The week’s defining development opened in Arlington, Virginia, on Monday, as a Drug Enforcement Administration court began formal proceedings to determine whether all cannabis should move to Schedule III of the Controlled Substances Act. Against that federal backdrop: a second US cannabis operator finalised a New York Stock Exchange listing; bipartisan lawmakers filed cannabis banking reform for the eighth time; a Teamsters strike threatened Illinois supply lines; and Missouri’s equity licence window moved closer to opening.
DEA opens formal rescheduling hearing in Arlington
A Drug Enforcement Administration administrative law judge convened the formal rescheduling hearing in Arlington, Virginia, on 29 June, opening proceedings scheduled to run through 15 July with a brief Independence Day recess. Initiated under President Trump’s December 2025 executive order, the hearing will determine whether all cannabis moves from Schedule I to Schedule III, extending the scope of the April 2026 interim order that covered only FDA-approved products and state-licensed medical cannabis. The government’s witnesses, as confirmed in a DEA press release, include a New Hampshire physician who will testify to cannabis’s medical benefits for pain patients and an FDA official who will explain the eight-factor scheduling analysis. Notably, only opponents of rescheduling were invited to participate, with no reform advocates included. A parallel constitutional challenge to the April order is proceeding in the D.C. Circuit. If the final rule extends Schedule III to all cannabis, most operators would gain relief from the Section 280E tax bar. Follow developments on the Cannabis Rescheduling tracker.
Missouri opens equity licence window for 77 microbusiness positions
Missouri’s Division of Cannabis Regulation announced on 28 June that the application window for 77 new microbusiness cannabis licences will open 13–27 July, with a lottery draw scheduled for 9 September and licences expected by December, Marijuana Moment reported. Microbusiness licences, available for either dispensary or cultivation operations, are reserved for marginalised and underrepresented applicants through seven eligibility categories, including low household income, residence in economically deprived areas, and prior cannabis-related convictions. The application fee stands at $1,500, refundable if unsuccessful. Equity Officer Lesley Turek said the division had produced step-by-step guidance for prospective applicants: “Anybody could sit down and do the application.” New rules enacted in May 2026 strengthened oversight to prevent predatory licensing arrangements targeting eligible applicants.
Glass House Brands to begin NYSE trading on Tuesday
California cannabis cultivator Glass House Brands received New York Stock Exchange approval on 25 June, with trading under the ticker “GLAS” expected to start on 30 June, according to a GlobeNewsWire announcement. The company becomes the second US plant-touching cannabis operator to list on a major domestic exchange, after Florida’s Trulieve Cannabis Corp., which began NYSE trading in mid-June 2026. Chief Executive Kyle Kazan attributed the milestone to the April 2026 reclassification: “This listing was not possible prior to the recent reclassification of medical cannabis to Schedule III.” To meet listing requirements, Glass House deconsolidated its dual-use retail subsidiary, retaining cultivation and wholesale operations under the listed entity. The company markets brands including Glass House Farms, PLUS Products, and Allswell. Track cannabis equity listings on the Cannabis Stocks Tracker.
SAFER Banking Act returns to Congress for eighth attempt
Bipartisan lawmakers filed the Secure and Fair Enforcement Banking Act in both chambers of Congress on 24–25 June, the eighth attempt to pass cannabis banking reform since 2013, MJBizDaily reported. Senator Jeff Merkley led the Senate version with co-sponsors including Lisa Murkowski, Elizabeth Warren, and Steve Daines; Representative Dave Joyce filed a coordinated House bill with seven co-sponsors the following day. The legislation would prevent federal regulators from penalising banks that serve state-legal cannabis businesses, with the 2026 version extending those protections to landlords, accountants, and security providers. Industry observers cite stronger prospects than in prior sessions, given President Trump’s stated support for rescheduling and the bill’s rare bipartisan depth on the eve of the DEA’s formal hearing. More coverage on cannabis M&A and financial structures at the M&A Tracker.
Teamsters strike at Illinois cannabis grow house enters fifth day
More than 300 members of Teamsters Local 916 walked off the job at an Ascend Wellness Holdings cultivation facility in Barry, Illinois, on 25 June, in what the union described as the first Teamsters strike at a cannabis grow house, according to a Teamsters press release. The industrial action followed Ascend’s alleged refusal to bargain a contract covering wage increases, healthcare benefits, and overtime, alongside the alleged unlawful dismissal of a bargaining committee member. Union president JP Fyans stated: “Ascend caused this strike by refusing to bargain a fair contract with the workers who make this company run.” Ascend confirmed the work stoppage, said the facility remained operational, and described its offer as a “strong economic package.” MJBizDaily reported the action threatened cannabis supply lines across Illinois.
All eyes remain on Arlington through 15 July as the DEA hearing unfolds, with Monday’s first testimony due to set the evidentiary standard that will underpin any final rescheduling rule. Glass House’s NYSE debut on Tuesday will test how capital markets price US cannabis exposure now that the regulatory threshold has shifted.
