💸 The Tape

In a major bipartisan move, Reps. Dave Joyce (R-OH), Max Miller (R-OH), and Dina Titus (D-NV) have reintroduced the STATES 2.0 Act, legislation designed to finally resolve the long-standing conflict between federal marijuana law and state-legal cannabis programs.

Dubbed the Strengthening the Tenth Amendment Through Entrusting States Act, this latest version would amend the Controlled Substances Act (CSA) to ensure that individuals and businesses operating legally under state or tribal cannabis laws would no longer face federal criminal penalties.

🔑 Key Features of the STATES 2.0 Act:

• Ends federal prohibition in states and tribes with legal cannabis programs

• Legalizes interstate cannabis commerce

• Exempts legal businesses from IRS Section 280E, allowing standard tax deductions

• Calls for a federal regulatory framework managed by the Alcohol and Tobacco Tax and Trade Bureau (TTB)

• Mandates FDA oversight of cannabis in food, drugs, supplements, or cosmetics

• Prohibits combining cannabis with adulterated substances like alcohol and tobacco

• Protects cannabis transportation between legal jurisdictions

• Requires a GAO study on legalization and traffic safety

• Maintains penalties for unlicensed activity and illegal operations involving minors

The bill’s introduction comes as support for cannabis reform among Republicans is rising. A recent poll by a Trump-affiliated GOP firm found that GOP voters are more supportive of state rights on cannabis than the average American voter.

Joyce, who also co-chairs the Congressional Cannabis Caucus, pointed to former President Donald Trump’s past statements supporting a states’ rights approach and noted that the new bill reflects that sentiment—even as the White House has said cannabis reform is not currently a priority.

⚖ Why It Matters

The STATES 2.0 Act would provide much-needed clarity for legal operators, protect patient access, and allow for better regulation of the growing interstate market. It would also remove barriers to research, small business growth, and banking access, all while respecting each state’s decision to legalize or prohibit cannabis.

The bill is backed by major policy groups, including Americans for Prosperity, CPEAR, Reason Foundation, and the U.S. Cannabis Roundtable, who say it offers a balanced solution to federal inaction.

While the STATES Act has failed to gain momentum in previous sessions, shifting political tides, rising public support, and mounting industry pressure could push this latest version further than ever before.

For now, the message from Congress is clear: let the states decide—and let the feds catch up.

📈 Dog Walkers.

LEEF Activates The Ranch

What’s Going On Here: LEEF Brands (CSE: LEEF | OTCQB: LEEEF) has officially kicked off planting at Salisbury Canyon Ranch, a 1,900-acre property in Santa Barbara County, set to become one of the world’s largest cannabis farms. The spring 2025 planting covers 65 acres, with plans to scale to 187 acres by 2027, alongside a 100-acre hemp permit under review.

The site will produce two harvests annually, optimizing for both distillate and high-quality concentrates. CEO Micah Anderson called the project a “transformational milestone,” expected to reduce input costs, improve quality, and drive margin expansion starting in H2 2025.

LEEF acquired the property for $5.5M and invested $7M in upgrades. It was recently valued at $40M—double LEEF’s current market cap, highlighting strong ROI potential.

Why This Matters: Some interesting numbers here in terms of valuation and scale but I will remain cautious until the crops are harvesting and the revenue is reflected on the balance sheet.

Tilray Goes Down Under

Whats Going On Here: Tilray Medical, the healthcare division of Tilray Brands (NASDAQ: TLRY | TSX: TLRY), has launched its first medical cannabis edibles in Australia with the debut of Good Supply Pastilles. These sugar-free, vegan-friendly soft chews offer patients a convenient new option for THC and CBD treatment.

Available now via Tilray Direct and authorized distributors, the product lineup includes:

• THC10 (Strawberry)

• THC10 CBD10 (Pineapple)

• CBD20 (Raspberry)

Tilray’s expansion into edibles marks a key milestone in its Australian medical cannabis offerings. With a presence in over 20 countries, Tilray continues to lead globally in EU-GMP certified medical cannabis, supporting both patient care and clinical research.

Why This Matters: Australis is one of the fastest growing medical markets in the world and Canadian LP’s that are exporting globally need to be taking advantage.

🗞️ The News

📺 YouTube

Cannabis Stock Avicanna Reports 51% Year Over Year Over Growth | Trade to Black

What we will cover:

✅ Host Shadd Dales digs into a big win in the cannabis industry, with special guest Aras Azadian from Avicanna Inc. (TSX: AVCN).

The company just had its best year yet, hitting $25.5 million in revenue—a massive 52% jump from the year before. Aras shares what fueled this success and what’s next for Avicanna in 2025.

We breakdown key metrics that included improved gross margins, up to 51%, and the 94% surge in gross profits. The discussion also touches on the company’s efforts in reducing its adjusted EBITDA loss by 68%, signaling a strong move toward profitability.

Plus, we discuss the podcast explores Avicanna’s global expansion strategy, its key priorities for 2025 and 2026, and the recent news about delays in financial filings.

This is an episode that includes latest cannabis trends, the international medical marijuana opportunity, and and market insights.