💸 The Tape

In the Show-Me State, they’re showing intoxicating hemp products the door — politely, legislatively, and with a 109-34 vote.

On Thursday, the Missouri House approved a bill sponsored by Republican Rep. Dave Hinman of O’Fallon that would ban nearly all hemp-derived THC edibles, seltzers, and similar consumables beginning in November. The measure mirrors the strict limits tucked into last year’s federal spending bill: no more than 0.4 milligrams of THC per container. But Missouri isn’t stopping at federal alignment. Even if Congress reverses course or delays the national ban, Hinman’s legislation would still confine any surviving low-dose hemp drinks to the state’s licensed marijuana dispensaries — and only if those products are grown in Missouri.

The practical effect is sweeping. By declaring intoxicating hemp products “marijuana” under state law, the bill funnels them into the tightly regulated, in-state cultivation and retail system voters approved years ago. That means the 40,000 food establishments, smoke shops, and 1,800 food manufacturers currently carrying popular brands like Mighty Kind or Triple seltzers would have to clear their shelves or risk enforcement action.

“We’re not pioneering anything new here,” Hinman told colleagues during floor debate. “What Missouri is doing…is simply aligning our state statutes with the federal action so our law enforcement, the highway patrol, local prosecutors and the attorney general’s office can work in tandem with our federal partners. No gaps, no loopholes.”

The vote marks the fourth consecutive year Missouri lawmakers have tried to tame the post-2018 Farm Bill hemp boom. Previous efforts ended in stalemate; this time, Hinman says the federal hammer made the difference. He insists he’s “pro small business” and spent ten months last year trying to broker a regulatory framework that would have let drinks and low-dose gummies stay in conventional retail. When industry players couldn’t agree, the fallback became alignment with Washington — and with the state’s existing marijuana infrastructure.

Republican Rep. Matthew Overcast of Ava wasn’t buying the public-safety framing. He argued the bill rewrites voter-approved constitutional language that only voters themselves can change. More pointedly, he called it protectionism dressed as policy: “We cannot rewrite voter adopted language by statute simply because certain market participants prefer less competition.” If child safety were the real goal, Overcast said, the answer is obvious — age restrictions, clear labeling, child-proof packaging, and responsible retail rules — not handing the entire category to the “marijuana monopoly.”

Hinman countered that the state constitution already defines marijuana broadly as anything from the cannabis plant except industrial hemp. “Hemp-derived cannabinoid products are not industrial hemp. They are intoxicating,” he said, insisting lawmakers have the authority to draw the line.

Rep. Jeff Myers of Warrenton framed the bill more bluntly as closing an exploited loophole: “The federal government went back and addressed a loophole that got exploited. We’re closing that back up.”

The bill now moves to the Senate, where the conversation is likely to grow even livelier. Hinman acknowledged this wasn’t his first-choice outcome — he originally wanted to delay alongside any federal extension — but worried an open-ended pause would leave the market unregulated indefinitely, frustrating law enforcement and the attorney general.

For consumers, the shift could feel jarring. Low-dose THC beverages have quietly become a fixture in liquor stores, bars, and corner markets, offering a milder, more social alternative to traditional edibles or flower. For small businesses outside the cannabis license system, the bill threatens a revenue stream that exploded after the 2018 federal legalization created a gray-area gold rush. Yet for licensed marijuana operators, it represents a long-sought leveling of the playing field against what they view as unregulated competition.

The debate captures the broader tension rippling through the industry in 2026. Federally, the hemp market faces its own November reckoning, while states scramble to adapt. Missouri’s approach — aggressive alignment rather than creative compromise — reflects one philosophy: when Washington tightens the rules, mirror the move and avoid the chaos of mismatched enforcement.

Whether the Senate softens the edges, adds carve-outs for beverages, or sends the bill to the governor unchanged will shape Missouri’s cannabis landscape for years. Hinman, for his part, seems ready for the next chapter: if federal policy later allows broader hemp sales, the state can always circle back and legislate anew.

In a session barely underway, the House has already delivered one of its most consequential cannabis votes. The Show-Me State isn’t just watching the national hemp drama — it’s writing its own script, one tightly capped milligram at a time.

📈 Dog Walkers

$CBSTF ( ▼ 6.36% ) Extends Again

The multi-state operator (Cboe CA: CBST) (OTCQB: CBSTF), one of the most experienced cultivators, manufacturers, and retailers in the United States, announced today that the ad hoc group of noteholders holding its 9.25% Senior Secured Notes and 9.00% Senior Secured Convertible Notes — both due December 31, 2028 — have agreed to a further extension of the existing forbearance agreement. The lenders will continue to refrain from exercising any rights or remedies under the amended and restated indenture until February 27, 2026.

This latest breathing room builds directly on the previously announced pact, giving management a narrow but valuable window to advance discussions on long-term capital solutions while operations continue uninterrupted.

For a company that has built a national footprint through cycles of regulatory fog and market volatility, the extension is more than procedural housekeeping — it’s a quiet vote of confidence from sophisticated creditors who clearly see value in keeping the lights on and the plants growing. With federal rescheduling momentum and state-level expansion still unfolding, every extra day of stability counts.

In an industry where balance-sheet drama is practically seasonal, Cannabist just secured a few more sunrises. Not a full rescue, but enough runway to keep the story moving in the right direction.

🗞️ The News

📺 YouTube

The March Effect in Cannabis Stocks | TDR Cannabis in 5

What we will cover:

✅ March has developed a reputation in cannabis equities — and it’s not always obvious why.

In this episode of TDR Cannabis in Five presented by Flowhub, Shadd Dales steps back from daily headlines and earnings reports to examine something more structural: seasonality in cannabis stocks.

Looking back roughly 10–15 years — from early Canadian LP cycles to modern U.S. MSO volatility — March has often behaved as a transitional month.

Not consistently bullish.
Not consistently bearish.
But frequently lighter in trading participation and more sensitive to headlines.