Good morning.
Happy Tuesday everyone. We’ve got a jam-packed newsletter for you today — including the May 2026 New York Brand Power Rankings from Lit Alerts.
Let’s get to it.
-JR, JB
Today’s newsletter is 881 words or about a 6.5-minute read.
THIS NEWSLETTER MADE POSSIBLE BY:
💡 What’s the big deal?
MIDWEST CANNABIS FORUM
The Midwest Cannabis Forum: What we we heard, what happened next
Last Thursday, we brought together over 175 operators, investors, advocates, and executives at Salvage One in Chicago for the inaugural Midwest Cannabis Forum. And the industry didn't wait for us to exhale before making news.
The timing turned out to be remarkable.
As our speakers were on stage breaking down Minnesota's emerging cannabis market, Gov. Tim Walz was signing a sweeping overhaul back in St. Paul. The new law merges Minnesota's medical and recreational supply chains, creates a new macrobusiness license, and removes barriers preventing hemp businesses from holding cannabis licenses simultaneously. It also legalizes large-format hemp beverages ahead of the federal ban in November.
We couldn't have scripted it better.
In Illinois — where our social equity panel took an honest look at how the state's equity framework has played out in practice — lawmakers are weighing House Bill 5784, which would drop mandatory third-party security contractors, expand possession limits, and open pathways for hemp businesses to enter the regulated market. The conversation is very much alive.
On the capital side, the Robinhood news this week underscores what our finance and banking panel was saying in the room: the wall between cannabis and mainstream finance is starting to crack. Slowly, but now visibly.
We'll have more from the day, including photos and highlights, coming soon.
And if you liked what we built in Chicago, stay tuned. Our next Highrise event will be back in New York City this fall. We’ll be in Las Vegas in December, and back to the Midwest in 2027.
-JR
📣 Quotable
“Weed is not medicine…We will regret that vote. We will regret that decision. This is not going to be good for children and generations of children … but it is the law, so it should be enforced,” Nebraska Republican Congressman Mike Flood told the audience at a recent town hall. More from Nebraska >>
⏩ Quick hits
Anti-inversion bill passes NY Assembly
A new bill from Assemblymember Landon Dais passed the state house on Monday. The bill would formally define and prohibit "cannabis inversion" — the practice of introducing illicit cannabis into the licensed supply chain — with civil penalties of up to $10,000 per day and up to five times the revenue from any prohibited sale. It’s expected to pass the Senate today.
“This vote sends a strong message that New York is serious about protecting cannabis consumers and market integrity,” Joe Rossi, the chief strategist of the Empire State Green Standard Alliance, told Cultivated. Dais spoke with Jeremy about the bill on Cultivated Live in May.
Will legalization ever happen in Pennsylvania?
Pennsylvania State Sen. Sharif Street (D) says federal rescheduling has made cannabis legalization in his state "a lot easier" politically, arguing that a Republican administration's blessing on rescheduling gives GOP lawmakers in red districts cover to support reform. But Street was careful to separate the politics from the operational reality, noting that key questions remain unanswered around banking safe harbor and interstate enforcement. More from City & State PA >>
📊 Insights
LIT ALERTS
May 2026 New York Brand Power Rankings
NY's cannabis market is maturing fast — and the leaderboard is starting to freeze.
Lit Alerts' May 2026 Brand Power Rankings for New York reveal a market in consolidation mode.
ayrloom and Florist Farms have locked down the #1 and #2 spots for the third straight month, and six of the top 10 brands didn't move a single position from April.
That kind of stability is a signal: the leading brands have built the supply chains, shelf presence, and customer loyalty that smaller players are struggling to crack.
Getting into the top 50 isn't getting any easier, either. Only two new brands broke through in May — Spacebuds and Boutiq — consistent with the trickle seen in March and April.
For a full breakdown of where every brand stands — and what the data means for your business — head to Lit Alerts for the full New York Brand Power Rankings for May 2026 »
🤝 Deals, launches, partnerships
Verano follows Curaleaf’s stock split 🪓
Verano announced a 1-for-5 reverse stock split set to take effect around June 11, framing the move as a step toward listing on a major U.S. stock exchange. If that sounds familiar, it’s because it’s the same playbook Curaleaf ran last week with its own 1-for-3 split. As CEO George Archos put it, the split "builds on a series of strategic initiatives" to position Verano for U.S. capital markets opportunities.
As with any reverse split, the move consolidates shares and boosts the per-share price without changing the company's underlying market cap – as Marc Hauser from Cannabis Musings described last week on This Week in Cannabis Live. $VRNO ( ▲ 1.7% )
📰 What we’re reading