Federal cannabis reform is moving through both administrative and legislative channels. Whether marijuana is rescheduled or ultimately legalized, cannabis businesses should understand how these changes could affect valuations, mergers and acquisitions, capital formation, and long-term strategy.

Capital is returning. Enforcement is increasing. The California cannabis industry is maturing. For many operators, the next strategic decision may not be whether to sell—but whether to join a bigger platform.

Three major themes emerged from Cannabis Capital Conference 2026: returning capital, hemp beverages, and California’s strategic advantage.