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FireStarter: Massachusetts Keeps Legal Sales, Democrats Take Congress, Curaleaf Posts Record Quarter
FireStarter
The cannabis business news that matters, before your first meeting
No. 3 · Wed, Nov 4
Good morning. This is FireStarter No. 3, and it is the morning after. The biggest cannabis vote of the cycle went the industry’s way, and it was not close. Massachusetts voters kept adult-use sales. Idaho voters kept their right to put cannabis on the ballot. Houston told its police to put possession at the back of the line.
The federal picture changed too. AP race calls give Democrats both the House and the Senate. That does not pass a banking bill on its own, but it changes who sets the agenda in January. On the business side, Curaleaf reported a record quarter after the bell, and Trulieve and TerrAscend report Thursday. Counts are still running in several places, so we flag every number with its time stamp.
1Massachusetts voters reject Question 8, keeping adult-use sales legal
The Associated Press called Question 8 for “No,” with 76% against and 24% for at 47% of precincts reporting, CBS6 Albany reported early Wednesday. The measure would have ended adult-use dispensary sales in January 2028 while keeping medical sales and adult possession legal. The Marijuana Policy Project says the market brings in more than $1.6 billion in annual gross sales, nearly $300 million in state and local taxes and about 23,000 jobs. NORML’s Paul Armentano said “there’s no ‘buyer’s remorse’ among voters” on legalization.
What to watchWhether the margin calms investors and lenders in other mature markets. MPP had warned before the vote that a “too-close victory would spook markets,” Marijuana Moment reported.
2Democrats win control of the House and Senate
Democrats won control of both chambers, according to AP calls reported by Spectrum News as of 1:50 a.m. ET Wednesday. As of 1:30 a.m., Democrats had flipped seven Republican-held Senate seats and 16 House seats, Spectrum reported. The flips include Ohio, where former Sen. Sherrod Brown beat Sen. Jon Husted, and Texas, where James Talarico beat Attorney General Ken Paxton. Brown chaired the Senate Banking Committee when it advanced the SAFER Banking Act in September 2023, according to IgniteIt’s preview.
What to watchWho gets the Senate Banking gavel in January, and whether the lame-duck Congress acts on hemp or banking before the handover. A Democratic majority does not by itself guarantee a banking bill passes.
3Idaho voters reject HJR 4, keeping the ballot route to legalization open
Idaho voters rejected HJR 4, a constitutional amendment that would have given the Legislature sole power to legalize marijuana and other drugs, KIFI Local News 8 reported. More than 66% voted no, with 36 of 44 counties reporting as of 12:34 a.m. Wednesday, according to unofficial results. The Legislature put the amendment on the ballot after a medical cannabis initiative fell short of signatures, Marijuana Moment reported. NORML’s Armentano called HJR 4 “anti-democracy.”
What to watchWhether the Natural Medical Alliance of Idaho restarts a medical petition for 2028. Its campaign estimated more than $100 million in annual medical sales, according to Marijuana Moment. Results are unofficial until the state Board of Canvassers certifies them.
4Houston approves Prop A, making marijuana possession its lowest police priority
Houston voters approved Proposition A, KPRC 2 reported, with 72% in favor in early returns as of 10:45 p.m. Tuesday. The charter amendment makes Class A and B misdemeanor possession the police department’s lowest enforcement priority, bans no-knock warrants and orders a five-year audit of marijuana enforcement, according to The Marijuana Herald. It does not legalize marijuana. Texas Attorney General Ken Paxton has sued cities including Austin, Denton and San Marcos over similar voter-approved measures, Marijuana Moment reported.
What to watchWhether the attorney general’s office challenges Houston, the state’s largest city. The Texas Supreme Court sided with Paxton in the earlier cases, Marijuana Moment reported.
5Ayotte wins a second term in New Hampshire, keeping legalization on hold
Republican Gov. Kelly Ayotte beat Democrat Cinde Warmington, with the AP calling the race at 12:42 a.m. Wednesday, InDepthNH reported. Ayotte led 51.1% to 47.3% with about 84% of the vote counted. Ayotte opposes legalization and has threatened to veto any legalization bill, while Warmington campaigned on legalizing and taxing cannabis, Marijuana Moment reported. Lawmakers overrode Ayotte’s veto of a medical cannabis greenhouse bill this year.
What to watchFinal State House and Senate results. InDepthNH had not reported them as of 1 a.m. Any legalization bill would still need Ayotte’s signature or a veto override.
6Curaleaf posts record $352.7 million quarter, but margins slip
Curaleaf reported third-quarter revenue of $352.7 million, up 10.9% from a year ago, in its Nov. 3 release. Adjusted gross margin fell to 48.7% from 50.6% a year ago. Adjusted EBITDA came in at $77.6 million, a 22.0% margin. International revenue rose 28% to $58.7 million. The company kept its target of about $150 million in operating cash flow for 2026 and said it began receiving DEA registrations for medical dispensaries after the quarter ended. The release does not say how many registrations or in which states.
