🌿 Industry
Federal appeals court refuses to freeze marijuana rescheduling. The U.S. Court of Appeals for the D.C. Circuit ruled that the drug-testing association NDASA and MMJ International Holdings “have not satisfied the stringent requirements for a stay pending court review,” letting the Trump administration keep implementing Schedule III while three consolidated challenges proceed — Marijuana Moment
The court also denied two medical cannabis companies’ motion to intervene on the government’s side, allowing amicus briefs instead, and gave the parties 30 days to propose briefing formats
DEA, in its own final brief, asked the ALJ to “expeditiously recommend” Schedule III, citing over 30,000 practitioners treating 6M+ patients in 43 jurisdictions
Ohio store closes voluntarily as regulators investigate “serious health events.” Vext Science shut an Ohio dispensary after learning the state was investigating adverse events tied to products sold there — MJBizDaily
Massachusetts passes $10B in adult-use sales — weeks before voters decide whether to repeal the market. The Cannabis Control Commission says the state crossed $10B on Sept. 5, just under eight years after the first stores opened, with June’s $156M the best single month on record — Marijuana Moment
The market supports 782 operating businesses and ~20,000 registered agents, and generated about $336M of cannabis, local and excise taxes in FY26
Chair Chris Harding, who cannot take a position on the ballot question, warned generally that “repeal of the adult-use industry could eliminate thousands of jobs, hundreds of businesses and billions in tax revenue.” An August poll had voters opposing repeal 55%–33%
California suspends a nearly 1M-square-foot licensed grow and recalls infused flower after a worker’s death. DCC ordered Joel Michaely Farms to cease all commercial activity Sept. 8 and recalled three batches of Natura Manufacturing ‘Iced Infused Flower’ the next day, saying material from the grow was produced under unsanitary conditions and did not comply with pesticide rules — MJBizDaily
Authorities executing a warrant allegedly found 55,069 plants, 6,000 pounds of processed cannabis, illegal chemicals and ~20,000 gallons of contaminated liquid
The suspension notice alleges adulterated cannabis, untagged plants, missing inventory, track-and-trace failures and criminal activity
The grow was approved for ~1M sq ft of canopy; DCC said it had not inspected the facility onsite since licensing it in July 2025. No causal connection between the contaminants and the Aug. 27 death of worker Yufang Lan has been established
Colorado regulators took more than seven months on average to warn consumers about potentially dangerous cannabis products. A joint Denver Gazette–ProPublica investigation reconstructed complaint or investigation dates for 23 of the Marijuana Enforcement Division’s 83 health and safety advisories over five years — ProPublica / The Denver Gazette
The most serious example was 1906 Midnight Drops: public health officials began receiving liver-damage reports in March 2022, but MED did not issue a direct acute-liver-injury warning until June 2023 — nearly 15 months later
By May 2024, Colorado health officials had received 52 reports of harm involving the product, at least 20 requiring medical care. The manufacturer, Sima Sciences, had reportedly received complaints as early as 2020
Missouri folds intoxicating hemp into the licensed marijuana market on Nov. 12. Under HB 2641, anything above 0.4mg of THC per container is reclassified as marijuana, sellable only in the state’s $1.5B licensed channel and made in state-licensed facilities — effectively closing an unregulated hemp THC market — MJBizDaily
Online sales of hemp-derived THC end the same day; beverages get to stay on shelves until Dec. 11 because of the federal delay
Sponsor Rep. Dave Hinman expects to revisit a beverage-specific framework when the session opens Jan. 6 if Washington moves again
Hemp and cannabis lobbies escalate their fight over what replaces the federal ban. With recriminalization pushed to Dec. 11, the question is who writes the rules in the window — MJBizDaily
The convenience-store industry has now formally asked Congress to regulate hemp THC rather than ban it
Whitney Economics: the Dec. 11 hemp rules threaten 225,000 jobs and $28.3B of retail revenue. The report estimates the U.S. hemp industry will generate as much as $38.7B of 2026 sales, up 36% from 2023, supporting more than 350,000 workers and $13.8B of wages — MJBizDaily
If the 0.4mg federal threshold and restrictive state laws proceed, retail revenue could fall $28.3B, 72% of hemp-derived businesses could close or leave the country, and state sales-tax collections could decline $1.2B–$1.5B
The survey covered 496 operators in 35 states; 82.9% reported being profitable, but only 8.2% had a positive 12-month outlook
Delaware July sales set a record but still trail projections. Licensing delays have stalled the launch of retail-only stores, while high prices and limited options drive buyers to neighboring states.
