Cannabis News

General Assembly advances cannabis retail framework

Published

14 minutes ago

February 21, 2026

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After years of vetoing the General Assembly, legislation to create a legal adult cannabis market in Virginia passed both chambers on Tuesday, this time ready for a governor’s signature and retail sales to begin in November. The votes provide the clearest sign yet that Virginia is ready to move from legal ownership to a fully regulated no-sale market, a transition that has eluded the commonwealth since 2021, when lawmakers legalized simple ownership.

On Tuesday morning, the House passed House Bill 642, Del. Paul Krizek, D-Fairfax, by a vote of 65-32. A few hours later, the Senate passed House Bill 542 by Sen. Lashrecse Aird, R-Petersburg, by a narrow 21-19 margin, after a failed initial vote.

Similar proposals have cleared the General Assembly in recent years—often with bipartisan support—but were repeatedly vetoed by former Gov. Glenn Youngkin. This year, the political calculation has changed. Democratic Gov. Abigail Spanberger has vowed to sign legislation establishing a regulated retail market.

Under Krizek’s bill, the Virginia Cannabis Control Authority would administer the retail system, with no retail sales permitted before November 1, 2026. “It’s about fixing a situation that isn’t working,” he said, noting that while it is legal for adults to possess cannabis, retail sales remain unregulated.

Cannabis News

Rhode Island Marijuana Regulators Weigh How To Award New Dispensary Licenses

Published

19 minutes ago

February 21, 2026

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“It is unfair to everyone who has invested time, money and attention in this process. We ask that there be no delay.”

By Christopher Shea, Rhode Island Currant

State cannabis regulators have yet to decide how they will handle the allocation of 20 retail cannabis licenses to applicants selected by lottery before May.

The state planned to issue 24 licenses but reduced the number based on the distribution of applicants among the state’s six geographic areas. A total of 98 applications were submitted by the Rhode Island Cannabis Control Board’s December 29, 2025 deadline. One has since been withdrawn, Rhode Island Cannabis Administrator Michelle Reddish told the board at Friday’s monthly meeting.

A second applicant withdrew after the meeting, Cannabis Control Board spokesman Charon Rose confirmed Tuesday.

Commission staff are still reviewing applicants’ qualifications before they enter the final lottery that will award retail licenses. A breakdown of applicants available on the commission’s website shows that more than half — 56 — are seeking general retail licenses. Another 19 were cooperative workers and the remaining 23 were for social equity applicants, or those affected by the war on drugs.

State regulations passed last year set a maximum of four retailers zoneat least one license designated for a social equity applicant, and for a worker-owned cooperative.

Nearly a third of all retail license applications — 31 — were in Zone 6, along with all of Pawtucket, East Providence, Bristol and Newport counties.

Zone 1, which covers Burrillville, Cumberland, Glocester, North Smithfield and Smithfield, saw only two applications, both for social equity licenses. Applicants that did fall back were Die of Laughter, which applied to Zone 5, and Green Dolphin, which applied to Zone 4.

At the committee’s Friday meeting, the committee raised the possibility of phasing out the license release.

“Many stakeholders have raised the issue that if all potential licenses come online at the same time, the price of the product could drop so quickly that no one would win,” said Commissioner Robert Jacquard.

Kevin Rouleau, chief operating officer of Portsmouth-based Newport Cannabis Company, warned that a rapid saturation of the state’s small market could lead to a “race to the bottom” as more established businesses like his try to survive the new competition.

“This is going to hurt everybody, especially farmers who get pennies on the dollar for their produce,” Rouleau said.

The cultivators who participated in the meeting did not feel that way.

“We’re absolutely fine moving forward with the retail stores and we’re not concerned about that outcome,” Rhode Island Growers Association representative Nicholas Lacroix told the commission during the public comment period.

However, Reddish was concerned that the rapid expansion could lead to problems that have occurred in other states.

Cannabis revenue in Michigan fell in 2025, despite record total sales, driven by falling prices. The Oregon market has come under increased pressure from large harvests and low wholesale prices. In Massachusetts, merchants describe a “race to the bottom” that has wiped out many businesses from their market.

“Based on these examples, there is a need to discuss whether the commission should use its ability to take proactive steps to support a stable and successful cannabis industry, prepare to respond to market changes in real time and adjust course if necessary,” he said.

