Good morning.
A New York Times editorial “It’s Time for America to Admit That It Has a Marijuana Problem,” was the talk of social media on Monday.
We’ll have a more substantive response in the coming days.
Let’s get to it.
-JB, JR, ZH
Today’s newsletter is 630 words or about a 5-minute read.
THIS NEWSLETTER MADE POSSIBLE BY:
📣 Quotable
"Today in Canada, and around the world, [medical] is the fastest growing segment in cannabis and it’s also the most profitable," Aurora Cannabis CEO Miguel Martin told Jay and Jeremy on Monday’s Cultivated LIVE. $ACB ( ▼ 0.42% )
Check it out:
LIT ALERTS*
The 8th Index: Tracking up-to-date averages of the almighty eighth
The 8th Index tracks the average price of a 3.5g (an "eighth") unit of packaged flower across five key east coast states: New York, New Jersey, Massachusetts, Connecticut, and Maryland.
The inaugural graphic reveals maturing markets where the "New State Premium" is rapidly eroding in favor of regional price compression.
In the fall, there was significant downward trend in New Jersey as supply chains stabilized and retail competition intensified. The price parity between New Jersey ($38.87) and New York ($38.08) suggests that despite different regulatory rollouts, the consumer "wallet share" across the Hudson is reaching equilibrium.
Maryland and Connecticut both have shown staying power as they fight to dive deeper towards the $30 price point.
Massachusetts remains the price floor in the dataset as the most mature market, sitting nearly $14 cheaper per eighth than New York.
Is this where New Jersey and New York prices are likely headed as those markets reach full saturation?
*To learn more about Lit Alerts and get a special offer only available to Cultivated readers, visit litalerts.com.
⏩ Quick hits
Anti-legalization group Smart Approaches to Marijuana Executive Vice President Luke Niforatos vowed that his organization would fight legalization in the courts on Feb. 6 during SAM's two-day drug policy summit outside of Washington D.C.
Kansas Governor Laura Kelly called for legalization in her home state on social media, noting that it is already legal in three of Kansas' four immediate neighbors.
A military vet claimed that New York regulators are threatening to shut down his dispensary by refusing to renew his license after he dropped the UFCW and signed on with CEED Local 420. The UFCW has repeatedly challenged the legitimacy of Ceed Local 420, which specializes in cannabis operators that are required to sign labor peace agreements.
Cannabis sales in Nevada dropped to $758 million for fiscal year 2025, similar to many other maturing state markets.
The Food and Drug Administration is up against a deadline today to publish a list of known naturally-occurring cannabinoids as part of the spending package that included a tentative hemp ban signed last November.
⚖️ Lawsuits
Ascend Wellness reported on Feb. 5 that an arbitrator had awarded Green Thumb Industries $19.7 million in net damages following a dispute between the two companies over purchase obligations from a 2018 capital raise.
A Long Island town, which has attempted to limit the number of approved dispensaries within its boundaries, sued the state on Feb. 6 over its attempt to preempt local zoning laws.
🤝 Deals, launches, partnerships
Curaleaf announced a deal on Feb. 9 to refinance $500 million of its senior debt, at 11.5% pushing its maturation date from the end of 2026 to Feb. 2029. $CURLF ( ▼ 2.68% )
📰 What we’re reading
Trump Was 'Poorly Advised' On Marijuana Rescheduling, GOP Senator Says After Directly Raising Concerns With President | Marijuana Moment
'Little death bombs': Illegal cannabis farms poison California's forests. Who's cleaning them up? | Cal Matters
2025 Cannabis Legislative Roundup | CRB Monitor News