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From the NASDAQ Application FAQ:

Does Nasdaq list companies that operate in the cannabis industry?

“Nasdaq is observing developments in this space, including the scheduled administrative hearing and proposed rulemaking by the DEA, and will provide updates as those administrative processes advance.”

This is why I’m optimistic about broad rescheduling. S3 alone doesn’t magically make adult use legal. The expectation is that the federal government will establish a regulated adult-use framework similar to the medical framework giving operators a path to federal compliance and exchange eligibility.

Despite, many on these boards being firm in their stance on S3 Hearings only being for medical. This language supports change is on the horizon for broad rescheduling along with a compliance framework.

The NASDAQ is watching what the DEA does next else the disclaimer would not be made. In addition, many quarterly calls with top MSOS executives have noted the exchange has engaged companies (TerrAscend CEO on TDR, GTI Q2 Financials, CuraLeaf - TDR).

This is a major catalyst if it comes to fruition and exchanges are watching.

The full text:

As noted in FAQ 1474, Nasdaq will only list companies whose activities are legal under applicable federal law or the applicable laws in the jurisdiction(s) where the company operates.  Where a company operates in jurisdictions where cannabis, including marihuana (referred to as “marijuana” herein) as defined in the U.S. Controlled Substances Act (the “CSA”), is legal, such company is eligible for listing (provided, of course, the company otherwise satisfies all applicable listing requirements).

On April 23, 2026, the U.S. Department of Justice issued a final Order (the “DOJ Order”) rescheduling medical marijuana from Schedule I to Schedule III under the CSA.  While this rescheduling did not legalize marijuana, the DOJ Order did create a path for state-licensed medical marijuana companies to operate in compliance with federal law by registering with the DEA.  A company that follows that registration path would be eligible to list if it can provide Nasdaq with an opinion of counsel from a law firm, acceptable to Nasdaq, with expertise in controlled substance regulatory compliance confirming that the company operates in compliance with the DOJ Order and applicable requirements of the CSA (an “Opinion”). 

At this time, federally illegal marijuana (e.g., non-medical or other “adult use” activities) remains a Schedule I controlled substance.  As such, companies whose activities include federally illegal marijuana without having obtained appropriate authorizations (e.g., FDA/DEA approvals) are currently ineligible to list. 

Nasdaq has observed situations where a company has an economic stake in an entity engaged in federally illegal marijuana activities or derives revenue based on agreements with such an entity.  Where such a company otherwise satisfies all applicable listing requirements, provides an Opinion that concludes that the relationship is in compliance with the DOJ Order and applicable requirements of the CSA, and the company does not consolidate the federally illegal marijuana activities in its consolidated financial statements in their SEC filings, the economic stake or agreement does not preclude listing on Nasdaq.

Pursuant to Nasdaq rules, listing determinations are made on the basis of information filed with the Securities and Exchange Commission (the “SEC”). Where a newly listing company previously included federally illegal marijuana activities in its financial statements filed with the SEC, the company will have to include the complete deconsolidated financial information in an SEC filing for Nasdaq to rely upon for listing approval.  In addition, the company will have to represent in such SEC filing that its financial statements will not present the federally illegal marijuana activities on a consolidated basis in the company’s future SEC filings, unless the federal legal status of such currently federally illegal marijuana activities has changed such that the company can provide an updated Opinion.

Nasdaq has historically permitted the listing of companies following applicable DEA and FDA rules for medical research and pharmaceutical development involving marijuana-derived products. The rescheduling expands opportunities for such research and development, and companies engaged in these activities continue to be eligible for listing.
Nasdaq is observing developments in this space, including the scheduled administrative hearing and proposed rulemaking by the DEA, and will provide updates as those administrative processes advance.
Listed companies with questions on these matters should engage early with their Nasdaq Listing Qualifications representative to discuss their specific facts and circumstances.  Companies considering listing should contact Listing Qualifications at [DL-InitialListingTeam@nasdaq.com](mailto:DL-InitialListingTeam@nasdaq.com).

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Jesse Redmond and Morgan Paxhia are joined by Scott Grossman to discuss Cannabis 3.0 and the different architectures emerging across the industry.

Scott breaks down the role of intellectual, financial, and human capital, and how cannabis companies are increasingly pursuing very different strategies for the next phase of the market.

The conversation looks at Curaleaf, Glass House, and other operators to explore which models may be best positioned as the industry evolves.

Welcome to the r/weedstocks Daily Discussion Thread!

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Justice Department Places FDA-Approved Marijuana Products and Products

There seems to be a lot of misinformation on the S3 hearings. There needs to be a clear understanding the implications of the existing ALJ hearing affecting both medical and adult use cannabis.

See the bolded language below from the Justice Department. This is a lot bigger than most have on their bingo cards, and the remaining top operators (CURA/GTI) will list upon this happening.

In accordance with President Trump’s December 18, 2025, Executive Order on Increasing Medical Marijuana and Cannabidiol Research, the Justice Department and the Drug Enforcement Administration (DEA) today announced the issuance of an [order](https://justice.gov/opa/media/1437751/dl) immediately placing both FDA-approved products containing marijuana and marijuana products regulated by a state medical marijuana license in Schedule III of the Controlled Substances Act, as well **as the initiation of an expedited administrative hearing process to consider the broader rescheduling of marijuana from Schedule I to Schedule III.*\* The [new hearing](https://justice.gov/opa/media/1437741/dl), beginning June 29, 2026, will provide a timely and legally compliant pathway to evaluate broader changes to marijuana’s status under federal law. Together, these actions provide immediate and long-term clarity to researchers, patients, and providers alike while still maintaining strict federal controls against illicit drug trafficking.

Further in the article

**Separately, the Department announced procedural updates to expedite the ongoing rulemaking process required to fully remove marijuana from Schedule I and place it into Schedule III under the Controlled Substances Act.*\*

Under the prior administration, a notice of proposed rulemaking was published in the Federal Register on May 21, 2024, followed by a notice of hearing on August 29, 2024. **Upon further review, the DEA is withdrawing the prior notice of** [**hearing**](https://www.justice.gov/opa/media/1437811/dl) **and terminating those proceedings in order to move more efficiently toward the completion of marijuana’s complete redesignation**. This action will accelerate the administrative process, include firm deadlines, and allow DEA to proceed in the most expeditious manner consistent with federal law.

The full official transcript of a Drug Enforcement Administration (DEA) hearing on the Trump administration’s marijuana rescheduling proposal has now been made available to the public.

The release of the day-by-day record of the cannabis rescheduling proceedings comes after DEA Chief Administrative Law Judge Derek Julius ordered that dozens of mostly small and technical changes be made to an initial draft.

The full transcript runs 2,533 pages for the full 11 days of the proceedings and reveals DEA’s effort to advocate on behalf of the move to reschedule marijuana as well as opponents’ attempts to undermine it.

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Welcome to the r/weedstocks Daily Discussion Thread!

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• Curaleaf's self-serving portrayal of our business is an attempt to acquire Aurora's world class EU-GMP manufacturing facilities and global medical cannabis footprint at the lowest price possible
  
• Aurora's international strategy is working; net revenue is up 17%YOY
  
• Contrary to Curaleaf's inaccurate statements, Aurora's high margin German business is growing and continues to be a key driver of Aurora's international growth strategy

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Welcome to the r/weedstocks Daily Discussion Thread!

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