💸 The Tape

Just when you thought the Bay State had comfortably settled into its cannabis era, a familiar wave of prohibition nostalgia is bubbling up. On Wednesday, Massachusetts Attorney General Andrea Joy Campbell’s office released 47 proposed 2026 ballot initiatives, two of which would effectively end adult-use marijuana sales and repeal home grow rights. Yes, you read that right—the Commonwealth’s thriving cannabis industry may be headed for a flashback to 2015.

The two proposed measures, both titled “An Act to Restore A Sensible Marijuana Policy,” come courtesy of Caroline Cunningham—the same prohibitionist activist who led the charge against psychedelics reform last year (voters didn’t bite).

Under the proposals, adults could still possess up to one ounce of cannabis (with five grams for concentrates), gift weed between consenting adults, and avoid criminal charges for possession under two ounces (a $100 slap on the wrist). But if you like your edibles lab-tested or your joints tax-stamped, buckle up—retail sales would be banned, and home grow rights would go up in smoke.

One version of the measure goes even further, proposing THC potency caps on medical marijuana—30% for flower, 60% for concentrates, and strict 5mg-per-serving dosing limits, with concentrate packaging capped at 20 servings total. Because nothing says patient care like telling a chemo survivor how strong their medicine should be.

If certified, proponents must gather 74,574 valid signatures by December 3 to keep the effort alive.

The irony? Massachusetts has sold over $8 billion in adult-use cannabis since voters legalized it in 2016. In short: the industry is mature, regulated, and heavily taxed—and now, apparently, under threat by a ballot campaign that wants to turn back time.

Will voters entertain the rollback? Likely not. But if history is any guide, Bay Staters might just light up… and reject prohibition—again.

📈 Dog Walkers

$TSNDF ( ▲ 1.33% ) Posts A Solid Quarter Yet Again

What’s Going On Here: TerrAscend (TSX: TSND | OTCQX: TSNDF) is trimming the fat and flexing where it counts. In Q2 2025, the company formally began its Michigan exit—part of a debt reduction and focus-on-the-core strategy. With that state now in the rearview, the financials reflect only its leaner, more focused operations.

Revenue came in at $65 million, a touch below last year’s $67.2 million, but gross margin ticked up to 51.1%. Adjusted EBITDA from continuing operations was $16 million (24.6% margin), and though down from last year’s $17.3 million, it still marked 12 straight quarters of positive cash flow and 8 of positive free cash flow. A model of consistency in an industry known for chaos.

New Jersey held strong as TerrAscend’s turf, Maryland ran at a $75M pace with enviable margins, and Pennsylvania showed momentum ahead of possible adult-use.

On the M&A front, they scooped up Union Chill in NJ and Ratio Cannabis in newly adult-use Ohio. Oh, and they locked in a tidy $79M non-dilutive loan with room for $35M more—setting the stage for more dealmaking, without watering down shareholders. Steady, strategic, and still hunting.

Full Report

$CRON ( ▼ 4.12% ) Reports Major Growth

What’s Going On Here: Cronos (NASDAQ: CRON) delivered a quarter that proves global domination starts with terpene-rich flower and a passport. Q2 net revenue hit $33.5M—up $5.7M year-over-year—thanks to booming sales in Israel, new international inroads, and the now-consolidated Cronos GrowCo contributing its first $2.2M. Adjusted EBITDA flipped positive to $1.7M, showing real signs of operational maturity. Net loss ballooned to $38.5M—but mostly due to FX headwinds, not cannabis chaos.

The Spinach® brand remains a Canadian crowd-pleaser with top-tier gummies (19.9% market share), vapes (#2 in cartridges), and resilient flower sales despite capacity constraints (relief is coming with the GrowCo expansion this fall). Meanwhile, Lord Jones® kept things premium and potent, dominating the hash-infused pre-roll market (28.5% share) and taking bronze in chocolate edibles. And PEACE NATURALS® continues its peacekeeping mission abroad, launching in Australia, Malta, and post-quarter, Switzerland.

With a pristine balance sheet—zero debt and $834M in cash and short-term investments—Cronos has the runway to scale up, strike new markets, and keep shareholders (mostly) chilled. The game plan? Lean into international expansion, unleash GrowCo’s flower, and let the brands do the talking.

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🗞️ The News

📺 YouTube

Earnings Smackdown w NewLake Capital and Cresco Labs | TTB Powered by Dutchie

What we will cover:

✅ In this episode of the Trade To Black Podcast, hosts Shadd Dales and Anthony Varrell sit down with two key players in the cannabis sector to break down their Q2 2025 earnings and explore the evolving landscape of cannabis real estate and multi-state operations. Anthony Coniglio, CEO of NewLake Capital Partners, and Charlie Bachtell, CEO of Cresco Labs, share exclusive insights into company performance, capital strategy, and sector outlook.

NewLake Capital Partners reported strong Q2 results, with revenue increasing 3.8% year-over-year to $12.9 million. The company posted net income of $7.3 million, supported by robust Funds From Operations (FFO) of $11.4 million and Adjusted FFO of $11.5 million. With a quarterly dividend of $0.43 per share and a healthy 79% AFFO payout ratio, NewLake continues to execute on its mission as a reliable cannabis REIT. Coniglio discusses NewLake’s disciplined investment approach, real estate portfolio quality, and how the company is maintaining strength amid broader market uncertainty.

Cresco Labs, meanwhile, delivered $164 million in revenue, a 50.6% adjusted gross margin, and $9 million in operating cash flow for Q2. The company’s Adjusted EBITDA reached $41 million, representing a 25% margin. While Cresco reported a net loss of approximately $14 million, including a $9 million impairment related to California operations, Bachtell highlights the company's improved balance sheet following a successful $325 million refinancing of its senior secured credit facility. He outlines Cresco’s ongoing strategy to drive efficiency, reduce debt, and position the company for long-term value creation.