Cannabis Europa London returns on 26-27 May 2026, bringing together operators, investors, clinicians and policymakers from across the global cannabis industry for two days of main stage debate, exhibition, and networking. This article is part of a series published by Business of Cannabis ahead of the event, drawing on the perspectives of Cannabis Europa’s leading sponsors and speakers, the figures setting the commercial, clinical, and regulatory agenda for cannabis in Europe and beyond.
Jonathan Havens and Adam Fayne are partners at Saul Ewing, one of the United States’ leading law firms advising on cannabis regulation and transatlantic legal structures. At Cannabis Europa London, Jonathan joins the main stage panel on Schedule III and the evolving US federal framework, a conversation with direct implications for European operators watching Washington’s next moves. Ahead of the event, Business of Cannabis put three questions to the pair.
26–27 May 2026 · Barbican, London Cannabis Europa Two days of policy, capital and clinical strategy at the Barbican — convening operators, investors, regulators and clinicians from across the European cannabis market.
Get Your Ticket Now →
“On the US side, the defining development is the DEA’s April 28, 2026 final order moving state-licensed medical marijuana and FDA-approved marijuana products from Schedule I to Schedule III of the Controlled Substances Act — the most consequential federal change to cannabis law in more than 50 years. For operators who have endured effective federal tax rates of 70% or higher for over a decade, the elimination of the Section 280E tax disallowance alone is transformative. But the implications extend further: Schedule III brings a formal DEA registration pathway and, for the first time, a federal import and export permitting framework for qualifying products. That last point is one the European market should be paying close attention to.
“On the European side, the picture is one of continued maturation alongside real regulatory complexity. Germany’s partial legalisation has injected serious momentum, several other jurisdictions are moving — at varying speeds — toward more permissive medical and adult-use frameworks, and institutional capital is increasingly engaged. But EU-level regulatory coherence remains elusive, and the divergence between member state approaches creates compliance challenges for operators trying to build pan-European businesses.
“What makes this moment genuinely interesting is the convergence. The US is building a federal cannabinoid framework in real time, just as European markets are scaling. That alignment of timing creates transatlantic opportunities that were not structurally possible even two years ago. Cannabis Europa is exactly the right place to map what those opportunities actually look like in practice.”
“The most important thing to understand is that Schedule III is a landmark shift — but it is not federal legalisation, and conflating the two leads to real strategic miscalculation.
“Here is what it does deliver, and it is substantial: the elimination of 280E tax treatment going forward fundamentally changes the economics of US medical cannabis businesses. A clear DEA registration pathway provides federal legitimacy that did not previously exist. And Schedule III status brings with it an established federal framework for import and export permitting, meaning that, for the first time, there is a legal federal mechanism through which cross-border movement of qualifying marijuana products can be structured. For European operators with GMP-compliant production or pharmaceutical-grade quality systems, that is a meaningful new entry point into the US market worth serious analysis.
“Here is what it does not deliver: cannabis remains a controlled substance. State-licensed adult-use operations are not covered by the April 28 order — the DOJ’s June 29 administrative hearing will determine whether broader rescheduling, including adult-use, moves forward, and that outcome is not guaranteed. Banking reform is not resolved by rescheduling alone — SAFE Banking remains unfinished business. And the operational and regulatory complexity of navigating both US federal and state requirements, alongside divergent EU frameworks, is real. Anyone telling you this is simple is not being straight with you.
“My suggestion to European operators and investors: approach this as the genuine inflection point it is, but do the legal and structural work before moving. The opportunity is real. So is the complexity. Saul Ewing’s team is actively advising on exactly this cross-system work, and we would welcome the conversation.”
“The US hemp market is being fundamentally restructured. The federal ban on intoxicating hemp-derived products takes full effect in November 2026, while President Trump’s December 2025 Executive Order directs FDA and Congress toward a regulated framework for cannabinoid access. The supply chain is being redirected toward non-intoxicating cannabinoids and therapeutic applications. That redirection has direct transatlantic consequences.
“On the supply side, US operators facing tightening federal quality standards will be actively seeking partners who can meet them. European hemp and CBD producers operating under established GMP frameworks are well-positioned to fill that role — as ingredient suppliers, as manufacturing partners, and potentially as co-developers of finished products for the US market. The import permitting infrastructure that comes with Schedule III creates the legal architecture for exactly these arrangements.
“On the research side, the opportunity is significant but underappreciated. Schedule III lowers barriers to federally recognised research, and the Executive Order explicitly prioritises research access. European institutions and pharmaceutical developers with established cannabis research programmes — and without the decades of federal restrictions that have constrained US researchers — bring data sets and clinical experience that US counterparts will want. Joint programmes, licensing structures, and co-development arrangements across the Atlantic are worth mapping now.
“The honest caveat is that the legal architecture, import and export permits, diverging hemp definitions, Single Convention obligations, FDA and EMA regulatory alignment are genuinely complex. It is navigable, but it requires counsel who understands both systems. That is the work our team does every day, and we are glad to help European stakeholders understand what it actually takes to structure these opportunities compliantly and effectively.”
