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FireStarter: Trulieve Posts $230M in First Medical-Only Quarter, Green Thumb Grows 11%, Pennsylvania Eyes Legalization
FireStarter
The cannabis business news that matters, before your first meeting
No. 4 · Thu, Nov 5
Good morning. This is FireStarter No. 4. The election results are settling into a map for 2027. Democrats now control state government in Pennsylvania and Wisconsin. Texas elected a governor, a U.S. senator and an attorney general who back legalization. Missouri voters made it harder for lawmakers to undo voter-approved cannabis laws.
Earnings season is also in full swing. Trulieve reported its first quarter as a medical-only company this morning. Green Thumb grew sales and kept buying back stock. Aurora posted record international sales as its sale to Organigram moves ahead. On the federal side, more Florida dispensaries have DEA registrations, and the first hemp deadline is a week away.
1Trulieve reports $230 million in its first medical-only quarter
Trulieve reported third-quarter revenue of $230 million in its Nov. 5 release, compared with $288 million a year ago. The difference reflects the deconsolidation of Harvest’s mixed medical and adult-use operations on June 3, so this quarter includes only Trulieve’s medical business. Gross margin rose to 64% from 59%. Adjusted EBITDA was $89 million, a 39% margin. Free cash flow was $45 million, and cash was $327 million. Trulieve said it received final DEA registrations for its medical dispensaries and repaid $65 million in mortgage notes early. CEO Kim Rivers said the company is “in the early stages of an accelerated growth cycle.”
What to watchThe 8:30 a.m. ET call. The release does not say how many stores hold DEA registrations, and it gives no guidance.
2Green Thumb grows sales 11% and keeps buying back stock
Green Thumb reported third-quarter revenue of $324.4 million, up 11.3% from a year ago, in its Nov. 4 release. It posted a GAAP net loss of $4.8 million, compared with net income of $23.3 million a year ago, when it booked a gain on an intellectual property sale. Gross margin fell to 45.2% from 49.4%, partly because of $15.8 million in RYTHM licensing fees. Cash was $316 million. Green Thumb has bought back more than $80 million in stock this year, with up to $50 million still authorized through September 2027. CEO Ben Kovler told analysts, “We’re not interested in bifurcating the business,” IgniteIt reported.
What to watchTexas, where Green Thumb holds a conditional license, and Virginia’s adult-use start in July 2027, according to IgniteIt’s report.
3Aurora posts record international sales as Organigram deal terms emerge
Aurora reported fiscal second-quarter net revenue of C$86.0 million, up 9%, in a Nov. 5 release. International medical revenue hit a record C$61.4 million, up 44%. Canadian medical revenue fell 24%, which Aurora blamed on changes to a federal reimbursement program. Adjusted EBITDA slipped to C$14.0 million from C$15.4 million. The release is the first to describe the Organigram deal. New since yesterday: a filing shows Aurora would owe Organigram a $25.2 million termination fee in some cases. Organigram would owe Aurora $38.4 million if it walks away in some cases. Aurora canceled its Nov. 12 investor call.
What to watchWhether Curaleaf raises its bid before Aurora’s shareholder vote, which is expected in December. The deal is expected to close in January 2027.
4Planet 13 gets DEA registrations for all 34 Florida stores
Planet 13 said the DEA registered all 34 of its Florida medical dispensaries, The Marijuana Herald reported Wednesday. The registrations are part of the DEA’s first round, which began Oct. 30, under the Justice Department’s April order that moved state-licensed medical marijuana to Schedule III. Planet 13 joins Trulieve, Vireo Growth and Jushi. Vireo had all 41 of its Florida stores registered, the Herald reported. Co-CEO Robert Groesbeck said federal recognition puts “responsible operators on a level playing field.” Trulieve said rescheduling let it stop paying the 280E tax on its medical business.
What to watchRegistrations outside Florida, and how many of each operator’s stores qualify. Adult-use sales stay in Schedule I while the DEA hearing continues.
5Advocates press the new Democratic Congress on legalization
Advocates are pushing the new Democratic majorities toward broad federal reform, Marijuana Moment reported. Expected House Speaker Hakeem Jeffries and Senate Majority Leader Chuck Schumer have both sponsored bills to remove marijuana from federal scheduling. Democrats looked headed for about 54 to 56 Senate seats as of Wednesday morning, short of the 60 votes needed to break a filibuster. The Senate has never held a floor vote on SAFE Banking, which the House has passed seven times, IgniteIt reported. NewLake Capital CEO Anthony Coniglio told IgniteIt “we’ve been here before.”
What to watchSenate Banking Committee leadership in January. Any banking or legalization bill would still need several Republican votes in the Senate.
6Texas elects a pro-legalization governor, senator and attorney general
Democrat Gina Hinojosa beat Gov. Greg Abbott, and Democrat Vikki Goodwin beat Lt. Gov. Dan Patrick, who led the push to restrict hemp THC, IgniteIt reported. State Sen. Nathan Johnson, who sponsored an adult-use bill, won the attorney general’s race, The Marijuana Herald reported. Sen.-elect James Talarico said he wants to work with President Trump on federal legalization and expungement, Marijuana Moment reported. Texas has about 169,000 medical patients, and a 2025 industry-funded study put hemp retail sales at $4.3 billion a year, IgniteIt reported. Houston’s Prop A passed with about 72% the same night, the Herald reported.
