The US cannabis industry is approaching a financial breaking point. The conflict between federal law and state law on the drug’s legality has left even the industry’s largest operators buried under debt, haunted by their tax bills, and grappling with falling prices. If something doesn’t change for cannabis at the federal level in 2026, many of its top players won’t survive another year.

The next big push for cannabis reform may not come from Congress or the federal government, but from the US Supreme Court. The court agreed in October to hear a Second Amendment challenge to …