❌ Texas to ban Intoxicating Hemp
Tennessee Governor signs ‘Hemp-Killing’ Legislation. 4Front files for receivership. MN to allow off-reservation Dispensaries. Distru launches wholesale platform, DistruCommerce.
🌿 Industry
Texas set to ban THC products. The proposed ban is in the final stages of the legislative process, with lawmakers taking largely procedural votes. — Texas Tribune
The vote was a stunning reversal for the House after it advanced legislation that sought to regulate—rather than ban—intoxicating hemp products
The Texas House passed Senate Bill 3 by Sen. Charles Perry, a Lubbock Republican who also carried the 2019 hemp legalization bill that created the THC proliferation, would penalize violators who knowingly possess hemp products with any amount of THC with a misdemeanor that can carry up to a year in jail
The ban has been one of Republican Lt. Gov. Dan Patrick’s top legislative priorities
Tennessee Governor Signs ‘Hemp-Killing’ Legislation, Banning THCA, Synthetic Cannabinoids. The new law will also prohibit online hemp product sales and transfer regulatory oversight to the Alcoholic Beverage Commission. — CBT
Under the new regulatory regime, hemp-derived cannabinoid product (HDCP) sales will be banned in convenience and grocery stores and instead be restricted to establishments that limit entry to individuals 21 and older or are licensed by the ABC. The new law also establishes strict regulatory structures for HDCP wholesalers and manufacturers
Punitive taxes are killing the legal cannabis industry in Canada. The Deloitte report, commissioned by the Cannabis Council of Canada, said that the excise tax paid to governments accounted for 31.5% of gross production revenues last year, at a time when prices are falling. — National Post
When the excise tax was set at $1 per gram or 10% of the value of dried or fresh cannabis seeds (whichever was greater), prices were around $10 per gram. But the flood of new entrants to the market, and the stubborn illicit market, lowered the price to around $3-4 per gram, sending the effective tax rate over 30%
The industry has argued that the excise duty should be adjusted to a uniform 10% of value and the flat rate of $1 per gram should be eliminated entirely
The wholesale price received for producers for one gram of flower fell from $5.68 per gram in Q2 2019 to $3.17 in Q3 2024. As a result, the excise tax as a percentage of the wholesale price rose from 13.1% to 33.8% in the same period
New York Approves 52 New Adult-Use Licenses, Bringing total to 1,726. There are currently 377 Adult-Use Dispensaries operational across the State. — OCM
The Board also approved three (3) proposed dispensary locations of Registered Organizations from the application pool that closed in December 2023
The Office also announced its Buy Legal Cannabis Map, a consumer facing tool aimed at providing ease of access to searching for licensed and open dispensaries
Craft brewers seeking to cash in on hemp-derived THC beverage market. It’s currently easier to convince distributors to carry THC beverages than it is to get them to take on a new beer product because of lackluster sales. — MJBiz
Beyond diversification, the economics of THC beverages are attractive. It takes 14 to 60 days to brew a beer, but you can make a THC-infused beverage in six hours
Daniel Meehan of New River Distilling, a Boone, NC-headquartered co-packer that manages numerous hemp-derived THC brands, said there’s growing demand for breweries to co-pack for others, creating a “multifunctional income stream”
Despite the enthusiasm, the regulatory landscape remains a significant hurdle that Meehan describes as “quite treacherous.” Each state has different rules regarding milligrams and allowable ingredients
One Out Of Four Indian Tribes In The U.S. Is Now Involved In Marijuana Or Hemp Programs, New Map Shows. The map, created by the Indigenous Cannabis Industry Association (ICIA) in collaboration with Vicente, shows the locations of more than 100 tribal marijuana and hemp programs across the country. — Marijuana Moment
Overall, ~26% of the 358 federally recognized Indigenous communities in the continental U.S. are now involved in some sort of cannabis program
In North Carolina, a single, isolated dot represents the legal marijuana market recently launched by the Eastern Band of Cherokee Indians, which now serves both tribal members and adult visitors alike
