💸 The Tape

Pennsylvania Gov. Josh Shapiro is optimistic that lawmakers can pass a marijuana legalization bill by the end of this month’s budget deadline, calling on the GOP-controlled Senate to “put their ideas on the table” following the defeat of a House-passed cannabis reform measure.

During a press briefing focused on transportation, Shapiro was asked about the status of marijuana and gaming legalization—both of which were proposed in his latest budget request.

Shapiro said his administration has had “good conversations”—particularly around skill games—but stressed that lawmakers “understand the importance of finally regulating and taxing” both marijuana and gaming.

Asked whether he thinks legalization could reach his desk this month, Shapiro responded, “That’s my hope.” He emphasized the issue as one of “competitiveness,” pointing out that every bordering state except West Virginia has already legalized marijuana.

“You go visit some of these dispensaries along our border...sixty percent of the people walking into those dispensaries are from the Commonwealth of Pennsylvania,” he said. “We’ve got to catch up.”

Shapiro also framed legalization as a matter of justice, saying it’s time to “wipe away the convictions” for low-level cannabis possession and regulate an industry currently run by the black market.

The recent defeat of a House-backed legalization bill—one that would have created state-run dispensaries—has left the fate of reform unclear. Still, Sen. Sharif Street (D) and Rep. Rick Krajewski (D) are working on a compromise they hope to pass before the budget deadline.

Sen. Marty Flynn (D) has also announced plans to file a new legalization bill.

Sen. Dan Laughlin (R), who previously co-sponsored legalization legislation, recently called for pumping the brakes, suggesting lawmakers first create a new regulatory body to oversee medical marijuana and hemp as a precursor to adult-use legalization.

Meanwhile, some lawmakers have blamed one another for the failed House bill, with Krajewski accusing Senate Republicans of being “stuck in their prohibitionist views.”

Nonetheless, momentum is building, with various bills addressing medical cannabis, farmer participation, and industry oversight—and the governor is making it clear: he wants a bill on his desk this month.

📈 Dog Walkers.

$CYBN ( ▲ 2.8% ) Cybin Strengthens Patent Portfolio

What’s Going On Here: Cybin Inc. (NYSE American: CYBN) (Cboe CA: CYBN) announced it has been granted U.S. Patent No. 12,318,477 for its CYB004 program— a deuterated DMT formulation in development for treating generalized anxiety disorder (GAD). The patent covers intramuscular (IM) delivery methods and is expected to provide protection until 2040.

“This patent reinforces the strength of our IP portfolio and validates CYB004’s potential as a fast-acting, short-duration treatment for anxiety,” said CEO Doug Drysdale. CYB004 is currently being evaluated in a Phase 2 study, with results anticipated mid-year. Cybin now holds over 90 granted patents and 230+ pending applications across its psychedelic drug pipeline.

$IXHL ( ▼ 3.24% ) Incannex Blows Up Board

What’s Going On Here: Incannex Healthcare (Nasdaq: IXHL) has appointed four prominent experts to its Clinical Advisory Board for IHL-42X, its once-daily oral treatment for Obstructive Sleep Apnea (OSA). The additions include:

• Dr. Scott Sands and Dr. Ali Azarbarzin, both Associate Professors at Harvard Medical School and sleep researchers at Brigham and Women’s Hospital

• Dr. Lora McGill, neurologist and veteran clinical trialist

• Dr. Nancy Collop, Director of the Emory Sleep Center and past AASM President

The advisory board expansion supports Incannex as it prepares to announce Phase 2 topline data in July and launch a Phase 3 U.S. trial later this year.

🗞️ The News

📺 YouTube

What the U.S. Can Learn from Ontario’s Marijuana Market | TDR Podcast

What we will cover:

✅ Host Shadd Dales breaks down one of the most underreported stories in the cannabis industry: Ontario sold over $2.15 billion in legal cannabis in 2024 — and the U.S. should be paying attention.

This isn’t just a big number. It’s proof that a legal framework can work when access, pricing, and product variety align. Ontario moved nearly 409 million grams of cannabis last year, with consumers shifting rapidly from the illicit market to licensed retailers. In fact, 61% of Ontarians now say they buy only from legal sources.

Shadd dives into what’s driving this surge — from pre-roll popularity to pricing strategy — and asks the bigger question: Why is the U.S. still lagging behind?

This episode isn’t about patting Ontario on the back. It’s about using real data to guide smarter cannabis reform, both federally and at the state level in America.