Good morning.
We hope all of our Canadian readers enjoyed Thanksgiving!
Today’s the deadline for the DEA to respond to the motion to include a GAO report to the rescheduling proceedings. The proceedings have been paused since September 29, so hopefully we learn more.
Let’s get to it.
-JB, JR
Today’s newsletter is 648 words or about a 5-minute read.
CULTIVATED CALENDAR
October 20 » Sweed x Cultivated Webinar: Turn Green Wednesday traffic into repeat customers
October 22 » The Highrise → Check out the second in our NYC series and apply to attend. Details on the website!
November 12 » Pot Policy and Politics → The second installation of the Midwest Cannabis Forum, this time in St. Louis. Ticket discounts through October 12.
COMING EVENTS → Las Vegas & Buffalo
Stay tuned for more Fall 2026 events coming soon!
Visit our revamped Events Page »
What’s the big deal
DEALS
BAT holds the key to a potential Organigram-Aurora deal
Canadian markets were closed yesterday for Thanksgiving, so if Aurora or Organigram have anything to add on the talks we reported Friday, it should come soon.
In the meantime, analyst Pablo Zuanic ran the numbers. Organigram can’t do this alone.
Curaleaf upsized its offer last week from $4 to $5 per Aurora share, though most of the bid is Curaleaf stock. Zuanic models an Organigram bid of C$8.55 or $6 per share, which matches the cap Curaleaf set on its own offer.
Organigram has more sales than Aurora, but it’s worth about half as much by market cap: $193 billion to $416 billion. Organigram would likely have to issue so many new shares that Aurora holders would end up owning 51% of the combined company.
That makes it BAT’s call. The tobacco giant already owns nearly 30% of Organigram and Zuanic reasons a C$60 million cash injection would put a real bid on the table.
Curaleaf isn’t tapped out either. Zuanic thinks it could raise the cash portion of its offer from $1 to $2.50 a share before debt becomes a problem.
Of course, as we reported, nothing may yet materialize from these discussions. But the real question is: does BAT want Aurora?
-JB
Quotable
California politicians of both parties are warning that too-high taxes are strangling the state's cannabis industry.
“California was the number one cannabis-producing state in terms of quality and being trusted by the farmers, similar to our wine industry,” state treasurer and Democratic nominee for Lt. Governor Fiona Ma said.
And Steve Hilton, the Republican nominee for governor: “[i]t’s extremely difficult to operate, especially as a small business.”
Lawsuits
Rescheduling challenge won’t be fully briefed until February
The Justice Department and the 11 challengers to April’s partial rescheduling order proposed a schedule that would wrap up briefing in the D.C. Circuit on Feb. 19, 2027, with the challengers’ opening brief due Nov. 24. The petitioners, who include two states, a drug-testing trade association, nonprofits and doctors, asked for oral argument as soon as possible.
Connecticut vape wholesaler settles for $2 million
Connecticut Attorney General William Tong reached a $2 million settlement with RZ Smoke, a wholesaler accused of selling unlicensed high-potency THC products to smoke shops, gas stations and convenience stores, though only $375,000 is due and the rest is suspended pending compliance.
Science & research
Cancer patients find relief in cannabis, some instead of opioids
A pair of studies on cannabis and cancer came out recently. In the first, nearly a third of cannabis users among 186 Penn State cancer patients said they took it instead of opioids for pain, according to Supportive Care in Cancer.
The second, a 16-patient Minnesota trial published in The Oncologist, found higher THC doses eased anxiety and insomnia but not pain. Patients taking at least 10 mg a day improved on about twice as many symptoms as those on less.
