Good morning and happy Wednesday.
The cannabis industry is closely watching the gubernatorial race in Virginia. Democrat Abigail Spanberger, who cruised to victory last night, supports developing a regulated cannabis market in the state, which would immediately be a large market. Gov. Glenn Youngkin has repeatedly vetoed cannabis regulation that the legislature passed.
Zohran Mamdani will also be the next mayor of NYC, and we’ll have more takeaways on what that means for the city’s cannabis industry in the coming days.
-JB, JR, ZH, NM
This newsletter is 1,366 words or about an 8-minute read.
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📣 Quotable
Hemp industry founders and execs are mounting a full-court press to stop Sen. Mitch McConnell’s plan to prohibit intoxicating hemp in the new appropriations bill.
“It is astoundingly shortsighted to think prohibition is the answer. The greatest irony is that we share 85% of the same concerns as those who want to ban us,” Thomas Winstanley, the EVP and General Manager of Edibles.com said on LinkedIn.
“I can’t tell you how many customers write to us all the time that this helps them with sleep, it helps them with anxiety, helps them with pain relief,” Cantrip founder and CEO Adam Terry said on X (from paternity leave, congrats Adam!).
⏩ Quick hits
Major alcohol groups push for intoxicating hemp ban 🚨
A coalition of major alcohol industry groups — including the American Distilled Spirits Alliance, the Beer Institute, and the Distilled Spirits Council — urged Congress to temporarily ban intoxicating hemp-derived THC products until federal regulations are established. They argue that loopholes in the 2018 Farm Bill have enabled unregulated sales that threaten consumer safety and the integrity of the alcohol market. The groups, however, don’t urge prohibition, rather they want a robust regulatory framework, which many mature hemp businesses want as well. Read more in Marijuana Moment.
Oklahoma legalization campaign fails 🗳️
The effort to place cannabis legalization on the 2026 ballot in Oklahoma fell short of the 172,993 signatures it needed to submit to the Secretary of State by Nov. 3. The campaign director for Oklahomans for Responsible Cannabis Action notified the Secretary's office on Monday morning to withdraw the petition. Cannabis Business Times has more.
Top cannabis attorney joins Jarred Shaw’s case
John Morgan, a top cannabis lawyer behind the push to legalize in Florida, is joining Jarred Shaw’s case. Shaw, a basketball player, was detained in Indonesia after he had cannabis edibles shipped to his apartment while playing for an Indonesian team. He could face life in prison or the death penalty.
Shield Compliance: Licensed Operators Ready for Payments Innovation and Expanded Credit Access*
At the beginning of July, Shield Compliance launched their annual 2025 Financial Services Survey, seeking insights into the banking experiences and priorities of licensed cannabis operators across the U.S.
The findings were released this month by Shield Compliance and reveal progress, and persistent challenges, for financial institutions.
Here’s what the Survey showed:
Customer Service Satisfaction Remains Strong.
More than 80% of respondents reported being satisfied or very satisfied with their financial institutions’ customer service, and over 70% were satisfied with the compliance requirements imposed by their financial institutions.Credit Access Is Still a Priority.
Despite overall high satisfaction, operators remain concerned about cash flow and profitability, with a strong demand for operating lines of credit. Nearly 25% indicated they may switch financial institutions in the next year — up from 18% in 2024 — to improve cash flow by lowering fees or obtaining commercial credit.Fees Create Friction.
Service charges are a major pain point. Half of the respondents expressed concerns, and more than 20% reported being very dissatisfied.Payments Innovation in Demand.
Nearly 60% of operators said they want stronger retail and B2B payment solutions, signaling an opportunity for financial institutions to sponsor alternative payments providers.Regulatory Reform and 280E Relief Is Critical.
More than 60% said cannabis rescheduling or relief from Section 280E would be vital to their long-term success. Notably, over 70% are exploring Employee Stock Ownership Plans (ESOPs) to ease the financial strain of 280E.
“The survey results highlight a paradox in cannabis banking,” said Tony Repanich, President and CEO of Shield Compliance. “Operators value their banking relationships yet demand for credit access and payments innovation underscores significant opportunities for financial institutions ready to lean in, particularly as the creditworthiness of operators improves with market consolidation and regulatory reform.”
👉 More from the 2025 Financial Services Survey.
