Federal implementation uncertainty and corporate capital allocation lead today’s cannabis coverage, with California officials reporting limited coordination from the Drug Enforcement Administration and Green Thumb Industries extending its share-repurchase strategy. In Los Angeles, a landmark antitrust settlement creates a path forward for one of Hollywood’s most consequential consolidations.
California Cannabis Regulator Says DEA Guidance Remains Elusive
California Department of Cannabis Control Director Clint Kellum said the state has received no formal implementation guidance from DEA headquarters following the federal rescheduling of state-licensed medical cannabis. California and regulators in other states have sought direct discussions with the agency, but Kellum said those efforts have not produced the information needed to advise licensees confidently.
The state is also monitoring DEA inspections of registered cannabis businesses. Kellum said inspection practices appear to vary by region and that federal activity has initially focused on jurisdictions with clearly separated medical cannabis systems, rather than mixed medical and adult-use markets such as California.
California is holding off on broader regulatory changes while it awaits DEA guidance, federal tax instructions, the outcome of the wider marijuana rescheduling proceeding and related litigation. The DCC has already streamlined parts of its licensing system to help operators establish or separate medical-use designations.
Why It Matters: Analysis: California’s experience highlights the operational uncertainty facing businesses attempting to enter the new federal medical cannabis framework. Inconsistent inspections or unclear registration expectations could create uneven compliance costs and delay decisions involving licensing, taxes, investment and interstate partnerships.
Source: Marijuana Moment
Green Thumb Extends Share Buyback Program With $50 Million Authorization
Green Thumb Industries authorized a new 12-month share-repurchase program with up to $50 million available for purchases. The program is scheduled to begin September 23, 2026, and run through September 22, 2027, although the company is not obligated to acquire any shares.
The multistate cannabis operator said it has repurchased the equivalent of approximately 29.5 million shares for $203.4 million since launching its first buyback program in 2023. That total includes more than $80 million returned through repurchases during 2026.
Purchases may be conducted through the Canadian Securities Exchange, the OTCQX market or alternative trading systems. Green Thumb said it does not expect to borrow money to fund the program and may suspend purchases if management identifies a more attractive use for its cash.
Why It Matters: Analysis: The authorization demonstrates Green Thumb’s willingness to return capital while many cannabis operators remain focused on refinancing debt or preserving liquidity. It also leaves management with flexibility to balance repurchases against organic expansion and potential acquisitions.
Source: Green Thumb Industries
Paramount-Warner Bros. Settlement Removes Major Merger Obstacle
California Attorney General Rob Bonta and a coalition of 12 state attorneys general reached a settlement with Paramount Skydance that resolves their antitrust lawsuit challenging its proposed acquisition of Warner Bros. Discovery. The agreement remains subject to court approval.
Under the settlement, Paramount committed to a five-year, court-enforceable plan to increase film output and at least $1.5 billion in additional domestic film-production investment. The company also agreed to establish a $47.5 million fund for workers affected by the merger and to negotiate carriage agreements for existing Paramount and Warner basic cable channels separately for five years.
The settlement moves the transaction beyond the state lawsuit that had threatened to delay or block the combination. Its conditions are designed to preserve content production, employment support and some negotiating separation in the cable market after the companies combine.
Why It Matters: Analysis: The agreement substantially improves the merger’s path to completion and provides greater certainty for studios, streaming platforms, theater operators, distributors and Los Angeles production workers. The enforceable investment and output commitments will now become important benchmarks for measuring the combined company’s effect on Hollywood employment and competition.
Source: California Department of Justice
What We’re Watching
Over the next 24 to 72 hours, watch for court action on the Paramount-Warner Bros. settlement and any announcement clarifying the merger’s closing timetable. Cannabis businesses will also be looking for federal registration or inspection guidance from the DEA, while investors assess whether Green Thumb begins deploying its renewed buyback authorization when it takes effect.
