🌿 Trump fast-tracks rescheduling under executive order, Vireo Growth buys PharmaCann assets in Colorado, and Canopy Growth boosts Canadian presence

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.

Here’s what we’re rolling up this week:

• Trump fast-tracks rescheduling under executive order

• Vireo Growth buys PharmaCann assets in Colorado

• Canopy Growth boosts Canadian presence

…and more. Let’s get to it.

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🚨 ROLL CALL

Policy

At last. In a historic moment, President Donald Trump yesterday signed an executive order to accelerate the reclassification of cannabis from Schedule I to Schedule III, representing the most significant policy shift in more than a half-century since the Controlled Substances Act came into effect. The measure would remove barriers for research and eliminate restrictive tax burdens on the industry, but would not legalize or decriminalize cannabis nationwide.

Cannabis is currently classified as a Schedule I substance alongside drugs such as heroin, LSD, and ecstasy, which are considered to have no accepted medical use and a high potential for abuse.

It is also subject to IRS tax code 280E that prohibits state-legal cannabis companies from deducting ordinary business expenses on their federal tax returns.

The entire announcement can be viewed below:

Former President Joe Biden originally initiated the rescheduling process in 2022. In 2023, the U.S. Department of Health and Human Services (HHS) made a recommendation for the Drug Enforcement Administration (DEA) to move cannabis to Schedule III.

Business

Mile high. Vireo Growth has entered into a definitive agreement to purchase certain retail cannabis assets and properties in Colorado from vertically integrated PharmaCann for $49 million, including 17 dispensary locations. This significantly boosting its footprint to 41 total dispensaries in the state.

The transaction is expected to close during the first half of 2026 upon meeting closing conditions and state and local regulatory approvals.

Business

Canopy’s growth. Canopy Growth, one of Canada’s largest and most established cannabis companies, agreed to acquire Québec‑based MTL Cannabis, a craft‑focused licensed producer with strong flower and medical distribution operations, in a deal valued at approximately $125 million.

The move will strengthen its position as one of Canada’s leading medical cannabis businesses and and boost capacity to serve growing domestic and international demand.

🇺🇸 STATE OF THE INDUSTRY

Kentucky: The state’s first licensed medical cannabis dispensary officially opened and began serving qualified patients under the state’s medical cannabis program nearly a year after legalization.

Minnesota: The Office of Cannabis Management announced a cooperative agreement with the Red Lake Band of Chippewa Indians that will allow the tribe to partner with licensed cannabis businesses to distribute its products across the state.

New York: Governor Kathy Hochul will begin a search in the coming weeks for a new permanent executive director of the state Office of Cannabis Management.

💼 BUSINESS

Texas Original opens largest medical cannabis facility in Lone Star State

The licensed medical cannabis producer opened a new 75,000-square-foot medical cannabis production and distribution facility to greatly expand patient access and meet growing demand.

🤝 DEALS

Sensi Brands Acquires Maricann to expand global reach

The vertically integrated cannabis operator acquired its fellow Canadian firm, securing one of the country’s largest cultivation campuses with EU‑GMP‑designed capacity to accelerate global expansion and strengthen its supply chain.

💻 TECH

Green Check and Lüt launch compliant cashless payment solution

The cannabis fintech partnered with the payment platform to launch a compliant cashless payment solution designed to reduce reliance on cash, minimize interruptions, and improve safety and financial security for cannabis operators and consumers.

📚 WHAT WE’RE READING

• Trump Signs Order to Loosen Restrictions on Marijuana: What to Know (TIME)

• Opinion | Legalize it (The Washington Post)

• How the cannabis industry leveraged a big win from Trump (POLITICO)

• What’s next after President Trump reschedules marijuana? (MJBizDaily)

• What Schedule III Could Mean for the Cannabis Industry (Headset)

• Trump’s cannabis reform would revolutionise US policy. Just don’t expect the ‘war on drugs’ to end (The Guardian)

• What Trump’s reclassification of pot and CBD could mean for seniors, research and stocks (CNBC)

• Come for the Chic Branding, Stay for the Cannabis-Curious Community (Bon Appétit)

• Can you smoke weed on the Las Vegas Strip? Nevada law explained (Reno Gazette Journal)

🎙️ POTCASTS

• Cannabis Schedule III Breakdown: What It Means for Policy, Capital Markets, and Investors (Higher Exchanges)

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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