💸 The Tape

For a decade, Georgia's medical cannabis program has been one of the most restrictive in America — a market defined by low THC caps, limited product formats, and qualifying conditions so narrow that many patients couldn't access treatment until they were effectively at the end of their rope. Senate Bill 220 changes that.

Governor Brian Kemp (R) signed the "Putting Georgia's Patients First Act" into law, delivering the most significant expansion of the state's medical cannabis program since its creation. The legislation, which takes effect July 1, broadens patient eligibility, expands product offerings, and removes barriers that have kept Georgia's program small, underserved, and largely unknown to the people it was designed to help.

For the operators who have spent years building infrastructure in one of the country's most challenging medical markets, the phone is finally ringing.

What SB 220 Actually Changes

The most impactful provision is the removal of end-stage and severe-condition requirements from many qualifying diagnoses. Under the previous framework, patients with conditions like cancer, ALS, Parkinson's, and others often had to wait until their disease had progressed to its most advanced stages before becoming eligible for medical cannabis. SB 220 eliminates that restriction, allowing physicians to recommend treatment as soon as they deem it medically appropriate — rather than forcing patients to deteriorate before qualifying.

Judson Hill, president of licensed operator Fine Fettle, called it one of the bill's most significant changes: "They can get this medicine as soon as the doctor deems it something that would help them, rather than waiting till the end of their life."

The law also expands the types of products available to patients. Georgia's program has been limited to low-THC oil products — oils, tinctures, capsules, patches, and lotions — with smoking and vaping prohibited. SB 220 opens the door to vaporization products, giving patients who cannot use oral or topical formats a new delivery method.

For patients like Nancy Sprankle, who has used medical cannabis for three years to manage chronic pain from a spinal condition, the expansion represents something simple but powerful: progress. "It needs to be looked at and continue to be looked at," she said. "That's the main thing with this. We need progress in this field."

Current patients will still need a state-issued medical cannabis card and physician approval. But the broadened eligibility criteria and expanded product options are expected to drive meaningful growth in a registry that has struggled to scale.

The Market: Small but Structured

Georgia's medical cannabis market has been operational since April 2023, when the first dispensaries opened — nearly eight years after the state initially legalized possession of low-THC oil in 2015. The gap between legalization and implementation was one of the longest in the country, and the market that eventually emerged has been correspondingly small.

As of early 2026, the program includes approximately 19 licensed dispensaries and over 56 independent pharmacies authorized to dispense low-THC oil — making Georgia the first state to allow medical cannabis sales through independent pharmacies. Over 33,000 patients are currently enrolled, though the Georgia Access to Medical Cannabis Commission (GMCC) has acknowledged that "development of the industry continues to remain flat with little growth in the number of registered patients."

SB 220 is designed to change that trajectory. Hill noted that since the bill's signing, "our phones have been ringing off the hook" — suggesting that awareness alone has been a significant barrier to enrollment.

The Operators

Georgia's supply chain is controlled by six production licensees, split across two license tiers.

Trulieve and Botanical Sciences hold Class 1 production licenses, which authorize up to 100,000 square feet of indoor cultivation. Trulieve — the largest cannabis company in the U.S. by domestic revenue — operates six dispensary locations across the state, including Pooler, Newnan, Evans, and Columbus. The company was awarded its Georgia license in September 2022 and has steadily expanded its retail footprint, leveraging its national brand and operational scale to serve patients across the state's geography.

Botanical Sciences operates four dispensary locations in Marietta, Pooler, Chamblee, and Stockbridge, providing coverage across the Atlanta metro area and coastal regions.

On the Class 2 side — which permits up to 50,000 square feet of cultivation — the licensees include FFD GA Holdings (Fine Fettle), TheraTrue, Natures GA, and Treevana Remedy. Fine Fettle, led by Hill, operates four dispensaries including locations in Smyrna and Athens, and has been one of the most vocal advocates for program expansion. TheraTrue operates two dispensary locations in the Atlanta market under the True Bliss and Therapy Dispensary brands. Treevana Remedy holds one dispensary in Milledgeville.

A single testing laboratory — SJ Labs and Analytics in Macon — handles all product testing for the entire market, a bottleneck that could become more significant as patient enrollment and product diversity increase under SB 220.

Why This Matters Beyond Georgia

Georgia's expansion is significant for reasons that extend beyond the state's borders.

First, it happened under a Republican governor in one of the most politically conservative states in the Southeast. Kemp signed SB 220 after it passed the Senate 39-17 — a margin that reflects genuine bipartisan support for medical cannabis expansion even in deep-red territory. For advocates pushing reform in other Southern states, Georgia provides a template: start with a restrictive medical program, demonstrate that the sky doesn't fall, and then expand access based on real-world evidence and patient outcomes.

