🏪 Vireo Growth x Glass House Form Retail Joint Venture in CA
LEEF Brands acquires HIMALAYA. Aurora Cannabis acquires Safari Flower Company. TerrAscend appoints new CFO. Tilray acquires Lyphe to Expand UK Medical Platform.
🌿 Industry
Virginia governor proposes adult-use cannabis market launch delay, new taxe. Adult-use cannabis sales would begin in July 2027, and not January. She also proposed new taxes. — MJBizDaily
The extra time, plus tweaks to rules around “consumer and product safety,” will “ allow for additional time to implement a legal market safely and curb the illicit market,” the governor’s office said
Among Spanberger’s proposed amendments are:
Sales tax of 6% until July 1, 2029, when the tax automatically increases to 8%
Cultivation cap for vertically integrated processors of no more than 70K sq ft
A ban on butane extraction outside of commercial manufacturing
Glass House Brands among cannabis cultivators losing permits over odor complaints. County officials in Santa Barbara County, California, sent revocation letters to nine cannabis cultivators that failed to install odor-control equipment by a March deadline. — MJBizDaily
As of Monday, all companies are still in operation. Companies that received a letter have until April 20 to file an appeal
Under a law passed last year, cannabis cultivators were required to purchase “carbon scrubbers” that supposedly reduce the smell by 84%
However, at $22,000 per machine and with a recommendation to install 10 machines per acre of canopy, the “preferred” brand is expensive, the news source added. As of last month, 11 of the county’s 25 licensed indoor and greenhouse farms had installed the scrubbers
Cannabis Barometer x Bloomwell Group Survey of Cannabis Patients Show Massive Reduction in Side Effects After Switching from Opioids, Sleeping Pills, or Ritalin to Medical Cannabis. A survey of 3,528 Cannabis patients shows medical cannabis has enormous potential to reduce the use of other prescription medications and avoid side effects, with highly positive effects on quality of life and work.
Alabama’s 1st Medical Cannabis Dispensary Plans to Open May 4th
Pennsylvania — 69% of likely voters support adult-use cannabis
Michigan sales down (7.8%) YoY
💵 Deals
Vireo Growth x Glass House Form Retail Joint Venture. Following regulatory and certain closing conditions, each company will contribute its California dispensary operations to the joint entity in exchange for a 50% ownership interest. Vireo operates 12 dispensaries and home delivery operations recently acquired from Eaze. Glass House currently operates 11 dispensaries. Together, the combined network will be supported by a preferential supply agreement with Glass House, California’s most efficient large-scale cannabis producer. After five years, Vireo will have the option to acquire Glass House’s equity interest in the joint venture, and Glass House will have a reciprocal put right. Cory Azzalino, Vireo’s President of California, has been appointed CEO of the joint venture, where he will oversee operations and lead the platform’s retail acquisition and expansion strategy.
LEEF Brands Acquires HIMALAYA for $2.5M. HIMALAYA is a leading California-based cannabis concentrates brand known for its premium, full-spectrum cartridges and natural formulations. Under the terms of the agreement, LEEF will acquire HIMALAYA for 13,688,000 common shares of the Company, which includes management incentive shares, and will issue warrants with an aggregate value of $100,000 priced at $0.25 CAD per share, representing total consideration of ~$2.5 M.
Aurora Cannabis Acquires Safari Flower Company for $26.5M. Safari Flower has a 59,000 sq ft, purpose-built EU GMP certified indoor cultivation and manufacturing facility in Ontario, Canada that will provide Aurora with incremental capacity that is closely aligned with its existing cultivation and manufacturing sites.. Aggregate consideration is valued at $26.5M, subject to customary adjustments, and inclusive of a cash payment of $2M that is contingent on satisfaction of certain conditions. As consideration on closing, Aurora (i) issued the selling shareholder 2,417,180 common shares; and (ii) paid the selling shareholder $15 million in cash, subject to customary adjustments post-closing.
Vireo Completes Acquisition of The Hawthorne Gardening Company from The Scotts Miracle-Gro Company. As a result of the Hawthorne Transaction, Vireo acquired $35M of cash held by Hawthorne, ~$58M of net working capital, and $20M of inventory (primarily growing media) to be supplied to the Company over two years, in exchange for the issuance to Good Dog Holdings LLC of 213 million subordinate voting shares of the Company and a warrant to purchase 80 million Shares at an exercise price of $0.85/Share, exercisable for a period of five years from the date of issuance. In connection with the transaction, Vireo has nominated Chris Hagedorn, Executive Vice President of Scotts Miracle-Gro and Executive Lead of the Hawthorne business, for election to its Board of Directors at the Company’s Annual General and Special Meeting of Shareholders to be held on May 29, 2026.
Tilray Expands UK Medical Platform with Acquisition of Lyphe. Tilray acquired the Lyphe Group, a leading UK-based medical cannabis clinic and digital pharmacy platform, with Lyphe Dispensary having dispensed ~150,000 units to date and Lyphe Clinic having treated over 16,000 patients to date, anchoring and expanding Tilray Medical’s footprint in one of Europe’s largest and most dynamic healthcare markets.
Organigram Closes Previously Announced Acquisition of Sanity Group, Private Placement Financing with BAT and ATB Senior Secured Credit Facilities. In connection with closing of the Acquisition, a wholly owned subsidiary of the Company acquired all of the issued and outstanding shares of Sanity Group not already owned by the Company for an upfront purchase price paid on closing of €107.3M, consisting of €78.0M in cash and €29.3M in share consideration. In connection with the closing of the Acquisition, the Company also closed its previously announced private placement financing with BT DE Investments Inc., a wholly owned subsidiary of BAT, for total gross proceeds of €40.3M, and its previously announced senior secured credit facilities of up to C$60M.
