Good morning.
We are less than a week away from the midterm elections, and the clock is ticking on the hemp ban. It’s a critical time for the cannabis industry, which is why we’re excited to be headed to St. Louis on November 12th for Pot Policy Politics, the second in our Midwest Cannabis Forum series. Discount tickets are available for our Cultivated readers. Secure your ticket today »
Let’s get to it.
-JB, JR
Today’s newsletter is 627 words or about a 5-minute read.
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CULTIVATED CALENDAR
November 12 » Pot Policy and Politics → The second installation of the Midwest Cannabis Forum, this time in St. Louis.
COMING EVENTS → Las Vegas & Buffalo
Visit our revamped Events Page »
Quotable
“Aurora would like shareholders to believe the ASC’s ruling changes the fundamental debate. It does not,” said Curaleaf Chairman and CEO Boris Jordan, responding to yesterday’s Alberta Securities Commission ruling on Aurora Cannabis’ at-the-market share program. Curaleaf’s hostile bid implies about $5 per Aurora share, which it pegs as an 86% premium. $CURLF ( ▲ 6.13% ) $ACB ( ▲ 6.41% )
Aurora CEO Miguel Martin on Monday reiterated his position that Curaleaf’s bid “significantly undervalues Aurora,” and fails to reflect the value of the company.
Insights
LIT ALERTS
Missouri Is Defying the Coastal Margin Cliff. Here Are the Numbers.
While East Coast prices keep sliding, Missouri is holding the line.
Lit Alerts’ new Missouri Retail Price Index shows the eighth up 1.2% over six months, to $30.16.
The real action is in bigger formats.
2g vapes gained 3.9% in price while unit sales jumped roughly 70%.
1,000mg edibles climbed 3.2%.
2g concentrates rose 1.8%.
Meanwhile, uninfused 3.5g pre-roll multi-packs fell 4.6%, and full ounces dipped below $5.00 per gram.
The takeaway is simple: multi-gram, value-added SKUs are shielding margins, while commodity singles feel the pressure.
Cultivated will unpack these numbers on stage at Pot Policy Politics in St. Louis on November 12th.
Quick hits
Hemp THC fix could ride a lame-duck reconciliation bill
Rep. Morgan Griffith (R-VA) told Roll Call he wants his HEMP Act folded into a filibuster-proof reconciliation package before the federal hemp THC ban takes effect Dec. 11. The bipartisan bill would keep hemp products legal under FDA oversight, with milligram limits, manufacturing and labeling standards, and a ban on synthetic THC.
Michigan GOP plan would pause 24% wholesale cannabis tax for a year
State Rep. Jay DeBoyer, the Republican running mate of gubernatorial nominee John James, plans to introduce a bill suspending the tax for 12 months. The tax brought in $73.4 million in the first half of 2026, against a projected $420.7 million a year, and polls favor Democrat Jocelyn Benson, who hasn’t taken a firm stance on it, ahead of the Nov. 3 election.
Hemp THC drink brands start pulling seltzers ahead of Dec. 11 ban
Five, Vena and Soul are discontinuing their THC seltzers by Dec. 11 and haven’t announced replacements, while Cycling Frog is moving into state-licensed markets in Oregon and Washington, VICE reports. The new federal cap of 0.4 mg of total THC per container rules out even a 2 mg drink.
Deals, launches, partnerships
Canadian cannabis company Vanquish Brands, the B.C.-based maker of Pistol and Paris, projected 152% annualized revenue growth over three years but didn’t disclose any revenue figures.
Science & research
Missouri’s legal market captures 93% of cannabis spending, state study finds
A state-commissioned study found that licensed dispensaries account for about 93% of what Missouri consumers report spending on cannabis, with most of the rest going to dealers and to buying from friends. Among people who bought from illicit sellers, 62% said it was cheaper, and none said they lacked access to a recreational store.