Second, the timing aligns with federal rescheduling. With state-licensed medical cannabis now classified as Schedule III, Georgia's operators — particularly Trulieve, which has already filed DEA registration applications for its medical locations nationally — can begin capturing 280E tax relief on their Georgia operations. For a market that has been financially challenging due to low patient counts and restricted product formats, the combination of state-level expansion and federal tax relief could meaningfully improve operator economics.

Third, the independent pharmacy model is worth watching. Georgia's decision to allow 56+ independent pharmacies to dispense low-THC oil alongside licensed dispensaries is unique nationally and could inform how other states think about distribution infrastructure — particularly as federal policy continues to normalize medical cannabis within the broader healthcare system.

The Road Ahead

SB 220 doesn't transform Georgia into a major cannabis market overnight. The 5% THC cap remains in place, product formats are still more limited than most medical states, and the patient registry — while expected to grow — starts from a modest base of 33,000 enrollees in a state of over 10 million people.

But the direction is unmistakable. Barriers are coming down. Product options are expanding. Patients can access treatment earlier. And operators who invested in Georgia during its most restrictive phase are now positioned to benefit from a program that's finally beginning to mature.

As Sprankle put it simply: "Somebody's listening."

In Georgia, that's been a long time coming.

📈 Dog Walkers

Tennesee Is Clamping Down On Hemp

Tennessee's hemp industry is about to hit a wall — and it's one that state lawmakers built deliberately.

Starting July 1, the Tennessee Alcoholic Beverage Commission will begin enforcing a ban on most of the state's most popular hemp-derived products, including THCA — the compound that, when heated, converts to THC and produces the same psychoactive effects as marijuana. The ban, passed by state legislators in May 2025, effectively closes the loophole that allowed THCA products to be sold legally under the 2018 Farm Bill's hemp definition. A last-minute industry deal allowed sales to continue through June 30, but that grace period is now expiring.

The economic impact will be severe. Industry experts estimate that 75% of Tennessee's hemp sales come from THCA products. State officials have already slashed hemp wholesale tax projections from more than $55 million to less than $10 million for the current year. In 2022, the state's legislative fiscal review committee estimated the hemp industry's economic impact at $180 million — most of which is about to evaporate.

Rep. John Crawford (R-Kingsport) acknowledged the human cost during a legislative hearing, noting that a wholesaler in his district will likely be put out of business: "I have a really hard time with that we gave them permission over the last year, and now we're taking that back."

The Alcoholic Beverage Commission, which assumed regulatory control of hemp at the start of 2026, finalized its rules in May after receiving public comments overwhelmingly focused on frustration with the THCA ban. Executive Director Russell Thomas said the agency's role was simply to "faithfully implement the framework enacted by the general assembly."

The state-level ban aligns with federal action — Congress passed legislation in November 2025 closing the THCA loophole nationally, with full implementation expected by late 2026.

Adding another layer of irony to the situation: the Trump administration's rescheduling of medical cannabis to Schedule III in April technically triggered a Tennessee law requiring the state health department to review medical marijuana options. But Republican lawmakers preemptively passed a bill removing that automatic review and requiring the legislature itself to create any medical cannabis program — effectively blocking the federal policy signal from producing any state-level action.

Medical marijuana proposals are expected during the January 2027 legislative session, but the path in a Republican-controlled legislature remains uncertain.

Tennessee is simultaneously killing its hemp industry and blocking the medical cannabis alternative. For operators and consumers caught in the middle, there's nowhere left to go.

🗞️ The News

📺 Trade To Black

Cannabis Lawsuits, Curaleaf Uplisting And Minnesota Reform | TTB Weekly Recap

• Rescheduling Legal Fight Grows: Attorneys General from Indiana, Nebraska, and Louisiana joined SAM's lawsuit challenging Schedule III rescheduling, with the consolidated case heading to the D.C. Circuit as the June 29 DEA hearing approaches.

• Curaleaf Uplisting Signal: Curaleaf's 1-for-3 reverse stock split is the latest sign that major MSOs are actively preparing for potential Nasdaq or NYSE listings as the regulatory environment shifts under Schedule III.

• Minnesota Overhaul: The state merged its medical and adult-use supply chains, created a new macrobusiness license, and built a transition pathway for hemp operators facing the looming federal THC ban — one of the most forward-thinking state-level moves of the year.

• Operator Updates: Jushi filed DEA registration applications to formalize its medical operations under Schedule III, while SNDL redirected capital toward share buybacks after its Ontario retail acquisition with 1CM fell through on regulatory delays.