U.S. Cannabis Market: $31.9B in retail sales across 36 statesNY +94% YoY — fastest growing market, 610 dispensaries operatingFEDERAL: Schedule III rescheduling in progress — 280E relief expected late 2026MI: First-ever sales decline, $3.17B in 2025 — 24% wholesale tax challenged in courtVA HB 642 signed — adult use retail launches Jan 1 2027, apps open July 2026CA: Excise tax locked at 15% through July 2028 per AB 564OK: Governor pushes to eliminate medical program — bipartisan opposition buildingNJ: Cannabis consumption lounges now open in Atlantic City, Newark, MerchantvilleFL: $2.5B market flat YoY — adult use implementation stalled after Nov 2024 ballotFEDERAL RISK INDEX: 37/100 (LOW) — down from 48, rescheduling momentum growingU.S. Cannabis Market: $31.9B in retail sales across 36 statesNY +94% YoY — fastest growing market, 610 dispensaries operatingFEDERAL: Schedule III rescheduling in progress — 280E relief expected late 2026MI: First-ever sales decline, $3.17B in 2025 — 24% wholesale tax challenged in courtVA HB 642 signed — adult use retail launches Jan 1 2027, apps open July 2026CA: Excise tax locked at 15% through July 2028 per AB 564OK: Governor pushes to eliminate medical program — bipartisan opposition buildingNJ: Cannabis consumption lounges now open in Atlantic City, Newark, MerchantvilleFL: $2.5B market flat YoY — adult use implementation stalled after Nov 2024 ballotFEDERAL RISK INDEX: 37/100 (LOW) — down from 48, rescheduling momentum growing