Good morning.
There are few things more top-of-mind for operators than their relationships with their banks and credit unions. Our partners at Shield Compliance want to hear all about it. Below you’ll see a link to Shield Compliance’s Cannabis Banking Operator Survey, be sure to have your voice heard. It only takes a few minutes, and the results are shared with banks and credit unions serving the industry. (Also, you could win a $250 Amazon gift card for your efforts»)
Also, join us at Noon Eastern for This Week in Cannabis Live streaming on YouTube » and LinkedIn ».
Let’s get to it.
-JR, ZH
Today’s newsletter is 745 words or about a 6.5-minute read.
THIS NEWSLETTER MADE POSSIBLE BY:
🗨️ Quotable
"I think there were a lot of erroneous assumptions that this would skew towards a younger demographic. It’s the United States of America who are purchasing these products. It is literally every single demographic from 21 to 99 and every diverse demographic within that age group. To that degree, your THC customer looks like your alcohol customer," Eric Brewer, Total Wine’s senior vice president of Government Relations and Public Affairs, said in an interview with Shanken News Daily.
No one understands the challenges of cannabis banking better than the businesses navigating them every day. That's why we're asking licensed cannabis operators to participate in an important survey.
Our partner, Shield Compliance, is conducting its annual Cannabis Banking Operator Survey to gather insights into the banking challenges, opportunities, and financial services that matter most to cannabis businesses.
Your feedback helps identify what's working, where financial institutions can do better, and what products and services the industry needs most.
The findings are shared with banks and credit unions to help improve access, strengthen relationships, and support a more effective banking experience for cannabis businesses.
Complete the survey today, and you'll be entered for a chance to win a $250 Amazon gift card as our thanks for participating.
⏩ Quick hits
Massachusetts cannabis license caps get their public hearing ⚖️
Massachusetts's Cannabis Control Commission used emergency powers in June to raise the adult-use retail license cap from three stores to six and double the daily purchase limit to two ounces. The rules stay temporary until the Commission wraps its public comment process today, so operators eyeing consolidation are watching whether the higher caps become permanent.
Ascend workers ratify contract, end record cannabis strike ✊
More than 300 workers at Ascend Wellness's Illinois grow house ratified their first union contract with Teamsters Local 916, ending a 30-day strike the union calls the largest in legal cannabis history. The contract secures higher wages, cheaper health care and real discipline protections, and it lands as cannabis labor organizing keeps building momentum against multistate operators. $AAWH ( ▼ 0.1% )
Texas's THC ban takes effect Friday ⚖️
Texas starts enforcing a Supreme Court-cleared ban on delta-8, delta-10 and THCA products Friday, reclassifying them as Schedule I and leaving only low-dose delta-9 legal for its roughly 14,000 licensed hemp retailers. Industry estimates put the hit at 60 to 90 percent of shelf inventory, and possession now carries a state jail felony, pushing demand toward the illicit market.
🚀 Deals, launches, partnerships
High Tide Inc. closed the acquisition of Northern Helm's four Ontario dispensaries for C$7.77M (4.5x EBITDA), bringing its Canna Cabana network to 228 locations across Canada. $HITI ( ▲ 4.39% )
💰 Earnings
Earnings season continues next week.
Here’s the rest of the calendar:
Aug. 4
Grown Rogue - 5:00 PM
Green Thumb Industries - 5:00 PM
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 Growth - 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
⚖️ Lawsuits
Tesla's latest lawsuit is about weed, not autopilot ⚖️
A California Tesla factory worker with a medical cannabis card is suing the company, claiming it denied him a job transfer and retaliated after he tested positive for THC following knee surgery. California has barred off-duty cannabis discrimination since January 2024, but Dollard's positive test may predate that, so timing could decide whether Tesla is actually liable. $TSLA ( ▲ 3.53% )
📰 What we’re reading
More than you really wanted to know about cannabis interstate commerce | Cannabis Musings