🌿 Archaeologists discover earliest evidence of cannabis use, governors press Congress on cannabis banking, and cannabis companies report Q3 financial results

Happy Friday Pre Rollers! Welcome to another edition of The Pre Roll, the cannabis newsletter that keeps you up-to-date on the industry happenings you need to know.

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Ancient history. An international research team with members from Germany, Russia, Sweden, and Switzerland has uncovered evidence that cannabis was used for its psychoactive effects as early as 2,800 years ago. Archaeologists excavating the Tunnug 1 burial mound in southern Siberia discovered approximately 1,000 cannabis seeds in a royal tomb associated with the ancient Scythian culture. Radiocarbon dating places the seeds in the early eighth century B.C., pushing documented evidence of intoxicating cannabis use at least 300 years earlier than previously established evidence from neighboring China.

The strongest evidence came from preserved human hair recovered from the burial chamber. The combination of plant remains and cannabinoid traces suggests cannabis was consumed as part of ancient Scythian practices, potentially in connection with elaborate burial ceremonies.

Researchers cannot determine whether it was smoked or ingested, however, or establish the potency of the ancient plants. Still, the findings offer a significant new perspective on the long history of cannabis for human use. They were published in the journal Science.

Safe harbor. A coalition of 16 Democratic governors is urging Congress to pass the bipartisan SAFE Banking Act of 2026, calling for an end to the financial barriers facing state legal cannabis businesses. In a letter sent this week to congressional leaders, the governors argued that businesses operating legally under state law should have access to traditional banking services without exposing financial institutions to federal prosecution.

The governors emphasized that the disconnect between state and federal cannabis laws creates significant public safety and administrative challenges. They pointed out that 21 states have collected more than $27.6 billion in cannabis tax revenue since 2012, yet regulatory agencies continue to face difficulties depositing tax payments, processing licensing fees, and accessing other financial services. Without reliable banking access, cannabis businesses remain heavily dependent on cash, creating additional security risks and limiting financial transparency.

Third quarter. A number of plant touching and ancillary cannabis companies reported financial results for the third quarter of 2026, with varied outcomes. Click on any business below for further detailed information.

The Q3 results highlight continued revenue growth and improving profitability across much of the cannabis industry, though performance remains uneven as operators navigate margin pressures, market competition, and evolving growth opportunities.

Kentucky: The medical cannabis program has surpassed 30,000 approved cardholders, with 27 dispensaries now operating across all 11 licensing regions as the state continues expanding patient access.

Missouri: Attorney General Catherine Hanaway has sued four retailers for allegedly selling cannabis disguised as legal hemp products while securing a court victory upholding the state’s law restricting intoxicating cannabinoids, which took effect yesterday.

New Hampshire: A shift in legislative control for Democrats has renewed momentum for recreational cannabis legalization, with lawmakers planning to introduce legislation.

Texas: Legislators have filed bills for the 2027 legislative session that would legalize recreational cannabis for adults 21 and older, allow possession of up to 2 ounces and home cultivation of up to 12 plants, and establish a regulated, taxed commercial cannabis market.

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Vireo finalizes Fluent deal

The multistate cannabis operator has completed its acquisition of the Florida-based cannabis company, adding 33 dispensaries and approximately 117,000 square feet of cultivation and production capacity, expanding its Florida footprint to approximately 74 operational dispensaries while retaining an existing operation in Buffalo, New York.

European Union: The organization’s top court has ruled that foods containing CBD must receive novel food authorization before they can qualify for organic certification, including products intended for export outside the EU.

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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