Flurry of cannabis M&A that followed Trump marijuana rescheduling a sign of things to come

OG article by Margaret Jackson

January 19, 2026

President Donald Trump's December 18 executive order directing the downgrade of marijuana's federal scheduling sparked a wave of cannabis mergers and acquisitions (M&A), signaling more activity ahead once rescheduling finalizes. The move brought much-needed market clarity, boosting investor confidence amid prior uncertainty. Notable deals include Curaleaf Holdings losing a $110 million Virginia expansion bid to Millstreet by $20 million, directly tied to the order. Other transactions: Vireo Growth acquired Eaze on December 22, Wyld bought Grön on January 5, Nabis purchased Humble Cannabis Solutions on January 6, Sunderstorm acquired Lime on January 12, and KEY Investment Partners took BellRock Brands on January 12 (led by ex-Curaleaf CEO Joe Bayern as MM Brands). Analyst Avis Bulbulyan of Siva noted many deals were in progress and the EO acted as a closing catalyst. Frank Colombo of Viridian Capital Advisors expects rescheduling to accelerate M&A, though capital limits and lingering regulatory issues may slow progress. Shifting marijuana from Schedule I to III could pivot deals toward revenue, IP, and synergies over infrastructure. Proactive firms like Vireo (with prior Schwazze and PharmaCann buys) position for growth, while renewed equity/debt access post-rescheduling promises complementary acquisitions with quick synergies. The industry anticipates transformation as federal alignment eases barriers.