Cannabis Companies Donate $11.5M to Trump-Linked PAC in June

The Money Trail

Five multi-state operators account for $9.2 million of the total, with Curaleaf, Trulieve, and Green Thumb Industries each contributing between $2 million and $3 million. The filings, covering the period ending June 30, show a sharp acceleration from May, when cannabis donations to the same PAC totaled $1.8 million. Verano Holdings and Cresco Labs rounded out the top-five donor list with contributions of $1.5 million and $1.3 million, respectively.

Smaller operators and ancillary firms contributed the remaining $2.3 million. The PAC's treasurer, listed as Michael Biundo, didn't respond to requests for comment by press time.

Why Now

The timing aligns with the DEA's final rescheduling rule, published in Federal Register on June 3, which moved cannabis from Schedule I to Schedule III. That administrative shift unlocks 280E tax relief for plant-touching businesses starting in tax year 2026, but leaves interstate commerce and banking restrictions intact. For full background, see the CannIntel topic hub on cannabis industry political donations.

MSOs are betting that a Republican-controlled House and Senate in 2027 will advance the SAFER Banking Act or a successor bill that addresses merchant services, interstate transport, and capital-markets access. Trump hasn't endorsed full federal legalization, but his May 2025 statement calling Schedule III "a good first step" signaled tolerance for incremental reform.

The math is straightforward: $11.5 million buys face time with leadership PACs in a midterm cycle where cannabis is no longer a third-rail issue in swing districts.

Competitive Dynamics

Curaleaf's $2.9 million contribution is its largest single political expenditure on record, exceeding the company's combined state-ballot spending in Florida, Ohio, and Missouri during the 2022–2024 cycle. Executive Chairman Boris Jordan has publicly said that federal reform favors incumbents with existing multi-state footprints over new entrants, a thesis that would explain the front-loading of PAC dollars now rather than closer to the November election.

Trulieve spent $60 million on Florida's failed 2024 adult-use ballot measure. After that loss, it's directing capital toward federal channels. Green Thumb has historically kept a lower political profile but ramped spending after CEO Ben Kovler joined the Cannabis Trade Federation's board in March 2026.

The SAFER Banking Variable

America First Works hasn't disclosed how it will deploy the funds, but FEC records show $4.2 million in independent expenditures supporting House candidates in Arizona, Pennsylvania, and Nevada—three states where Republican challengers are running on economic-freedom platforms that include cannabis banking reform. None of the three candidates has explicitly endorsed the SAFER Banking Act. All three have accepted invitations to cannabis-industry fundraisers, though.

The Senate version of SAFER remains stalled in the Banking Committee, where ranking member Tim Scott has blocked a floor vote since February. If Republicans retake the Senate in November, Scott would likely chair the committee, giving him unilateral control over the bill's fate. The industry's bet? That $11.5 million in PAC money—plus whatever arrives in July and August—will move Scott or his successor.

What Comes Next

July filings are due August 20, and sources familiar with the PAC's fundraising pipeline expect another $8–12 million from cannabis operators and investors. If that pace holds, the industry will have funneled $30–35 million into Trump-aligned committees by Labor Day, dwarfing the $14 million spent on the 2024 presidential cycle.

We'll be watching whether America First Works begins running ads explicitly linking SAFER Banking to job creation and small-business access. So far, the PAC's messaging has focused on border security and inflation. No mention of cannabis. That could change if internal polling shows the issue moves voters in target districts.