📜 Texas Senate committee advances new THC ban during special legislative session
New DEA Administrator. High Tide $30M Convertible Debt from Cronos. Cresco Labs fully exits CA. Glass House refinances Preferred Stock. Curaleaf sues Illinois regulators over hoop house permit.
🌿 Industry
Renewed Texas hemp THC ban advances with governor’s support. A renewed push to ban intoxicating hemp-derived THC products in Texas advanced out of a state Senate committee this week. — MJBizDaily
And despite his June veto, Texas Gov. Greg Abbott said this week he supports outlawing hemp products in Texas with more than 3mgs of THC
Among the first bills introduced was Senate Bill 5 from state Sen. Charles Perry, who also authored the ban that passed the Legislature in the spring. According to a legislative analysis, the bill would ban
Any product with three or more milligrams of delta-9 THC
So-called THCA flower, by tweaking the definition of THC under state law
“(A)ny artificial or synthetic cannabinoids,” which would capture most delta-8 and delta-10 THC products
Will the new DEA chief follow Trump’s cannabis rescheduling promise? The Republican-controlled Senate voted to install Cole, a former top DEA official and Trump’s second choice for the job, on a 50-47 party-line vote. All Democrats voted in opposition. — MJBizDaily
In an open letter on Tuesday, the National Cannabis Industry Association urged Cole to “fulfill President Trump’s campaign promise to “unlock the medical uses of marijuana to a Schedule III drug”
Weighing Cole’s anti-marijuana resume with Trump’s campaign promises on cannabis, which have yet to be repeated from the White House, advocates were hopeful but circumspect
Big Alcohol prepares to fight back as buzzy cannabis drinks steal sales. Some alcohol companies, seeing their sales falter, are laying the groundwork to potentially enter the lucrative but risky market, a dozen founders of cannabis brands, ingredients suppliers and drinks manufacturers told Reuters. — Reuters
But hemp-based drinks are expanding fast. The market for drinks infused with THC from hemp is projected to top $1 billion in sales this year, according to market research firm Euromonitor, and climb past $4 billion in 2028
Jon Halper, CEO of Minnesota liquor store chain Top Ten Liquors, told Reuters in June that THC beverages now make up 15% of his business after the company introduced them two years ago. By next year, they could grow to rival wine, currently in the mid twenty percent of his sales, he said
Missouri Supreme Court rules to end double-stacking cannabis tax. The move will result in $3M saved by consumers each month — The Pitch
Since Oct. 1, 2023, municipalities in the state were granted the ability to implement a 3% sales tax on all recreational cannabis products
In the case where municipalities were not taking the 3%, counties could then implement the tax. But as a result, double-stacking taxes began to occur throughout the state, resulting in consumers paying a total of 6% in sales tax
Minnesota OCM selects second round of cannabis retailers in lottery. The lottery was the second to feature retail cannabis selections, rounding out what will be the state’s initial pool of 150 retailers statewide. — KTTC
Eric Taubel, Interim Director of OCM said he’s often asked why the process has taken so long; His response is that the rulemaking and regulatory process, the setup of a new state agency, and the preparation of a steady cannabis supply have all been done with grate care
Curaleaf’s Phoenix dispensary violated labor law by firing unionizer. Curaleaf must rehire an employee terminated for unionizing efforts, a federal labor judge has decided. — AZ Central
In a July 22 directive, National Labor Relations Board Judge Mara-Louise Anzalone ordered Curaleaf Dispensary Midtown to rehire Nickolas Fredrickson and compensate him for lost income, other employment benefits and tax liabilities incurred. The judge's decision found the Midtown location violated the National Labor Relations Act by firing Fredrickson
Fredrickson was a Curaleaf budtender for nearly four years before his employment was terminated April 21, 2024. The firing came a day after Fredrickson called out Curaleaf for what he described as "retaliation"
Ohio Cannabis Sales Top $921M Since August 2024. According to the Division of Cannabis Control, between August 7, 2024 and July 12, 2025—retailers generated $653.1M in adult-use sales and $268.6M in medical marijuana sales across ~12M transactions. The average price per gram of marijuana flower has also fallen sharply. As of July 12th, the statewide average was $6.61 per gram, down sharply from $9.40 when adult-use sales began in August 2024. This is against the backdrop of a much larger and growing intoxicating hemp market.
