📜 Trump Expected to Direct Agencies to Reschedule Cannabis to Schedule III
Curaleaf acquires VA Assets from The Cannabist Co for $110M. Stiiizy acquires 12 CA Dispensaries from Gold Flora auction for $25M. Top NY OCM Official Resigns as Major Investigation is Dropped.
🌿 Industry
Trump signals Cannabis pivot. President Donald Trump is expected to direct his administration to reclassify cannabis from a Schedule I to a Schedule III controlled substance. — The Washington Post
While reports suggest an executive order could be issued as soon as Monday, the White House has officially stated that “no final decisions have been made”
Trump cannot unilaterally reclassify cannabis. Instead, the planned executive order would direct the Department of Justice (DOJ) to issue a final rule, a procedural move designed to bypass a potentially lengthy public hearing process
The move is not without friction within the Republican party. House Speaker Mike Johnson is reportedly opposed to the reclassification of marijuana to Schedule III
Cannabis ETF MSOS traded up +55% on the news
San Francisco Rediscovers Its Cannabis Roots, Offers California a Blueprint for Revival (Opinion). The city’s Board of Supervisors voted to suspend its local cannabis business tax until Dec. 31, 2035. — CBT
In doing so, San Francisco has set itself apart from every major city in the state—especially Los Angeles, which imposes a 10% local cannabis tax that has contributed to declining legal sales, widespread business closures, large volumes of unpaid taxes and the continued expansion of the illicit market
Los Angeles is now considering a cannabis tax amnesty program, a clear acknowledgment of how much uncollectible tax its policies have produced
Hemp Products Would Be Federally Regulated Instead Of Banned Under New Senate Bill. Democratic senators have introduced a new bill to create a federal regulatory framework for hemp-derived cannabinoids and allow states to set their own rules for products such as CBD. — Marijuana Moment
The senators’ proposal would set THC limits on hemp products for states that do not enact their own caps, allowing up to 5 milligrams per serving and a maximum of 50 milligrams per container across all types other than beverages. Hemp drinks could have up to 10 milligrams of THC per container under the federal standard
Ohio Poised to Roll Back Voter-Approved Cannabis Law, Ban Intoxicating Hemp. Ohio Governor Mike DeWine will sign SB 56, a bill that significantly curtails the state’s voter-approved adult-use cannabis program and effectively eliminates the market for intoxicating hemp outside of dispensaries. — Marijuana Moment
This move represents a material regulatory shift, undermining the 2023 legalization initiative and creating significant uncertainty for operators in both the cannabis and hemp sectors
By recriminalizing the possession of legally purchased products from neighboring states like Michigan, Ohio is creating a walled garden. This move protects the tax base and sales volume of in-state operators but may face legal challenges and creates a compliance headache for consumers
Alabama cannabis commission awards first dispensary licenses after years of legal hurdles. The three dispensary licenses (CCS of Alabama, RJK Holdings, and GP6 Wellness) advances the state’s long-delayed medical cannabis program. — AL.com
The Commission put a hold on licensing for a fourth company — Yellowhammer Dispensaries. It will meet on Jan. 26 to consider adding that company to the list of approved participants
These legal battles have left licensed operators like Joey Robertson of Wagon Trail Med-Serv in Cullman waiting to utilize millions of dollars in equipment and infrastructure. Robertson, who received an integrated facility license in 2023, has offset losses by producing hemp-derived products while his cannabis operation remains idle. “We have $4 million of infrastructure sitting here, and we can’t do anything with it,” Robertson said in a July interview, estimating it could take four years to break even due to delays
Curaleaf to exit hemp THC market ahead of federal ban. Initially reluctant to participate in the hemp boom following the 2018 Farm Bill, Curaleaf in 2024 made a strategic decision to enter the hemp market that led to the company’s hemp-derived THC beverages being sold at Total Wine & Spirits in nine states. — MJBizDaily
The pivot means Curaleaf will “bring down” its existing inventory as well as “the amount of people focused on that business,” said Chairman Boris Jordan
The company will also close its single Florida hemp-focused outlet, The Hemp Company, which opened in West Palm Beach in April. Curaleaf hasn’t made the decision yet regarding its hemp production and manufacturing in Kentucky
Gotham x Cultivated Media to Debut The Highrise: A New Semi-Annual Salon Shaping the Future of Cannabis. As cannabis continues to evolve amid political uncertainty, New York has quickly risen to the forefront of transformation. The Highrise was created as a catalyst for the operators, policymakers, investors, and cultural leaders defining the next era of the industry. Unlike traditional trade shows, the salon centers on real-time insight, provocative dialogue, and intimate access to the individuals driving meaningful change.
