💸 The Tape

Ohio lawmakers are once again rolling up their sleeves—and possibly rolling back voter-approved cannabis reforms. On Wednesday, the House Judiciary Committee took its first hard look at HB 160, a bill from Rep. Brian Stewart (R) that would overhaul the adult-use marijuana law passed by voters in 2023.

The proposal, which critics say chips away at key equity and consumer protections, includes a slew of changes: new criminal penalties, tight THC caps, and a repeal of social equity provisions. In short: what voters passed was legalization with benefits; what’s now on the table is legalization with a lot of footnotes.

“We’d like to have this passed by June,” Stewart said, assuring his colleagues there’s no rush—just a slow burn through the details. Lawmakers also adopted a six-page amendment that somehow manages to further dilute the original law, particularly when it comes to equity, access, and local funding.

Among the biggest changes:

Equity erased: The bill would repeal the Cannabis Social Equity and Jobs Program and nix the requirement that 15% of licenses go to disadvantaged groups. Apparently, social justice isn’t on the committee’s menu.

Criminal penalties return: Possessing cannabis not purchased at a licensed dispensary or grown at home could now result in criminal charges—bad news for anyone who, say, shares a joint with a friend or can’t find the receipt from their local budtender.

Product restrictions galore: The bill locks THC caps at 70%, bans regulators from adjusting them, and prohibits approval of new adult-use products. Flexibility? Out the window.

License lottery adjustments: If applications exceed supply, a new lottery system would favor “better qualified” applicants—but only some locals are even eligible for the spoils. Tax revenue would now only go to towns hosting dispensaries, leaving others out in the cold.

On the (very small) bright side, HB 160 does offer a path to expungement for past possession offenses—for a $50 fee, naturally.

While Stewart insists the bill maintains “the overall will of the voters,” advocates see it differently. “This is about control,” one legalization supporter commented. “It’s like Ohio voters gave lawmakers a roadmap, and they’re trying to take a detour through prohibition.”

Senate Bill 56, a similar (and arguably stricter) measure, has already passed the upper chamber, while Gov. Mike DeWine continues to push his own changes—most notably reallocating cannabis tax revenue toward law enforcement and jails.

Whether this is thoughtful regulation or legislative gaslighting depends on your perspective. For now, Ohio’s cannabis future is still cloudy—with a forecast of heavy amendments ahead.

📈 Dog Walkers.

4Front Is A Dumpster Fire In View

What’s Going On Here: 4Front Ventures is shaking up its boardroom and hitting pause on its year-end financials as it navigates ongoing financing and restructuring efforts. Three directors—Chetan Gulati, Roman Tkachenko, and Leo Gontmakher—have exited the Board, a strategic move to improve governance and eliminate potential conflicts of interest tied to the company’s senior lenders. The board reshuffle leaves Chairman Kris Krane and Audit Chair David Daily to hold the fort.

Meanwhile, 4Front missed its March 31 filing deadline for its FY2024 financials and says it likely won’t make the 15-day extension either, aiming instead to get its books in order within 60 days of resuming the audit. To conserve cash, the company is also paying four directors in equity—issuing over 6.5 million RSUs at C$0.05 per share in lieu of cash compensation. The RSUs will vest and convert to shares upon certain events, as per the agreements. It’s a classic belt-tightening moment, as 4Front retools for what it hopes is a more independent and financially stable future.

Why This Matters: Would not touch this name with a ten foot pole. God speed.

Tilt Is In Default

Whats Going On Here: TILT Holdings is on damage control after receiving default notices from Innovative Industrial Properties (IIP) over unpaid rent on two cannabis facilities in Pennsylvania and Massachusetts. The tab: over $1.1 million owed for the White Haven, PA site and nearly $3 million for the Taunton, MA property—including rent, late fees, and security deposit shortfalls. IIP threatened lease termination and legal action if things weren’t squared away by April 4, 2025.

In response, TILT quickly got to the negotiating table and has already made payments covering April’s rent, earning a temporary reprieve from eviction. The company says it’s committed to resolving the remaining debt and securing more favorable terms. It's a classic cannabis cash crunch, but for now, TILT is buying time—and hopefully, a little breathing room.

Why This Matters: They have negotiated and are apparently in good standing but I wouldnt be surprised to see this happen again.

🗞️ The News

📺 YouTube

Trump Stalls Cannabis Reform, Plus Mindmed CEO's 2025 Outlook | Trade to BLack

What we will cover:

✅ Coming up at 11 AM Eastern time in our latest Trade To Black podcast, host Shadd Dales will welcome in Margaret Brodie, CEO of Rubicon Organics (TSXV: ROMJ), to dive into the company’s impressive 2024 earnings and what’s ahead for 2025. From strong financials to international expansion, this episode covers key developments shaking up the cannabis space.

Here’s what you’ll hear:

•Rubicon’s Record-Breaking 2024 Margaret Brodie breaks down Rubicon’s 21% year-over-year revenue growth and how the brand gained serious traction in flower and vapes.

•Inside the Hope Facility Expansion Rubicon is scaling up with a new 47,500 sq. ft. grow facility, increasing capacity by 40% to meet growing demand in Canada and abroad.

•U.S. Politics Meets Cannabis: Elon Musk Targeted Shadd and Anthony unpack a new bill from Rep. Mikie Sherrill requiring Elon Musk and others with access to sensitive data to undergo drug testing.

•Capital Crunch Breakdown with Frank Colombo Frank Colombo of Viridian Capital returns to explain why MSOs are still struggling with working capital—who’s improving and who’s falling behind.