What to watchWhether Johnson drops the state’s lawsuits against cities over local decriminalization. He has not committed to that, according to the Herald. Republicans still hold the Legislature.
7Pennsylvania Democrats win the state Senate, opening a path to legalization
Democrats won 26 of 50 Pennsylvania Senate seats, according to AP projections cited by IgniteIt. Combined with their House majority and Gov. Josh Shapiro’s reelection, that gives the party control of state government for the first time since 1993. The House passed a state-store legalization bill 102-101 in May 2025, but it died in a Senate committee. The Independent Fiscal Office estimated about $450 million in new taxes and fees in fiscal 2028-29 under Shapiro’s plan. Senate Majority Leader Joe Pittman doubts the state will legalize this year, Marijuana Moment reported.
What to watchThe new session starts Jan. 5, and bills must be refiled. The June 30 budget is the likeliest vehicle, in our view.
8Wisconsin and other statehouse flips widen the 2027 map
Democrats won full control of Wisconsin’s government for the first time since 2010, The Marijuana Herald reported. They took an 18-15 Senate majority and 53 of 99 Assembly seats, and Democrat David Crowley won the governor’s race. “We have to go towards full legalization,” Crowley said. Wisconsin has no full medical program. Elsewhere, Democrats flipped the North Carolina House and won both chambers in New Hampshire, where Gov. Kelly Ayotte still opposes legalization. Iowa Gov.-elect Rob Sand wants legal sales to help close budget gaps, Marijuana Moment reported. Kansas Gov.-elect Cindy Holscher has pledged to pursue medical and adult-use legalization, the Herald reported.
What to watchBill filings when legislatures return in January. Wisconsin Democrats’ February bills combined medical access, adult-use sales and expungement.
9Missouri voters make it harder to change voter-approved cannabis laws
Missouri voters approved Amendment 6 with 59.97% support, 1,251,555 to 835,585, with all precincts counted, The Marijuana Herald reported. Lawmakers will now need 80% of both chambers to propose changes to citizen-approved laws, and voters must approve those changes at a later election. The protection covers initiatives back to 2010, including the 2018 medical and 2022 adult-use amendments. Supporters pointed to lawmakers’ 2025 repeal of a voter-approved paid sick leave law. Business groups and Republican lawmakers opposed it, saying it would make flawed laws hard to fix. Signature rules and the simple-majority threshold for passing initiatives do not change.
What to watchLawsuits. The Herald says the amendment could be challenged over whether it covers measures passed before it.
10The first federal hemp deadline is a week away, and the lobbying grows
The part of the new federal hemp definition that excludes cannabinoids the plant cannot naturally produce, such as THC-O, takes effect Nov. 12, the Congressional Research Service says. Most other changes, including the 0.4-milligram total THC cap per container, take effect Dec. 11. Illinois Gov. JB Pritzker asked the new Congress to let that ban take effect, The Marijuana Herald reported. Illinois’ own limits start Nov. 12, moving products over 0.4 milligrams per container into licensed dispensaries. Total Wine hired another lobbying firm on hemp drinks, after spending $510,000 on lobbying in the first nine months of 2026, the Herald reported.
What to watchWhether the lame-duck Congress acts before Dec. 11. Total Wine backs the Beverage Regulatory Parity Act, which would allow up to 5 milligrams of THC per serving.
Also on our radar
- Utah sets a record: Medical sales hit $17.9 million in October, a monthly record, putting 2026 at $166.4 million, up about 14%, according to state data reported by The Marijuana Herald.
- Ascend borrows against real estate: Ascend Wellness closed about $11 million in mortgage loans from CF Bank on five properties in Illinois, Maryland and Massachusetts, at 8.5% interest, the company said.
- Massachusetts margin holds: Question 8 failed about 76% to 24% with close to 90% of votes counted as of Wednesday morning, STAT reported.
The week ahead
Nov. 5Trulieve’s 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 was expected to take up the veterans’ medical bill.
Nov. 6Cresco Labs reports third-quarter results before the open, with a call at 8:30 a.m. ET.
Nov. 12The federal exclusion for cannabinoids the plant cannot naturally produce takes effect. Illinois’ own hemp restrictions start the same day.
Nov. 13The last day of hemp drink sales at New Jersey liquor stores under current law, unless Gov. Mikie Sherrill signs S4635.
Nov. 16-20Georgia accepts new medical dispensary license applications, The Marijuana Herald reported.
Nov. 18IgniteIt’s Cannabis Capital & Policy Summit in Washington, D.C.
Dec. 11Most federal hemp definition changes take effect.
That’s FireStarter. Tomorrow, we have TerrAscend’s numbers, Cresco’s report and any filings from the rescheduling briefs.
— Elliot
— Elliot
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Sources: Trulieve 8-K, Green Thumb 8-K, Aurora (Q2 FY2027 release), Aurora (material change report), The Marijuana Herald (Planet 13), Marijuana Moment (Congress), Marijuana Moment (Talarico), The Marijuana Herald (Texas AG), Marijuana Moment (Pennsylvania), The Marijuana Herald (Wisconsin), Marijuana Moment (newsletter), The Marijuana Herald (daily brief), The Marijuana Herald (Missouri), Congressional Research Service, The Marijuana Herald (Pritzker), The Marijuana Herald (Total Wine), The Marijuana Herald (Utah), Ascend Wellness, STAT, Marijuana Moment (rescheduling briefs), Cresco Labs, TerrAscend, WPG Talk Radio
Elliot Lane
November 5, 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.