What to watchThird-quarter operating cash flow was $22 million, which CEO Boris Jordan blamed on timing differences he said “will reverse next quarter.” The release gave no new comment on Massachusetts beyond a Boston store relocation.
Read the full storyCuraleaf Q3 2026 Results: Revenue Rises 11% to $353 Million →
7Curaleaf keeps its Aurora bid alive after Organigram’s deal
Organigram agreed to buy Aurora Cannabis for C$7.80 a share, or about C$561 million, IgniteIt reported. Curaleaf said Tuesday that its enhanced Oct. 6 offer still stands. It accused Aurora’s board of “gross dereliction of their fiduciary duties” for giving Organigram due diligence access it denied Curaleaf. In its earnings release, Curaleaf said it is weighing its options for continuing to pursue Aurora.
What to watchThe termination fee in the Organigram agreement and whether Curaleaf raises its offer. British American Tobacco’s investor rights in Organigram are also an open question.
8IIP’s quarter shows how much tenant defaults are costing landlords
Innovative Industrial Properties reported third-quarter revenue of $64.9 million, up 0.4%, and adjusted funds from operations of $1.96 a share, the REIT said Monday. It applied $11.6 million in security deposits in the quarter, up from $10.5 million in the second quarter. All PharmaCann leases are terminated, and three 4Front properties make up 7.1% of annualized contractual rent while receivership plays out. IIP also took back seven properties from The Cannabist in September.
What to watchRe-leasing. IIP says it has tentative new tenants for the 4Front sites, pending receivership proceedings expected to end around year-end or early 2027.
9Rescheduling replies are due Thursday
Parties in the DEA rescheduling hearing can file reply briefs by Thursday, Nov. 5, under an order from Chief Administrative Law Judge Derek Julius, The Marijuana Herald reported. The briefs, capped at 10 pages, address how much weight the Sept. 23 GAO report on scheduling deserves. Julius refused to reopen the hearing for more testimony. The stay on the case lifts automatically when briefing ends.
What to watchJulius’s recommendation. No deadline has been set for it, according to The Marijuana Herald.
10Massachusetts veterans’ medical access bill heads to the Senate floor
The Massachusetts Senate Ways and Means Committee approved a House-passed bill that would let veterans become medical patients using VA documentation, without a doctor’s certification, Marijuana Moment reported. It would also add PTSD, opioid use disorder and chronic pain as qualifying conditions. Gov. Maura Healey filed the original proposal. Senate floor action was expected Thursday.
What to watchWhether the House accepts any Senate changes and sends the bill to Healey. With Question 8 defeated, the bill matters mainly for medical patient counts, not as a backstop.
Also on our radar
- Georgia raises card fees: Georgia’s Department of Public Health will charge $75 for a five-year medical cannabis card, new or renewed, starting Dec. 5, the agency said Tuesday.
- Consumers want the 280E savings: 74% of 654 legal-market consumers polled by NuggMD expect businesses to pass tax relief from rescheduling on as lower prices, Marijuana Moment reported.
The week ahead
Nov. 5Trulieve reports third-quarter results, with a call at 8:30 a.m. ET. TerrAscend reports after the close, with a call at 5 p.m. ET.
Nov. 5Reply briefs are due in the DEA rescheduling hearing. The Massachusetts Senate is expected to take up the veterans’ medical bill.
Nov. 12The original date for federal hemp definition changes. Most were pushed to Dec. 11, but the delay does not apply uniformly, according to Dykema’s Cannabis Law Blog.
Nov. 13The last day of hemp drink sales at New Jersey liquor stores under current law, unless Gov. Mikie Sherrill signs S4635, WPG Talk Radio reported.
Nov. 18IgniteIt’s Cannabis Capital & Policy Summit in Washington, D.C.
That’s FireStarter. Tomorrow, we have Trulieve’s numbers and any filings from the rescheduling briefs.
— Elliot
— Elliot
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Sources: CBS6 Albany, Boston.com, MPP (Massachusetts), NORML (Massachusetts), Marijuana Moment (Massachusetts), Spectrum News, KIFI Local News 8, Marijuana Moment (Idaho), NORML (Idaho), KPRC 2, The Marijuana Herald (Houston), Marijuana Moment (Houston), InDepthNH, Marijuana Moment (New Hampshire), Curaleaf, Curaleaf 8-K, Innovative Industrial Properties, The Marijuana Herald (rescheduling), Marijuana Moment (veterans), Georgia DPH, Marijuana Moment (NuggMD poll), Trulieve, TerrAscend, Dykema Cannabis Law Blog, WPG Talk Radio, BillTrack50
Elliot Lane
November 4, 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.