Good morning.
If you work in PR or comms and pitch us regularly, Jeremy will be speaking on a panel at the virtual CannabizCon about what makes a story worth covering, and what PRs and comms teams miss when pitching journalists. It’s at 2 pm Eastern. You can sign up here for free »
-JB, JR
Today’s newsletter is 1,154 words or about a 10-minute read.
CULTIVATED CALENDAR
October 22 » The Highrise → Check out the second in our NYC series and apply to attend. Event details coming!
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!
What’s the big deal?
STOCKS
Cannabis stocks tumble as DEA judge pauses rescheduling
What happened: Cannabis stocks tumbled Wednesday after a DEA judge paused the process to move all cannabis to Schedule III for at least two weeks.
MSOS fell about 11% and is now down roughly 6% this year, while the S&P 500 is up about 12%.
Trulieve dropped nearly 16%, Glass House fell 17%, and Curaleaf slipped about 2%.
Why it matters: Rescheduling was the sector's ultimate call option, especially for retail holders who trade every headline.
It would kill the 280E tax burden that pushes effective rates north of 60% and help normalize the industry's ties to the broader financial system.
What's next: Opponents, including drug-testing group NDASA, want a new GAO report added to the record. That report found DEA and FDA reached their Schedule III proposal without written policies or procedures.
The DEA has until October 13 to tell the judge whether to reopen the record. Reopening means more briefing and more delay.
-JB
Quotable
Jeremy joined The Hybrid podcast this week, hosted by former regulators Shawn Collins and Erik Gundersen. They had a wide ranging discussion about building Cultivated, cannabis industry journalism in 2026, and why cannabis is regulated like plutonium.
Cultivated Live
Yesterday, Tony Repanich from Shield Compliance joined Jay for the latest episode of Banker on Call. Tony shared his thought on the state of cannabis banking, informed by Shield’s cannabis operator survey results.
Here’s what’s up the rest of the week:
Don’t miss a thing. Follow us on LinkedIn » and YouTube »
Quick hits
CAURD applicants could get an extension
New York’s Cannabis Control Board will vote today on whether to grant another extension to the provisional period for Conditional Adult-Use Retail Dispensaries and Provisional retail license holders. If passed, applicants will have until Dec. 31, 2028 to get final approvals.
Cannabis-funded PAC spends $289,000 backing anti-legalization Congressman
A Trump-linked PAC funded entirely by cannabis companies, including Trulieve, Curaleaf and Verano, has spent nearly $289,000 supporting Rep. Mike Lawler (R-NY), who said in a Monday debate that legalization is "hurting" New York, Marijuana Moment reports. Lawler has also opposed rescheduling and cosponsored a bill to keep 280E in place even if cannabis moves to Schedule III.
Pennsylvania Senate leader says legalization won't happen this session
Senate Majority Leader Joe Pittman ruled out recreational legalization before the session ends, saying the state needs "more national direction" while cannabis remains federally scheduled. He also dismissed the House's state-store sales bill and questioned whether the Department of Health could run a recreational program after its handling of medical cannabis.
Thought bubble
Pop-Tart Buzzballz?
A quick thought bubble. Imagine the headlines if this were a cannabis company, instead of Buzzballz. To be clear, Pop-Tart flavored cannabis products would be both delicious, and, unfortunately, illegal in most jurisdictions. But they’re quite unlikely to kill a teenager, which Buzzballz could.
Lawsuits
KIND Financial founder charged with defrauding investors of $8.8 million
Federal prosecutors charged KIND Financial founder David Dinenberg with securities fraud and four counts of wire fraud, alleging he misrepresented the cannabis payments startup's revenue and valuation to investors over a decade. Prosecutors say he spent more than $500,000 of investor money on personal expenses, including his sons' tuition and rent on a California home.
Science & research
Massachusetts teen cannabis use cut in half since legalization
Past 30-day cannabis use among Massachusetts high schoolers fell from 24.5% in 2015 to 12% in 2025, according to CDC data compiled by the Marijuana Policy Project. The numbers land weeks before voters decide Question 8, which would repeal recreational sales.
Deals, launches, partnerships
Chinese firm buys Tasmanian cannabis grower for A$31 million
A subsidiary of Shanghai-listed cigarette packaging maker Guizhou Yongji Printing took full control of Tasmanian Botanics, one of Australia's largest medical cannabis growers, for about A$31 million, according to Cannabiz. Australian growers have been struggling against cheaper imports, mostly from Thailand.
One fun thing
Stop the Repeal MA’s No on Question 8 campaign:
What we’re reading
Cannabis Policy is Not a Choice Between Complacency and Prohibition | Colorado Times Recorder