💸 The Tape

Pennsylvania’s cannabis scene is shaping up to be one of the hottest stories of 2025, with lawmakers set to push a bill that might finally legalize adult-use marijuana in the Keystone State. Neighboring states like Ohio, Maryland, New York, and New Jersey have already jumped on the legalization bandwagon, reaping tax revenue and shaving black-market edges. Meanwhile, Pennsylvanians can only look across the state line with thinly veiled envy.

But let’s be clear: the conversation here goes far beyond lighting up a joint. Legislators are spotlighting social equity, pledging to expunge past possession records and ensure communities impacted by the war on drugs reap tangible benefits. This is as much about righting historical wrongs as it is about minting new streams of revenue.

Big players in the state’s medical cannabis market—names like TerrAscend, Cresco Labs, and Green Thumb Industries—are undoubtedly salivating at the prospect of scaling up their footprint to meet adult-use demand. These established operators already have supply chains, brand recognition, and retail muscle, setting them up to dominate if new legislation gets the green light.

From a purely financial perspective, the numbers are staggering. Legalizing recreational cannabis could funnel hundreds of millions into state coffers—funds that might be earmarked for education, infrastructure, or public health initiatives. It would also deter Pennsylvanians from crossing state borders, keeping consumer dollars in-state rather than boosting the bottom lines of Pennsylvania’s neighbors.

In short, the path to full legalization is anything but a sure bet. Yet the upside is colossal. Should Pennsylvania’s lawmakers and stakeholders get it right, 2025 might go down as the year Pennsylvania finally got it right and contributed some notable growth to the industry.

📈 Dog Walkers

New Jersey Surpasses $1B

New Jersey’s regulated marijuana market has soared past the $1 billion mark for 2024, reflecting a 25 percent uptick from the previous year—a clear vote of confidence from consumers. The state’s Cannabis Regulatory Commission (CRC) credits the launch of adult-use sales in April 2022, coupled with the rapid expansion to over 190 licensed dispensaries, for pushing total revenue above $2 billion since inception. Acting Executive Director Christopher Riggs hails 2024’s surge as a testament to both consumer trust and business opportunity, setting a promising trajectory for future growth. The biggest revenue day in 2024 happened on “Green Wednesday”—outpacing even the 4/20 sales bonanza—with dispensaries raking in over $6 million before Thanksgiving. Adding to this success, recreational sales alone have generated $43.3 million in tax revenue so far, and new rules to support social equity programs and license cannabis consumption lounges hint at further momentum ahead.

Texas Ag Commissioner Is Not A Proponent Of Banning Hemp

Texas’s agriculture chief, Sid Miller, is sounding a different tune than Lt. Gov. Dan Patrick on banning THC products. While Patrick wants to outlaw consumable THC in the Lone Star State—aside from Texas’s Compassionate Use Program—Miller argues it’s time for Republicans to align more with voter sentiment. After all, polls indicate 60% of Texans support legal marijuana. Miller himself hasn’t exactly endorsed full-blown recreational legalization, but he’s been consistent in championing broader medical access for those in need. “If it’ll help a toothache, I’m for it,” he says, framing medical cannabis as a matter of personal freedom and minimal government intervention. Meanwhile, Patrick’s stance leaves hemp products (under 0.3% delta-9 THC) hanging in the balance. With election-year politics revving up, the debate highlights a potential divide in the GOP playbook—one that Miller insists must move closer to the will of the people if Republicans want to stay on the right side of history.

🗞️ The News

New York Governor Signs Bills To Resume Marijuana Farmers Markets And Classify Cannabis As Agricultural Product

Texas ag commissioner says 'not everyone is on the same page' about banning THC

Legalizing Marijuana Led To ‘Immediate Decline’ In Opioid Overdose Deaths In U.S. States, New Research Concludes

📺 YouTube

Big Christmas Lineup: Cannabis 2024 Highlights | Trade to Black

What we covered:

✅ On our latest Trade To Black podcast, we have a special holiday lineup featuring key figures in the cannabis industry. Join us as Jason Wild and Ziad Ghanem from TerrAscend (TSX: TSND) will check in to wish everyone a happy holiday season and highlight the biggest takeaways in 2024 for the cannabis industry, and what to expect for cannabis stocks in 2025.

Next, cannabis lobbyist Don Murphy will share insights on what his bighest takeaway was for cannabis reform in 2024. Don Murphy, a veteran conservative lobbyist and former Maryland state lawmaker, is one of the most influential cannabis legalization advocates on Capitol Hill. He has been instrumental in pushing for cannabis reform, including the SAFE Banking Act and rescheduling efforts.

Following Don, Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH), will join the discussion. Michael Bronstein is a leading figure in the cannabis industry, known for his strategic messaging and government affairs expertise. He has been actively involved in advocating for cannabis policy reform and working with the new administration to advance the interests of multi-state cannabis companies.