*sponsored
🤝 Deals, launches, partnerships
Planet 13 ditches California 🌉
Planet 13 announced its California exit on Nov. 3. The Las Vegas-based company divested its dispensaries and shut down its California cultivation site. The announcement says that the company plans to focus on expanding in Nevada and Florida.
Trulieve pays off nearly $370 million in debt 💰
Trulieve plans to pay off all $368 million of its 8% secured notes that were set to mature in 2026. The company will redeem the notes on December 5, 2025, at full value plus interest, and they’ll be removed from the Canadian Securities Exchange.
And more:
Jones Soda launched a sugar-free version of its Mary Jones hemp-derived THC beverages. The new Mary Jones Zero sodas will be available nationwide. The company divested from its line of regulated cannabis beverages in June, but, like many other companies, maintained its hemp-derived line.
Kush Queen is debuting its cannabis wellness products in Illinois.
Cannabis delivery startup Upling is delivering $50,000 in partnership with a nonprofit to cannabis growers in Jamaica whose livelihoods were destroyed by Hurricane Melissa.
💸 Earnings roundup
It’s earnings season. We’ll get a clearer picture of the financials of the biggest cannabis firms, and how they’re faring under Trump, dealing with cannibalization from the hemp-derived THC market, and more.
SNDL $SNDL ( ▲ 0.27% ) posted an $11 million loss on $244 million in revenue. Of that total, $139 million of revenue came from liquor sales, while $104 million were from cannabis. The former showed a slight decline year over year, while cannabis revenue slightly increased.
Innovative Industrial Properties $IIPR ( ▲ 6.57% ) posted $28.2 net income on $64.7 million in revenue. This was a drop from $76 million during the same quarter last year, which the company said was the result of four companies, PharmaCann, Gold Flora, TILT and 4Front defaulting on their leases. The company made its first non-cannabis investment last quarter when it put $270 million into IQHQ, a life sciences real estate company.
Jushi Holdings $JUSHF ( ▲ 1.65% ) reported a net loss of $23.7 million on $65.7 million in revenue for the quarter. During the quarter the company opened its sixth retail location in Ohio, operating under a management agreement. The company plans to continue expanding its retail footprint in Ohio and New Jersey.
Leef Brands $LEEF.CSE ( ▼ 3.33% ) announced a $2.7 million loss during the last quarter, on $8.4 million in revenue. The company completed its first successful harvest during the quarter in Santa Barbara County in California, while also entering the New York market as a processor. The company currently owns 4.58 Bitcoin and is considering acquiring more.
Here’s this week’s schedule:
Nov. 5
Aurora Cannabis - 8:00AM
Trulieve - 8:30AM
Cresco Labs - 8:30AM
Turning Point Brands - 8:30AM
Scotts Miracle-Gro - 9:00AM
Green Thumb Industries - 4:30PM
Curaleaf - 5:00PM
Nov. 6
MariMed - 8:00AM
Cronos Group - 8:30AM
GrowGeneration - 4:30PM
TerrAscend - 5:00PM
WM Technology - 5:00PM
Nov. 7
Canopy Growth - 10:00AM
Nov. 10
Village Farms - 8:30AM
Ascend Wellness - 5:00PM
Nov. 11
Grown Rogue - 5:00PM
📅 Cannabis calendar
Lots of events going on this week for our New York City readers:
The Business of Cannabis conference returns to Brooklyn on November 6.
Gotham is debuting The Smoking Section, an art exhibit inspired by cannabis ashtrays, on November 6.
After resurrecting the brand, High Times’ Cannabis Cup is coming to Torches dispensary on 42nd street on Friday, November 7. Judging kits will be available for purchase.
😜 One fun thing
Stephen Colbert was photographed smoking a joint in the famed Chateau Marmont pool by GQ Magazine after CBS canceled The Late Show. Read it here.
Stephen Colbert with a joint in the pool at Chateau Marmont after being laid off is very powerful 2025 energy gq.com/story/stephen-…
— #Joel Pavelski (#@joelcifer)
1:13 PM • Nov 3, 2025
📰 What we’re reading
Stolen identities, shell companies: How illegal cannabis dispensaries thrive in SoCal | Spectrum News 1
California cannabis czar announces departure | MJBizDaily