Week in Weed: June 20, 2026 – Policy Shifts and Market Moves

DEA Rescheduling Timeline Slips Again

The DEA's proposed rescheduling of cannabis to Schedule III now faces an extended public-comment period through August 2026, pushing any final rule into Q4 at the earliest. A Federal Register notice published June 18 says the agency received over 43,000 comments during the initial window and is granting stakeholders an additional 60 days to submit technical responses. Operators banking on 280E tax relief before year-end? They're frustrated.

The math is brutal. Multi-state operators pay effective tax rates of 70% or higher under current law because Section 280E disallows ordinary business deductions for Schedule I substances. Even a Q4 final rule wouldn't deliver retroactive relief for 2026 tax filings. That keeps the pressure on state-level profitability through at least this fiscal year.

Ohio Awards 76 Adult-Use Retail Licenses

Ohio's Division of Cannabis Control awarded 76 dual-use retail licenses via lottery on June 17, with results posted publicly the following day. The state received 1,148 applications for the initial tranche. Win rate: 6.6%. License holders must be operational by December 31, 2026, or forfeit their slots.

Competitive dynamics favor incumbent medical operators who can add adult-use sales without new real estate. But the lottery structure—designed to promote social equity and geographic diversity—handed 22 licenses to first-time entrants with no prior cannabis operations. Expect a shakeout by Q1 2027 as undercapitalized winners struggle to build out compliant retail footprints in six months.

Key metro allocations:

• Columbus metro: 14 licenses
• Cleveland metro: 11 licenses
• Cincinnati metro: 9 licenses
• Toledo and Akron: 6 licenses each

Curaleaf Raises Q2 Guidance on Florida Strength

Curaleaf updated its Q2 2026 revenue guidance to $345–$355 million, up from prior guidance of $330–$340 million, citing stronger-than-expected Florida medical sales. The company disclosed the revision in an 8-K filed June 19. Florida now represents roughly 28% of Curaleaf's consolidated revenue, according to Q1 disclosures, and same-store sales growth in the state accelerated to 11% year-over-year in May.

The Florida thesis is straightforward: high per-capita medical enrollment, no home grow, and a November 2026 adult-use ballot initiative polling at 64% support. If Amendment 3 passes, Curaleaf's 58 Florida dispensaries convert to dual-use overnight. Worth watching as the ballot campaign heats up this summer.

What to Watch Next Week

The Senate Judiciary Committee holds a hearing June 25 on cannabis banking reform, with Treasury and FinCEN officials scheduled to testify. The SAFER Banking Act has cleared the Senate twice but stalled in conference. This hearing tests whether there's appetite for a standalone banking bill or if leadership will keep bundling it with broader criminal-justice provisions that lack the votes.

Also on the calendar: New York's Office of Cannabis Management is expected to publish Q2 tax-revenue figures by June 28, offering the first clean read on whether the state's legal market is gaining share against the illicit channel. For context on the broader policy landscape, see the CannIntel topic hub on Cannabis News Roundup.