💸 The Tape

As Pennsylvania inches closer to legalizing adult-use cannabis, one Republican state senator wants to make sure the commonwealth doesn't just spend its green—but grows it.

In an op-ed published Tuesday in the Pittsburgh Post-Gazette, Sen. Dan Laughlin (R) floated the idea of a “Pennsylvania Legacy Fund,” a long-term investment vehicle fueled by tax revenue from legal cannabis and expanded gaming. Think of it as the state’s version of a retirement account—but for future generations.

“We must ensure that today’s tax revenue is not just spent in the moment but invested wisely,” Laughlin wrote, calling legalization “not a matter of if anymore—it’s when.” He argued that a properly regulated cannabis market could generate hundreds of millions in annual revenue and that a portion of those dollars should be squirrelled away in a diversified investment fund to fund education, infrastructure, and public services long into the future.

The fund’s design? Simple: tax cannabis and gaming, invest the proceeds, and cap withdrawals to keep the principal growing like, well, a well-tended crop. It's part fiscal responsibility, part generational equity, and perhaps a smart political pivot as Pennsylvania continues to lose cannabis dollars to legal states like Ohio and New Jersey.

But while Laughlin is preaching long-term prosperity, the present reality is far less certain. Despite bipartisan voter support and a pro-legalization governor, the Pennsylvania legislature has continued to stall adult-use reform. House Democrats say they're ready to move forward, but they still need Republican buy-in—something that's been more elusive than a properly dosed edible.

Laughlin, to his credit, has been one of the few Republicans consistently championing legalization as both an economic and public safety win. “This is about freedom, liberty, and competition,” he said—riffing off the state motto while pointing out that every year of delay sends more Pennsylvania dollars across state lines.

Gov. Josh Shapiro included legalization in his 2025 budget proposal and warned that the state is “enriching the illicit market” while missing out on tax windfalls. Meanwhile, state agencies say they’re ready to implement legalization, and GOP lawmakers—once firmly opposed—are beginning to acknowledge that prohibition has been, in one senator’s words, “a disaster.”

Whether Laughlin’s Legacy Fund becomes a reality or just a thoughtful op-ed depends on whether his colleagues can overcome partisan inertia. But if cannabis is going to be legal, the senator wants to ensure it doesn’t just smoke today’s problems, but lights the way for tomorrow’s prosperity.

📈 Dog Walkers.

Tilray Got Smoked Yesterday

What’s Going On Here: Tilray Brands delivered a mixed but forward-looking Q3 2025 earnings report, highlighting resilience in its beverage, cannabis, and wellness segments—despite a massive $793.5 million net loss, largely driven by non-cash impairments tied to market conditions and currency fluctuations. On an adjusted basis, the picture is far less dramatic, with an adjusted net loss of just $2.9 million and adjusted EBITDA of $9.0 million, down slightly from the prior year.

Why This Matters: Stock was down 22% on the print. This has a YIKES factory written all over it. There were no bright spots to really point to and the call was all softball analyst questions.

Earnings On Deck

Whats Going On Here: The Cannabist Company (Cboe CA: CBST) will release its Q1 2025 financial results on Thursday, May 8, 2025, before U.S. markets open. A conference call with company management will follow at 8:00 a.m. EST the same day. Investors and analysts can expect insights into the Company’s performance for the quarter ending March 31, 2025, along with updates on operational progress and strategic priorities moving forward.

Green Thumb Industries (CSE: GTII | OTCQX: GTBIF) will report its Q1 2025 financial results on Wednesday, May 7, 2025, after market close. The company will host a conference call and audio webcast at 5:00 p.m. ET / 4:00 p.m. CT the same day to discuss the results and take questions. Expect insights into Green Thumb’s performance across its national portfolio, including its RISE Dispensaries and CPG operations.

MariMed Inc. (CSE: MRMD | OTCQX: MRMD) will release its Q1 2025 financial results on Wednesday, May 7, 2025, after market close. Company management will host a conference call and webcast the following morning, Thursday, May 8, 2025, at 8:00 a.m. EDT, to review the results and provide business updates.

The live webcast and subsequent replay will be accessible via MariMed’s Investor Relations site. Keep an eye out for insights into recent operational performance, retail trends, and product growth across its cannabis CPG portfolio.

Why This Matters: We need some numbers in a bad way.

🗞️ The News

📺 YouTube

Trump’s Drug Policy Skips Cannabis, Reform Still Uncertain | Trade to Black

What we will cover:

✅ Host Shadd Dales breaks down the Trump administration’s newly released 2025 drug policy priorities—and the glaring omission of cannabis reform. While many in the cannabis industry hoped President Trump would act on marijuana rescheduling, especially after expressing support on the campaign trail, cannabis is nowhere to be found in the administration’s initial six-point agenda.

Instead, the focus is squarely on tackling the opioid crisis, stopping drug trafficking, and enhancing prevention and treatment efforts. The absence of cannabis doesn’t signal hostility, but it does leave stakeholders and cannabis investors questioning whether reform will happen at all.

Key cabinet picks like Pam Bondi, now leading the DOJ, and DEA nominee Terrance Cole—both with cautious or critical stances on cannabis—add further uncertainty. Still, the White House says this policy framework will “evolve,” leaving the door open for future movement on marijuana policy.