But attorney Allan Fung, a former Cranston mayor and former GOP congressional and gubernatorial candidate, appeared on behalf of several candidates. the applicantshe said that the market should ultimately be the entity that dictates price and competition.

“It’s unfair to everyone who has invested time, money and attention in this process,” Fung told commissioners. “We ask that there be no delay.”

It has already been a slow road for the state to establish its own recreational cannabis market. More than a year passed before the three-member committee was inaugurated in June 2023. The commission had to hire staff to write proposals and review rules adopted in other states. Rhode Island’s rules governing retail cannabis were finally approved in May 2025. Chairman Kim Ahern stepped down last October to become attorney general, and Gov. Dan McKee (D) has yet to name a successor.

Meanwhile, eight medical dispensaries in the state have been authorized to sell recreational cannabis under hybrid licenses.

“The only people who benefit from these dispensaries being slow are the current dispensaries who have a monopoly on the cannabis market,” said Spencer Blier, director of Warwick-based Mammoth Inc. CEO and founder of cultivator.

Because few applications were submitted for Zone 1, Reddish informed the board on Jan. 16. the meeting that regulators would issue up to 20 licenses statewide.

“Depending on how the application process is completed, that number may decrease,” Reddish said Friday.

Starting Jan. 1, the state Office of Cannabis had 90 days to review applications and confirm they met eligibility requirements before entering a lottery, according to a schedule approved by the commission at its Oct. 20 meeting.

Applicants must still obtain the necessary local approvals to enter the random drawing. Regulators aimed to start issuing licenses before May, although the regulations do not specify how many will be issued at one time.

The commissioners did not vote on Friday. The board decided to decide how many licenses to grant at a time for a future meeting.

The next meeting organized by the committee is Friday, March 20, at 1:00 p.m.

This story was first published by the Rhode Island Currant.

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Cannabis News

Curaleaf secures $500M financing, extends debt maturity to 2029

Published

1 day ago

February 20, 2026

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Curaleaf Holdings has closed a $500 million private debt financing, refinancing existing obligations and extending the maturity of the debt by more than two years.

The company issued senior secured notes with an interest rate of 11.5%, due in February 2029. At the same time, Curaleaf repaid $475 million in prepayments due in December 2026. According to the company, the transaction is non-dilutive and was completed at par.

The refinancing effectively pushes Curaleaf’s near-term debt obligations further down the road, giving the company additional runway as it continues to operate in multiple international cannabis markets. The net proceeds from the offering will be used to support global growth initiatives, as well as to cover transaction-related costs.

“This financing strengthens our balance sheet and gives us greater flexibility to execute our long-term strategy,” said Boris Jordan, President and CEO of Curaleaf. He described the deal as the largest bond offering completed in the cannabis sector to date, and pointed to renewed interest from institutional investors as a sign of increased confidence in the industry.

The notes pay interest annually and are secured against the company’s assets. The financing structure also allows for debt issuance under certain leverage conditions, along with $100 million in senior bank financing.

The private placement was conducted under existing securities law exemptions in Canada and the United States and was led by Seaport Global Securities, with ATB Cormark Capital Markets acting as placement agent.

For more information:
Curaleaf
(email protected)
curaleaf.com

Cannabis News

GOP Congressman And Kentucky Agriculture Commissioner Urge McConnell To Support Delaying Hemp THC Ban

Published

1 day ago

February 20, 2026

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A GOP congressman and Kentucky’s agriculture commissioner are pleading with a key Republican senator who initially helped lead the push to legalize hemp before approving the recriminalization of THC products to back a proposed two-year delay. industry players to implement a policy that would revolutionize the market.

As prohibitionists mount a lobbying campaign for the recriminalization of most hemp-derived cannabinoid products, Rep. James Comer (R-KY) and Kentucky Agriculture Commissioner Jonathan Shell are urging Sen. Mitch McConnell (R-KY) to join them in the fight to give hemp companies more time to navigate the critical policy change that takes effect in November.

