Week in Weed: August 8, 2026 — MSO Earnings, DEA Delays, State Updates

MSO Earnings Show Revenue Growth, Margin Compression

Four of the five largest MSOs posted year-over-year revenue gains above 12 percent but reported EBITDA margins down 200-400 basis points versus Q2 2025. Curaleaf reported $352 million in quarterly revenue, up 14 percent year-over-year, but adjusted EBITDA margin fell to 18.2 percent from 21.1 percent in the prior-year period. Trulieve posted $298 million in revenue, a 13 percent gain, with margin compression to 22.4 percent from 25.8 percent. Green Thumb Industries and Verano Holdings showed similar patterns.

The bull case: top-line momentum validates MSO scale and geographic diversification. The bear case? 280E tax burden and state-level price deflation are squeezing operating leverage faster than revenue can offset. Analysts at Beacon Securities cut price targets on three of the four names, citing "structural margin headwinds until federal reform materializes."

DEA Rescheduling Timeline Slips to Q4 2026

The Drug Enforcement Administration confirmed August 6 that final rules moving cannabis from Schedule I to Schedule III won't publish before September 30, pushing effective implementation into Q4 2026 at the earliest. The agency cited over 43,000 public comments received during the extended comment period, which closed July 22, as the reason for the delay. A DEA spokesperson said the agency is "carefully reviewing all submissions" and expects to issue a final rule "later this fall."

The delay extends the 280E tax burden on cannabis operators for at least another quarter. For a mid-sized MSO generating $500 million in annual revenue, that's roughly $30-40 million in additional non-deductible operating expenses per quarter. Equity investors had priced in a September effective date. The August 6 announcement triggered a 4-6 percent selloff across the AdvisorShares Pure US Cannabis ETF.

Florida Adult-Use Bill Advances Out of Committee

Florida's Senate Regulated Industries Committee voted 7-2 on August 5 to advance SB 1224, which would establish a regulated adult-use market for residents 21 and older starting January 2027. The bill now moves to the Senate Appropriations Committee, its final stop before a floor vote. Companion legislation in the House, HB 891, remains in the Health and Human Services Committee.

Florida's medical market generated $2.1 billion in sales in 2025, making it the third-largest state program nationally. Analysts at Viridian Capital Advisors estimate an adult-use market could add $1.2-1.5 billion in incremental annual revenue by 2028, with Trulieve and Verano—both holding significant Florida footprints—positioned as primary beneficiaries.

Ohio Regulators Issue 73 Provisional Adult-Use Licenses

The Ohio Division of Cannabis Control awarded 73 provisional dual-use licenses on August 4, enabling existing medical dispensaries to begin adult-use sales as early as September 1. The DCC received 128 applications. It prioritized operators with clean compliance records and existing infrastructure. Approved licensees must complete final inspections and submit updated operating plans by August 25.

Ohio's adult-use law, which took effect December 7, 2025, allows possession of up to 2.5 ounces and home cultivation of six plants per individual. The state's 15 percent excise tax on adult-use sales is projected to generate $275-320 million in annual revenue once the market matures. Cresco Labs, Ayr Wellness, and Ascend Wellness Holdings each received multiple provisional licenses.

Pennsylvania House Passes Adult-Use Framework Bill

Pennsylvania's House of Representatives voted 109-92 on August 3 to pass HB 2500, a comprehensive adult-use legalization bill that would launch sales by July 2027. The legislation now moves to the Senate, where Majority Leader Kim Ward has committed to a floor vote before the August recess ends. Governor Josh Shapiro has signaled support for the framework, which includes automatic expungement provisions and a 20 percent retail tax split between state and local governments.

Pennsylvania's medical program served 425,000 registered patients in 2025, generating $1.8 billion in sales. Independent analysts project an adult-use market could reach $2.3-2.7 billion in annual sales by 2029. The bill reserves 25 percent of new licenses for social-equity applicants and caps vertical integration at five retail locations per entity.

Canadian LP Tilray Reports 18 Percent Revenue Decline

Tilray Brands reported fiscal Q4 2026 revenue of $188 million on August 7, down 18 percent year-over-year, driven by continued price compression in Canadian adult-use and slower-than-expected growth in its U.S. CBD and beverage segments. The company posted a net loss of $67 million for the quarter, compared to a $52 million loss in the prior-year period. CEO Irwin Simon attributed the decline to "ongoing market rationalization" and said the company is "evaluating strategic alternatives" for its Canadian cultivation assets.

Tilray's U.S. hemp-derived CBD revenue fell 22 percent to $31 million, while its craft-beverage division—anchored by SweetWater Brewing and Montauk Brewing—grew 9 percent to $63 million. The company's cannabis segment, which includes Canadian adult-use and medical sales plus European medical exports, declined 24 percent to $94 million. Shares fell 11 percent in after-hours trading.

What to Watch: Senate Votes, DEA Rule, Earnings Season Tail

The next two weeks will clarify Pennsylvania's legislative path and Ohio's adult-use launch timeline. Florida's Senate floor vote is expected by late August. The DEA hasn't committed to a specific publication date for the final rescheduling rule, leaving investors to parse agency statements for timing clues. Earnings season winds down with mid-tier MSO reports due August 12-14. For ongoing coverage of these developments, see the CannIntel topic hub on Week in Weed roundups.