In April, Washington fixed the one thing it was capable of fixing. Everything else that is broken in this industry is still broken.
The subject of this memo—76 pages, primary sources throughout—is the difference between what rescheduling repaired and what it did not, and how to price that difference. 280E relief and a DEA registration pathway changed a tax line and opened a door. They did not change a gross margin, a clearing price, an executive hired for the wrong job, or a state that can move the rules underneath an asset. The memo runs the interstate thesis through California’s own statutes, stress-tests it against Glass House, reads Curaleaf’s bid for Aurora through an M&A lens, and closes with a nine-question diagnostic for separating a broken asset from a mismanaged one.
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