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FireStarter: Massachusetts Votes, Curaleaf Reports Tonight, and MSOs Confirm DEA Registrations
FireStarter
The cannabis business news that matters, before your first meeting
No. 2 · Tue, Nov 3
Good morning. It’s Election Day, and the biggest cannabis vote is in Massachusetts. Results won’t be final by the time you read this. So today is about knowing what to watch tonight and what moves markets this week.
Earnings season for the big MSOs starts this evening with Curaleaf. Meanwhile, operators are starting to say what the DEA’s first registrations mean for them. Hemp’s first federal deadline is nine days away, and the 280E question is still open. Here’s what matters this morning.
1Election night: Massachusetts decides on legal sales
Massachusetts voters decide Question 8 today. It would end licensed adult-use sales and home grow from Jan. 1, 2028, but keep possession and medical, The Harvard Crimson reports. The last Suffolk/Boston Globe poll, released Oct. 20, had 71% planning to vote no, according to Reason. Spending topped $6.3 million through the Oct. 15 filing deadline, about $3.6 million for and $2.7 million against, Cannabis News reports from state OCPF filings. On Monday, the National Association of Black Law Enforcement Officers backed the No campaign, and more than 50 current and former law enforcement officials signed a letter against repeal, Marijuana Moment reports.
What to watchThe Massachusetts margin tonight, along with Idaho’s HJR 4, which would leave legalization to the legislature only (Reason). Also Houston’s Prop A, which would make misdemeanor possession HPD’s lowest priority (FOX 26), and New Hampshire’s governor race, where Gov. Kelly Ayotte (R) has threatened to veto legalization and Cinde Warmington (D) supports it (Marijuana Moment).
2Curaleaf reports Q3 tonight after adding a New Jersey store
Curaleaf reports third-quarter results after today’s close, with a call at 5 p.m. ET, per its announced schedule. On Monday, it said it bought an equity stake and certain operating rights in Boone Town Provisions in Boonton, N.J. That takes it to four New Jersey stores and 191 nationwide. It did not disclose a price. Last week, New Jersey regulators voted 4-1 to extend all 12 Curaleaf licenses and permits through Dec. 31 during its labor peace lawsuit, Heady NJ reports. For reference, Q2 revenue was $340.1 million, up 10%, with a 20.6% adjusted EBITDA margin, per the company’s Aug. 5 release.
What to watchWhether margins hold above 20%, and any comment on Massachusetts exposure and DEA registrations. Trulieve and TerrAscend follow on Nov. 5 and Cresco on Nov. 6.
3Update: Trulieve and Vireo confirm their DEA registrations
What’s new is that operators are now naming their own registrations. Trulieve said Monday it received DEA registrations for its medical dispensaries but did not say how many, The Marijuana Herald reports. Vireo Growth said all 41 of its Florida dispensaries were registered. A Marijuana Herald analysis found Florida’s pending dispensary applications fell by 704 after the first approvals. That is about 80% of the drop nationwide.
What to watchManufacturer and distributor approvals. The DEA is still reviewing those applications, which face inspections and quota rules, per The Marijuana Herald. Registrants need compliant supply chains by Nov. 29.
4Hemp’s federal deadline is nine days out, and the lobbying is now public
A federal ban on certain synthetic cannabinoids takes effect Nov. 12, and most of the hemp-THC ban follows Dec. 11, Marijuana Moment reports. Politico obtained emails showing lobbyists for Anheuser-Busch, Molson Coors and Diageo urging state attorneys general to keep the ban on track. In August, 35 attorneys general asked Congress to let it take effect. Rep. Morgan Griffith (R-Va.) told Roll Call he wants his hemp regulation bill in a lame-duck reconciliation package before Dec. 11.
What to watchNew Jersey’s S4635, which moves the state’s liquor-store THC drink cutoff to Dec. 11. As of Monday, it still awaited Gov. Mikie Sherrill’s signature, NJ 101.5 reports. Without it, the Nov. 13 cutoff stands.
5Operators still wait on 280E guidance as tax deadlines approach
Treasury and the IRS have listed 280E guidance as a priority for the fiscal year ending September 2027, but none has been issued, Missouri Independent reports via Marijuana Moment. Operators holding combined medical and adult-use licenses don’t know how to split deductible costs. “I certainly don’t have any answers on how this is going to go,” said Amy Moore, Missouri’s top cannabis regulator. One accountant advises C corporations to model three scenarios before their Dec. 15 estimated payment.
What to watchAny IRS notice before year-end. Until then, document medical-related costs and how shared expenses are allocated.
