💸 The Tape

MariMed Inc. (CSE: MRMD / OTCQX: MRMD) is officially making moves in the Empire State. The multistate cannabis consumer packaged goods company announced a licensing agreement with Farm 2 Hand, LLC, a New York State cannabis license holder, to bring its top-selling edibles portfolio to one of the country’s most sought-after cannabis markets.

Under the deal, Farm 2 Hand will manufacture and distribute MariMed’s flagship brands, including Betty’s Eddies™ fruit chews, Bubby’s Baked™ baked goods, and InHouse™ gummies, in accordance with New York’s stringent cannabis regulations. Production will take place in a new Bronx kitchen — designed and equipped by MariMed itself — positioning the company for a seamless product rollout once state approvals are in hand.

“Expanding the availability of our brands to the Empire State and its $6 billion total addressable market marks a significant step forward in our plan to own top-selling cannabis brands across the U.S.,” said CEO Jon Levine, calling New York a cornerstone for both wholesale growth and national brand visibility. Levine added that being present in “the nation’s top media and influencer market” will further boost brand awareness beyond the state’s borders — a key differentiator for MariMed’s disciplined CPG-driven strategy.

If all goes as planned, MariMed products will hit shelves in New York’s 500+ dispensaries in 2026, following facility completion and regulatory greenlights.

The move adds another spoke to MariMed’s national expansion wheel, complementing its strong footprints in Maryland, Massachusetts, Illinois, and Delaware. The company’s model — focused on brand licensing, asset-light partnerships, and operational consistency — continues to yield high-margin wholesale growth even as broader sector volatility weighs on MSO valuations.

For context, MariMed’s recent financials underscored its resilience: net income of $1.5 million, adjusted EBITDA up 9% to $10 million, and improved operational cash flow by $34 million year-over-year. With just $4 million in net debt and $265 million in cash, MariMed’s balance sheet strength provides the firepower to execute brand rollouts like New York without overleveraging.

While the timeline to first sales still depends on New York’s notoriously slow regulatory machinery, MariMed’s entry is strategically timed. The state’s adult-use market — after years of bottlenecks and litigation — is finally scaling up, with nearly 500 retail licenses now active or pending.

📈 Dog Walkers

$HITI ( ▼ 2.77% ) Adds Another One In Ontario

What’s Going On Here:High Tide Inc. (Nasdaq: HITI | TSXV: HITI) is adding more horsepower to its Ontario expansion, announcing that its newest Canna Cabana location in Hamilton, Ontario will open for adult-use sales on October 27, 2025. The new store, located at 518 Centennial Parkway North, pushes High Tide’s national footprint to 211 Canna Cabana stores, including 89 in Ontario—a province that continues to drive Canada’s retail cannabis growth story.

“Hamilton has been one of our strongest markets nationwide,” said Raj Grover, High Tide’s Founder and CEO. “The city has embraced our value-driven retail model and remains incredibly loyal to the Cabana Club. This new store strengthens our presence in one of Ontario’s most dynamic retail corridors.”

The Stoney Creek location sits in a high-traffic commercial zone, directly across from major retailers and transit stops, and just off the QEW, one of the province’s busiest highways. With nearly 47,000 residents within a three-kilometer radius and steady commuter flow, the new site is strategically positioned to capture both local and through-traffic demand.

High Tide’s discount-club model has redefined cannabis retail economics in Canada—pairing low prices with loyalty-driven engagement. Over 2.2 million Cabana Club members now account for over 90% of in-store sales, and the company recently raised its growth targets to 3 million members and 350 stores across Canada.

Bottom line: As many competitors downsize or consolidate, High Tide keeps scaling, proving that disciplined pricing and brand consistency can still drive profitable expansion in Canadian cannabis retail. With Hamilton now officially part of the Cabana Club empire, High Tide’s growth narrative is showing no signs of slowing down.

MORE Act Gets Another Sponsor

What’s Going On Here: Rep. Jennifer McClellan (D-VA) has officially signed on as the 58th cosponsor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, making her the first member of Congress from Virginia to endorse the sweeping federal cannabis reform bill.

Her support adds to the growing momentum behind the proposal, which has steadily picked up Democratic backers since its reintroduction last month — though it still lacks any Republican cosponsors, underscoring the partisan divide that continues to shape cannabis legislation in Washington.

If enacted, the MORE Act would remove marijuana from the federal Controlled Substances Act, effectively ending national prohibition and allowing states to set their own policies without federal interference. The bill also includes comprehensive restorative justice measures, including expungement of past federal convictions, resentencing provisions, and a new federal excise tax on cannabis sales.

Revenue from that tax would fund community reinvestment programs, such as job training, youth services, and re-entry initiatives for those most harmed by past enforcement. The legislation would also prevent marijuana convictions from being used to deny housing, loans, or federal benefits, while granting cannabis businesses access to Small Business Administration programs — a first for the industry.

The MORE Act has twice passed the House under Democratic control but has never cleared the Senate. This time, it faces a tougher path in a divided Congress, even as the competing STATES 2.0 Act — a bipartisan but narrower bill that protects state-level legalization — continues to gather modest support.

Bottom line: McClellan’s endorsement signals steady, if partisan, momentum for federal reform — but with GOP buy-in still missing, the road to legalization remains uphill.

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📺 YouTube

Jushi & MariMed Talk PA Strategy | Trade to Black

What we will cover:

✅ Pennsylvania could be the next big story in U.S. cannabis — and this time, it feels like something real is happening. With more than 440,000 medical patients, $1.7 billion in yearly sales, and a new Senate bill to create a Cannabis Control Board, the Keystone State looks like it’s quietly getting ready for adult-use legalization. But how close are we, really?

On this episode of TDR Trade To Black, host Shadd Dales sits down with Trent Woloveck, Chief Strategy Officer at Jushi Holdings (OTCQX: JUSHF), and Ryan Crandall, Chief Commercial Officer at MariMed (CSE: MRMD), to talk through what’s actually going on behind the scenes. They cover Pennsylvania’s reform timeline, the fight over hemp-derived THC, and how both companies are positioning themselves for when the market finally opens up.

From Jushi’s massive vertical footprint — with 18 dispensaries and a 160,000 sq ft grow — to MariMed’s brand-driven playbook built around Standard Farms, this panel gets into what legalization could mean for retail, consumers, and investors if rescheduling lands in 2025.