Welcome to the latest edition of “Last week in Weed,” catching you up on the latest breaking news and industry developments in the world of cannabis.
Here’s what you may have missed over the last week:
Business of Cannabis Summit Returns to New York
The Business of Cannabis: New York Summit returns November 6 at the Wythe Hotel in Brooklyn, promising an exclusive, deal-driven experience that swaps traditional panels for private executive exchanges and curated matchmaking sessions. Limited to 300 industry leaders, with 75% attendance by invitation, the event aims to cut through the noise and foster real collaboration among investors, policymakers, and entrepreneurs.
VFW Embraces THC Beverages
In an unexpected cultural crossover, the Veterans of Foreign Wars partnered with Torch Beverage Co. to sell hemp-derived THC seltzers at select posts. The move reflects growing institutional comfort with cannabis-adjacent products and hints at a future where cannabinoid beverages occupy the same shelf space as beer. Still, it’s a bold gamble that tests old-school values and public perception.
Michigan’s Steep Cannabis Tax Draws Backlash
Michigan lawmakers approved a 24% wholesale cannabis tax on top of existing retail and sales taxes, prompting outcry from dispensaries and growers. Critics warn the hike could raise prices, drive consumers to unregulated markets, and choke out small operators. It’s a reminder that tax revenue and market sustainability don’t always mix well.
Massachusetts Reshuffles Cannabis Leadership
Shannon O’Brien reclaimed her post as chair of the Massachusetts Cannabis Control Commission after a legal fight, just as lawmakers advance a modernization bill that could bring consumption lounges and updated licensing rules. The shake-up promises reform but introduces short-term uncertainty as regulators revisit decisions made during her absence.
Speakers include hip-hop legend and B NOBLE founder Fab 5 Freddy, Gotham CEO Joanne Wilson, and OCM Chief Equity Officer L. Simone Washington, alongside major investors and brand leaders. With New York’s cannabis market still wrestling with licensing delays and regulatory headaches despite crossing $2 billion in sales, the summit arrives at a critical moment.
Cannabis Stocks: Cautious Optimism Carries Into October
Cannabis equities closed September with mixed momentum, extending parts of Q3’s rally into the first week of October. The Global Cannabis Stock Index dipped slightly by 0.8% to end September, signaling consolidation after a strong summer run. The American Cannabis Operator Index told a more volatile story—down 13.9% for September but still up a staggering 123.6% for the quarter. Ancillary stocks slipped 5.3%, and Canadian LPs edged lower by 0.8%, showing weakness among legacy operators.
Among individual names, Tilray Brands (TLRY) remained a standout, climbing roughly 25% through September, while Organigram (OGI) gained 17% in the same stretch. Not all major players fared as well—Canopy Growth (CGC) tumbled nearly 19%, dragging on sentiment across the Canadian market. Aurora Cannabis (ACB) saw typical volatility, slipping 3.8% on October 1 before rebounding 2.8% to $5.81 by October 6.
ETF activity showed the clearest sign of investor confidence returning. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) and peers like CNBS, WEED, MJ, and YOLO all logged double-digit gains in recent weeks, buoyed by renewed optimism around federal reform and regulatory momentum heading into Q4.
