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.

Mainstream retail is embracing THC. With Circle K planning a 2026 launch and Target already piloting THC-infused drinks, the THC Beverage Retail Revolution is well underway. Total Wine helped lead the charge, and now state regulators are taking notice.