💸 The Tape

In a state that has long positioned itself as a cannabis trailblazer, Colorado just took a step forward for terminally ill patients — but many advocates are calling it two steps back.

On Tuesday, the Colorado House of Representatives passed Senate Bill 26-007, better known as Ryan’s Law, by a 49-12 vote. The measure now sits on Gov. Jared Polis’s desk, where it is widely expected to be signed. Named after a young California patient whose story inspired similar laws in multiple states, the legislation would allow terminally ill medical marijuana patients to use their medicine inside hospitals and other healthcare facilities.

Rep. Ryan Gonzalez (R), who spoke emotionally on the floor, captured the bipartisan spirit: “I think we should be able to give patients who are terminally ill… an option to have alternative methods of treatment. And that includes cannabis.” He added that his district was “very excited” about the possibility.

Yet the celebration is tempered. What began as a straightforward “shall” mandate requiring facilities to permit use evolved through Senate amendments into a permissive “may.” Hospitals and other providers can now choose whether to develop guidelines for use, storage, and administration. They can also suspend the policy entirely if they fear federal enforcement action. Additional changes clarify that facilities are not required to store or dispense cannabis and offer liability protections for those that do allow it.

Jim Bartell, the father of the original Ryan and a driving force behind these laws nationwide, testified passionately earlier this month. He urged lawmakers to restore the original mandatory language: “For families like mine, this legislation is not theoretical. It’s part of ethical and compassionate care.” Sponsors acknowledged learning about the weakening amendments late in the process, but the bill advanced unchanged.

The fiscal note is modest: the Colorado Department of Public Health and Environment expects only minimal added workload for outreach and education, all absorbable within existing budgets. Still, advocates worry the opt-in structure will create a patchwork system where access depends more on hospital policy than patient need.

The bill’s journey reflects the careful dance Colorado lawmakers have performed since pioneering adult-use legalization in 2012. Polis, a longtime reform champion, now faces a bill that balances compassion with institutional caution. While the core goal — giving dying patients one last comfort — remains intact, the permissive language means some terminally ill Coloradans could still find themselves in facilities that simply say no.

For supporters like Gonzalez, even an imperfect bill is progress. “I just can’t stress enough the importance of this bill for my district, for my community and for the people that I represent.”

The legislation also includes Senate-added compliance guardrails and liability shields designed to ease hospital concerns in a federally illegal environment. Those protections helped secure the bipartisan votes needed to reach the governor’s desk.

If signed, Colorado would join a growing list of states with Ryan’s Law statutes. Yet the watered-down version leaves some wondering whether the state that helped launch the modern cannabis era is now trailing behind on compassionate end-of-life care.

The next move belongs to Polis. Given his record, most expect approval. The real test, however, will come in implementation. Will enough hospitals voluntarily open their doors? Or will the optional framework create the very patchwork of access that families like the Bartells fought to prevent?

For now, the House has spoken. Terminally ill patients in Colorado are one signature closer to using their medicine where they need it most — even if the path there is less guaranteed than advocates had hoped. In the world of cannabis reform, sometimes half a victory is still victory enough to celebrate — while quietly planning the next push.

📈 Dog Walkers

$ATAI ( ▲ 6.43% ) Is Sitting Pretty

AtaiBeckley Inc. (NASDAQ: ATAI) used its March 6, 2026 Virtual Investor Day to deliver a confident update: the company is operationally locked and loaded for the next phase of its rapid-acting mental health pipeline.

The headline news: BPL-003 (mebufotenin benzoate nasal spray) for treatment-resistant depression (TRD) remains on track to begin two parallel Phase 3 pivotal studies — ReConnection-1 and ReConnection-2 — in Q2 2026. This follows a constructive End-of-Phase 2 meeting with the FDA and builds on Breakthrough Therapy Designation plus strong Phase 2b data showing rapid antidepressant effects at Day 2, durable benefits through eight weeks, and even stronger response/remission rates after an optional second dose.

CEO Srinivas Rao captured the momentum: “With Breakthrough Therapy Designation and a robust pivotal design, we believe BPL-003 has the potential to meaningfully reshape the treatment landscape for TRD.”

