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:
Minnesota Launches Adult-Use Market
Minnesota dispensaries began adult-use sales this week, two years after voters approved legalization. The rollout brings flower, concentrates, and edibles to customers 21 and over under tightly regulated limits. Non-tribal retailers are now open alongside existing tribal operations, creating a more robust market. Advocates call the launch another step in the Midwest’s long, delirious crawl toward normalization.
California Cuts Cannabis Taxes
California lawmakers approved a measure lowering the state excise tax from 19% to 15%, effective Oct. 1 through mid-2028. The move is meant to ease pressure on licensed retailers and bring pricing closer to the illicit market, which still dominates sales. Industry leaders see it as a step in the right direction but argue it may not be enough without broader enforcement against unlicensed operators. Only time will tell if this cut is enough to steer consumers away from the illicit market but it’s certainly a win for struggling dispensaries.
New York Licensing Rule Overturned
A federal appeals court struck down New York’s rule that gave “extra priority” to applicants with in-state cannabis convictions. Judges found the policy violated the Dormant Commerce Clause, which prohibits states from favoring their own residents in commerce. The decision casts doubt on similar equity-focused licensing programs across the U.S. While advocates warn it undermines restorative justice, critics argue it forces states to rethink how they implement fairness without violating federal law.
Eaze Reemerges in Retail
Cannabis delivery pioneer Eaze, once a dominant player before its 2024 bankruptcy, has returned with both an updated app and brick-and-mortar shops. Its first flagship dispensary in San Francisco’s Haight-Ashbury neighborhood aims to capitalize on brand recognition while competing with established retailers. The company also has new storefronts in Los Angeles, San Diego, and Orange County. Eaze’s comeback won’t succeed on nostalgia alone—it’ll live or die on it’s ability to execute.
Budr Cannabis Expands in Connecticut
Budr Cannabis officially reopened three stores formerly owned by The Botanist in Danbury, Montville, and Vernon. The company also picked up an unused cultivation license and is scouting locations for a new grow facility in New Britain or Stratford. Executives say the expansion will broaden product variety and keep more consumer dollars in-state, as many shoppers still cross borders for cheaper products. These kind of moves are crucial in Connecticut’s shift toward a competitive, vertically integrated market.
Canada’s Growing Pains
Canadian household cannabis spending neared $2 billion this year, showing the market’s strength despite persistent challenges. Recent product recalls in Ontario and proposed regulatory changes from Health Canada depict the difficulty of balancing consumer safety with business sustainability. Licensed producers say margins are under pressure as oversupply persists. Canada remains a valuable case study in both the promise and pitfalls of large-scale legalization.
Australia Considers Adult-Use Legalization
In Australia, members of Victoria’s Liberal party introduced a proposal to regulate cannabis like alcohol, complete with taxation and licensing. Supporters argue it could generate significant revenue while undercutting illicit sales. The proposal will surely stumble through a political minefield but the sentiment alone echoes a worldwide march toward normalization. If successful, Australia could become a new model for conservative governments weighing reform.
Stock Market Pulse
Tilray Brands (TLRY) saw sharp swings this week, with back-to-back gains pushing it above $1.15, though it remains more than 35% below its 52-week high. Trading volume has been light, suggesting cautious buying, and volatility continues to dominate its chart. Canopy Growth (CGC) delivered a stronger Q1 FY2026, with cannabis revenue up 24% year-over-year and deep cost-cutting progress, but profitability remains out of reach, keeping investor sentiment mixed. Incannex Healthcare (IXHL) trades near $0.52, far from its $3.12 peak, and remains highly speculative; traders are watching for regulatory catalysts or partnerships to give it staying power.
The standout is Turning Point Brands (TPB), which surged to a new 52-week high over $103 after beating earnings expectations with $116M in revenue, up 25% year-over-year, and announcing a quarterly dividend — a rare bright spot in a sector struggling for consistent wins.
