💸 The Tape

After 11 years of operating one of the nation’s most restrictive medical marijuana programs, Georgia is finally loosening the reins.

On Monday, the Georgia House of Representatives voted 144-21 to pass Senate Bill 220, sending the legislation to Gov. Brian Kemp for his signature. The bill eliminates the state’s 5% THC cap on medical cannabis products and allows registered patients to vape for faster relief — two major changes that advocates have fought for since the program’s inception in 2015.

Currently, Georgia patients are limited to low-potency oils with no more than 5% THC, a rule that has left many struggling with chronic conditions like seizures, Parkinson’s, multiple sclerosis, PTSD, and intractable pain. The program has one of the lowest adoption rates in the country, with only about 34,500 registered patients and 2,200 caregivers.

Shannon Cloud, whose 20-year-old daughter suffers from seizures and relies on the program, welcomed the changes: “These are badly needed improvements. It allows more flexibility for patients and doctors to access what’s really going to work for them, taking away the really tight restrictions.”

Gary Long, CEO of Botanical Sciences, which operates five dispensaries in the state, echoed that sentiment: “If you’re a patient who has chronic, intractable pain, you don’t want to wait 45 minutes for those other forms to take effect. This is a medicinal product. This is not a recreational product. This gives the majority of patients a form of the product that provides the quickest relief possible.”

Under SB 220, the name “Low THC Oil” will be retired in favor of “medical cannabis,” and there will be no THC percentage cap. The bill also adds lupus to the list of qualifying conditions and restricts certifying physicians to those whose principal practice is in Georgia.

Not everyone is celebrating. Sen. Ed Setzler (R-Acworth) expressed “grave concerns” during the Senate debate, arguing the bill moves away from helping “little girls with serious medical conditions” and toward “getting people high on THC with concentrated THC into their lungs.” Sen. Matt Brass (R-Newnan) countered that the state is maintaining tight controls and medical oversight to prevent a slide toward recreational legalization.

Georgians for Responsible Marijuana Policy warned that higher potency and availability could lead to addiction, impaired youth brain development, and reduced worker productivity.

The bill now sits with Gov. Brian Kemp, who has 30 days to sign, veto, or allow it to become law without his signature. Given the strong bipartisan support (the Senate passed it 38-14 last week), a veto seems unlikely.

For patients and caregivers, the changes are long overdue. Georgia’s program has been criticized for years as overly restrictive, forcing many to seek relief from out-of-state sources or the black market. Allowing vaping and removing the THC cap gives doctors and patients more tools to find effective treatment without the 45-minute delay of tinctures.

The timing is also notable. As federal rescheduling discussions continue in Washington and more states expand medical and adult-use programs, Georgia is finally modernizing its approach — albeit cautiously. The state still maintains strict qualifying conditions and physician oversight, signaling it has no immediate plans to follow neighbors like Florida or Alabama into broader recreational markets.

For the industry, the bill removes a major barrier to serving patients effectively. Dispensaries like Botanical Sciences can now offer a wider range of products, including higher-potency options that better address severe symptoms. This should improve patient outcomes and satisfaction while potentially boosting sales in a market that has lagged behind regional peers.

Critics worry about youth access and addiction risks, but data from other states shows that well-regulated medical programs do not lead to spikes in adolescent use. In fact, many studies show stable or declining teen cannabis use after legalization, as regulated markets reduce black-market access and include education campaigns.

Georgia’s slow-but-steady approach — starting with low-THC oil in 2015 and now expanding access — reflects the state’s conservative political culture. Lawmakers have repeatedly emphasized that this remains a strictly medical program, not a backdoor to recreational use.

If signed by Gov. Kemp, SB 220 will mark the most significant expansion of Georgia’s medical cannabis program since its creation. Patients will finally have access to faster-acting delivery methods and a broader range of potencies tailored to their needs. Doctors will have more flexibility to recommend treatments that actually work. And the state’s dispensaries can better serve a patient population that has waited far too long for meaningful relief.

It’s not full recreational legalization, and it’s not perfect. But for thousands of Georgians living with debilitating conditions, it’s a long-overdue step toward compassionate, evidence-based care.

The era of “Low THC Oil” is ending. Georgia’s medical cannabis program is finally growing up.