The company also reaffirmed its cash runway extends through the planned early-2029 topline readouts from both Phase 3 trials, giving it a multi-year runway to execute without immediate financing pressure. On the commercial front, AtaiBeckley outlined a practical, scalable treatment model designed to slot directly into existing interventional psychiatry workflows (think Spravato-style clinics). The approach requires no in-session psychotherapy, keeps the in-clinic window short, and uses intermittent dosing — features Kavita Panke, SVP of New Product Planning, said will make the therapy “realistic and accessible in everyday clinical practice.”

Pipeline momentum continues elsewhere. Positive Phase 2a data for EMP-01 (oral R-MDMA) in social anxiety disorder were highlighted, along with the expected H2 2026 topline readout from the VLS-01 (DMT buccal film) Phase 2 Elumina study in TRD.

The day wrapped with a KOL roundtable featuring Drs. Peter Hendricks (UAB), David Feifel (UCSD/Kadima), and Samuel Wilkinson (Yale). The experts discussed how shorter, streamlined interventional models and intermittent dosing could dramatically expand access while the existing Spravato infrastructure provides a ready-made foundation for next-generation therapies.

For a company that has methodically assembled one of the most advanced psychedelic-derived pipelines in the industry, the Investor Day message was unmistakable: clinical execution is on schedule, the balance sheet is secure, and the commercial model is built for real-world scale. With BPL-003 now marching toward Phase 3 and multiple near-term catalysts ahead, AtaiBeckley is entering what could be its most consequential chapter yet.

$AAWH ( ▼ 5.75% ) Boosts Brands Presence

Today the multi-state operator announced a full-scale relaunch of its flagship lifestyle brand Ozone across all seven of its operating markets. What started as a modest lifestyle line has evolved into a premium powerhouse with a sharpened focus on quality, consistency, and that elusive “Elevate Everyday” promise.

At the heart of the transformation is the cultivation and product team whose passion for the plant drove tighter potency and terpene benchmarks, dedicated premium canopy space, improved cure protocols, and gentler post-harvest handling to preserve trichomes. The result? Stronger aroma, better structure, smoother smoke, and more predictable effects across flower, vapes, concentrates, gummies, and infused products.

“The new Ozone is a celebration of our people, the cultivators and product experts whose passion for the plant drives everything we do,” said Sam Brill, Chief Executive Officer and Director. “Their dedication has elevated the quality and consistency of our products across markets, and this relaunch reflects that progress.”

Visually, the old grey palette has been replaced by a vibrant blue that pops on shelves and in-store displays. Fresh packaging protects freshness and terpenes better than ever, while a new website and online apparel store extend the experience beyond the dispensary.

To mark the moment, Ascend is rolling out first-of-their-kind full-spectrum gummies, new macro-dose options, additional flower strains, and upgraded liquid diamonds and live resin vapes. The refreshed lineup debuts first in Illinois, Massachusetts, and New Jersey, with remaining markets following shortly.

In an industry where consumers are increasingly discerning, Ozone’s evolution from reliable to remarkable feels less like a rebrand and more like a long-overdue victory lap. For Ascend, it’s proof that investing in the people who grow the plant can turn a solid brand into a standout one.

🗞️ The News

📺 YouTube

Hemp And Marijuana Industries Leaders Potentially Aligning? | TTB Powered by Flowhub

What we will cover:

✅ On our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down several stories currently making headlines across the cannabis industry.

We begin in Florida, where the state Supreme Court rejected an appeal from marijuana legalization advocates attempting to restore invalidated ballot signatures. The decision effectively ends the campaign’s effort to place adult-use cannabis legalization on the 2026 ballot, closing the door — at least for now — on what many believed could have been one of the largest potential cannabis markets in the United States.

We also look at new reporting suggesting that leaders from the hemp and marijuana industries may be finding some common ground on federal policy priorities. With cannabis rescheduling still under review in Washington and Farm Bill negotiations continuing in Congress, some stakeholders believe a more unified industry position could influence how cannabinoids are regulated moving forward.

In addition, we discuss new research out of the Hebrew University of Jerusalem examining how cannabinoids like CBD and CBG may impact metabolic dysfunction-associated steatotic liver disease, known as MASLD. Early findings suggest these compounds could help reduce liver fat and improve metabolic function.