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🌿 NC's Governor Stein is Leading the Cannabis Charge

GM Everyone,

Things are heating up in NC.

Tune in at 11am.

💾 The Tape

North Carolina Governor Josh Stein (D) is riding into the cannabis conversation like a sheriff in a lawless town—ready to bring order to what he calls the state’s “Wild West” of intoxicating hemp sales.

In a video posted Wednesday, Stein didn’t mince words about the chaos he sees unfolding across the Tar Heel State. “Today, all across North Carolina, there are unregulated THC products that are intoxicating available for purchase,” he said. Vape shops, he warned, are selling THC-laced products without age restrictions, labeling standards, or meaningful oversight.

To wrangle this unruly marketplace, Stein recently signed an executive order creating the Advisory Council on Cannabis, a bipartisan task force with a long to-do list. Its mission? Develop a comprehensive cannabis policy that could finally usher in regulated marijuana sales for adults, all while protecting youth, public health, and the state's agricultural roots.

“Our state’s unregulated cannabis market is the Wild West,” Stein said. “Let’s create a safe, legal market for adults that protects North Carolina’s children.”

The 30-member council will include lawmakers, law enforcement, health professionals, tribal representatives, and advocates. Their goal is to craft recommendations—due in May 2026, with a final report by year’s end—that might finally push North Carolina from the prohibition era into the modern cannabis economy.

North Carolina is currently one of the few states without a comprehensive medical marijuana law. Past attempts, like Sen. Bill Rabon’s (R) long-running medical cannabis push, have fizzled in the House. But Stein, formerly the state’s attorney general, believes now’s the time to go big, arguing that a full adult-use market can avoid the “growing pains” other states face when transitioning from medical-only systems.

Some legislative movement is already underway. Rep. Aisha Dew (D) filed a robust medical marijuana bill in April, and separate bills to legalize recreational or dual-use cannabis have also been introduced this session.

Still, the path forward runs through a divided legislature. Stein’s plan might get some GOP side-eye—especially from Rabon, who insists his medical cannabis support doesn’t open the door to broader legalization.

But if Stein gets his way, North Carolina won’t be stuck in neutral much longer. Instead, it may be on the verge of riding into a new frontier—this time with rules, regulations, and maybe a few fewer vape shops pretending to be pharmacies.

📈 Dog Walkers.

$IXHL ( ▌ 11.73% ) Shores Up Capital Structure

What’s Going On Here: Incannex Healthcare Inc. has successfully canceled all remaining Series A Warrants—removing 347.2 million shares of potential dilution—by raising the full $12.2 million needed through its At-The-Market (ATM) facility. The move clears a major overhang on the company’s stock and streamlines its capital structure ahead of the anticipated Phase 2 topline data for IHL-42X in July 2025.

CEO Joel Latham emphasized the importance of the action, saying it reflects Incannex’s commitment to “disciplined capital management and long-term value creation.” With no FDA-approved drug currently available for obstructive sleep apnea, the IHL-42X program is being positioned as a potential first-in-class oral treatment.

NY Issues Major Recall

What’s Going On Here: The New York State Office of Cannabis Management (OCM) has issued a statewide recall of multiple products from IndoGrow LLC after tests revealed unsafe pesticide levels. The affected items were initially quarantined due to testing issues with a previously authorized lab. Upon retesting, nine products were flagged for contamination.

Recalled Products and Lot Numbers:

  • The Force Pre-Roll – SWDV01

  • Blue Coffee Flower – IC099-001-BC

  • Blue Coffee Pre-Roll – IC099-BC1-PR

  • Sour Runtz Flower – IC099-001-SR

  • Sour Runtz Pre-Roll – IC099-SR1-PR

  • Cosmic Burst Flower – PPPG01

  • Oreoz Flower – IC099-001-OR

  • Oreoz Pre-Roll – IC099-OR1-PR

  • Secret Formula Flower – IC099-001-SF

These products may also be labeled under Indi, Grow by Indi, Our Creation, or Grow with Us.

What to Do:

  • Consumers should return all recalled products—sealed or opened—to the dispensary where they were purchased.

  • No adverse effects have been reported to date.

  • Reports can be submitted via the OCM incident form.

The legal tested market seems to work. O wow.

đŸ—žïž The News

đŸ“ș YouTube

Why Canadian Cannabis Companies Are Dominating Germany’s Medical Market | TDR Podcast

What we will cover:

✅ Host Shadd Dales explores how Canadian producers like Village Farms (VFF), Aurora Cannabis (ACB), and Tilray (TLRY) are quietly leading the charge in Europe’s largest medical cannabis market.

While Canada’s domestic market remains saturated and cost-constrained, these LPs are leveraging Germany’s pharmacy-driven system, where EU-GMP compliance, insurance reimbursement, and regulated supply chains create stronger pricing power and real growth potential.

Village Farms, widely seen as the most efficient operator in the space, continues to expand its international footprint. Aurora, meanwhile, is doubling down on its medical strategy in Europe. Tilray still holds significant volume in the German market, but competition is heating up.

Germany’s recent cannabis reform is starting to shift real momentum toward imports — and Canadian players are positioned to benefit from first-mover regulatory status.