🌿 Senators seek real reform, TIME recognizes major MSOs, and rescheduling hearings reach conclusion

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:

…and more. Let’s get to it.

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Reaching for reform. Senators Cory Booker (D-NJ), Chuck Schumer (D-NY) and Ron Wyden (D-OR) have reintroduced the Cannabis Administration and Opportunity Act (CAOA), a comprehensive bill that would end federal cannabis prohibition by removing it from the Controlled Substances Act while allowing states to maintain their own cannabis policies.

The legislation would establish a federal regulatory framework overseen by the FDA and Alcohol and Tobacco Tax and Trade Bureau, eliminate the 280E tax penalty for state-legal cannabis businesses, expand research, create pathways for expungement of certain federal cannabis convictions, invest tax revenue in communities disproportionately impacted by the War on Drugs, strengthen worker protections, and improve access to banking and financial services for the legal cannabis industry.

Best of the best. Two leading United States cannabis multistate operators, Green Thumb Industries and Trulieve, were named on TIME’s America's Best Companies of 2026 list, marking a notable recognition for the industry.

The results were based on employee satisfaction, financial performance, and sustainability transparency. The companies were the only cannabis businesses included on the list of 1,000 companies, highlighting growing mainstream recognition as the sector continues to mature despite ongoing federal regulatory challenges.

Cannabis hearings conclude. The federal rescheduling hearing regarding the proposal to move cannabis from Schedule I to Schedule III under the Controlled Substances Act has concluded, with a Drug Enforcement Administration administrative law judge establishing next steps that include a deadline for post-hearing briefs before issuing a recommendation.

The multi-day proceeding featured testimony from government officials, medical experts, and opponents of reform, with the final decision on whether to advance rescheduling remaining with the DEA administrator.

Cannabis businesses, investors, and policymakers are continuing to monitor the outcome and its potential implications for federal regulation, taxation, and industry operations.

California: Officials revealed that coordinated enforcement operations from April through June 2026 seized more than 63,000 pounds of illegal cannabis, eradicated nearly 90,000 plants, confiscated firearms, and made arrests as part of the state's ongoing crackdown on illicit cannabis operations tied to organized crime, environmental damage, and public safety threats.

Kansas: Gubernatorial candidate Ethan Corson announced his support for legalizing both medical and recreational cannabis, arguing that legalization would expand access for patients, keep tax revenue in Kansas, and establish a regulated market with public safety safeguards.

Maryland: The social equity cannabis dispensary program is gaining momentum, with 17 of 83 awarded licenses now operating after facing delays caused by funding challenges, zoning issues, real estate barriers, and lingering stigma, as entrepreneurs work to establish businesses intended to expand participation among communities impacted by cannabis prohibition.

Vermont: Vermont law enforcement agencies are expanding cannabis-impaired driving training by using volunteers who consume cannabis in controlled settings, giving officers hands-on experience recognizing signs of impairment as the state responds to a rise in suspected cannabis-related crashes.

Ascend Wellness Holdings works towards uplisting

The MSO disclosed a special shareholder vote on a proposed reverse stock split as part of its strategy to increase its share price and support a planned uplisting to a major United States stock exchange.

Kenya: The High Court rejected a Rastafarian group's challenge to legalize cannabis for religious use, ruling that the country's prohibition does not violate constitutional religious freedoms while noting that broader debate over cannabis policy may be warranted.

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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