Good morning and happy Friday.
Don’t forget to tune in to This Week in Cannabis Live at at Noon Eastern/9AM Pacific where we’ll dive into the cannabis news of the week with our friends from High Spirits and Cannabis Musings. Streaming on LinkedIn » and YouTube »
Let’s get to it.
-JB, JR, ZH
Today’s newsletter is 1,084 words or about an 8.5-minute read.
THIS NEWSLETTER MADE POSSIBLE BY:
💡 What’s the big deal?
BANKING ON IT
The SAFE Banking Act is back 📜
What happened: A bipartisan group of senators reintroduced the SAFE Banking Act, led by Sen. Jeff Merkley (D-OR) and co-sponsored by Sens. Lisa Murkowski (R-AK), Elizabeth Warren (D-MA), and Steve Daines (R-MT).
The bill would give financial institutions a safe harbor for serving state-licensed cannabis businesses. A companion bill was filed in the House by Reps. Dave Joyce, Jim Himes, Warren Davidson, Nydia Velázquez, and others.
What they're saying: "Cannabis businesses across the country have waited far too long for access to basic financial services that every other lawful industry takes for granted," said ATACH President Michael Bronstein.
“The policy environment now is dramatically different. The Trump administration's move to reschedule cannabis to Schedule III signals that the federal government acknowledges that cannabis is an industry deserving of legitimate treatment by financial institutions.”
NCIA Board Chair Adam Rosenberg called it "much-needed access to capital" for an industry employing more than 400,000 workers and generating over $30 billion in annual revenue.
Why it matters: The House has passed versions of this legislation multiple times, but the Senate has never taken it up on the floor.
Medical cannabis moved to Schedule III in April, but even full rescheduling won't give banks the federal protections they need to serve the cannabis industry.
What's next: Rescheduling hearings kick off on June 29. The timing probably isn’t an accident. Still, we’re not holding our breath yet.
-ZH
📣 Quotable
"As states across the country continue to move to legalize cannabis use, a growing number of otherwise qualified applicants are being disqualified following a positive THC toxicology test — often for conduct that was legal under state law at the time. U.S. Rep. Dave Joyce told Military.com.
“We cannot afford to lose qualified, motivated individuals in an already challenging recruiting environment.”
Joyce proposed a version of the National Defense Authorization Act that would expand waivers for those interested in enlisting who were previously kicked out of the military for testing positive for THC.
⏩ Quick hits
Over 300 Teamsters strike at Ascend Wellness grow house in Illinois 💰
Teamsters Local 916 members at Ascend Wellness in Barry, Illinois launched a ULP strike over the company's refusal to bargain wages, health care, and overtime, and its alleged retaliatory firing of a bargaining committee member. It's the first strike at a cannabis grow house in Teamsters history, and with Local 916 members cultivating, processing, packaging, according to the union. Ascend Wellness has yet to publicly respond.
Sacramento clears the way for cannabis consumption lounges 🏪
The Sacramento City Council voted 7-1 this week to formally allow cannabis consumption lounges as a land use, building on a pilot program approved in 2024. The city will permit two types: noninhaled-only (edibles and drinks) and full-consumption lounges that allow smoking and vaping, with annual fees of $7,238 and $9,651 respectively.
States have collected $15 billion in cannabis taxes since 2021, and Q1 just dipped 💰
The Census Bureau's latest cannabis excise tax tracker puts cumulative state collections at $14.8 billion since Q3 2021, with California alone accounting for more than a fifth of that at $3.1 billion. Despite that figure, Q1 2026 came in at $825 million, down from $878 million in Q4 2025, which lands on top of a separate Vangst/Whitney Economics finding that 2025 was the first year legal cannabis saw a national revenue decline.
Six states scrambled to regulate hemp before November 🌿
Six states signed hemp bills into law this year ranging from Illinois folding intoxicating hemp products into its licensed cannabis market to Connecticut raising beverage THC limits, but the U.S. Hemp Roundtable's general counsel says banks and credit card companies are already "balking" and looking to exit hemp accounts months before the November 12 federal THC cap kicks in.
Pennsylvania voters want legalization 🗳️
Three in four Pennsylvania voters support legalizing recreational cannabis, and 40% blame Republican state lawmakers for the holdup — versus 12% who point to Democrats. The Republican-controlled Senate still hasn't taken up the legalization bill the Democratic House passed last year.
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The result is onset in 5 to 15 minutes, consistent dosing, and a product that earns a repeat purchase because it does what the label says.
Azuca has now infused more than 800 million precisely dosed servings across 30 U.S. states, Puerto Rico, Canada, and Australia — spanning medical and adult-use markets. The company has appeared twice on the Inc. 5000 and been featured on Forbes' Cannabis 42.0 list.
According to new research with BDSA, fast-acting products generate 4–5x more sales per SKU than traditional formats. The data is catching up to what Azuca has been building for years.
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🚀 Deals, launches, partnerships
Glass House is uplisting to the NYSE on June 30 💰
Glass House Brands will start trading on the NYSE on June 30 with the ticker $GLAS. Following Trulieve’s lead, it’s the second US cannabis firm to deconsolidate its medical and recreational assets to list on the exchange as medical cannabis is a Schedule III drug. Read more. Glass House was also hit with a $21,000 fine over allegations that the cultivator employed underage workers. $GLASF ( ▲ 15.71% )
⏪ In case you missed it
Industry launches campaign to save Massachusetts cannabis legalization 🗳️
A new campaign called Stop the Repeal is urging Massachusetts voters to reject a November ballot measure that would recriminalize recreational cannabis, warning a "yes" vote would eliminate 20,000 jobs and gut tax revenue funding schools, housing, and health care.
📰 What we’re reading
Hemp Beverage Operators Are in Fight Mode | Cannabis Industry Journal