What does real capital flow actually look like in the U.S. cannabis industry right now, beyond market narratives and headlines?

In this edition of TDR Cannabis in Five, host Shadd Dales walks through newly released funding data from FundCanna to better understand how cannabis operators are accessing and deploying capital as the industry moves deeper into 2026.

The dataset spans thousands of applications across dozens of U.S. states and offers a grounded look at where demand remains steady, where it has moderated, and how capital usage has evolved across the sector.

Rather than pointing to stress or contraction, the numbers suggest a shift toward more deliberate and targeted financing. Funding activity is spread across nearly every vertical, including vertically integrated operators, retail, cultivation, manufacturing, hemp, and ancillary services. Average deal sizes remain measured, terms are structured, and capital is largely being used for core operational needs such as inventory, payroll, and working capital.

Geographically, businesses in 43 states have accessed funding, reinforcing that financing demand extends well beyond legacy markets. Even in a year marked by relatively flat macro growth, capital continues to support day-to-day operations and incremental expansion. Taken together, the data points to an industry that is operating with greater financial discipline. Capital is still moving, but in more controlled amounts and with clearer use cases, reflecting a more mature phase of development under continued federal constraints.