Good morning.
It’s cannabis earnings season, and our team will do our best to bring you what you need to know.
Green Thumb Industries reported after the bell, and Ben Kovler had some interesting comments: he said the company is preparing to “uplist” on a major domestic exchange, and discussed why he thinks Congress will ultimately ban hemp-derived THC. Either way, via RYTHM or GTI, he wins.
Let’s get to it.
-JB, JR, ZH
Today’s newsletter is 939 words or about an 8-minute read.
💡 What’s the big deal?
HEMP
There’s mounting opposition to the hemp ban extension 👀
Driving the news: The Senate Committee on Appropriations approved a bill on Sunday that postponed the upcoming ban on most hemp-derived cannabinoids until Dec. 11.
But opposition is mounting to the reprieve.
What happened: A bipartisan coalition of 34 state attorneys general plus the U.S. Virgin Islands urged congressional leaders to reject any effort to delay, arguing that states have already rebuilt their laws around it.
And Sen. Ted Budd (R-NC) said he plans to file an amendment to strip the ban extension out.
What’s next: The Senate is likely to vote on the continuing resolution later this week. But it still must be reconciled with the House version, which passed without the hemp delay.
Consumer hemp companies still face an existential fight.
-JB
🗯️ Quotable
“The Texas Taliban triumphs, the nanny state led by Nanny Danny, who successfully banned Delta-8 THC… So congratulations Texas Taliban, congratulations pharmaceutical companies,”
That’s how a local San Antonio radio station responded to a caller about Texas’ hemp-derived THC ban, referring to Republican Lt. Gov. Dan Patrick.
Meanwhile, Senate candidate James Talarico is pushing his support for cannabis, with a social media post about “letting Texans decide.”
⏩ Quick hits
North Carolina's hemp fight comes to a head 🚫
Hundreds of hemp industry protesters packed North Carolina's legislative building Tuesday as the House prepares to vote on a bill that would cap hemp products at 0.4 milligrams of THC, effectively banning what advocates call a $4 billion industry with 16,000 jobs. Law enforcement lined up behind the ban while Gov. Josh Stein called on lawmakers to build a regulated legal cannabis market instead, a suggestion the Republican House has no appetite for.
Delaware's cannabis market delivers a fifth of what was promised 💰
Delaware collected roughly $8 million in tax revenue from its first year of recreational cannabis sales, which launched August 2025. The state's first cannabis regulator projected $42 million annually back in 2023. The gap owes to a slow retail rollout, with 16 conditional retail licensees yet to open as of March, and residents who spent two years buying cheaper cannabis in New Jersey and Maryland.
📈 Insights
New York Cannabis Brand Power Rankings Hit A Freeze: What It Means for Operators
For months, New York's cannabis leaderboard has seen rank shuffling and market churn.
July changed everything.
Eight of the top ten brands held their exact positions — with the top six completely frozen. Ayrloom, Florist Farms, Off Hours, Jaunty, Ruby Farms, and MFNY remained unmoved, signaling that distribution networks and retail partnerships are challenging to disrupt.
But here's the warning: while the Top 10 hardened, only ONE new brand cracked the Top 50 in July. Mid-tier brands like Stiiizy and Bodega Boyz continue climbing, but emerging operators face a steep climb.
Is this temporary stability or permanent consolidation?
The answer will define the second half of 2026.
🚀 Deals, launches, partnerships
Verdant Capital Partners acquired 15 Native Roots dispensaries in Colorado, its first retail platform, with the stores keeping the Native Roots name.
Testing network ACT LAB acquired Sriven Labs, a licensed New Jersey cannabis testing lab, expanding its footprint to seven states.
💰 Earnings
Earnings season continues this week. We’ll be listening to the calls, breaking down the balance sheets, and catching up with all the key execs to bring you what you need to know.
Here’s the rundown today:
Rhythm stock surged 23% on a strong Q2 print and the likely one-month reprieve on the hemp ban. The consumer hemp THC company posted $1.2 million in net income on $23 million of revenue, up 73%. $RYM ( ▲ 23.2% )
Green Thumb reported second quarter revenue of $306.7 million, up 4.6%, and swung to a $4.9 million net profit from a loss a year ago. A big part of the swing: the company's tax bill dropped $9 million after rescheduling ended 280E for portions of its business, even as gross margins compressed nearly five points on pricing pressure and RYTHM licensing fees. $GTBIF ( ▲ 2.04% )
Grown Rogue reported second quarter revenue of $11.3 million, up 41%, and lifted 2026 guidance to $38 million to $41 million on the strength of New Jersey, where revenue grew 65%. The company still booked a $1.5 million net loss, and about $402,000 of the top-line growth is Michigan's new wholesale excise tax counted as revenue. $GRUSF ( ▲ 6.69% ) F
Here’s the rest of the calendar:
Aug. 5
Aurora Cannabis - 8:00 AM
Verano - 8:30 AM
Curaleaf - 5:00 PM
Aug. 6
Cresco Labs
Cronos Group - 8:30 AM
TerrAscend - 5:00 PM
Aug. 7
Trulieve - 8:30 AM
Canopy - 10:00 AM
Aug. 10
Village Farms International - 7:00 AM
Aug. 11
Ascend Wellness Holdings
Organigram
Aug. 12
Marimed
Aug. 13
Chicago Atlantic - 9:00 AM
😜 One fun thing
Cannabis beverage company Cann landed the one-and-only Miami Heat legend Dwyane Wade for an ad campaign for its new 3 mg drinks:
📰 What we’re reading
They were arrested for weed, then became cannabis entrepreneurs. What happens if the repeal ballot question passes? | The Boston Globe
Employers are grappling with their cannabis policies | The Philadelphia Inquirer