High Five
DEA rejects a D.C. dispensary as 7,000 rescheduling applicants wait behind the first 900 registrations
The DEA issued an Order to Show Cause denying federal registration to a Washington, D.C.-area medical cannabis dispensary, saying it cannot register any D.C. dispensary because the District lets patients self-certify without a written certification. The agency registered 900 dispensaries in seven states on Oct. 30 but has not said how many applicants were rejected or why. Curaleaf, Green Thumb, Jushi, Trulieve and Vireo say they received registrations.
Why it matters: Registration is the path out of 280E, and this order signals that states without physician certification may wait for adult-use rescheduling before their operators qualify.
Missouri AG files four suits against THCA sellers ahead of the state's Nov. 12 hemp restrictions
Attorney General Catherine Hanaway sued four retailers accused of selling marijuana as hemp, and a federal judge dismissed the Missouri Hemp Trade Association's challenge to House Bill 2641 the same day. Starting Nov. 12, products above 0.3% total THC, including THCA, fall outside the hemp definition and finished products are capped at 0.4 mg THC per container. Hemp beverages stay on shelves until Dec. 11. Hanaway said more lawsuits will follow.
Why it matters: Intoxicating hemp products move into Missouri's licensed dispensary channel this week, shifting demand toward licensed operators and raising enforcement risk for smoke shops.
Trulieve posts $230 million Q3 revenue and 64% gross margin in its first medical-only quarter
Trulieve reported Q3 revenue of $230 million, down 20% from $288 million a year earlier after deconsolidating Harvest's mixed medical and adult-use operations. Gross margin rose to 64%, adjusted EBITDA was $89 million and free cash flow was $45 million, with $327 million in cash at quarter end. The company received DEA registrations for its medical dispensaries, repaid a $65 million mortgage early and saw a sevenfold traffic increase in Georgia.
Why it matters: Trulieve is the first large test of how a registered, medical-only operator without 280E performs, a template other MSOs may weigh.
Massachusetts voters reject cannabis repeal Question 8 with 75.7% voting no
Massachusetts voters defeated Question 8, which would have recriminalized the state's adult-use market, by 75.7%. The repeal campaign spent $3.7 million, almost all from Smart Approaches to Marijuana, which says Maine and other states are next. Idaho voters also rejected a measure that would have blocked future ballot legalization efforts.
Why it matters: The margin lowers the near-term risk of ballot repeals in mature markets, though SAM has said it will keep filing them.
Canopy Growth lifts Q2 net revenue 22% to C$81.4 million as international cannabis sales rise 141%
Canopy Growth reported fiscal Q2 2027 net revenue of C$81.4 million. International cannabis revenue rose to C$12.3 million from C$5.1 million, led by medical sales in Germany and Poland, and the company entered the U.K. Canadian adult-use revenue grew 17% and medical 18%, helped by the MTL Cannabis acquisition. Consolidated gross margin fell to 29% from 33%, and Storz & Bickel revenue dropped 4%.
Why it matters: European medical demand is now Canopy's fastest-growing line, but shrinking margins keep its profitability target in question.