a compromise on the material differences between the bills
Critically, new Governor Abigail Spanberger has been an ardent supporter of adult-use marijuana in the Commonwealth
Ohio sues cannabis operators, accuses them of conspiring to keep prices high, limit choice. The lawsuit alleges the operators used “shelf-space allotments” to prioritize each other’s products while intentionally excluding smaller, Ohio-based businesses. — WHIO
The legal action stems from an investigation triggered by an October 2024 tip from an Ohio cannabis industry employee
The lawsuit names nine major cannabis operators as defendants: Ascend Wellness, Ayr Wellness, The Cannabist Company, and Cresco Labs, Curaleaf, Green Thumb Industries, Jushi, Trulieve, and Verano
For independent Ohio cultivators who don’t operate in other states, this system created a “retail lock-out.” Without a footprint in other States to offer as leverage, local growers reportedly found themselves blocked from dispensary shelves. The lawsuit claims that major operators agreed to reserve up to 25% of their shelf space exclusively for each other, leaving little room for local competitors
Missouri Audit Highlights Marijuana Licensing ‘Deficiencies,’ Drawing Pushback From Regulators. The nearly three-year audit of the Missouri Division of Cannabis Regulation alleges “perceived and actual deficiencies” in the application scoring process contributed to $12.5M+ in costs associated with litigation and administrative appeals. — Marijuana Moment
It also raised concerns about the “blind scoring” system used to determine who received lucrative medical marijuana licenses, saying weaknesses in the process make it difficult to verify whether inconsistent results stemmed from error or bias
The agency noted Missouri State Auditor Scott Fitzpatrick’s team only reviewed 67 of the applications, or 3%, arguing that is too small of a sample to make an overarching claim about the legitimacy of the system
New York Cannabis Cup Winners: The Brands and Products That Took Top Honors
The New York Times Is Not Examining the Real World Evidence on Cannabis. It Is Ignoring It. The Op-Ed from Hirsh Jain in response to the New York Times Editorial Board’s Op Ed titled “It’s Time for America to Admit That It Has a Marijuana Problem,” urging a regulatory crackdown on legal cannabis
Missouri sales of $1.5B in 2025, a 4% increase over 2024
Colorado sales of $1.1B from January through October 2025. Sales from the final two months of the year are unlikely to put the state on track to beat 2024’s annual total of $1.4B
Nevada cannabis sales fell ~9% in 2025. Annual sales dropped to $758M from July 2024 to June 2025, down from $829M over the prior fiscal year
💵 Deals
Organigram to Acquire Sanity Group for up to €227M (Potential €250M Total Valuation). Upon closing of the Acquisition, Organigram will pay shareholders of Sanity upfront consideration of €113.4M (€80.0M cash, €33.4M in Organigram shares). In addition, Sanity shareholders will be entitled to receive consideration of up to €113.8M, with the first €20M in cash and up to €93.8M in Organigram shares based on Sanity’s financial performance for the 12-month period following the closing. The Upfront Consideration shares are expected to be priced at C$3.00 per Organigram share, representing a 71% premium to the C$1.75 closing price on the TSX on February 17, 2026. The Earnout Consideration shares shall be priced at the TSX 20-day VWAP on the trading day prior to settlement, subject to a C$3.00 floor and C$4.00 cap.
Sanity has an estimated #2 market share position as of January 2026, up from #5 in January 2025. The company had sales of €9M in 2023 (15% GM), €19M in 2024 (35% GM) and €60M in 2025, including €19M generated in the last quarter of calendar 2025 (47% GM). Sanity has raised ~$134.6M across nine rounds prior to its acquisition from investors that include British American Tobacco (led Series B), Organigram Global (led final convertible note and acquisition), HV Capital, Redalpine, Casa Verde Capital, Cherry Ventures, Will.i.am, Mario Götze, Alyssa Milano, Klaas Heufer-Umlauf, and Stefanie Giesinger.
iAnthus Sells Select Arizona Assets to Sonoran Roots for $36.5M. The Transaction includes two dispensaries, a processing facility and a cultivation/processing facility located in Mesa, Arizona, as well as one dispensary located in Phoenix, Arizona (collectively, the “Facilities”). These Facilities have consistently delivered high-quality cannabis products and experiences to their surrounding communities. The Transaction will allow iAnthus to redirect resources to its growth initiatives in Florida, Maryland, New Jersey, Massachusetts and New York while still maintaining a retail presence in Arizona with one dispensary in Mesa, Arizona. The purchase price is ~$36.5M and will consist of ~$20M of cash payable at closing and a secured promissory note to be issued by Sonoran Roots in the principal amount of $16.5M at 6% interest per annum compounded annually, with a term of 66 months.
