Good morning.
We’re in the final weeks before the cannabis industry convenes in Las Vegas.
If you get this newsletter, you’re invited to the Cultivated Subscribers’ Breakfast on December 2nd. The twist? We’ll only let you know the location at 4:20 pm Las Vegas time on December 1st. It’s an underground breakfast in Las Vegas. Breakfast, coffee, and best-in-Vegas networking. See you there >>
Let’s get to it.
-JB, JR
Today’s newsletter is 717 words or about a 5-minute read.
CULTIVATED CALENDAR
December 2 » Cultivated Subscribers’ Breakfast Las Vegas → Open to all subscribers. Secret Las Vegas location.
December 17 » Cultivated Buffalo powered by Jaunty → Our first event in Western New York. Get tickets before we run out!
Visit our revamped Events Page »
Quotable
“They're [British American Tobacco (BAT)] putting 187 million Canadian dollars on the table, and the fact that they're doing it this time shows that they have belief in the long-term future of cannabis,” Organigram CEO James Yamanaka said on Friday’s Cultivated Live following news of their planned acquisition of Aurora.
“...So to me it should be something that I hope the shareholders take some belief in, since you have a very strong cornerstone investor that is willing to continue to invest because they believe in the future of the company.”
People moves
This Week in People Moves: New Leadership at Distru and Regulators are Hiring
There’s a new CEO at Distru, and three states are building out their cannabis regulatory teams.
Virginia, Maryland, and Minnesota are all hiring administrators, a sign that the oversight side of the industry is staffing up as programs mature.
That’s just a taste.
People Moves is the most comprehensive list of its kind, with moves up, moves on, and open roles across the industry, states and provinces included. It’s available now for Cultivated Members.
Earnings round up
Canopy Growth reported Q2 FY2027 net revenue of C$81.4 million, up 22% year over year, with a net loss of C$40.7 million. International cannabis was the standout, more than doubling to C$12.3 million from C$5.1 million on medical sales in Germany and Poland and a new U.K. push through distributor GROW Group. $WEED.TSX ( ▼ 1.09% ) $CGC ( ▼ 1.35% ) We’ll touch base with Canopy’s CEO Luc Mongeau this week on Cultivated Live. Follow us on LinkedIn » and YouTube » for more.
Cresco Labs reported Q3 2026 revenue of $172.8 million, up about 5% year over year and roughly flat from Q2. Adjusted EBITDA fell to $34.9 million (20.2% margin) from $39.8 million a year earlier, and gross margin slipped to 46.0% from 48.1%. More from Cresco’s earnings >> $CRLBF ( ▲ 1.89% )
Quick hits
Will New Hampshire stay the lone New England legalization hold out?
While the State Senate and the Governor have stood in the way of cannabis reform in New Hampshire in the past, last Tuesday’s election saw Democrats take control of both chambers of the legislature. WMUR took a look at what it means for cannabis reform >>
Not to be left out of Midwest legalization
Similar to New Hampshire, Wisconsin Democrats say the state is poised to legalize cannabis after the party won control of both legislative chambers and the governor’s office in this week’s elections. More from Marijuana Moment >>
Cultivated Live
Friday’s This Week in Cannabis Live was an election-focused doozy. Check out the full episode, in case you missed it >>
Lawsuits
A federal judge in Illinois has denied a motion to dismiss from five defendants in Mike Tyson and Ric Flair’s $50 million racketeering and fraud lawsuit, keeping the case alive. The suit, filed nearly a year ago, accuses former executives and associates of Carma, the company behind the Tyson 2.0 and Ric Flair Drip brands, of siphoning millions from the celebrity-backed cannabis operation. More from Complex >>
What we’re reading
California's losing quest for clean weed | LA Times
DEA approvals could bring big tax benefits for medical marijuana businesses | North State Journal
