💸 The Tape

Just days after the Pennsylvania Senate rejected a House-passed bill to legalize marijuana through a state-run retail system, Sen. Marty Flynn (D) has announced plans to introduce a new adult-use cannabis bill—this time built around a conventional, privately operated market model.

In a cosponsorship memo circulated last week, Flynn previewed the Keystone Cannabis Act, which he says will establish a “responsible framework for cultivation, distribution, and retail sales to adults aged 21 and over.” His plan signals a departure from the controversial state-store model he previously supported, aligning more closely with what surrounding states like New York and New Jersey have implemented.

The new legislation is expected to place regulatory duties across several state agencies—including the Departments of Health, Agriculture, and Community and Economic Development—while also engaging the state attorney general and Pennsylvania State Police for oversight and enforcement.

Flynn estimates legalization could generate upwards of $500 million in annual tax revenue, a portion of which would fund the proposed Commonwealth Community Reinvestment and Infrastructure Fund. These dollars would be directed toward rural revitalization, infrastructure projects, public health, education, and mental health and substance use initiatives.

The bill also emphasizes equity and expungement, calling for:

• Prioritized licensing for individuals from communities harmed by prohibition;

• Pathways for record expungement for low-level cannabis convictions;

• Strict safety standards, including product testing, labeling, and packaging requirements;

• And public education around responsible cannabis use and treatment resources.

Flynn pitched legalization as both a matter of individual freedom and economic pragmatism: “It is high time to create a cannabis economy that reinvests tax dollars into our communities, promotes freedom while ensuring safety and security, and stimulates economic growth,” he wrote.

His announcement comes amid growing urgency from Democratic leadership and reform advocates, who see 2025 as a critical window for getting legalization done. While Gov. Josh Shapiro (D) has included legalization in three consecutive budget proposals, the effort continues to stall due to lack of consensus in the GOP-controlled Senate.

Sen. Sharif Street (D) and Rep. Rick Krajewski (D) are separately seeking to revive and amend the defeated state-run model, but Sen. Dan Laughlin (R)—who has co-sponsored legalization bills with Street—recently suggested focusing first on building out a regulatory body before authorizing adult-use sales.

Flynn’s new bill may provide a more politically viable alternative, especially considering that a majority of Pennsylvania voters support a private retail model, according to recent polls.

With legalization efforts now coming from multiple legislative fronts, Pennsylvania lawmakers appear to be recalibrating their strategies. Whether Flynn’s plan can win bipartisan support remains to be seen—but the pressure to act, especially with neighboring states reaping economic rewards, is only mounting.

📈 Dog Walkers.

RIP 4Front

What’s Going On Here: 4Front Ventures Corp. (CSE: FFNT; OTCQB: FFNTF), a vertically integrated U.S. cannabis operator, announced that all of its U.S. subsidiaries have filed for voluntary receivership in aid of liquidation under Massachusetts law as of May 22, 2025. The filings are expected to be processed by the Suffolk County Superior Court, Business Litigation Division, with receivership proceedings focused on facilitating asset sales to generate value for stakeholders.

Key Developments:

• Continued Operations: The company expects to operate during the receivership, with a focus on selling subsidiary assets in one or more transactions.

• Asset Quality: 4Front highlights strong cultivation, manufacturing operations, and innovative retail stores as potential value drivers.

• Legal Representation: Foley Hoag LLP is representing 4Front during the proceedings.

• Trading Impact: Due to missed financial filings and the receivership petition, 4Front is expected to be delisted from the CSE and OTCQB. The Ontario Securities Commission has already issued a cease trade order for its Canadian-listed stock.

More information will be provided by the court-appointed receiver once designated.

This marks a significant pivot for 4Front, once considered a promising MSO with a strong product focus, now aiming to maximize recovery through an orderly wind-down and sale process.

Curaleaf Expands In Florida

What’s Going On Here: Curaleaf Holdings, Inc. (TSX: CURA, OTCQX: CURLF) has announced the grand opening of its 67th Florida dispensary, located in Punta Gorda at 100 Madrid Blvd., Suite 511. This marks the company’s 153rd retail location nationwide. The new dispensary officially opens to medical patients on May 23, 2025, with a grand opening celebration set for May 30 from 11:00 AM to 3:00 PM ET.

Located near popular attractions like Fishermen’s Village and Harborwalk, Curaleaf Punta Gorda will offer a full lineup of the company’s signature and exclusive products, including:

• Select BRIQ vapes and RSO X-Bites

• Anthem pre-rolls

• Grassroots Dark Heart Collection

• Reef, a Florida-exclusive flower brand

The dispensary will be open Monday–Saturday from 9:00 AM to 8:30 PM ET and Sunday from 10:00 AM to 7:00 PM ET. Trained team members will be available to assist Florida-registered medical cannabis patients with personalized guidance.

Curaleaf has also launched new patient incentives, including:

• 60% off a new patient’s first three visits

• Ongoing discounts for seniors, veterans, students, and referral rewards ($10 for referrer and referee)

This latest addition reinforces Curaleaf’s strategic presence in both major metros and local Florida communities, following the recent opening of its hemp-focused retail store in West Palm Beach.

🗞️ The News

📺 YouTube

Texas Hemp Ban, SAFE Banking Turmoil & Curaleaf Expands: This Week in Cannabis | Trade to Black

What we will cover:

✅ Host Shadd Dales unpacks a big week in cannabis—highlighting policy crackdowns, digital reform, and major corporate shifts across the U.S. and Canada.

The headline out of Texas: Senate Bill 3 has passed, heading to Governor Greg Abbott’s desk. If signed, it will effectively outlaw all THC-containing hemp products—making hemp possession punishable by up to one year in jail, while marijuana possession carries only six months. Critics warn this could devastate a market worth $8 billion, eliminating over 50,000 jobs and crushing small businesses. Advocates are preparing legal challenges, while the state’s medical marijuana program (TCUP) continues to expand slowly.

In New York, regulators launched a new “Buy Legal” digital map that connects consumers to licensed dispensaries. Early signs show it’s working—legal cannabis sales jumped 105% in areas targeted by enforcement efforts.

Meanwhile in D.C., the SAFE Banking Act may be attached to the GENIUS Act, though pushback from Smart Approaches to Marijuana (SAM) remains strong.