💸 The Tape

Just one day after its formal introduction, Pennsylvania’s state-run cannabis legalization bill has already cleared its first hurdle in the legislature, passing out of the House Health Committee in a 14–12 party-line vote. Sponsored by Reps. Dan Frankel and Rick Krajewski, the legislation proposes a unique model where cannabis would be sold through state-operated dispensaries under the Liquor Control Board—marking a significant departure from the private retail models seen in other legal states.

The measure is now headed to the House floor, with a vote expected imminently. Its speedy advancement has drawn criticism from Republicans, who slammed the process as rushed and lacking transparency. Rep. Charity Grimm Krupa (R) called it a “hasty display,” introduced on a Sunday and voted through committee just two days later.

Frankel defended the process, noting that the bill builds on years of legislative hearings and stakeholder input. “We’ve had six hearings on this,” he said, adding that Pennsylvanians expect movement as the only state in the region without a legal adult-use cannabis market.

The bill would allow adults 21 and older to buy and possess up to 42.5 grams of cannabis per day from state-run stores. Home cultivation would be permitted with a license, and products would face THC limits—25% for flower and 5 mg per serving for edibles. A 12% excise tax would fund expungements, community reinvestment, substance misuse programs, and business development, with remaining funds going to the general fund.

Crucially, the bill includes strong equity provisions, with a social and economic equity advisory board and a grant and loan program for historically impacted communities.

Still, the proposal faces an uphill battle. Republicans, who control the state Senate, have made clear they oppose the state-store model. Even some Democrats may be hesitant, especially given polling that shows voters prefer a private sales framework.

A competing bipartisan bill, led by Reps. Emily Kinkead (D) and Abby Major (R), is expected soon and would rely on private dispensaries—a model seen as more politically viable.

Gov. Josh Shapiro supports legalization in concept but hasn’t weighed in on the state-run structure. With the May–June budget window approaching, lawmakers say serious negotiations must begin now.

Despite the friction, many agree: Pennsylvania is closer than ever to legalizing cannabis—though what that final version looks like remains uncertain.

📈 Dog Walkers.

FLGC Invests In Crypto?

What’s Going On Here: Flora Growth Corp. (NASDAQ: FLGC) has entered the cryptocurrency and blockchain space with a $1 million strategic investment, marking a shift toward a Web3-oriented identity. The company’s portfolio allocation includes $400K each in Ethereum and Solana, and $100K each in Sui and Ripple.

CEO Clifford Starke positioned the move as a foundational step toward aligning Flora with emerging digital infrastructure trends, stating, “We see crypto not as a side bet, but as a core pillar of our identity moving forward.” The investment prioritizes assets known for scalability, adoption potential, and next-gen utility.

Flora plans to expand its Web3 initiatives with additional token acquisitions and strategic partnerships aimed at long-term value creation.

Bottom line: Highly questionable move from a highly questionable name.

OGI Takes Home Some Hardware

What’s Going On Here: Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), Canada’s top cannabis company by market share, has been named Exporter of the Year by Opportunities New Brunswick at the 2025 New Brunswick Export Awards. The recognition highlights Organigram’s strong international growth, shipping to Germany, the UK, and Australia, with $50 million in international cannabis sales since 2020.

Headquartered in Moncton, the company employs over 725 people, has invested nearly $500 million locally, and is the province’s 4th-largest private employer. CEO Beena Goldenberg emphasized the company’s role in promoting cannabis as a "made-in-Canada" economic pillar, calling for federal support and a national export strategy to capture a share of the $140 billion global market.

Bottom line: International is a key growth driver for Canadian LP’s and OGI have been clicking.

🗞️ The News

📺 YouTube

Earnings Season: Crucial Week for Cannabis Investors | Trade to Black

What we will cover:

✅ Host Shadd Dales and Anthony Varrell preview a critical earnings week for cannabis investors, as several major marijuana companies prepare to report their quarterly results.

These include Trulieve (OTCQX: TCNNF), Green Thumb Industries (OTCQX: GTBIF), TerrAscend (TSX: TSND), Curaleaf (OTCQX: CURLF), The Cannabist Company Holdings (OTCQX: CBSTF), and NewLake Capital Partners (OTCQX: NLCP). How these cannabis businesses perform will offer key insight into where the industry is heading in 2025.

Also on the show, Michael Bronstein of the American Trade Association for Cannabis and Hemp returns for our Insiders Edge segment to break down a major development in cannabis reform: Pennsylvania’s newly proposed adult-use marijuana bill. Sponsored by Reps. Rick Krajewski and Dan Frankel, the bill introduces a state-run retail model—an unprecedented approach in the U.S. cannabis market.