❌Trump signs bill Recriminalizing Hemp THC
Planet 13 Divests CA dispensary, closes cultivation. Verano x Raw Garden in NJ. Verano x Flower by Edie Parker in FL. Earnings: Curaleaf, GTI, Trulieve, Cresco Labs, TerrAscend.
🌿 Industry
Trump signs bill recriminalizing hemp THC products. Following a historic, weeks-long government shutdown, the Senate approved the appropriations package on Monday to fund critical agencies. The House of Representatives followed suit on Wednesday, voting 222-209 to pass the bill. — Marijuana Moment
McConnell said in a statement that hemp legalization was never intended to produce a wave of intoxicants that could be sold at gas stations, and insisted that the shutdown deal bill “preserves the legitimate hemp industry while addressing the rise of intoxicating and synthetic THC products”
Two Republicans joined all but six Democrats in opposing the funding bill that included the hemp THC ban: KY Rep. Thomas Massie and FL Rep. Greg Steube
The bill as drafted makes it so the hemp provisions won’t be implemented until one year after enactment. Stakeholders say that window could provide an opportunity to advance legislation to create an alternative regulatory model for consumable hemp products
Legal hemp products will be limited to a total of 0.4 milligrams per container of total THC or any other cannabinoids with similar effects
LA cannabis retailers stage tax revolt. Cannabis retailers in Los Angeles are refusing to pay their city taxes until regulators or law enforcement solves the illicit market problem. — MJBizDaily
Catalyst Cannabis is among the retailers who have stopped paying local cannabis taxes in LA, where licensed operators owe as much as $400M
More than 500 of the LA’s 738 marijuana businesses owe outstanding taxes
Michigan sales up 6.5% in October after $30M drop in September
Arkansas medical marijuana sales of $22.7M in September
💵 Deals
Planet 13 Divests California Dispensary, Closes Cultivation Facility. The Company’s California operations, which represented a small portion of overall revenue, were cash-flow negative and no longer aligned with Planet 13’s long-term objectives. Proceeds from the transaction, while not material, will help further strengthen the Company’s balance sheet, liquidity and enable investment in core markets—Nevada and Florida.
Verano x Raw Garden to Launch Branded Products in New Jersey. Raw Garden will debut its cartridges and All-in-Ones at Verano’s four Zen Leaf dispensaries in New Jersey and third-party dispensaries across the Garden State.
Verano x Flower by Edie Parker to Launch Cannabis Line in Florida. For the launch, Flower by Edie Parker tapped Miami native and Grammy nominated rapper JT as the face of “High in the 305”- a campaign that pairs the brand’s bold aesthetic with the artist’s equally unapologetic style and Florida roots.
📄 Company Updates / Earnings
Curaleaf Q3 2025 Results. Net revenue of $320.2M, down 3% YoY compared to Q3 2024, up 2% compared to Q2 2025. Adjusted net loss from continuing operations of ($48.2M), Adjusted EBITDA of $69.3M (21.6% margin), Cash of $107.5M.
GTI Q3 2025 Results. Revenue of $291.4M, up 1.6% YoY, net income of $23.3M, Adjusted EBITDA of $80.2M (27.5% margin), CFO of $74.1M, Cash of $226.2M.
Trulieve Q3 2025 Results. Revenue of $288M, net loss of ($27M), adjusted EBITDA of $103M (36% margin), CFO of $77M, FCF of $64M, Cash of $458M.
Cresco Labs Q3 2025 Results. Revenue of $165M, operating cash flow of $6M, Net loss of $22M, which includes a $16M loss for debt extinguishment related to the refinancing of the company’s senior secured term loan, and non-cash impairment charges of $2M related to California assets being considered held for sale. Adjusted EBITDA of $40M (24.1% margin), Cash of $79M.
TerrAscend Q3 2025 Results. Net Revenue was $65.1M, compared to $65.2M in Q3 2024. GAAP Net Loss from continuing operations was ($9.9M), Adjusted EBITDA was $17.0M (26.1% margin), FCF was $4.9M, Cash of $36.6M.
Grown Rogue Q3 2025 Results. Revenue and Adjusted EBITDA, including NJ affiliate, ABCO, were $8.5M and $1.7M, respectively, up 26% and 25% YoY. Borrowed additional $5M on bank loan, bringing loan to $12M with a blended interest rate of below 8%.
Trulieve Notice of Redemption for All $368M of 8% Senior Secured Notes due 2026. As set forth in the notice of redemption, the redemption date will be December 5, 2025, and the redemption price is 100% of the principal redeemed, plus accrued and unpaid interest up to, but excluding, the Redemption Date.
Cresco Labs Launches Flagship Flower Brand in Germany. Cresco Labs is partnering with Blossom, the Company’s EU GMP-certified manufacturing partner in Portugal, to introduce three signature flower products, each aligned with specific patient effects.
FLUENT Completes 1st Harvests at Rosa Facility in Florida. The newly operational facility, adjacent to FLUENT’S existing large-scale Tampa cultivation campus, will increase the company’s premium indoor flower canopy by approximately 25%.
Würk x Seed Talent partner to Elevate Cannabis Workforce Training and Compliance. Under the strategic partnership, the completion of Seed Talent’s training, compliance courses and mandated certification programs will be tracked through Würk’s leading HCM platform to ensure businesses can monitor workforce development and regulatory compliance in a single location.
🏬 Retail
Insa Becomes Fully Vertically Integrated in Pennsylvania, Opens 1st Dispensary. In addition to its own products, Insa has partnered with Connected and AlienLabs.
🌱 Product
Mfused Unveils Super Fog Burzt, a Fast-Acting Cannabis Lemonade That Redefines Edibles. Burzt merges high potency with crave-worthy taste in a sleek, portable bottle designed for convenience and precision. Available in 100mg THC formulations, each bottle features a 6ml dosing cap for controlled consumption and an all-natural emulsification process that delivers fast, consistent results. Super Fog Burzt debuts this month across Washington dispensaries, with expansion to Arizona and New York to follow.
🧔 People
Rubicon appoint Glen Ibbott as CFO. Ibbott was CFO at Aurora Cannabis from 2017 to 2024. Prior to Aurora, Ibbott held senior finance roles at several healthcare and pharmaceutical companies, including QLT, where he was instrumental in its $500M merger with Aegerion Pharmaceuticals.
🎙️ Interviews
Vince Ning: Improving Commerce for Cannabis Operators | Cannabis Equipment News
Robert Sciarrone, Chief Revenue Officer at Curaleaf | Cannabis Industry Journal
The Amazon of THC, How Edibles.com Will Take Cannabis National | The Dime