Also in the Memo
Executive Summary ………………………………………………………………………………………………….7
Part One — Federal Reform and Market Repricing …………………………………………………….10
2024 Rescheduling Call: What Held and What Missed …………………………………………….10
Schedule III: What It Repaired ………………………………………………………………………………11
Schedule III: What It Did Not Repair………………………………………………………………………12
The Three-Market Split ………………………………………………………………………………………..13
Public Markets – What a Re-Rate Actually Requires ………………………………………………..15
Interstate Commerce: Legal Pathways and Economics ……………………………………………18
Interstate Commerce State Test Case – California …………………………………………………..25
Interstate Commerce Thesis Stress Test – Glass House Brands …………………………………27
Part Two — What Conventional Underwriting Misses ………………………………………………..33
Capital ……………………………………………………………………………………………………………….33
Capital Allocation and the Exit Thesis …………………………………………………………………33
Operators That Built Real Businesses …………………………………………………………………39
280E: Constraint, Then Alibi ……………………………………………………………………………..41
M&A and Market Clearing – Curaleaf’s Hostile Bid for Aurora ………………………………….41
Post Script – Aurora Circular – September 2, 2026 ………………………………………………….44