Minnesota Governor Signs Tribal Cannabis Compact Allowing Off-Reservation Dispensaries. The White Earth Nation has the approval to open cannabis dispensaries throughout Minnesota in the first tribal-state compact of its kind. — CBT
As a result of the compact, the White Earth Nation’s cannabis enterprise, Waabigwan Mashkiki, plans to open its first off-reservation dispensary in the coming week in Moorhead, located just across the state border from Fargo, ND
Under the compact, Waabigwan Mashkiki can operate up to eight off-reservation dispensaries throughout the state; however, tribal nations are limited to one retail location per city and three per county, according to the OCM. Furthermore, the White Earth Nation can issue one cultivation license to a tribal enterprise for no more than 30,000 square feet of canopy, according to the compact
Cannabis Stores in Portland Now Allowed to Sell Non Alcoholic Beverages. The change in city code allows businesses such as Higher Grounds to resume offering coffee and lattes after their beverage service was shut down last fall. — WGAN
Higher Grounds opened in 2017 as a regular coffee shop before becoming a marijuana retail store in 2020
💵 Deals
Blum Amends & Restates LOI for Dispensary. The company has executed an Amended and Restated Binding LOI, as previously disclosed in press releases dated January 21, 2025 and February 4, 2025, to acquire 100% of the issued and outstanding common stock of a licensed retail cannabis operator located in Northern California. The transaction is expected to generate $12.0M+ in revenue. Under the revised terms, total consideration remains $2.0M.
📄 Company Updates / Earnings
4Front File for Court-Appointed Receiver. The Company intends to continue operating during the receivership process and hopes the process will generate value for stakeholders through the sale of assets of its subsidiaries.
Curaleaf International Launches a Range of Medical Cannabis Products in Australia. The initial product offering, comprising four cannabis flower strains, will be distributed via Canngea, a licensed Australian manufacturer and wholesaler with a wealth of experience in medical cannabis. This partnership supports Curaleaf's vision to be the world's leading cannabis company by consistently delivering superior products and services. Boris Jordan, Chairman and CEO of Curaleaf, added: "Australia is an exciting and rapidly evolving market, expected to surpass $1 billion in annual sales next year, and this launch is a positive step forward in our strategy to extend our position as the global leader in cannabis. We're bringing a proven portfolio and a strong track record of innovation, with more to come."
TILT Holdings Q1 2025 Revenue was $22.7M, compared to $37.5M in the prior year period, primarily driven by the Company’s Jupiter Hardware business. Gross profit was $3.4M (14.9% GM), Net loss was ($13.2M), $4.3M of cash. The company continues to divest plant-touching assets with the announced definitive agreement to sell two Massachusetts retail stores ($2M) and activity underway for other plant touching businesses, which will enable a more durable and scalable asset-light operating model.
Greenlane x Greentank Technologies U.S. Distribution Agreement. Greenlane will distribute Greentank's full assortment of cartridges and vaporizers including Greentank's innovative and exclusive designs in the U.S.
🏬 Retail
Superfly Dispensary opens in Upper West Side. The store is located at 57 West 86th Street, just steps from Central Park and easily accessible from the 1, B, and C subway lines.
Uma Flowers opens in Waltham, MA. Uma will be the city's first operational cannabis dispensary. The journey to get to this point has taken nearly half-a-decade. Founded by Waltham residents and sisters-in-law Priyanka and Tejal Patel in 2019, the company operates a dispensary in Pepperell and another in Morristown, NJ.
Goldflower Cannabis opens 7th Florida dispensary in Miami. The Miami opening follows the recent launch of stores in Bradenton, Largo, St. Petersburg, Ocala and Sebring, with Orlando, Bonita Springs, Lakeland, The Villages, Cape Coral, Tallahassee and Jacksonville on the horizon. Goldflower also operates a 300,000 sq ft cultivation and manufacturing space and two delivery hubs.
The Artist Tree Set to open Second Fresno Cannabis Location. This will mark the brand’s 10th store overall.