📈 Dog Walkers

$ROMJ.TSX ( 0.0% ) Reports Strong Growth

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) delivered a milestone year in 2025, posting record revenues while completing one of the industry’s fastest facility integrations with the acquisition and ramp-up of the Cascadia cultivation site.

The company reported net revenue of $59.5 million for the full year, a 22% increase from 2024, with fourth-quarter revenue reaching $16.5 million (up 16% year-over-year). Gross profit before fair value adjustments rose 27% to $19.5 million, and the company achieved adjusted EBITDA of $5.0 million for the year. Operating profit turned positive at $1.8 million, and net income reached $1.1 million.

CEO Margaret Brodie highlighted the transformation: “In a milestone year, we delivered record revenues, expanded our genetic and market share leadership, and completed one of the industry’s fastest integrations with the Cascadia acquisition. As we enter 2026, we are operating from our strongest foundation to date.”

Rubicon maintained its position as Canada’s leading premium licensed producer, with 1964 Supply Co.™ ranked as the top premium brand by sales. The company also secured seven prestigious awards, including Budtender Choice and Brand of the Year for 1964 Supply Co.™ Wildflower™ held the #2 spot in topicals with 25.9% market share, and the company captured 18% national share of premium vapes.

The standout operational achievement was the rapid integration of the Cascadia facility in Hope, British Columbia. Acquired in 2025, the 47,500-square-foot indoor site is now fully planted and rated for 4,500 kg of premium cannabis annually. First harvests were completed on February 19, 2026, with monetization expected in late Q2 and flagship-brand quality projected by mid-2026. Combined with the existing Pacifica greenhouse, Rubicon’s total annual production capacity now stands at 15,500 kg, with room for further gains as operations mature.

The company also strengthened its balance sheet, closing a $4.5 million non-brokered private placement and securing a $3 million long-term capital loan at 6.79% interest.

Looking ahead to 2026, Rubicon is focused on leveraging its new scale to meet surging demand that has consistently outpaced supply. The Cascadia facility is expected to drive meaningful improvements in margin, adjusted EBITDA, and cash flow in the second half of the year. The company is also pursuing Good Agricultural and Collection Practices (GACP) certification to support international medical market access.

Genetics remain a core differentiator. Recent launches like BC Organic Lemolada and BC Organic Mandarin Zktz demonstrate the depth of Rubicon’s library, with a disciplined cadence of new cultivar releases planned throughout 2026 to maintain leadership in the premium and super-premium segments.

Internationally, Rubicon is building on its inaugural shipments from 2025. A branded launch of 1964 Supply Co.™ in key markets is expected this year, marking the brand’s global debut.

Margin expansion is a key priority. By reducing reliance on third-party suppliers and absorbing fixed costs across two complementary facilities, Rubicon expects gross margin and adjusted EBITDA to improve as Cascadia ramps. While near-term softness in the B.C. market (partly due to a 2025 strike) may create headwinds in early 2026, management remains confident in long-term recovery.

For 2026, the company is forecasting growth in both net revenue and adjusted EBITDA, driven by increased capacity and strategic initiatives. While the first half may see pressure from Cascadia ramp-up costs, the second half is expected to deliver acceleration in margins, EBITDA, and operating cash flow.

With record 2025 revenues, a fully operational Cascadia facility, a deep genetics library, and international expansion underway, Rubicon Organics enters 2026 from its strongest position yet. The company’s focus on premium quality, disciplined execution, and scalable production positions it to capitalize on both domestic and global demand for high-end cannabis.

🗞️ The News

📺 YouTube

CBD Program Details Released as Hemp Rules Tighten | TTB Powered by Flowhub

What we will cover:

✅ In our latest Trade To Black podcast presented by Flowhub, we break down a story that’s starting to raise more questions than answers across the cannabis and hemp industries.

In our first segment, we get into a federal CBD pilot program that’s set to begin in April. Based on the latest details, it could allow cannabinoid-based therapies — including products with small amounts of THC — inside a healthcare setting. At the same time, a separate report from the New York Post this weekend pointed to continued delays around cannabis rescheduling at the federal level.

So you’ve got one part of the government moving slowly on policy… and another part quietly moving forward with real-world use.

Then you layer in what’s happening at the state level.

Some states are tightening restrictions on hemp-derived THC products, while others are choosing to regulate and allow them with limits. All of this is happening ahead of a federal ban on hemp-derived THC expected to take effect in November 2026.