Good morning.
Brazil's cannabis market is moving faster than almost anyone outside the country realizes — and the window for foreign operators to get in on the ground floor is opening right now.
That's the takeaway from a deeply reported piece we're featuring this week, built around the entrepreneurs and attorneys who are actually doing business there, from journalist and cannabis industry expert Anita Krepp.
Check out a snippet here and be sure to hit the link to read the full piece. It’s worth your time to understand how Brazil’s potentially massive market is unfolding.
Let’s get to it.
-JR, JB
Today’s newsletter is 695 words or about a 5-minute read.
💡 What’s the big deal?
BRAZIL
Brazil’s cannabis boom is coming. Here's your guide. 🇧🇷
What's happening: A wave of new regulations since January has cracked open Brazil's cannabis market to foreign players, with large-scale commercial cultivation now authorized and five separate regulatory frameworks governing everything from patient imports to pharmacy sales.
The opportunity: Certified genetics adapted to tropical climates, post-harvest infrastructure, cultivation equipment, and technical consulting are the highest-priority gaps — and Advanced Nutrients has already proven the model works by building local manufacturing and expanding from 8 to 26 registered SKUs.
The catch: Brazil doesn't run like any market you know.
Foreign operators keep making the same mistake — showing up with capital and a global brand, then sidelining the local partner who made entry possible in the first place. It almost always ends badly.
The bottom line: Oregon entrepreneur Lars Burkholder, who has been doing business in Brazil for over a decade, says the biggest opportunity is collaboration between international expertise and local operators who know how the machine actually runs.
What they're saying: "Brazil only compares to Russia when it comes to institutional chaos,” says attorney Emílio Figueiredo.
⏩ Quick hits
Indiana Republican moves to legalize medical cannabis in 2027
Republican state Sen. Mike Bohacek says he's drafting legislation to legalize medical cannabis in Indiana, citing the Trump administration's rescheduling decision and Gov. Mike Braun's openness to the idea — contingent on law enforcement sign-off. It’s yet another sign that Trump’s rescheduling push has helped many Republican fence-sitters to take the plunge.
New Hampshire's medical cannabis program hits record growth
New Hampshire's Therapeutic Cannabis Program added more than 2,100 new patients last year — its largest single-year increase since 2021 — bringing total enrollment to nearly 17,000, driven largely by a 2024 law that expanded qualifying conditions to include generalized anxiety disorder; New Hampshire remains the only New England state where recreational cannabis is illegal.
Mass. lawmakers pass on rollback measure
Massachusetts's Special Joint Committee on Initiative Petitions voted not to advance a ballot measure that would repeal recreational cannabis sales, pushing prohibitionist organizers to collect roughly 12,400 more signatures by July 1 to bring it to voters in November.
⚖️ Lawsuits
Delaware court grants The Cannabist Chapter 15 protection
A Delaware bankruptcy court ruled that The Cannabist Company is entitled to Chapter 15 bankruptcy protection — believed to be the first such ruling for a cannabis company — offering a potential roadmap for other Canadian operators with U.S. assets. $CBSTF ( ▲ 16.4% )
🚀 Deals, launches, partnerships
Arcana Collective has partnered with Pure Sativa, a UK-based seed bank, to distribute its genetics across Europe — the company's first EU market push.
💸 Earnings roundup
Organigram revenue falls, stock drops 15%
Organigram reported Q2 net loss of $921,000 on $59.8 million in revenue, or $0.03 per share, down 6% from Q1 and 9% year-over-year, as vape and infused pre-roll underperformance weighed on results; the company's recently closed acquisition of German cannabis company Sanity Group is expected to add roughly 25 million euros in quarterly revenue starting in Q3. The stock fell about 15% on Tuesday and is down 35% this year. $OGI ( ▼ 15.27% )
📰 What we’re reading
Minnesota Opinion: As stigma of marijuana decreases, cities deserve to be first in line to benefit from tax revenue | West Central Tribune
Minnesota’s Cannabis Industry Is Stuck Between Bold Vision and Operational Reality (Opinion) | Cannabis Business Times