First Kentucky medical cannabis dispensary opening this weekend in Ohio County. The Post in Beaver Dam will open to eligible medical cannabis patients on Saturday and will remain open until 6 p.m. or until supplies run out.
From rosin gummies to hash holes: Meet the winners of MJBowl
💵 Deals
Curaleaf to Acquire Virginia Assets From The Cannabist Co in $110M Deal. The assets consist primarily of five active retail locations, one additional retail location in development and ~82,000 sq ft of cultivation and production capacity in the Richmond region. Pursuant to the equity purchase agreement (EPA), the buyer will purchase all of the issued and outstanding equity interests of gLeaf Virginia from the member for total consideration of $110M, consisting of: $80M in cash, $20M in deferred consideration and a $10M promissory note. In the event a competing bid for the Virginia assets is accepted during the go-shop period or if The Cannabist Co. fails to receive noteholder consent for the transaction, Curaleaf is entitled to receive a $3.3M break-up fee and all associated expenses up to $350,000.
Stiiizy acquires 12 California dispensaries from Gold Flora auction for $25M. Stiiizy bought the previous leases and licenses with a $25 million auction bid on Oct. 23, according to a court order filed in Los Angeles Superior Court. This will give the company 58 dispensaries in California and a total of 61 (3 dispensaries in Michigan). Stiiizy’s purchase of Gold Flora’s stores has come with some controversy. During an auction on Oct. 23, Stiiizy placed the highest bid of $26.45M, according to a court filing. But that bid cost was later reduced by $1.4Mafter Stiiizy discovered that retail licenses in San Jose, Costa Mesa and Santa Barbara would not be able to transfer to a new owner, a filing said. A competitor, Sweet Leaf, said in a court filing that its bid of $26.3M should be considered the new highest bidder after the post-auction reductions on Stiiizy’s purchase price because the company should have known the licenses were at risk of not transferring.
Trulieve $100 Million Private Placement of 10.5% Senior Secured Notes. The Notes will mature on or about December 17, 2030, and may be redeemed in whole or in part, at any time from time to time, on or after the date that is two years following the issue date at the applicable redemption price set forth in the supplemental indenture to be entered into on closing of the Offering.
Cronos acquires Canadelaar, the largest legal cannabis producer in the Netherlands, for €57.5M. It is the first time a foreign investor has taken over a Dutch cannabis grower. Canadelaar is the biggest supplier in the Dutch government’s regulated cannabis experiment, which expanded in April and now involves 10 local councils. Under the scheme, participating “coffeeshops” must source all their cannabis from licensed growers appointed by the government. The trial is intended to test whether the Dutch cannabis market can be taken out of the illegal circuit.
Vencanna Ventures to Divest of Vencanna NJ LLC. Vencanna has entered into a definitive sale agreement with an arm’s length purchaser to sell its 95% membership interest in Vencanna NJ LLC, a special purpose company that has applied for a Class 5 retail license for a proposed retail site in Bellmawr, NJ. Under the terms of the agreement, the total consideration payable by the Purchaser to Vencanna for its membership interest in Vencanna NJ is $1,250,000, plus cash reimbursement of certain deposits amounting to ~$135,000, plus an earnout of up to $250,000.
Sensi Brands acquires Maricann. Maricann, based in Langton, ON, has a 100-acre cultivation campus designed to support up to 1.1 million SF of cultivation capacity. The acquisition includes a 350,000 SF state-of-the-art hybrid greenhouse that has been engineered to EU-GMP standards and is currently undergoing EU-GMP re-certification. The transaction establishes the company among Canada’s Top Licensed Producers (LPs), by cultivation capacity, with a projected annual capacity output of 110,000 KG of high quality, EU-GMP certified cannabis dried flower.
📄 Company Updates
Texas Original Opens Largest Medical Cannabis Facility in Texas. The company has scaled from a 7,700 sq ft facility to its new 75,000 sq ft, state-of-the-art headquarters in Bastrop, TX. In addition to relocating its Bastrop headquarters, Texas Original has converted its former facility just south of Austin into one of Texas’ first satellite locations authorized under HB 46. Under the new regulations, these satellite locations allow for same-day pickups, providing patients across the state faster and more convenient access to medical cannabis. This satellite location joins Texas Original’s more than 17 other pickup sites across Texas.