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Jonathan Havens and Adam Fayne are partners at Saul Ewing, one of the United States’ leading law firms advising on cannabis regulation and transatlantic legal structures. At Cannabis Europa London, Jonathan joins the main stage panel on Schedule III and the evolving US federal framework, a conversation with direct implications for European operators watching Washington’s next moves. Ahead of the event, Business of Cannabis put three questions to the pair.
26–27 May 2026 · Barbican, London Cannabis Europa Two days of policy, capital and clinical strategy at the Barbican — convening operators, investors, regulators and clinicians from across the European cannabis market.
Get Your Ticket Now →
As we head into Cannabis Europa, what do you see as the most significant developments shaping both the US and European cannabis industries right now?
“On the US side, the defining development is the DEA’s April 28, 2026 final order moving state-licensed medical marijuana and FDA-approved marijuana products from Schedule I to Schedule III of the Controlled Substances Act — the most consequential federal change to cannabis law in more than 50 years. For operators who have endured effective federal tax rates of 70% or higher for over a decade, the elimination of the Section 280E tax disallowance alone is transformative. But the implications extend further: Schedule III brings a formal DEA registration pathway and, for the first time, a federal import and export permitting framework for qualifying products. That last point is one the European market should be paying close attention to.
“On the European side, the picture is one of continued maturation alongside real regulatory complexity. Germany’s partial legalisation has injected serious momentum, several other jurisdictions are moving — at varying speeds — toward more permissive medical and adult-use frameworks, and institutional capital is increasingly engaged. But EU-level regulatory coherence remains elusive, and the divergence between member state approaches creates compliance challenges for operators trying to build pan-European businesses.
“What makes this moment genuinely interesting is the convergence. The US is building a federal cannabinoid framework in real time, just as European markets are scaling. That alignment of timing creates transatlantic opportunities that were not structurally possible even two years ago. Cannabis Europa is exactly the right place to map what those opportunities actually look like in practice.”
Jonathan, you will be joining the panel on Schedule III and the evolving US federal framework on day one. For European operators and investors watching that process, what is the single most important thing to understand about what federal rescheduling would — and would not — actually deliver?
“The most important thing to understand is that Schedule III is a landmark shift — but it is not federal legalisation, and conflating the two leads to real strategic miscalculation.
“Here is what it does deliver, and it is substantial: the elimination of 280E tax treatment going forward fundamentally changes the economics of US medical cannabis businesses. A clear DEA registration pathway provides federal legitimacy that did not previously exist. And Schedule III status brings with it an established federal framework for import and export permitting, meaning that, for the first time, there is a legal federal mechanism through which cross-border movement of qualifying marijuana products can be structured. For European operators with GMP-compliant production or pharmaceutical-grade quality systems, that is a meaningful new entry point into the US market worth serious analysis.
“Here is what it does not deliver: cannabis remains a controlled substance. State-licensed adult-use operations are not covered by the April 28 order — the DOJ’s June 29 administrative hearing will determine whether broader rescheduling, including adult-use, moves forward, and that outcome is not guaranteed. Banking reform is not resolved by rescheduling alone — SAFE Banking remains unfinished business. And the operational and regulatory complexity of navigating both US federal and state requirements, alongside divergent EU frameworks, is real. Anyone telling you this is simple is not being straight with you.
“My suggestion to European operators and investors: approach this as the genuine inflection point it is, but do the legal and structural work before moving. The opportunity is real. So is the complexity. Saul Ewing’s team is actively advising on exactly this cross-system work, and we would welcome the conversation.”
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The panel also examines the hemp definition changes and what a more coherent federal cannabinoid framework means internationally. Where do you see the most significant transatlantic legal and commercial implications playing out over the next two years?
“The US hemp market is being fundamentally restructured. The federal ban on intoxicating hemp-derived products takes full effect in November 2026, while President Trump’s December 2025 Executive Order directs FDA and Congress toward a regulated framework for cannabinoid access. The supply chain is being redirected toward non-intoxicating cannabinoids and therapeutic applications. That redirection has direct transatlantic consequences.
“On the supply side, US operators facing tightening federal quality standards will be actively seeking partners who can meet them. European hemp and CBD producers operating under established GMP frameworks are well-positioned to fill that role — as ingredient suppliers, as manufacturing partners, and potentially as co-developers of finished products for the US market. The import permitting infrastructure that comes with Schedule III creates the legal architecture for exactly these arrangements.
“On the research side, the opportunity is significant but underappreciated. Schedule III lowers barriers to federally recognised research, and the Executive Order explicitly prioritises research access. European institutions and pharmaceutical developers with established cannabis research programmes — and without the decades of federal restrictions that have constrained US researchers — bring data sets and clinical experience that US counterparts will want. Joint programmes, licensing structures, and co-development arrangements across the Atlantic are worth mapping now.
“The honest caveat is that the legal architecture, import and export permits, diverging hemp definitions, Single Convention obligations, FDA and EMA regulatory alignment are genuinely complex. It is navigable, but it requires counsel who understands both systems. That is the work our team does every day, and we are glad to help European stakeholders understand what it actually takes to structure these opportunities compliantly and effectively.”
The post Voices of Cannabis Europa: Jonathan Havens and Adam Fayne, Partners at Saul Erwing appeared first on Business of Cannabis.
Continue reading...
