Good morning.
Tune in to Cultivated Live at 10 AM today where we’ll be catching up with Cronos Group CEO Mike Gorenstein. Find it on our YouTube and LinkedIn pages. Then stay for This Week in Cannabis Live at Noon with our friends at High Spirits and Cannabis Musings.
A busy Friday here at Cultivated.
Let’s get to it.
-JB, JR, ZH
Today’s newsletter is 851 words or about a 7-minute read.
THIS NEWSLETTER MADE POSSIBLE BY:
🧳 People moves
New York Gov. Kathy Hochul tapped John Kagia as the next director of the state’s Office of Cannabis Management. He’ll serve in an acting capacity pending State Senate confirmation. Kagia previously served as Director of Policy for the agency. His nomination is viewed positively by the industry, as we’ll get to below. More info here.
📣 Quotable
"[The Empire Cannabis Manufacturers Alliance] has supported John for this role since 2024, when the state last conducted a search for permanent leadership, because of his deep understanding of the regulatory framework, operational expertise, and commitment to building a market defined by small businesses and equity that’s in line with the state’s cannabis law,” said Empire Cannabis Manufacturers Alliance President Mack Hueber.
🥐 Join Us in Atlantic City: Cultivated @ MJ Unpacked
We’ll be at MJ Unpacked this May at the Hard Rock Atlantic City — and we want Cultivated readers there with us.
When you register using our link, you’ll get:
20% off your ticket by using cultivated20 at check out
An invite to a Cultivated readers-only breakfast
Coffee, conversation, and connections with operators, founders, and investors
The breakfast is sponsored by Aquinnah Capital Partners and will be a relaxed kickoff to the event with the Cultivated community.
We hope to see you there.
⏩ Quick hits
California cannabis retailers delivered $255.1 million in state tax in the fourth-quarter. Since January 2018, cannabis sales have generated more than $7.87 billion in tax revenue for the state. Overall, licensed retailers reported $3.9 billion in cannabis sales in 2025, down from $4.2 billion the year prior.
Lawmakers in Colorado are currently considering bills that would allow for medical consumption in hospitals, the implementation of special event permits that would allow THC consumption and a change in tax rates that differentiate between indoor and outdoor growing.
Lawmakers in Virginia continue to advance laws that would allow for the long-awaited launch of the Commonwealth's legal cannabis industry.
Wisconsin Democrats swung for the fences when they filed a bill that would legalize cannabis and medical cannabis, while also regulating hemp.
Working in a Pennsylvania Cresco Labs dispensary are on strike, citing a resistance from management to agree to a collective bargaining contract.
Oklahoma lawmakers voted to extend the state's ongoing moratorium on new medical licenses until Aug.1, 2028.
Michigan cannabis sales dropped 16% in January, per the state’s Cannabis Regulatory Agency.
💰 Earnings roundup
Earnings season is upon us. It is time to find out if President Trump’s rescheduling executive order had any impact on corporate bottom lines, even though at this point it still seems to have not made any difference on federal regulation.
Trulieve reported a $43 million net loss on $293 million in revenue. The results were not a large shift from the company's Q3 results, with the exception of an increase in operating expenses from $128 million to $160 million. $TCNNF ( ▲ 1.56% )
"We believe state legislators recognize the potential for adult-use to satisfy constituent demand for cannabis while generating revenue for the state," said Trulieve CEO Kim Rivers during the company's Feb. 26 earnings call. Trulieve continues to build upon its stakes in Pennsylvania, Florida, Texas and Georgia as each move toward expansion of medical or adult-use markets.
Cronos Group reported a $491,000 loss on $44.5 million in revenue. The results reflect an increase in revenue from the same quarter in 2024, but a significant loss compared to $43.9 million in income compare to 2024. $CRON ( ▼ 3.61% )
Curaleaf reported a $57.6 million loss on $333 million in revenue. The quarter saw modest increases in revenue and income compared to the previous quarter. For the full year, the company reported $201.9 million net loss on $1.2 billion of revenue. $CURLF ( ▼ 1.9% )
$MSOS ( ▼ 0.5% ) fell about 0.5% on Thursday.
March 2
9:00 am - Turning Point Brands
March 5
8:30 am - Cresco Labs
March 12
8:00 am - MariMed
9:00 am - Chicago Atlantic
10:00 am - SNDL
5:00 pm - Ascend Wellness
5:00 pm - TerrAscend
March 31
5:00 pm - Grown Rogue
🤝 Deals, launches, partnerships
📰 What we’re reading
Cheech & Chong CEO: Building a National Cannabis Brand Through Trial, Error & Partnership | The Dime Podcast
'People need their weed.' In Mass., many flock to marijuana shops ahead of the roughest storm in decades | Boston Globe
States near Iowa legally sell marijuana. How much money do they make? | Des Moines Register