💵 Deals
Cresco Labs Acquires Nine Pennsylvania Dispensaries from PharmaCann for $50M. The consideration amount for the transaction is satisfied through the payment of cash and seller note. The Transaction was completed on a cash-free, debt-free basis with a mutually agreed upon normalized target level of working capital. Following closing, Cresco will be the #1 retailer providing medical marijuana to patients across the state. Together with its position as PA’s #1 wholesaler, Cresco is uniquely positioned to leverage its scale and brand strength across the market. The Transaction is expected to be immediately accretive to revenue, margins, and cash flow.
Root & Bloom / Road Trip closes $15.2M of financing from North Easton Savings Bank. The Massachusetts-chartered mutual bank financed Salisbury Cultivation and Product Manufacturing, which operates Root & Bloom’s 40,000+ sq ft cultivation, extraction and manufacturing hub and the adjacent Road Trip adult-use dispensary. NESB did not disclose pricing, maturity, collateral or the split between term debt and other facilities, but described a customized structure supporting continued growth. The lender hired Eric Goodwine to lead its cannabis banking and lending segment and says it provides cannabis companies loans, deposits and cash-management services.
RWB Gains Controlling Interest in European Platform. Red White & Bloom Brands acquired a ~62.6% interest in HEAL Europe Holdings Corp., a newly incorporated entity established by HEAL Botanicals Pharma for purposes of the transaction. HEH provides RWB with an integrated European medical cannabis platform comprising operations and investments in Germany, the UK, and other European markets. The European platform includes the Grünhorn group of companies, which fulfilled ~290,000 medical cannabis prescriptions in the twelve months ended July 2026. Collectively, the businesses composing the European platform dispensed or distributed over 12 tonnes of medical cannabis in the same period. In order to support the European platform and its continued growth, RWB has committed to provide HEH with a senior secured credit facility of up to a maximum principal amount of C$25M, of which an aggregate of C$18.7M has been advanced to date.
📄 Company Updates
Sixth Circuit reverses a $31.8M jury verdict against Curaleaf subsidiaries, holding the marijuana supply contract unenforceable under federal law. In Hello Farms Licensing MI, LLC v. GR Vending MI, LLC (No. 25-1759, decided Sept. 10), GR Vending and CURA MI — both Curaleaf Holdings subsidiaries — had agreed in November 2020 to buy Hello Farms’ entire 2020 and 2021 harvests, with a $2.2M refundable deposit. The 2020 crop yielded about 16,300 pounds and passed all contractually required testing; GR Vending paid the deposit and took ~2,000 pounds, then refused further deliveries by January 2021 as Michigan wholesale prices collapsed. Hello Farms resold both harvests to a third party at lower prices, sued in Michigan state court, and won $31.8M from a jury after the defendants moved to federal court and raised a federal-illegality defense. Judge Nalbandian, writing for the panel: “despite the legalization of marijuana in Michigan, federal courts cannot enforce agreements to commit federal crimes. We reverse.” The opinion also notes that April 2026 rescheduling does not fix the problem — without DEA registration, the same contract “would still be violating federal law” — and quotes Supreme Court precedent calling the illegality defense “a very dishonest one” while explaining why public policy requires courts to honor it anyway.