Curaleaf opens Lima, OH dispensary. The store expands Curaleaf's footprint in the Buckeye State to three stores. The Company also opened its 67th FL dispensary in Punta Gorda, bringing its national footprint to 153 total stores.
Verano opens Zen Leaf Enfield, Company’s Seventh CT Dispensary. Zen Leaf adds to existing Zen Leaf locations in Ashford, Meriden, Naugatuck, Newington, Norwich and Waterbury. Verano’s operations in Connecticut also include the 217,000 sq ft CTPharma cultivation and processing facility in Rocky Hill.
Okay Cannabis in Wheeling, IL closes. Ownership cited a combination of factors, including sales performance that fell short of projections and the high costs associated with operating a large, ~12,000 sq ft facility.
🌱 Product
Distru Launches "DistruCommerce," Empowering Cannabis Brands to Take Back Control of Wholesale—Flat Fee, No Surprise Costs. DistruCommerce is a standalone wholesale platform empowering brands to sell directly to retailers through one transparent monthly subscription—no percentage-based fees. Available across legal cannabis states, this new offering enables brands and distributors to fully own their wholesale channels with an embeddable, white-label storefront, seamlessly integrated with the industry-leading accounting and track-and-trace integrations hundreds of cannabis operators already rely on. This launch comes as cannabis operators reconsider their marketplace options following unexpected percentage-based fees that have surged by 400% or more (Leaflink). Greenway reported that increases in fees were 300%-2,000%. Leaflink issued a statement in response to the article citing “one-third of customers will see no change, while those who do can expect a 5–15x ROI through increased sales, fewer write-offs, and reduced bad debt.”
Caliper Holdings (Ripple) introduces Live Rosin Riplets. Riplets pills are now available in solventless, full spectrum blends. Currently available in Colorado.
Sunderstorm x Cresco Labs Exclusive Partnership in IL for Pineapple Belts. The new Pineapple Belts are a tropical treat crafted with premium terpene-rich solventless sativa rosin. Each package contains 4 belts with 25 mg of THC per belt, offering consumers a fun, fast-acting experience that perfectly complements the season. This exclusive flavor will be available at select Sunnyside locations across Illinois.
Dialed In enters Missouri with potent solventless rosin gummies. Known for clean, full-spectrum edibles that don’t compromise on flavor or potency, Dialed In is rolling out options, including their new high-dose 300mg offering. Plus, they will now have a 2:1 CBG option and the new Focus gummies using CBC and THC-V, designed to deliver mental clarity.
StrainBrain Launches OWL to to Help Dispensaries Increase Revenue, Conversion Rates. Four years in development, OWL, or Optimized Weighted Language AI model, recognizes user intent, learns from industry interactions, and can recommend every product that dispensaries offer. Additional new capabilities announced today include an expert mode, AI-powered match explanations, and more industry integrations. Across the industry, 85% of all cannabis sales start online, and online orders generate 87% more in sales than walk-ins. However, complex online menus can be challenging to navigate, and budtender assistance is limited to the in-store experience.
🧔 People
Ispire appoints Jay Yu as CFO. Yu has served as the Company's VP Finance since June 2023 and is a seasoned accounting professional with extensive experience in public accounting and audit roles. He most recently served as CFO of and Luokung Technology Corp. (OTCMKTS: LKCOF) from 2018 to 2023.
Rubicon Organics appoints Glen Ibbott as Interim CFO. Janis Risbin, current CFO, has stepped away from her full-time role. Ibbott formerly served as CFO at Aurora Cannabis from 2017 to 2024.
🎙️ Interviews
Texas Hemp Ban Triggers Industry Reaction | TDR
This Industry Is Overly Optimistic: Cannabis Realism w/ Marc Hauser | High Spirits
From Aerospace to Automation: Nohtal Partansky, Sorting Robotics | Machine Design
Curaleaf Plans to Expand Its Hemp Store Concept ‘Far and Wide’ | CBT
King City Gardens’ Untold Story | CBT
Bud & Mary’s VP of Sales touches on the company’s presence in Missouri | The Pitch