“Kentucky has long been a national leader in hemp research, production and innovation — leadership made possible in large part by your historic efforts to legalize industrial hemp at the federal level,” Comer — who also previously served as Kentucky’s agriculture commissioner — and Shell said in a letter to McConnell on Thursday. “Because of that leadership, Kentucky farmers invested responsibly in this emerging crop, built infrastructure, created jobs and contributed to rural economic development across the Commonwealth.”

But that progress is being jeopardized by appropriations legislation signed into law by President Donald Trump last year, with provisions that would redefine what constitutes legal hemp by imposing tough restrictions on THC content that would eliminate the edible cannabinoid product.

“The provision (continuing resolution) received in November has introduced a great deal of uncertainty into the market at a critical time,” the congressman and commissioner wrote. “Hemp is an annual crop, and farmers are now making decisions about seed, labor contracts, financing and the next growing season. Without additional time and clarity, many Kentucky growers risk making planting decisions that could jeopardize the long-term viability of their farms.”

Both urged McConnell to throw his support behind an independent bill sponsored by Rep. Jim Baird (R-IN) and 24 bipartisan co-sponsors. give the hemp industry two more years before the federal ban on THC products goes into effectin the hope that it will better position stakeholders to negotiate a broader compromise with parliamentarians.

Baird’s bill “will not resolve the broader policy questions surrounding hemp, but it would give farmers, processors and regulators the certainty needed to plan responsibly while Congress considers a sustainable and well-informed way forward,” Comer and Shell wrote. “This additional time is essential to avoid unintended consequences for family farms and rural communities that have acted in good faith under existing federal and state law.”

“We respectfully ask that you allow time for this extension to move forward and help ensure that Kentucky farmers are not put at a disadvantage through abrupt policy changes,” they said. “Doing so would reaffirm Kentucky’s leadership in agriculture and honor its commitment to growers who have answered the call to grow this crop.”

It is not yet clear whether McConnell will follow through on the officials’ request. Trump signed the 2018 Farm Bill in his first term while championing the legalization of hemp, The former Senate Majority Leader has advocated for clearing the hemp THC market that he has described as an unintended consequence of wider agricultural legislation.

However, the hemp industry is fueled by proactive advocacy by Kentucky officials.

“This letter adds two important and influential voices to the growing chorus of Kentucky agriculture leaders calling on Senator McConnell to reconsider his efforts to destroy hemp as a viable crop for Kentucky farmers,” said Jim Higdon, co-founder and communications director of the Kentucky-based Cornbread Mompment. “By establishing a two-year extension, stakeholders can work with Congress to find meaningful solutions to Senator McConnell’s legitimate concerns without destroying the entire industry.”

Meanwhile, anti-cannabis interests are calling on their supporters to keep up the pressure on Congress to maintain the THC ban without delay.

“Congress took an important step to protect youth when it enacted new restrictions on intoxicating cannabis products last year, but it’s critical to implement these new rules without delay,” the Partnership to End Addiction (formerly the Association for a Drug-Free America) said in a recent action alert.

“Some members of the industry and Congress are pushing to delay the implementation of this law, claiming that more time is needed to develop regulations,” the group said, and that “an extension of the implementation deadline could be included as Congress works to reauthorize the Farm Bill.”

To that end, the House Agriculture Committee will mark up the final Farm Bill in a hearing on Monday.

“But the one-year implementation period is reasonable, giving manufacturers and retailers time to adapt and regulators to prepare for enforcement,” the Partnership said. he said. “A delay would further entrench the market and allow the continued availability of dangerous products, leading to further exposure of young people and negative health consequences.”

“Send a letter asking your members of Congress to oppose efforts to delay the implementation of the new definition of hemp and to keep the law’s effective date to minimize the harm these intoxicating products can cause, especially to young people,” he said, offering a form to send a pre-written letter to congressional representatives.

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Meanwhile, last month, major alcohol retailers joined forces to push Congress to delay the enactment of the law signed by Trump which will re-criminalize THC drinks and other products derived from hemp.

The coalition says it wants to apply the same regulatory structure that governs alcoholic beverages, distributors and retailers to hemp beverages to “ensure safe and transparent access.”

Other alcohol industry groups such as The Wine & Spirits Wholesalers of America has also supported the regulation of hemp products instead of banning

read it the letter Comer and Shell discuss delaying the federal hemp THC ban below:

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