💸 The Tape

New York officials have rolled out a new online tool designed to steer adults toward the state’s growing network of licensed marijuana dispensaries, further advancing their push to curb the illicit market and reinforce the health and safety benefits of regulated cannabis.

Unveiled by the Office of Cannabis Management (OCM) this week, the new interactive map is the latest component of Gov. Kathy Hochul’s “Buy Legal” campaign, a statewide initiative launched in 2023 to educate consumers on how—and why—to shop exclusively from legal cannabis retailers.

“Whether you’re looking for adult-use or medical cannabis, delivery services, or equity-owned businesses, the Buy Legal map makes it easier than ever to shop safer, legal, and local,” OCM said in its announcement.

The map includes filters for location, store name, delivery availability, and ownership type (such as equity-owned), and provides real-time directions, operating hours, and links to retailer websites. According to OCM’s Ricky Bunnicelli, the tool integrates directly with Google Maps for ease of navigation.

The move comes as New York works to overcome a bumpy legal market launch, which initially saw delays and litigation that allowed unlicensed cannabis shops to flourish, especially in New York City. State regulators and enforcement agencies have since cracked down, launching initiatives like Operation Padlock, which targeted illegal storefronts. According to OCM, licensed retailers in affected areas saw sales jump 105 percent after enforcement ramped up.

Alongside enforcement, the “Buy Legal” campaign is focused on consumer education. Regulators have released guides on safe cannabis use, featured business owners in promotional materials, and run digital ads encouraging legal purchases.

The new map is a critical piece of the state’s strategy to differentiate legal businesses from unregulated sellers, many of which pose health risks due to untested or mislabeled products.

New York joins states like California in providing searchable databases and maps to help consumers locate legal cannabis businesses—tools that have become essential in bridging the gap between legalization and market maturation.

As the regulated market expands, officials hope this digital infrastructure will reinforce both consumer safety and the economic viability of compliant cannabis operators, especially those granted licenses under New York’s equity-centered framework.

📈 Dog Walkers.

C21 Is Crushing It

What’s Going On Here: C21 Investments Inc. (CSE: CXXI | OTCQX: CXXIF), a vertically integrated cannabis operator, announced it will release audited financial results for its fiscal year ending March 31, 2025, by June 24, 2025. The company also shared a robust operational update highlighting sustained growth across its Nevada-based retail operations.

Key Q4 (Jan–Mar 2025) Operational Highlights:

• Revenue: $8.1 million (↑3% QoQ, ↑24% YoY vs. prior Q4 ending Jan 31, 2024)

• Projected Gross Margin: ~45%

• Full-Year Revenue Growth (Q1 to Q4): ↑23%

• Retail Transactions: ↑38% year-over-year (Q1 vs. Q4)

Retail Strength:

All Silver State Relief dispensaries achieved sequential same-store sales growth. Standout performance came from the South Reno store, which:

• Opened in July 2024

• Saw 100%+ same-store sales growth from $273K (July) to $580K (March)

Bottom Line:

C21 is entering FY2026 with strong retail momentum, consistent transaction growth, and disciplined operational execution in Nevada—a positive signal for investors awaiting the formal financials later this quarter.

CBST Moves Forward

What’s Going On Here: The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) announced today it has received the final order from the Ontario Superior Court of Justice (Commercial List) approving its previously announced plan of arrangement under the Canada Business Corporations Act. This legal milestone paves the way for the restructuring transaction involving The Cannabist Company Holdings (Canada) Inc. and 16834434 Canada Inc.

Key Details:

• Final Court Order: Secured and approved

• Closing Date: Targeted for on or around May 29, 2025, pending final regulatory approvals

• Record Date for Warrants: Two (2) business days before closing (anticipated May 27, 2025)

• New Warrants: Issued to eligible shareholders as part of the Arrangement

The Arrangement is further outlined in the Company’s March 28, 2025, management information circular, available on:

• SEDAR+

• EDGAR

🗞️ The News

📺 YouTube

Chicago Atlantic Breaks Down the State of Cannabis Lending | Trade to Black

What we will cover:

✅ Host Shadd Dales and Anthony Varrell sit down with Peter Sack, Managing Partner at Chicago Atlantic (NASDAQ: REFI)—one of the largest and most active lenders in the cannabis industry.

This conversation goes beyond just numbers. With over $407 million in outstanding loans and a portfolio yield holding strong at 16.9%, Chicago Atlantic’s Q1 performance offers a real-time pulse check on the state of cannabis finance. From a 20.5% jump in earnings per share to a rare $0.47 dividend payout, this is a company operating at the center of the industry’s capital flows.

What makes this interview essential is that Chicago Atlantic’s lending data tells a bigger story—about risk, borrower quality, regulatory pressure, and where capital is (and isn’t) flowing in the cannabis space. If you want to understand the trends, challenges, and opportunities shaping the sector in 2025, this conversation delivers the clarity you need.

Whether you’re a cannabis investor, operator, or just following the path of reform and rescheduling, this episode gives you a front-row seat to what’s really happening in cannabis finance right now.