Grown Rogue Secures Cultivation Facility in Minnesota. The ~109,000 sq ft building in Fridley, Minnesota, was acquired by Rainbow WBSE MN LLC for ~$75/sq ft, and Grown Rogue will pay a monthly base rent of 0.73/sq ft. The facility recently secured a conditional use permit for cannabis cultivation and is expected to support a phased build-out of up to 30,000 sq ft of flower canopy, which reflects the maximum indoor flower canopy permitted in Minnesota. Construction of Phase I, ~10,000 sq ft of flowering canopy and associated support infrastructure, is expected to commence in early 2026, with the first product anticipated in early 2027.
🏬 Retail
Hub Dispensary opens in Kingston, NY. Hub Dispensary is the city’s third dispensary offering cannabis products for legal, recreational use. Several others exist in the immediate Kingston area as well, in the town of Ulster and in Rosendale.
Green Wave dispensary opens in Foster, MD. Owner Chris Sands said that he has been through the ringer in getting and keeping his license to sell cannabis in Foster. Last October, he said the state attempted to rescind his license for the store at 187 Danielson Pike due to delays in construction.
Curaleaf Expands Florida Footprint With New Cape Canaveral Dispensary. This new location marks Curaleaf’s ongoing expansion in the Sunshine State, bringing its store count to 70 in Florida and 159 nationwide.
iAnthus Opens 25th GrowHealthy Florida Dispensary in St. Petersburg.
🌱 Product
Ascend Wellness x Mister Jones for New Jersey Dispensary. This partnership marks a significant milestone as it is one of the first under NJ’s recent Assembly Bill A4151, which facilitates expanded investment opportunities for diversely-owned businesses in the cannabis industry. AWH will provide comprehensive support to fund the retail space and upfront capital, ensure a steady product flow, including the Company’s product portfolio, and provide technical assistance to deliver backend operational support. The dispensary in Little Falls Township is set to open on December 19th.
The Cannabist Company x Old Pal for West Virginia. Building on the success of this collaboration in Maryland, Virginia, New Jersey and Colorado, The Cannabist Company launched Ground Flower (7 g, 14 g) and Whole Flower (3.5 g, 7 g) across all Cannabist locations in West Virginia. The Cannabist Company operates 38,069 sq. ft. of cultivation and manufacturing space in West Virginia.
Green Check x Lüt to Launch Compliance-First Payment Solution for the Cannabis Industry. By combining Green Check’s banking compliance expertise with Lüt’s advanced, fully certified payment processing platform, the collaboration eliminates reliance on cash, reduces payment shutdowns and addresses non-sufficient funds (NSF) concerns across in-store, delivery and e-commerce transactions.
Safe Harbor Launches Payroll Cashflow Solution, Announces Major Banking Win With Canopy HR. Canopy HR has selected Safe Harbor to support nearly all of its cannabis payroll banking operations. Alongside this engagement, Safe Harbor is introducing a new cashflow solution that allows cannabis operators to keep payroll-related funds in their accounts for up to two additional days every payroll cycle.
🧔 People
Top N.Y. Cannabis Official Resigns as Major Investigation Is Dropped. In a statement, the governor said that she had accepted the resignation, effective immediately, of the official, Felicia A.B. Reid, who was appointed last year to lead the Office of Cannabis Management. Ms. Reid took on the post amid the rocky rollout of the state’s ambitious plans for the building of a legal market for cannabis. But according to the governor, state regulators continued to stumble under Ms. Reid. Ms. Hochul cited the dropping of the case against Omnium Health.
Organigram names James Yamanaka CEO. Formerly global head of strategy for British American Tobacco, Yamanaka is expected to assume the role on or about January 15, 2026. He also will join the company’s board of directors. As global head of strategy at BAT, Yamanaka was instrumental in developing the Group strategy. Prior to that, he served as area director for North Asia (Japan and South Korea). Before his role in Asia, he transformed BAT’s Northern Europe Area from a traditional business into one positioned for growth through the acquisition of a nicotine pouch business that has become the largest growth category for the BAT group.
Aurora Names Kerry Miller Managing Director for Australia, New Zealand. Kerry joins Aurora with an extensive career in consumer-packaged goods, anchored by a successful 25-year tenure at Reckitt Benckiser and nearly 10 years at Unilever.
GreenSpace Appoints Joe Khoury Chief Digital Officer. Khoury most recently served as VP of Business Systems at MariMed.
🎙️ Interviews
Coworking with Socrates Rosenfeld | Retail Brew
BigMike on building the largest cannabis nutrients company in the world | mg
STiRiBLES founder Adolphus Busch V on cannabis drinks and cuisine | STL Mag
Cheech & Chong’s Cannabis Co. Plans 100 Branded Stores in 18 Months | High TImes