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:
Ongoing Developments from Trump’s Cannabis Rescheduling Executive Order
President Trump’s executive order, signed on December 18, 2025, continued to generate discussion and analysis throughout the week. The order directs the Attorney General to expedite rescheduling marijuana from Schedule I to Schedule III under the Controlled Substances Act, recognizing its accepted medical use while also promoting expanded research on medical marijuana and cannabidiol (CBD). It further calls for a unified federal framework for hemp-derived cannabinoid products, including potential Medicare coverage for certain CBD treatments and guidance on THC limits.
Reports highlighted that rescheduling would provide immediate tax relief for state-legal cannabis businesses by eliminating Section 280E penalties, potentially boosting profitability, but would not legalize marijuana federally or allow interstate commerce. Experts noted that while the move could ease research barriers and open doors for real-world evidence studies, significant policy changes from agencies would still be needed to fully expand medical cannabis investigations. Bipartisan lawmakers and stakeholders viewed it as a meaningful step aligning federal policy with state experiences and public support, though many emphasized the need for further reforms like banking access and broader legalization.
Vireo Growth Announces Major Acquisitions for Market Expansion
Vireo Growth Inc. made two significant acquisition announcements in late December, signaling continued consolidation in the cannabis sector. On December 22, the company entered a definitive agreement to acquire Eaze Inc. for $47 million, adding vertically integrated retail and delivery operations in California, Florida, and Colorado. This deal expands Vireo’s footprint to 10 states with 166 dispensaries and approximately 800,000 square feet of cultivation and production capacity, while enhancing its delivery platform with Eaze’s history of over 12 million orders.
Earlier, on December 16, Vireo agreed to purchase certain Colorado retail assets from PharmaCann Inc. for $49 million, including 17 dispensaries and the LivWell brand, strengthening its position to 41 storefronts in that market. These transactions reflect a strategy to achieve scale in key regions amid regulatory shifts, with closures expected subject to approvals.
Oregon Pre-Roll Market Shows Resilience Amid Flat Overall Sales
RollPros published its 2025 Pre-Roll Market Report for Oregon, providing detailed insights into the category’s performance from July to September 2025. Pre-roll revenue totaled $33.65 million, up 2.1% from the prior quarter and 27% since late 2022, despite a stagnant broader cannabis market. Standard pre-rolls generated $21.45 million (up 0.3%), while infused pre-rolls reached $12.2 million (also up 0.3%).
Top brands by revenue included Portland Heights leading, followed by Sticks ($2.25 million, 6.7% share, 54% growth), Hellavated, Benson Arbor (5.9% share, 3.8% growth), and Kaprikorn (5.2% share, 18.5% growth). Leading products favored hybrid multi-packs, such as 1g 10-packs and 0.6g 12-packs. The report noted significant consolidation, with brands reduced to 180 from prior highs, and automation benefits allowing top performers like Blackbird-produced SKUs to command higher prices. Consumers prioritized value (e.g., Sticks for budget options), flavor authenticity (Benson Arbor), and premium quality (Kaprikorn, priced 35% above average per gram).
Cannabis Stocks Exhibit Mixed Performance and Volatility
Cannabis equities showed volatility in the final week of 2025, influenced by ongoing assessments of the rescheduling executive order’s impacts. Major ETFs like AdvisorShares Pure US Cannabis ETF (MSOS) experienced fluctuations, with some reports noting modest dips amid year-end adjustments and profit-taking following earlier rallies tied to the policy shift.
Analysts pointed to cautious investor sentiment, weighing limited short-term changes against potential long-term benefits like tax relief and research expansion. Companies tied to multi-state operators saw varied returns, reflecting broader market maturation and anticipation for 2026 implementation details.
Additional Policy and State-Level Notes
On December 24, Sen. John Hickenlooper (D-CO) introduced a bill to establish a federal commission on cannabis regulation, modeled after alcohol policies, to prepare for potential legalization. Other developments included details on a nascent federal CBD Medicare coverage program and state-specific updates, such as compliance guidance and sales projections in maturing markets.
