🌿 Bipartisan hemp reform introduced, Vireo expands cannabis footprint, and Lollapalooza adds THC beverages

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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Hemp harmony. Representatives Andy Barr (R-KY) and Angie Craig (D-MN) have introduced the bipartisan Lawful Hemp Protection Act, legislation aimed at replacing the looming federal crackdown on hemp-derived products with a comprehensive national regulatory framework.

Rather than allowing broad restrictions scheduled to take effect later this year, the bill would preserve a legal market for compliant hemp products while imposing federal standards for manufacturing, testing, labeling, packaging, and marketing.

It would also establish age restrictions for intoxicating products, and create new oversight and taxation for the sector.

Supporters say the measure would provide regulatory certainty for hemp farmers, manufacturers, and retailers while strengthening consumer protections and preventing youth access. The legislation also reflects a growing bipartisan effort to shift from prohibition to regulation.

Green growth. Vireo Growth has entered into a definitive agreement to acquire select cultivation, manufacturing, and retail assets from The Cannabist Company across Colorado, Illinois, Massachusetts, New Jersey, and West Virginia in a transaction valued at up to $35 million.

The deal, which is subject to regulatory approvals and is expected to close in phases through 2026 and into 2027, includes up to $18.75 million in cash at closing and up to $16.25 million in seller notes, with final consideration subject to customary adjustments.

If completed, the acquisition would add up to 25 dispensaries, one cultivation facility, and one production asset to Vireo's portfolio, expanding its Colorado footprint while establishing operations in four new state markets. Including previously announced pending acquisitions, Vireo noted the transaction would increase its retail network to approximately 230 dispensaries across 15 states, positioning the company as the second-largest U.S. cannabis dispensary operator by store count.

THC takeover. Lollapalooza, one of the world’s largest and most influential music festivals, is bringing hemp-derived THC beverages to its 2026 event for the first time through a partnership with Chicago-based Señorita. The four-day festival, held annually in Chicago’s Grant Park and known for its diverse lineup of global music acts, will feature Señorita as its official THC beverage partner, allowing attendees 21 and older to purchase the brand’s hemp-infused margaritas at select bars throughout the festival grounds.

Señorita will offer its Mango Margarita and Lime Jalapeño Margarita varieties, with each 12-ounce can containing 5 mg of hemp-derived THC and positioned as a non-alcoholic alternative to traditional cocktails. The partnership marks a significant milestone for the emerging THC beverage category, placing cannabis-infused drinks alongside mainstream festival beverage offerings at a major cultural event expected to draw more than 100,000 fans per day.

The collaboration reflects a broader shift in consumer preferences toward alcohol alternatives and highlights the growing role of hemp-derived THC products in entertainment, hospitality and social settings.

Señorita previously partnered with Chicago’s United Center, home to the NBA’s Bulls and the NHL’s Blackhawks, earlier this year to become the first major U.S. arena to offer hemp-derived THC beverages at most concerts and live events through a multi-year partnership.

Idaho: The proposed medical cannabis ballot initiative failed to qualify for the November general election after falling short of the required number of valid signatures statewide and across enough legislative districts, according to the Idaho Secretary of State’s Office.

Massachusetts: The State Ballot Law Commission rejected a challenge to a cannabis repeal initiative, allowing the question to appear on the November ballot.

Nebraska: The Medical Cannabis Commission approved updated regulations establishing application and licensing fees, product tracking requirements, and other operational rules as it continues building the state's medical cannabis program.

Rhode Island: A federal judge said she is prepared to lift the injunction that froze the state’s recreational cannabis retail licensing process because the state has repealed the residency requirement.

Virginia: A group of hemp businesses plans to seek an injunction in federal court to block new CBD product restrictions they argue could harm the industry.

Med X makes name change

The cannabis and lifestyle company unveiled its rebrand to Dazed Inc. and a new stock ticker symbol DAZD.

Fluent finds buyer for NY assets

The vertically integrated MSO revealed an agreement to sell its New York cannabis license and certain operations as part of its strategic business restructuring.

AIQ adds to relationship with Digital Awesome

The cannabis technology platform expanded its partnership with the mobile app developer to make customizable branded apps a premier option for cannabis retailers using its loyalty, data, and ecommerce ecosystem.

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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