📄 Company Updates
Safe Harbor Financial Q4 and Full Year 2025 Results. Revenue was $2.1M in Q4 2025, a 12% increase compared to $1.8M in Q3 2025, and a (44%) decline compared to the Q4 2024. Eliminated substantially all of the Company’s debt, ended the year with $6.8M in Cash.
Curaleaf Launches Share Repurchase Program. Curaleaf will commence a normal course issuer bid to repurchase up to 34,388,831 of its subordinate voting shares over the twelve-month period commencing on April 20, 2026 and ending no later than April 19, 2027, representing ~5% of the Subordinate Voting Shares issued and outstanding as of April 10, 2026, or an aggregate fair market value of ~$83M based on the closing trading price of the shares on the TSX on April 14, 2026.
🏬 Retail
Edibles.com opens its first store near the Atlanta Beltline. What you see in the store will reflect what you can purchase on Edibles.com, including products made by brands like Wyld, Cann and Wana, as well as items from local companies such as Scofflaw Brewing. Thomas Winstanley, GM & EVP of Edibles.com, said the store will also help customers better understand how to use the products.
STIIZY reaches 65 retail locations. Recent openings across California include Sacramento, National City, and Covina, with additional locations in Lake Elsinore and Concord expected in the coming months. The company is also integrating 12 Gold Flora locations, further expanding its retail footprint.
Cresco Labs Opens Sunnyside Bridgeport, OH. The new cannabis dispensary marks the company’s seventh location in the Buckeye State.
Terrabis Launches 24-Hour Drive-Thru Dispensary in O'Fallon, MO. “This is the natural evolution of how customers want to shop, and we’re leading the way. Twenty-four-hour drive-thru access lets us serve customers on their schedule.” said Dan Ambrosino, CEO of Terrabis
Snoop Dogg Returns To His Roots With The Opening Of S.W.E.D. Long Beach. On May 9, Snoop Dogg will officially open S.W.E.D. (Smoke Weed Every Day) Long Beach, marking his second cannabis dispensary in California and the first business in his hometown. The store’s bold design honors the early days of hip-hop, mixing cutting‑edge technology with street‑inspired visuals, vibrant colorways, and throwbacks to the classic Snoop era. Inside, guests will find retro arcade games, Snoop’s personal lounge, two live DJ booths, and a state-of-the-art hologram of the icon himself. Each element was intentionally designed to celebrate Long Beach’s rich culture and community that shaped his journey. Iconic touches, including references to the legendary Hood Rich Lowrider and more.
🌱 Product
Ripple introduces Ripz chewable tablets. Each tablet is candy flavored and made with fast-acting Ripple. With five mouth-watering flavors at 2.5mg THC each, your dose is up to you. Perfect for seasoned users and newbies alike, chew one to take the edge off or chew a handful to transport your senses. Available across Colorado Recreational Dispensaries.
Mfused Introduces ION: The Cartridge, Reengineered. A structural rethink of 510 hardware, each ION tank features a proprietary mouthpiece, stainless steel internal components, glass tank body, leak-resistant technology, and universal 510 thread compatibility. The ceramic heating system is tuned for low-temperature vaporization, preserving delicate terpenes and unlocking a cleaner, more flavorful profile.
Ayr Wellness Introduces HZ Live Rosin Product Line in Florida. The launch of HZ is supported by Ayr’s recently opened indoor cultivation facility in Ocala, a nearly 100,000-square-foot site designed to expand product variety while maintaining the consistency and terpene integrity required for premium solventless extracts. At launch, HZ will be available in multiple formats, including .5G 510-thread cartridges, .5G all-in-one disposables, and full-gram badder.
🧔 People
TerrAscend Appoints Eric Jackson CFO. Jackson brings more than two decades of finance and operational leadership experience across retail, consumer, and manufacturing sectors. Most recently, he served for over eight years as EVP and CFO of American Signature, Inc., a multi-location, omnichannel retailer. Prior to American Signature, Jackson spent more than 14 years at L Brands, a publicly traded specialty retailer whose portfolio included Victoria’s Secret, PINK, Bath & Body Works, La Senza, and Henri Bendel.
True Terpenes appoints Angela Pih as CMO. Pih steps into the role following her impact in shaping brand strategy and driving the successful launch of Headstash™, the company’s breakthrough in compliant cannabis aroma science. Pih joins True Terpenes at a pivotal time, as the company continues to scale its influence across global consumer packaged goods and cannabis markets. True Terpenes currently serves customers in more than 100 countries and supports over $8 billion in global CPG annually, reflecting its leadership in flavor and aroma formulation systems.
Harris Sliwoski adds Christian Sederberg. In 2010, he also co-founded Vicente Sederberg LLP (now Vicente LLP) and served as its managing partner for more than a decade. He has served on the board of the National Cannabis Industry Association; served as Chairman of the Board and Interim CEO of the Cannabis Trade Federation; and served as Chairman of the Board of the United States Cannabis Council.
🎙️ Interviews
Finding Alpha in Cannabis: Jerry Derevyanny, Bengal Capital | Higher Exchanges
Gelatinous Cubes, Texas Hemp, and the 4/20 Weekend Setup | High Rise
The Future of THC Beverages: Dawson Hobbs, WSWA | High Spirits
How Appalachia Is Reframing Cannabis | Hirsh Jain