📰 Rescheduling, Sort Of: DOJ Moves Medical Cannabis to Schedule III
Virginia Lawmakers Reject Governor’s Amended Cannabis Sales Proposal. Safe Harbor Introduces 401(k) Plan Built for Cannabis Employers. Forbes 2026 42.0 List.
🌿 Industry
DOJ Moves Medical Cannabis (And Only Medical Cannabis) to Schedule III. Acting AG Todd Blanche signed a 33-page order immediately rescheduling two narrow buckets of Cannabis—FDA-approved drug products and cannabis “subject to a state medical marijuana license”—from Schedule I to Schedule III.
If you prefer a video overview (see below) —watch This Week in Cannabis LIVE roundtable that Marc Hauser (Cannabis Musings) calls a mandatory watch
Everything else (adult-use industry) stays on Schedule I for now, with a new expedited DEA hearing kicking off June 29 to decide whether to broaden the order
Blanche leaned on 21 U.S.C. § 811(d)(1) — the treaty-based pathway tied to the U.N. Single Convention on Narcotic Drugs — which lets the AG skip the normal notice-and-comment rulemaking that has been bogging DEA proceedings down since the Biden-era proposed rule hit the Federal Register in May 2024
To satisfy the Single Convention, DEA becomes the nominal wholesaler — registered medical cultivators will sell their harvested crop to DEA at a nominal price and buy it back, with an “administrative fee”
Kim Rivers, CEO at Trulieve, is “not concerned” by DEA’s Middleman Role
Withum notes that operators with both medical and adult-use licenses “face a more complex analysis” and Treasury is expected to issue guidance on expense allocation. They Expect a lot of transfer-pricing-style gymnastics around rent, payroll, and overhead
Dentons flat-out said “State-licensed adult-use operators without a state medical marijuana license receive essentially no benefit.” 22 If you’re in CO / WA / OR / MI rec-only, nothing changed yesterday
Brian Vicente, Partner at Vicente LLP, is optimistic that this week’s rescheduling is an incremental movement toward de-scheduling and maybe even legalizing Cannabis altogether
Todd Harrison, CIO at CB1 Capital said the reclassification of medical marijuana as less dangerous was the biggest news for the cannabis industry since Nixon
Synthetic THC remains Schedule I; Hemp as defined in the Farm Bill is unaffected
Virginia Lawmakers Reject Governor’s Amended Cannabis Sales Proposal. Instead of approving the governor’s amendments, lawmakers decided to send the bill back to her desk without making any changes, potentially risking a veto. — Ganjapreneur
Lawmakers passed the proposal in March. However, last week, on the last day possible to take action on the bill, Gov. Spanberger, instead of signing or vetoing the proposal, opted to attach several amendments to the bill
The governor’s changes included delaying the market’s launch by six months, until July 1, 2027, reducing the number of retailers initially allowed to open, and increasing penalties for criminal behavior
Meanwhile, lawmakers have lamented the governor’s decision to send back a substitute bill rather than line-by-line amendments, as they were forced to consider the changes from an all-or-nothing perspective
White House Quietly Pushes Carve-Out While GOP Hardliner Tries to Pull the Ban Forward. The White House is quietly drafting legislative text with Rep. Andy Barr (R-KY) to preserve full-spectrum CBD access ahead of the Nov. 12 federal recriminalization, while Rep. Mary Miller (R-IL) filed a Farm Bill amendment that would move the ban forward to the day the Farm Bill is enacted. — Marijuana Moment
American Trade Association for Cannabis and Hemp (ATACH) released the 2026 Hemp Intoxicants Report. The report offers an analysis of the federal and state regulatory landscape governing hemp-derived products in the wake of the most significant change to federal hemp law since the 2018 Farm Bill.
American Farmers Grew $739 Million Worth Of Legal Hemp Last Year. This represents a 64% increase from the prior year—according to a new federal report.
Green Check 4/20 data shows cash is still king with 67% of transactions
Forbes 2026 42.0 List
📄 Company Updates
Doja Pak Expands to Europe. The brand announced a partnership with CP Medical to enter Germany (Bloomwell) and the United Kingdom (Mamedica). The first products to reach German patients are Doja Z and Doja Permanent Marker. The UK launch follows closely, adding CP Z and CP Super Lemon Haze to the lineup.
🏬 Retail
Ascend Wellness Holdings Opens East Coasting Dispensary in Eatontown, NJ. Through a partnership agreement under New Jersey law that facilitates expanded investment opportunities for diversely-owned businesses in the cannabis industry, East Coasting will operate independently, with Ascend providing operational support and resources along with cannabis reform advocate Kyle Page.
Standard Wellness Opens New Dispensary in Lakewood, OH. The Forest Lakewood soft opened on April 8, 2026, launching with an express pre-order pickup model available through phone and online ordering. This initial phase allows the team to begin serving the Lakewood community immediately while the store completes its full retail buildout. A full grand opening is planned for August, when the location will transition into a complete in-store experience, featuring an expanded footprint and a fully immersive retail environment designed to deliver a seamless and elevated customer journey.
🌱 Product
Safe Harbor Introduces 401(k) Plan Built for Cannabis Employers. Many traditional 401(k) providers are not structured to support cannabis-related businesses, creating uncertainty for employers and employees alike. In some cases, cannabis businesses have experienced sudden plan terminations or service disruptions with limited notice. In certain situations, this can result in early withdrawal penalties and tax implications for participants, depending on individual circumstances and applicable regulations. The Safe Harbor Retirement Plan is designed to provide a more durable path forward for the employees and employers impacted by these issues. The plan is structured to support cannabis-related businesses directly, helping reduce the risk of disruption and supporting long-term continuity for employers and employees.
🎙️ Interviews
How 2 engineers quietly built NABIS | SFGATE
Is Cannabis Finally Investable Again? | Higher Exchanges
Inside the iAnthus Turnaround w/ CEO, Richie Proud | High Spirits
Chef Dave Hadley: Chopped Champ, Cannabis Pioneer | Digging Deeper