💸 The Tape

Just weeks after Governor Abigail Spanberger vetoed the state's adult-use cannabis sales legislation, lawmakers are already plotting their next move — and this time, the vehicle might be something the governor can't easily kill: the state budget.

At the first meeting of the Joint Commission to Oversee the Transition of the Commonwealth into a Cannabis Retail Market since the veto, bill sponsors Sen. Lashrecse Aird (D) and Del. Paul Krizek (D) made clear that the fight is far from over. With budget legislation due by July 1, lawmakers are openly discussing the possibility of embedding cannabis legalization provisions into the spending package — a strategy that would force Spanberger to either accept the reform or reject the entire budget.

"It would be really irresponsible if we didn't take this one final opportunity to try and get the legislation moved forward," Aird told reporters. "There is a pathway to adopt a form of compromise."

Krizek was equally direct: "Cannabis is legal to possess, legal to grow in limited amounts, and legal to use, but the retail market remains illegal. That contradiction is the central issue this commission will continue to confront."

The Governor's Position

Spanberger's office didn't directly address the budget strategy when asked, instead reiterating that she "supports setting up a legal retail marketplace for cannabis" that prioritizes health, safety, and enforcement. The governor has continued defending her veto, saying she views "taking a little bit longer" as responsible rather than negative. "Do people want me to sign a bill or do people want me to get it right?" she said in a recent interview.

She also acknowledged the political cost: "A lot of people are not pleased. Friends and family are displeased as well."

Aird pushed back forcefully on the notion that Virginia isn't ready, pointing to the state's existing Virginia Cannabis Control Authority: "There has not been enough conversation about the fact that the things that have been asserted as being lacking are simply not factual. These entities that will be responsible for regulating here in the commonwealth — they have been ready. They are waiting on us."

A recent survey confirmed that bipartisan majorities of Virginia voters wanted Spanberger to sign the legislation and specifically disagreed with her desire to slow the timeline.

The Operator Landscape: A Market in Motion

While the political drama plays out, the corporate landscape underneath has been transformed by an aggressive wave of M&A activity over the past 18 months — all driven by the anticipation that adult-use sales were imminent.

Virginia law restricts its medical cannabis market to five vertically integrated pharmaceutical processor licenses, each assigned to a geographic Health Service Area. The current operator map looks dramatically different than it did two years ago.

Green Thumb Industries holds the Northern Virginia license and operates multiple dispensaries in the state's most affluent and densely populated corridor. GTI's national brand portfolio — including RYTHM and Dogwalkers — gives it immediate product-market fit when adult-use launches.

Jushi Holdings also operates in Northern Virginia, where it has invested significantly in infrastructure, including a $30 million facility expansion near Manassas. With six Beyond Hello dispensaries across the state and a strong branded product pipeline through Kind Tree and Legend, Jushi has been among the most aggressive in preparing for the adult-use transition.

Verano Holdings serves Southwest Virginia after acquiring The Cannabist Company's subsidiary that held the HSA V license covering the Hampton Roads region in 2024. The deal gave Verano a foothold in one of Virginia's key population centers and access to the cultivation and processing infrastructure needed to serve the broader market.

The most dramatic transaction involved the HSA IV license covering the Richmond and Central Virginia region. In December 2025, Curaleaf announced a $110 million deal to acquire The Cannabist Company's Virginia operations — including five retail dispensaries and an 82,000-square-foot cultivation facility near Richmond. But the deal unraveled when Millstreet Credit Fund, a Boston-based hedge fund, swooped in with a higher $130 million offer. The Cannabist Company's Virginia assets ultimately went to a Millstreet affiliate operating as Pharmco, leaving Curaleaf without a Virginia footprint despite its efforts to enter the market.

AYR Wellness holds the Western Virginia license but is in the midst of its broader CCAA restructuring, with Virginia operations having been transferred to Arboretum Bidco LLC — the entity established by AYR's senior secured noteholders. The operations continue under the Ayr Wellness trade name, but ownership now sits with creditors.

The fifth license — originally awarded to PharmaCann and subsequently acquired by MedMen — was rescinded, with its potential reissuance still tied up in litigation.

What emerges is a Virginia market where four of the five active licenses are held or controlled by major multi-state operators or institutional investors, all of whom have invested tens of millions of dollars in cultivation, processing, and retail infrastructure specifically in anticipation of adult-use conversion. Under the vetoed legislation, these operators could have converted to dual-use licenses for a $10 million fee — immediately gaining access to the adult-use market with a significant head start over new entrants.

The medical program currently serves approximately 103,900 registered patients and generated an estimated $59 million in sales in 2025. Industry projections for a full adult-use market range from $780 million in the first year to over $1 billion by year two — representing a dramatic expansion of the addressable market for operators who have already built their infrastructure.

What Happens Next

The budget pathway gives lawmakers one more shot before the end of the current session. If cannabis provisions make it into the spending package that must pass by July 1, Spanberger faces a significantly more difficult calculation — vetoing a budget over cannabis policy would have consequences far beyond the marijuana market.