The Cannabist Co. Closes $130M Sale of Virginia Assets. The Virginia assets consist primarily of 5 active retail locations, 1 additional retail location in development, and approximately 82,000 square feet of cultivation and production capacity in the Richmond region. The total consideration for the Transaction was $130M, consisting of $117.5M payable in cash at closing of the Transaction and the remaining $12.5M to be escrowed at Closing and to be released in two parts: (i) up to $1M, upon the finalization of the post-closing purchase price adjustment and (ii) the remaining amount not otherwise used to satisfy indemnification obligations, following the nine-month anniversary of the Closing.
Planet 13 Completes California Exit, Divests Orange County Dispensary, Distribution Licenses. The company completed its previously disclosed divestiture of its Orange County, California retail and distribution licenses. The Company has also closed on the sale of the property associated with its cultivation facility in Coalinga, CA, and is advancing the transfer of the cultivation license to the buyer. This marks the substantial completion of the Company’s planned exit from the California market.
Willie Nelson’s Willie’s Remedy+ Raises $15M. The $15M Series A funding round was led by Left Lane Capital, with participation from Second Sight Ventures. In less than a year since launch, Willie’s Remedy+ has emerged as a breakout leader in the fast-growing THC drinks category. The brand has sold more than 400,000 bottles, making it the #1 THC beverage sold online.
📄 Company Updates / Earnings
Organigram Q1 2026: Revenue +49%, #1 Market Share. Net Revenue up 49% YoY to C$65.3M. Adjusted EBITDA surged 273% to C$5.3M. The company cemented its leadership in Canada with an 11.3% overall market share (#1 vapes, 20.4%) and (#1 concentrates, 15.5%). International revenue also grew 55% YoY. Management reaffirmed FY2026 guidance C$300M+ revenue. Launched Collective Project & Fetch into Illinois and Wisconsin through new distribution partners, expanding US retail footprint to 11 states.
Aurora Cannabis Q3 2026: Positive Free Cash Flow & Medical Growth. C$94.2M in Net Revenue (+7% YoY). The story remains their high-margin global medical business, which hit a record C$76.2M (+12% YoY). Most notably, Aurora generated C$15.5M in FCF and holds C$154.4M in cash with no debt. Concurrently, the company filed a prospectus for a $100M At-The-Market (ATM) offering to fund potential M&A and cultivation expansion.
Gotham Launches Accelerator Program, Inaugural Cohort to Support Black-Owned Cannabis Brands. The inaugural cohort will focus on Black-owned businesses operating in New York City, providing founders with the structure, strategic guidance, and industry access needed to scale sustainably. Future cohorts will expand to additional underserved communities. Eligible applicants must be at least 51% Black-owned and operated, have been in business for a year or more, and currently have at least one product on the market.
🏬 Retail / Cultivation
Goldflower Cannabis Approved for Florida Cultivation Site. Goldflower also introduced the addition of Heavyweight Heads genetics to its Florida cultivation program, bringing elite legacy cultivars from the Michigan-based brand to the state’s medical cannabis market. Based in Michigan, Heavyweight Heads has built its reputation on premium indoor flower, pheno-hunted for flavor, terpene expression and uncompromising quality.
Tilray Expands UK Pharmaceutical Access Through Strategic Agreement With Smartway Pharmaceuticals. Through this agreement, CC Pharma and Smartway will jointly support the expansion of parallel import and specialist pharmaceutical supply in the UK, leveraging Smartway’s established national distribution infrastructure to facilitate the delivery of pharmaceutical products and CC Pharma’s European procurement capability and GMP capacity, marking a notable advancement in Tilray’s comprehensive European medical expansion strategy.
🌱 Product
Greentank 2026 Product Launches, Introducing Three Next-Generation All-in-One Vape Devices. The 2026 lineup introduces the GT Palm Pro, GT Fuse, and GT A20 MAX, each designed to meet evolving market demands while giving brands new tools to differentiate in an increasingly competitive landscape. Together, these launches reinforce Greentank’s commitment to building next-generation hardware platforms that prioritize consistency, versatility, and innovation.
🧔 People
Former Columbia Care CEO Nicholas Vita Ordered to Pay Over $7.4M for Scheme to Bypass U.S. Securities Regs. The judge ruled that Nicholas Vita, former CEO of Columbia Care, was fully liable for a debt he guaranteed through an offshore margin account, despite Vita’s claims that the arrangement was fraudulent.
Meet California’s New Director of Cannabis Control. Clint Kellum, the newly appointed DCC Director, faces a critical task—saving California’s cannabis industry from collapse. Kellum has served as the department’s COO for the past five years and brings more than 18 years of state government experience, including budget and policy development at California’s Department of Finance.
🎙️ Interviews
Socrates Rosenfeld, Jane Technologies | Inspire Greatness
Jamie Pearson, New Holland Group | MJBizDaily
Cannabis Business News Roundup | High Spirits