High Five
A takeover fight in Canada, a federal quota signal from DEA and fresh state rules lead today's five.
Curaleaf clears every competition review for its Aurora bid, with its offer open until Dec. 4
Curaleaf said it now holds all required competition clearances for its hostile bid for Aurora Cannabis: Germany's economy ministry approved on Oct. 20, Canada's Competition Bureau issued a no-action letter on Nov. 2, and Germany's Federal Cartel Office cleared it on Nov. 3. The enhanced Oct. 6 offer expires Dec. 4 unless amended. Aurora's board backs a rival C$561 million Organigram deal at C$7.80 per share, a 21% premium to Curaleaf's offer; that deal still needs shareholder, court and regulatory approval.
Why it matters: Clearing antitrust removes one closing obstacle for Curaleaf and keeps a two-bidder contest alive for the largest Canadian producer deal of the year.
DEA holds 2027 Schedule I marijuana quotas flat and says Schedule III quotas will come separately
DEA filed a draft Federal Register notice of proposed 2027 production quotas, keeping Schedule I marijuana at 2026 levels, including 6,675,000 grams of cannabis and 1,000,000 grams of extract. It said a separate notice will set quotas for state-licensed medical marijuana now in Schedule III, once it settles on data and methods. The notice publishes Wednesday with a 30-day comment period.
Why it matters: Federal production quotas for Schedule III medical cannabis would put a supply limit on registered operators for the first time, so the coming notice deserves close attention.
Texas Democrats prefile adult-use bills with a 15% wholesale and 20% retail tax for 2027
A week after Democrats won statewide offices and a House majority, Reps. Joe Moody and John Bucy III filed HB 369 and HB 362, the Texas Regulation of Cannabis Act. Adults 21 and over could possess 2 ounces and grow 12 plants. Licensed businesses would pay 15% on transfers to dispensaries and 20% at retail, and localities could not ban them. Sen. Carol Alvarado's SB 237 allows county bans and relies on licensing fees instead of excise taxes.
Why it matters: A regulated Texas market would be among the largest in the country, and the competing bills already outline the tax and local-access terms that will decide its economics.
Missouri treats hemp THC products over 0.3% as marijuana starting Nov. 12
Under House Bill 2641, which survived legal challenges, any product with more than 0.3% total THC, including delta-8, THCA flower, gummies and vapes, becomes marijuana under state law on Nov. 12 and may be sold only by licensed marijuana facilities. The same law limits dispensaries' retention of customer data and protects the medical patient list.
Why it matters: Unlicensed hemp retailers in Missouri lose those product lines this week, and licensed dispensaries pick up the category.
Vireo Growth closes FLUENT deal, adding 33 Florida dispensaries for about 210 nationwide
Vireo completed its all-stock purchase of FLUENT Corp., issuing 6,148,780 shares after FLUENT converted about $35.7 million of debt into equity. The deal adds 33 dispensaries and about 117,000 square feet of cultivation and production, bringing Vireo to about 74 Florida stores and roughly 210 across 10 states. FLUENT's New York and Texas units are to be sold, pending approval. Chicago Atlantic's stake rises to about 11.7%.
Why it matters: The deal concentrates more of Florida's vertically integrated medical market in fewer hands and shows lenders like Chicago Atlantic converting debt into operator equity.