Aird and Krizek say they're not trying to "ram anything through" but are seeking a genuine compromise that addresses the governor's stated concerns without reintroducing the criminal penalties and equity fund elimination that made her original amendments unacceptable.

For the MSOs that have spent the last 18 months repositioning for Virginia's adult-use launch — Green Thumb, Jushi, Verano, and the Millstreet-backed Pharmco operation — every month of delay represents stranded capital and unrealized revenue. The infrastructure is built. The inventory is ready. The patients are registered. The only thing missing is the political permission to serve a broader market.

"There is so much fear and hopelessness from the public and business owners that Virginia will continue to keep them in limbo," Aird said. "We don't under any circumstance plan to stop fighting."

Virginia's cannabis market exists in everything but name. The question is how much longer it takes for the commonwealth to acknowledge what's already happening — and regulate it.

Source: Marijuana Moment

📈 Dog Walkers

$TLRY ( ▼ 5.02% ) Futbol + ATL + SweetWater

SweetWater Brewing — Tilray's flagship craft beer brand in the Southeast — is turning Atlanta into a summer-long soccer celebration, and the timing couldn't be better for the beverage platform's visibility.

As Atlanta prepares to host eight matches including a semifinal in one of the world's premier international sporting events this summer, SweetWater is rolling out a citywide activation program spanning Mercedes-Benz Stadium, downtown fan zones, local partnerships, and its iconic Atlanta Taproom. The brewery will serve as the city's unofficial soccer headquarters with match watch parties, special beer releases, limited-edition merchandise, giveaways, and fan programming throughout June and July.

The activations leverage SweetWater's existing role as the Official Craft Beer Partner of Atlanta United and extend it to a global audience. Highlights include official Atlanta United watch parties at the Taproom on June 17 and July 15 — with a pair of 2027 season tickets up for grabs — along with branded stadium district experiences featuring American Lager and Daytrip IPA at venues including the new COSM and the SoDo Open Container Area.

Collaboration releases with Atlantucky Brewing, hip-hop group Nappy Roots, and STATs Brewing add cultural texture, while the campaign's tagline — "Official Beer of the World (Best Enjoyed in America)" — strikes the right balance of playful and proud.

For Tilray, which has been aggressively building its beverage platform around BrewDog, 10 Barrel, and its American craft portfolio, SweetWater's summer soccer program is a high-visibility brand moment that puts craft beer in front of hundreds of thousands of international visitors — in its own backyard.

$CURLF ( ▼ 5.01% ) R/S Live On 6/5

It's official. Curaleaf's reverse stock split goes live June 5, 2026.

The world's largest cannabis company by revenue confirmed that its previously announced 1-for-3 reverse stock split will take effect on Thursday, reducing the outstanding subordinate voting shares from approximately 698.7 million to 232.9 million. Shares will continue trading on the TSX under the "CURA" symbol with a new CUSIP number (23126M300).

The mechanics are straightforward. Every three pre-split shares become one post-split share, with fractional shares rounded to the nearest whole number. The company will also consolidate its multiple voting shares at the same 1-for-3 ratio to preserve the relative rights between share classes.

Registered shareholders will receive a letter of transmittal from the company's transfer agent, Odyssey Trust Company, with instructions for exchanging pre-split certificates or direct registration advices for post-split documentation. Beneficial shareholders holding through a broker or intermediary don't need to take action — their positions will be adjusted automatically.

The split is the most visible step in Curaleaf's uplisting preparation strategy. CEO Boris Jordan has been explicit that the consolidation is designed to meet minimum share price thresholds required by major U.S. exchanges like the Nasdaq and NYSE, and to ensure shares trade above limits set by certain retail brokerage firms that restrict trading in lower-priced securities.

With the DEA's broader rescheduling hearing set to begin June 29 — just weeks after the split takes effect — Curaleaf is positioning itself to move quickly if the regulatory path to a major exchange listing opens further.

🗞️ The News

📺 Trade To Black

Dan Ahrens on MSOS Inflows, Uplisting Rumors and Psychedelics | TTB Presented by Flowhub

• Cannabis ETF Flows: AdvisorShares MSOS ETF Managing Director Dan Ahrens breaks down cannabis stock inflows, recent market activity, and growing uplisting speculation ahead of the DEA's upcoming administrative hearing.

• Psychedelics Momentum: The conversation covers Compass Pathways (CMPS), the FDA's rolling review process, recent executive actions supporting psychedelic research, and whether institutional investors are leaning more toward cannabis or psychedelics.

• Physician Hesitancy: Dr. Paul Shields of Vantage tackles a critical barrier for cannabinoid medicine — why physicians remain reluctant to prescribe CBD despite growing clinical evidence and expanding regulatory pathways.

• Convergence Point: Both cannabis and psychedelics are approaching potential inflection points simultaneously, with federal reform, institutional capital, and healthcare integration creating overlapping momentum that investors are increasingly positioning around.