KEY Newsletter – 2026 Update and Outlook
KEY’s Latest White Paper
Cannabis Investing 2026 Update:
Focus on the Controllables
KEY has just released an updated edition of our “Focus on the Controllables” white paper – refreshed in light of the December 18, 2025 Executive Order accelerating federal cannabis rescheduling and what we believe comes next.
This executive action could represent the most meaningful federal catalyst the U.S. cannabis industry has seen in years, with real implications for taxation, cash flow, capital formation, and long-term market structure. In this update, we break down what rescheduling actually changes (and just as importantly, what it does not), why potential 280E relief is so impactful, and how the next 12–24 months may present one of the most compelling risk-adjusted entry points we’ve seen since we began investing in the sector.
We also outline our forward-looking 2026+ outlook – including banking normalization, emerging research and healthcare pathways, uplisting dynamics, and the longer arc of federal reform – all through a disciplined, fundamentals-driven investor lens.
Download the updated paper and let’s compare notes on where we see the most durable opportunities as the market enters its next phase.
KEY Webinar Invite:
Live Regulatory Update + How to Access the Opportunity
The pace of change in U.S. cannabis policy is accelerating, and we want to break down what it means for investors in real time. Join us on Wednesday, Feb 5 at 12:00pm ET for a live webinar with David Culver featuring an updated read on the regulatory landscape, key milestones to watch in 2026, and what these shifts could unlock across the sector. We’ll also share how investors can think about accessing the cannabis opportunity through KEY, including our approach to sourcing, structuring, and underwriting in this market.
Space is limited so please send us an email to reserve your spot.
KEY’s Latest Investment: MM Brands
MM Brands has acquired BellRock Brands out of receivership, securing the company’s brand portfolio and providing growth capital to relaunch the business under a newly formed platform. The transaction comes at a pivotal moment as federal cannabis rescheduling accelerates national momentum around cannabis, wellness, and medical adoption. The portfolio includes some of the industry’s most recognized consumer brands (including Mary’s Medicinals and Dixie Brands) spanning edibles, beverages, topicals, tinctures, transdermal patches and wellness-focused cannabinoid products across 11 U.S. markets.
MM Brands will be led by incoming CEO Joe Bayern, former CEO of Curaleaf and a veteran CPG executive, who brings more than two decades of leadership across global consumer brands. Under Bayern’s leadership, MM Brands will pursue a science-forward, asset-light strategy focused on building nationally trusted cannabis wellness brands rooted in education, precision dosing, and real-world patient outcomes.
With strong heritage brands like Mary’s Medicinals at the core, the company aims to lead the next era of cannabis as a mainstream wellness category.
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