💸 The Tape

Indiana Gov. Mike Braun (R) has offered his most candid assessment yet on the state’s cannabis policy stalemate, acknowledging that the “crescendo will rise” in calls for legalization even as Republican legislative leadership remains firmly opposed in the near term.

In a recent interview with WOWO’s Fort Wayne’s Morning News, Braun noted that Indiana is now “surrounded by four states” with either medical or adult-use cannabis laws — Kentucky (medical), Illinois, Michigan, and Ohio (recreational). He estimated that “over half of Hoosiers probably smoke it illegally,” highlighting the practical reality that prohibition has not eliminated use but simply pushed it underground or across state lines.

“I’m going to listen to law enforcement. Even they have changed their opinion in terms of legalizing it and regulating it,” Braun said, drawing a parallel to gambling. Indiana was late to legalize sports betting and casino expansion, yet now ranks among the top states in per-capita revenue from the industry. The governor described himself as “agnostic” on cannabis legalization, saying he sees valid points on both sides while observing shifting attitudes among law enforcement and the public.

“So that would give you the best description of where the dynamic is in our state,” Braun told the station. “I think the leader of the Senate especially, and the Speaker of the House… are pretty… not interested in doing anything soon. But I think the crescendo will rise.”

Lawmakers have already signaled that comprehensive cannabis legalization is off the table for the 2026 legislative session. Instead, the focus has been on efforts to restrict or ban intoxicating hemp-derived THC products, though those measures appear stalled after a last-minute push failed late last month.

Braun has previously expressed openness to medical cannabis, saying in January he is “amenable” to the idea. However, no significant medical program legislation advanced this session. The governor also noted that President Trump’s executive order directing the Attorney General to expedite rescheduling cannabis from Schedule I to Schedule III could add “a little bit of fire” to the debate in Indiana, though that federal process remains ongoing.

Public opinion in the state increasingly favors reform. A January survey from the Bowen Center at Ball State University found that 59% of Hoosiers support legalizing cannabis for both medical and recreational use, while an additional 25% back medical-only legalization — bringing total support for medical access to 84%.

The contrast with neighboring states is stark. Illinois, Michigan, and Ohio have functioning adult-use markets generating significant tax revenue and regulated access. Kentucky’s medical program provides another point of comparison for Hoosiers living near the border. Many Indiana residents already cross state lines to purchase cannabis legally, creating an economic leakage that Braun and others have acknowledged.

Law enforcement attitudes appear to be shifting as well. Braun noted that state police and sheriffs are increasingly “tolerating” cross-border purchases, suggesting enforcement fatigue with a law that is difficult to uphold uniformly. This evolution mirrors trends seen in other states before they legalized, where practical realities eventually outweighed ideological resistance.

The current impasse leaves Indiana as one of the few remaining states without meaningful medical or adult-use cannabis laws. While some lawmakers continue to express concerns about youth access, impaired driving, and potential gateway effects, the data from legalized states has increasingly challenged those fears. Multiple studies show that youth cannabis use has remained stable or declined after legalization, as regulated markets reduce black-market access and incorporate education and age-verification measures.

Economically, the status quo costs Indiana on multiple fronts. Residents spend millions annually in neighboring states, depriving the state treasury of potential tax revenue that could fund schools, infrastructure, or public health initiatives. A regulated market could also create jobs, support small businesses, and generate new tax streams — benefits already realized in surrounding states.

For Braun, the path forward appears to involve careful listening rather than immediate action. He has emphasized the need for legislative leadership to drive any change, while positioning himself as open to evidence-based discussion. The governor’s comparison to gambling is telling: Indiana eventually embraced expanded gaming despite initial resistance, and now benefits from substantial revenue.

As federal rescheduling progresses — or potentially stalls — pressure on Indiana will likely intensify. If cannabis moves to Schedule III, it would reduce some federal barriers and further highlight the inconsistency of maintaining strict prohibition at the state level. Public support, already strong, could continue to grow as more Americans experience legal cannabis in neighboring states.

The coming months will test whether Indiana’s Republican-led legislature remains dug in or begins to respond to the “crescendo” Braun described. For now, the state remains an outlier — surrounded by legal markets, with a significant portion of its population already consuming cannabis, yet unwilling to regulate and tax the activity within its borders.

The conversation has clearly shifted. The question is no longer whether reform will come to Indiana, but when — and on what terms. Braun’s comments suggest that even within the GOP, the ground is moving. How quickly legislative leadership follows remains to be seen.

Source: Marijuana Moment

📈 Dog Walkers

$JUSHF ( ▲ 2.72% ) ReFi + Strong Insider Buy-In

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) has successfully refinanced its senior secured debt, replacing two legacy credit facilities with a new $160 million senior secured term loan.