New York cannabis board approves 52 new licenses, pushes total to 1,851. The licenses include one Adult-Use Cultivator License, five Adult-Use Distributor Licenses, six Adult-Use Microbusiness Licenses, 23 Adult-Use Processor Licenses, and 17 Adult-Use Retail Dispensary Licenses. Two new Registered Organizations were also approved.
💵 Deals
High Tide Closes on $30M Convertible Debt from Cronos. The Junior Secured Loan is secured by a third priority lien on certain of High Tide’s assets and bears interest at 4% per annum. Pursuant to the terms of the Loan Agreement, Cronos may, with the agreement of High Tide, from time to time, convert the Junior Secured Loan, excluding the amounts attributed to the original issuance discount, into common shares in the capital of High Tide at a price of $4.20 per Common Share. The Junior Secured Loan has a 5-year term and may be repaid, in whole or in part, at any time, at High Tide’s option with no penalty. Additionally, Cronos received warrants exercisable into up to 3,836,317 Common Shares at an exercise price of $3.91 per Warrant Share, representing a 25% premium to the 30-day volume weighted average price of High Tide shares on the TSXV ending on the trading day prior to the date of this news release, for a period of five years, at Cronos’ option.
📄 Company Updates
Cresco Labs Strategic Restructuring and Plans to Divest California Operations. The Company is in active discussions with prospective buyers interested in acquiring its California assets, including cultivation, manufacturing, and select distribution operations. It expects to finalize the transaction within the next several quarters, subject to customary closing conditions and regulatory approvals. Cresco Labs will retain full ownership of its premium FloraCal® brand and continue producing and marketing the brand across key U.S. markets.
Glass House Refinances Preferred Stock. Glass House recapitalized and non-brokered private placement its Series E Convertible Preferred Stock, face value of $1,000 per share, of GH Group. The Series E Preferred Stock will replace GH Group’s existing Series B and Series C Preferred Stock. Any holders of Series B and Series C Preferred Stock who elected not to exchange into the Series E Preferred Stock are being redeemed by GH Group, which effectively cancels the Series B and Series C Preferred Stock on a go-forward basis. Investors subscribing for Series E Preferred Stock will receive an annual 12% dividend rate, which will accrue and be paid quarterly. The Series E Preferred Stock is convertible into a new class of GH Group Class B common stock at a conversion price of $9.00 per share at any time, and ultimately, exchangeable into the Company’s publicly-traded equity shares on a one-for-one basis at any time. By comparison, Series B and C Preferred Stock which were issued in 2022, offered a 22.5% cumulative annual dividend rate inclusive of a 10% annual dividend and 12.5% PIK of additional preferred equity at the time of redemption. A detailed breakdown is available from Cannabis Musings.
FLUENT Arranges Shares for Debt Settlement. FLUENT will issue an aggregate of 2,750,000 common shares to certain of its directors in exchange for the cancellation of US$137,500 of director fees owing for the period of April 1, 2025 to June 30, 2025, which was previously approved by the board of directors of the Company. The Debt Shares will be issued at a price equal to the closing market price of the common shares of the Company as listed on the CSE on June 30, 2025, being US$0.05, in accordance with the policies of the CSE.
Leafwell Launches Cannabis Care Program, Offering Members Clinical Support and Exclusive Discounts at Dispensaries Nationwide. The Leafwell membership gives individuals access to clinical guidance, personalized care plans from knowledgeable providers, and up to 30% off cannabis products at over 700 dispensaries nationwide. Leafwell has partnered with a network of national dispensary chains—including Curaleaf, Fluent, iAnthus, and The Cannabist Company, as well as SSOs such as The Travel Agency and Gotham, making access to cannabinoid-based products seamless and affordable with exclusive Member discounts. Leafwell's pilot programs with employers have achieved significant success with municipal workers and school district employees in Trenton, Orange, and Teaneck, New Jersey, as well as with insurance carriers, such as Meritain Aetna and Horizon Blue Cross Blue Shield.
