Good morning.
Tuesday, December 23, 2025
Our sincere apologies for the technical difficulty in our webinar with Shield Compliance today. We’ll let you know of our rescheduled (ha) time and date in January.
As a programming note, this will be the last edition of Cultivated while we take a much-needed break to recharge and plan for 2026. We’ll be back in your inboxes
-JB, JR, ZH
📣 Quotable
“The president rightfully said, ‘We’re not doing II — II is a half-assed version of III. We’re doing III or we do nothing,” ScottsMiracle-Gro CEO Jim Hagedorn, who was present in the Oval Office meeting where President Trump ultimately decided to push Schedule III, told NewsNation.
“The meeting was two hours and 15 minutes of hardcore arguing, led by the president of the United States. It was insane.”
✍️ Apply today
On January 29th, Gotham and Cultivated will host our inaugural event: The Highrise.
The Highrise’s goal is to host an event where attendees represent the full breadth and depth of the cannabis industry in New York and throughout the country.
To do that, we are asking would-be attendees to apply to attend. Only by identifying leaders throughout the industry can we truly create a representative group of attendees for The Highrise.
Spots are limited so get your application in today » thehighrise.nyc
⏩ Quick hits
Florida ballot measure sent to Supreme Court 🦩
A ballot initiative to legalize cannabis in Florida is heading to the Supreme Court after it far exceeded the over 200,000 signatures necessary, reports The South Florida Sun-Sentinel. This is the initiative’s final hurdle to appear on the November ‘26 ballot. A previous ballot measure funded by the same group, Smart & Safe Florida, failed to clear the 60% threshold needed to pass, though it received majority support.
US cannabis revenue declines for the first time 📉
The US cannabis market is set to decline year-over-year for the first time in the history of regulated cannabis. This year’s revenue forecast is expected to hit a maximum of $29.6 billion, a 3.2% decline from 2024. Data from Whitney Economics.
$MSOS craters as many assert market manipulation 📉
The AdvisorShare Pure Cannabis ETF, or $MSOS ( ▲ 1.54% ), dropped precipitously on Thursday after Trump signed the rescheduling Executive Order. The ETF continued to fall on Monday, dipping 7%. Many investors told us and said on social media that this drop goes beyond ‘selling the news,’ and alleged quasi-legal market manipulation from some bigger funds invested in the ETF. Still, it’s up 11% this year. We’ll have more on this story in January.
Ohio Gov. vetoes THC beverage extension 🥤
Ohio Gov. Mike DeWine line-vetoed a provision in the legislature-passed hemp THC ban that would’ve allowed hemp derived beverages to be sold in the state for up to a year, matching federal guidelines. The bill, which goes into effect in 90 days, also further restricts cannabis sales and use. Read more.
NJ legislature passes hemp bill 🌿
New Jersey’s legislature passed a bill that would restrict hemp-derived THC sales in the state, including limiting servings to 5 mg or 10 per container. The bill would also restrict online hemp sales, and would levy a $3.75 excise tax.
🧪 Science & research
Cannabis and driving in Canada 🚔
New research from Brock University’s Michael J. Armstrong found that while Canadian police reported more impaired drivers following federal cannabis legalization, that may be a function of more police training as it doesn’t correlate with cannabis consumer numbers. Read more in The Conversation.
📊 Chart of the day
Teen cannabis use in the last year continues to drop in the U.S. even as more states legalize, according to the Monitoring the Future study.
When prohibitionist groups inevitably bring up the fact that reclassifying cannabis to Schedule III will endorse cannabis use for teens — you can point them to this data. Still, the researchers say that some concerns remain over how many young adults use cannabis for sleep, and that flavored THC vapes are one of the form factors most consistently misused by young teens, which is something regulators should be wary of.
Overall, 30% of Americans aged 19-30 used cannabis in the last month. And the perceived risk of cannabis use among teens actually increased since 2021, and social acceptability has gone down.
The Monitoring the Future study is a yearly look at drug use in America. The full results are here.
📰 What we’re reading
Thoughts on the Executive Order | Cannabis Musings
One In Three Americans ‘Pre-Game’ With Marijuana Before Family Holiday Gatherings, Survey Finds | Marijuana Moment
Cannabis rescheduling could bring complications for CT’s weed industry | Hartford Business Journal