The transaction, closed with funds managed by FocusGrowth Asset Management and a loan syndicate, carries a 12.50% annual interest rate (payable monthly) and matures in three years. The loan was issued at a 4.0% original issuance discount and is non-dilutive to current shareholders. It is guaranteed by certain subsidiaries and secured by first-priority liens on specific assets.

Following the refinancing and repayment of the former facilities, Jushi reported approximately $35 million in cash, cash equivalents, and restricted cash as of March 27, 2026.

Notable participation came from company insiders. Serpentine Capital Management III, LLC — controlled by CEO, Chairman, and founder James Cacioppo — committed approximately $28 million. Denis Arsenault, a founder and significant shareholder, participated with roughly $21 million. Both were considered related parties under MI 61-101, triggering formal review. A special committee of independent directors reviewed and recommended the transaction, which the board approved (with Cacioppo abstaining). The company relied on exemptions from formal valuation and minority approval requirements.

CEO James Cacioppo and the board viewed the refinancing as a strategic move to improve liquidity, extend maturity, and reduce near-term pressure while maintaining operational flexibility.

The company also announced it will release fourth-quarter and full-year 2025 financial results on Tuesday, March 31, 2026, with a conference call and webcast scheduled for 4:00 p.m. ET that day.

This refinancing comes at a pivotal time for Jushi. The multi-state operator has been navigating industry-wide challenges including price compression and regulatory uncertainty. By replacing higher-cost or shorter-term debt with a larger, longer-dated facility, Jushi has improved its capital structure and bought time to execute on retail optimization, brand development, and potential strategic opportunities.

With a strengthened balance sheet and no immediate debt maturities, Jushi enters 2026 with greater stability. The participation of key insiders also signals confidence in the company’s long-term prospects.

RIP Texas Hemp

Texas is about to deliver a major blow to its rapidly growing hemp-derived THC market. Starting March 31, 2026, new state regulations will cap total THC in smokable products at 0.3%, effectively banning many of the most popular items currently sold in stores across the Lone Star State.

The rules, issued by the Texas Department of State Health Services (DSHS), target smokable hemp products such as rolled joints and flower buds — items that account for more than 50% of inventory in some retailers, according to the Texas Tribune. While delta-9 THC from marijuana has long been illegal, a loophole allowed hemp-derived THC products (with less than 0.3% delta-9 on a dry-weight basis) to flourish. That gray area fueled an industry supporting tens of thousands of jobs and generating $4.3 billion in annual revenue.

The new 0.3% total THC cap closes that loophole for smokables. Edibles, beverages, and other consumables remain unaffected for now, as they fall under the Texas Alcoholic Beverage Commission, which has not yet issued updated rules.

Businesses will also face steep new costs. Licensing fees for manufacturers will jump from $258 to $10,000 per facility, while retail registrations will rise from $155 to $5,000. Additional requirements for labeling, testing, and record-keeping will add further compliance burdens.

The regulatory shift stems from last year’s heated legislative battle. A bill to ban all THC products passed both chambers but was vetoed at the eleventh hour by Gov. Greg Abbott. The veto created a rare public rift with Lt. Gov. Dan Patrick, who had made the ban a top priority. Abbott cited concerns over youth access and called for a special session to craft a more targeted approach. Two special sessions failed to produce a compromise bill. In September, Abbott issued an executive order directing DSHS to develop new regulations, leading to the rules set to take effect this month.

Industry advocates argue the changes will devastate small businesses and push consumers back to the unregulated black market. Supporters of the crackdown say the rules restore order and protect public health by curbing products that critics claim mimic marijuana too closely.

For now, Texas has chosen a middle path: restricting smokable hemp while leaving edibles and beverages largely intact. Whether this balances consumer access, public safety, and economic impact remains to be seen. What is clear is that March 31 marks a turning point for one of the state’s fastest-growing gray-market industries.

🗞️ The News

📺 YouTube

Congressman Pressures DOJ on Cannabis Rescheduling | TDR Cannabis in 5

What we will cover:

✅ In today’s episode of TDR Cannabis in 5, presented by Flowhub, we break down the growing pressure on the Department of Justice as delays continue around federal cannabis rescheduling.

Back on December 18th, President Donald Trump signed an executive order directing the DOJ to move cannabis from Schedule I to Schedule III. At the time, markets reacted quickly — with expectations that this would move fast.

But here we are now… and nothing has changed.

According to new reporting from Marijuana Moment, Congressman Steve Cohen is now demanding answers from Attorney General Pam Bondi and the DEA, asking a simple question: where is the timeline?

This isn’t just about politics — it’s about execution.

Because while the executive order created momentum, the actual rescheduling process still requires a formal rulemaking process. And right now, that process appears stalled.