6AMA backs a “special schedule” for cannabis research
The American Medical Association urged the FDA to hold cannabis, kratom and other botanical drugs to standard safety and efficacy tests, Marijuana Moment reports. The letter went to FDA Deputy Commissioner Grace R. Graham last week. It calls cannabis “a dangerous drug.” It also says NIH, DEA and FDA should develop a special schedule to ease research into medical use. “Calling something ‘natural’ doesn’t make it safe,” AMA President Willie Underwood III said.
What to watchWhether the letter is cited in the rescheduling hearing record. Reply briefs to the administrative law judge are due Nov. 5.
7Cresco shareholders approve new parent company
Cresco Labs shareholders approved a new parent company and a possible later move from British Columbia to Delaware, the company said Monday. Every item at the Oct. 30 meeting drew at least 94% of votes cast. Cresco says the steps position it for a potential major U.S. exchange listing. It cautions that a listing may not become available while cannabis remains federally restricted. The deal still needs court, exchange or regulatory approvals.
What to watchCresco’s Q3 report on Nov. 6, and any timeline for the restructuring.
8Ohio lets processors extract packaged flower
As of Monday, Ohio processors can open flower packaged for retail and extract it into distillates, extracts or finished products, The Marijuana Herald reports. The Division of Cannabis Control rule (1301:18-6-08) requires that the flower pass state testing first. Repackaging it as flower is still banned. A companion rule lets unopened, tested products move between licensees without retesting.
What to watchWhether this helps clear excess flower inventory and slows price declines in Ohio.
9Delaware cultivators can sell their own pre-rolls from Nov. 11
Delaware finalized a rule that lets licensed cultivators make pre-rolls from their own flower and wholesale them to retailers, The Marijuana Herald reports. No separate manufacturing license is needed. Infused pre-rolls, white-labeling and direct-to-consumer sales are not allowed. The rule from the Office of the Marijuana Commissioner was published Nov. 1 and takes effect Nov. 11.
What to watchHow many cultivators add pre-roll lines, and the effect on prices for manufacturers who make pre-rolls now.
10Hydrofarm eliminates its $109 million term loan
Hydroponics supplier Hydrofarm said Tuesday it is now debt-free after retiring a $109 million term loan. Lenders received $27.5 million of convertible preferred stock and warrants. The company also raised about $8.3 million in gross proceeds from a stock-and-warrant offering. The company says that removes about $12 million a year in debt service. It believes it now meets Nasdaq’s equity requirement but remains out of compliance with the $1 minimum bid rule.
What to watchThe shareholder vote to approve the conversion, and dilution, since Hydrofarm expects about 41.8 million shares after conversion.
Also on our radar
- Alabama adds dispensaries: Two more medical dispensaries, from Callie’s Apothecary in Bessemer and Bama Bloom in Birmingham, are set to open this week, bringing the state to five, Alabama Reflector reports via Marijuana Moment. More than 2,300 patient cards have been issued.
- Green Thumb expands in Florida: Green Thumb opens RISE Mulberry on Wednesday, its 27th Florida store and first in Polk County, the company said Tuesday (GlobeNewswire). RISE has more than 120 stores in 14 markets.
The week ahead
Nov. 3Election Day; Curaleaf Q3 after the close, call at 5 p.m. ET.
Nov. 4Washington LCB board meeting, 10 a.m.; Green Thumb opens RISE Mulberry.
Nov. 5Trulieve and TerrAscend Q3; rescheduling hearing replies due; Massachusetts Senate votes on SB 3290.
Nov. 6Cresco Labs Q3.
Nov. 9-11ICIA policy summit in Washington.
Nov. 11Delaware cultivator pre-roll rule takes effect.
Nov. 12Federal synthetic cannabinoid restrictions begin.
That’s FireStarter. Tomorrow, we’ll have the Massachusetts, Idaho, Houston and New Hampshire results and what they mean for your business.
— Elliot
— Elliot
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Sources: The Harvard Crimson (Question 8); Reason (Q8 polling, Idaho HJR 4); Cannabis News (Q8 spending); Marijuana Moment (police groups); Marijuana Moment (New Hampshire debate); FOX 26 Houston (Prop A); PR Newswire (Curaleaf); SEC/Curaleaf (Q2 results); BriefGlance (Curaleaf call time); Heady NJ (NJ CRC); The Marijuana Herald (Trulieve); The Marijuana Herald (Vireo); Marijuana Moment (hemp lobbying); NJ 101.5 (S4635); Marijuana Moment (280E); Marijuana Moment (AMA); Business Wire (Cresco); The Marijuana Herald (Ohio); The Marijuana Herald (Delaware); GlobeNewswire (Hydrofarm); Washington LCB (board meeting); CannaTech Today (ICIA summit).
Elliot Lane
November 3, 2026President and Co-Founder of IgniteIt, where he leads the company’s cannabis events strategy. Previously SVP at Benzinga, where he helped build its cannabis business.