DEA Rescheduling Hearing Opens a Defining Chapter for Federal Cannabis Policy: Last Week in Weed June 23-29
Welcome to the latest edition of “Last Week In Weed,” catching you up on the latest breaking news and industry developments in the world of cannabis.
Here’s what you may have missed over the last week:
DEA Rescheduling Hearing Opens a Defining Chapter for Federal Cannabis Policy
The cannabis industry’s attention is fixed on Washington as the DEA begins long-awaited hearings on whether adult-use marijuana should join medical cannabis in Schedule III. The proceedings follow April’s historic decision to move state-licensed medical cannabis into Schedule III, leaving the recreational market in legal limbo. Witness testimony is expected to focus heavily on scientific evidence, medical efficacy, and the practical consequences of maintaining separate federal classifications for medical and adult-use cannabis.
While no immediate policy changes are expected this week, the hearings could shape federal cannabis regulation for years to come. A favorable recommendation would eliminate one of the industry’s largest financial burdens by extending relief from Section 280E to adult-use operators, while creating a more unified federal framework for cannabis businesses. The proceedings are scheduled to continue into mid-July.
Cannabis Banking Returns to Capitol Hill
Federal cannabis banking legislation is back before Congress, renewing one of the industry’s longest-running reform efforts. The latest proposal seeks to expand financial access for state-legal cannabis businesses that continue to operate largely outside the traditional banking system despite growing legalization across the country.
Access to banking remains one of the industry’s most persistent operational challenges, affecting everything from payroll and lending to payment processing and expansion. Although previous versions of banking reform have repeatedly stalled, supporters hope this year’s renewed momentum surrounding federal cannabis policy will improve the bill’s prospects.
Glass House Brands Reaches $1 Billion Valuation
California-based Glass House Brands crossed the $1 billion valuation mark this week, becoming one of the strongest examples of renewed investor confidence following recent federal policy changes. The company’s shares have climbed sharply as investors anticipate new opportunities created by medical cannabis rescheduling and the possibility of broader federal reform.
The milestone reflects a notable shift in market sentiment after a turbulent year for the company, which faced federal immigration enforcement actions and significant financial losses in 2025. Analysts suggest investors are increasingly rewarding large-scale operators positioned to capitalize on any future expansion of interstate commerce or additional federal reforms.
Virginia Inches Closer to a Regulated Adult-Use Market
Virginia lawmakers advanced another major step toward launching regulated adult-use cannabis sales, sending legislation to the governor after approving a final version of the bill earlier this week. If enacted, the measure would establish a legal retail marketplace beginning in 2027 after several years of legislative delays.
The proposal would create a statewide licensing structure, taxation framework, and retail marketplace while preserving legal adult possession. The governor’s decision now becomes one of the most closely watched state cannabis developments of the summer, with potential implications throughout the Mid-Atlantic region.
South Carolina Lawmakers Leave Hemp Market Intact
South Carolina’s legislative session concluded without lawmakers reaching agreement on new restrictions for intoxicating hemp products, leaving the state’s existing hemp market largely unchanged for now. Competing proposals sought tighter controls on THC-derived products, but negotiators failed to reach a compromise before adjournment.
The outcome reflects the broader national debate surrounding hemp-derived cannabinoids as states continue searching for regulatory approaches that balance consumer access with product safety. More than a dozen states are expected to revisit hemp legislation later this year, making South Carolina another example of how rapidly the regulatory landscape continues to evolve.
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