Lexachrom Analytical Laboratory shuts down. The New York marijuana testing lab at the center of the state’s biggest product recall exited the industry amid an ongoing state audit that had temporarily shut it down.
Atlantic Farms converts to employee ownership. After having been founded in 2018 by four partners, Atlantic Farms cannabis company transitioned this month to an all employee-owned firm through an employee stock ownership plan. Atlantic Farms is headquartered in Portland and has a storefront there as well as in Thomaston and Somerville (Lincoln County).
Curaleaf Sues Illinois Regulators Over Growhouse Permit. A subsidiary of Curaleaf, Compass Ventures Inc., is suing the Illinois Department of Agriculture for refusing to allow the company to expand its Montgomery County cannabis cultivation center with a 42,000 sq ft "hoop house," claiming the agency allowed at least two rivals to build similar structures in the past.
🏬 Retail
Klutch Cannabis to open Downtown Cleveland Dispensary. Located in the historic Record Rendezvous building — the site where the term "Rock and Roll" was first coined and where Cleveland was forever solidified as the "Cradle of Rock and Roll" — the new Klutch Cannabis dispensary has been carefully designed to honor the cultural legacy of its iconic heritage.
iAnthus opens GrowHealthy Dispensary in Palm Harbor. This is the company’s 22nd GrowHealthy dispensary in Florida.
🌱 Product
Dr. Norm's launches cannabis-infused Matcha Crispy Rice Bar. This first-of-its-kind, limited-edition edible by Dr. Norm's is fully plant-powered, containing 100mg THC, 50mg THCV, and naturally occurring caffeine derived from powdered green tea leaves. The Dr. Norm's Matcha Crispy Rice Bar is rolling out now and will be available in early August at partnering dispensaries throughout California.
Trulieve Expands Distribution of Onward, Launches THC-Infused Energy Drink Upward. Onward and Upward beverages are available at all ABC Fine Wine & Spirits and Total Wine & More locations in Florida. Trulieve recently entered into new distribution partnerships with Romano Beverage covering Illinois and Anheuser-Busch covering Northern Florida. With these new and expanded arrangements, Onward and Upward beverages can be found at hundreds of stores in Florida and Illinois.
Khalifa Kush Launches in Ohio Through Exclusive Partnership with Wondergrove at Bloom Dispensaries. Khalifa Kush's products will exclusively launch at Bloom Cannabis Dispensaries across the state.
Würk partners with the Seeds to Dreams Savings Plan through strategic partnership with intellicents, Empower Retirement, and the Finway Group. The Seeds to Dreams plan is offered as a Pooled Employer Plan (PEP), a modern retirement solution model that simplifies administration, reduces fiduciary risk, and provides a streamlined experience for employers and their workforces. The collaboration brings together one of the nation's largest retirement service providers, a leading third-party administrator (TPA) and pooled plan provider (PPP), and Würk's fully integrated HCM platform to offer a best-in-class benefits solution previously inaccessible to many in the cannabis space.
🧔 People
NCIA Founding CEO Aaron Smith to Step Down After 15 Years. Smith’s departure marks a shift in organizational structure and management, with leadership transitioning to NCIA’s Board of Directors. The board is chaired by Adam Rosenberg, a longtime cannabis industry advocate, advisor, and executive at Vlasic Bioscience, an NCIA Evergreen Member since 2023.
DEA Judge Overseeing Cannabis Rescheduling Hearing Set to Retire. John J. Mulrooney II, the agency’s chief administrative law judge, notified the hearing’s designated participants on July 23 that he will no longer have jurisdiction over the case come the end of next week. While Mulrooney is retiring, his vacancy isn’t expected to further delay the cannabis rescheduling hearing process: That ball is currently in DEA Administrator Terrance Cole’s court.
🎙️ Interviews
From budtender to multi-State cannabis CEO: Kate Miller / Miss Grass | FlowerHire
Sam Brill, CEO of Ascend Wellness | Highly Enlightened
How Cannabis Markets Are Shifting & What’s Next Post-Reform | The Dales Report
The Cannabis Titanic: The Reset Ahead | The Dime
Darren Gleeman on Tax Strategy, Exits, and Employee Ownership | C&T today
Another informative newsletter! Kudos