Curaleaf asks the Alberta Securities Commission to halt Aurora’s ATM program while the takeover offer is outstanding. Curaleaf filed for an expedited hearing and a cease-trade order, characterizing the ATM as an improper defensive tactic. It says Aurora has issued ~2.81M shares at an average $3.04 since Curaleaf expressed interest in June, diluting holders by 4.9% and adding more than $11M to the offer’s cost; cumulative dilution since the ATM began in February is 10.8%. Curaleaf also argues the new shares make the tender thresholds harder to reach and conflict with Aurora’s claims of a debt-free balance sheet and ~C$149M of cash.
Jetty Extracts Launches Albany Cannabis Facility. After entering the New York market last year, Jetty selected the state capital for its new production base. The Albany facility will allow the company to manufacture products locally and maintain the quality standards associated with its operations in other states.
True North Analytical Opens Minnesota’s First Laboratory Dedicated 100% to Cannabis and Hemp Testing. True North Analytical’s laboratory maintains the state-mandated 10-day turnaround time, addressing a significant pain point for producers facing testing backlogs and product scarcity. Through reporting, systematic use of laboratory data supports continuous improvement in product quality and consistency.
🏬 Retail
Illinois hands 37 adult-use dispensaries medical licenses in the state’s biggest medical expansion since 2016. IDFPR issued the licenses under SB 3222, letting those stores sell at the much lower medical tax rate; more will be issued on a rolling basis. Secretary Mario Treto, Jr. said the change “greatly increases patient access across the state, while also eliminating unnecessary red tape,” and the agency specifically framed it as leveling the field for social-equity lottery licensees. The same law doubles possession limits, permits drive-thrus and curbside pickup, extends operating hours, and recriminalizes hemp THC above 0.4mg per container.
Terrabis opens Illinois’ first dual-window drive-thru dispensary in Grayville and will add McHenry County’s first drive-thru in Woodstock by month-end. The Illinois omnibus law legalized the format; Terrabis moved first in both markets.
Green Dispensary Opens Fourth Nevada Location in Las Vegas’ North Valley. The opening expands Green’s neighborhood footprint to four Nevada dispensaries, joining its existing locations in Rainbow, Hualapai, and Henderson.
Curaleaf Opens 77th Florida Dispensary in Riverview, FL. Located in the Tampa Bay area, Curaleaf Riverview is situated in a rapidly growing suburban community that has evolved from its rural roots along the Alafia River into a thriving hub for young professionals and businesses.
Trulieve Opens Medical Cannabis Dispensary in Dunwoody, GA. The DeKalb County location specifically aims to increase medical cannabis availability for patients throughout the Metro Atlanta area.
MWG Holdings opened its first Perfect Union store in San Jose through a local equity partnership. The San Jose opening follows record revenue months in early 2026 and its fourth consecutive year of double-digit sales growth.
🌱 Product
BLAZE Launches Headless E-Commerce API, Giving Cannabis Retailers Complete Storefront Control. The BLAZE E-Commerce API offers full developer access to product, cart, order, and compliance data—enabling teams to build fully custom websites or in-store kiosks. The API connects natively with BLAZE Retail POS, keeping inventory, pricing, and order data in sync between a dispensary’s physical and digital storefronts with little to no maintenance.
🧔 People
Village Farms appoints Hamid Shekarchi Interim CFO. Shekarchi previously served as CFO of the Canadian cannabis business and has overseen finance, accounting and IT, including the Pure Sunfarms / Rose LifeScience combination and international export expansion. Before joining Pure Sunfarms in 2021, he co-led BDO’s Western Canada cannabis practice.
Aurora hires a biopharma commercial leader as it defends its standalone plan. Faris El Refaie, a 25-year biopharmaceutical executive, joins as EVP, Global Commercial, a newly created role overseeing Aurora’s global commercial function and the acceleration of its medical cannabis business.
🎙️ Interviews
Trade To Black — “DC Circuit Rejects Bid to Freeze Cannabis Rescheduling.” What the stay denial means for the 280E timeline and the uplisting trade.