Three Republican AGs Sued Trump's DOJ to Undo Rescheduling. Operators' 280E Relief Is the Collateral.
Indiana, Nebraska, and Louisiana filed a 15-page petition in the D.C. Circuit on May 22 to vacate the Schedule III order their own party's Justice Department signed in April. If they win, the tax relief that just turned medical operators profitable disappears — and the June 29 DEA hearing happens under a cloud.
per eighth · AB 2402
PharmaCann Goes Dark on May 20: Three States, 192 Layoffs, and a REIT Holding the Match
Innovative Industrial Properties forced PharmaCann to surrender cultivation sites in Colorado, Pennsylvania, and Ohio by late May. The fallout includes 192 jobs, a $49 million sale of LivWell to Vireo Growth, and a warning that federal rescheduling can't save legacy adult-use markets.
per eighth · AB 2402
Curaleaf Prints $70M as Green Thumb Rides Minnesota and Trulieve's Revenue Slips 4%
Three of the largest MSOs reported the first quarter under federal medical-cannabis rescheduling, and the prints split: Curaleaf's $70.1 million GAAP net income looks like a normal company's, while Trulieve's revenue still slipped 4% year-over-year. Analysts now watch the June 29 DEA hearing — and whether the divergence holds.
The Dispensary Tech Stack Consolidates: 36 States, Metrc-BioTrack Peace, and an AI Layer
Flowhub now covers 36 states under one login. Metrc and BioTrack — the two state-traceability rivals — agreed on standardized APIs in August. AI-driven ERPs are auto-cutting purchase orders. The dispensary tech stack is no longer a mess of stitched-together vendors.
per eighth · AB 2402
280E Relief Lands: Trulieve Posts $287M Q1 Revenue and a 35% EBITDA Margin
The first quarter of post-rescheduling P&L visibility is here. Trulieve's medical-heavy revenue mix turns the Section 280E disallowance from a 70%-effective tax rate into a normal one. The market is repricing.