💸 The Tape

If it feels like there’s a vape shop on every corner in Pennsylvania, you’re not imagining things. What was once a novelty storefront has become a statewide boom industry — and now lawmakers are scrambling to catch up.

Since the 2018 Farm Bill cracked open the door to hemp, entrepreneurs have rushed in with a flood of “hemp-derived” products that exist in what regulators politely call a gray area. State Sen. Dan Laughlin (R-Erie) says some are doing it right — sourcing clean product, verifying age, and following the rules — but far too many aren’t.

“Gas stations, vape stores, and convenience shops are selling unregulated hemp with no known testing, labeling, or age restrictions,” Laughlin warned this week. “That was not the intention of the 2018 Farm Bill.”

At the heart of the issue is THCA, a compound that’s technically non-psychoactive until heated — at which point it becomes THC. By concentrating THCA extracted from legal hemp, manufacturers can create potent products that look compliant on paper but act like full-strength cannabis. Laughlin calls it a “wink-and-nod” loophole that leaves regulators powerless and consumers unprotected.

To fix it, Laughlin is championing Senate Bill 49, which would shift oversight of Pennsylvania’s medical marijuana program away from the Department of Health and into the hands of a new Cannabis Control Board. The Senate Law & Justice Committee, which Laughlin chairs, advanced the measure last week.

The proposed board would create uniform safety standards for cannabis and hemp products — including testing, packaging, and age gating — and give regulators the authority to tweak rules quickly rather than waiting years for new legislation. “If a minor adjustment is needed, a board could do it in a week instead of two years,” Laughlin said.

Importantly, Laughlin insists the bill isn’t a backdoor attempt at recreational legalization. Rather, it’s about “cleaning up the system we already have” before the inevitable adult-use debate arrives. Still, he concedes that if and when legalization comes to Pennsylvania, having a professional regulatory body in place “would make sense.”

The measure now heads to the full Senate and, if passed, on to the House of Representatives for consideration. For now, the state’s vape shop boom remains both a symbol of market demand and a reminder of how fast innovation can outpace policy — something Laughlin’s proposal aims to reverse before the next wave of “hemp-derived creativity” hits Main Street.

📈 Dog Walkers

$CYBN ( ▲ 4.34% ) Goes Big Time

What’s Going On Here: Cybin Inc. (Cboe CA: CYBN | NYSE American: CYBN) announced a $175 million registered direct offering, marking one of the largest capital raises in the psychedelics sector this year. The financing includes 22.3 million common shares (and equivalent pre-funded warrants) at US$6.51 per unit, with each unit accompanied by 0.35 of a common share purchase warrant exercisable at US$8.14.

The investor roster reads like a who’s-who of biotech backers — including Venrock Healthcare, OrbiMed, Point72, Deep Track Capital, Ally Bridge Group, Boxer Capital, and others. The warrants will remain exercisable until the earlier of June 2027 or 30 days following topline results from Cybin’s Phase 3 APPROACH trial of CYB003, the company’s lead major depressive disorder (MDD) program.

Jefferies, TD Cowen, and Cantor are serving as joint lead placement agents, with Bloom Burton Securities also participating. The raise will allow Cybin to repay its outstanding convertible debentures held by High Trail Special Situations, advance its CYB003, CYB004, and CYB005 pipelines, and extend its cash runway into 2029.

“This successful financing reflects the strength of Cybin’s clinical data and the confidence of institutional investors in our mission to transform mental healthcare,” said Christian Angermayer, Cybin’s Founder and Chairman. “Psychedelic therapeutics are on the verge of redefining psychiatry, and we’re positioned at the forefront of that change.”

Bottom line: With its balance sheet fortified and Phase 3 trials on deck, Cybin is entering the next leg of the psychedelic medicine race with deep-pocketed institutional backing — and a clear path toward potential FDA engagement in 2026.

$VRNOF ( ▲ 5.67% ) Settles Major Suit

What’s Going On Here: Vireo Growth Inc. (CSE: VREO | OTCQX: VREOF) and Verano Holdings Corp. (Cboe CA: VRNO | OTCQX: VRNOF) have officially put their long-running dispute to rest. The two companies announced a comprehensive settlement that will dismiss all outstanding litigation between them pending before the Supreme Court of British Columbia.

Under the Settlement Agreement, Vireo will receive roughly US $10 million in value, composed of select real-estate assets and US $1 million in cash. The deal was unanimously approved by both Boards, signaling a mutual desire to move past years of costly legal distractions and focus on growth.

In a joint statement, the companies said the agreement allows both parties “to focus fully on their respective strategic priorities without the distraction of ongoing litigation.”

The resolution ends what had been a complex tangle of claims and counterclaims dating back several years — one of the more notable inter-operator legal battles in U.S. cannabis. For Verano, the move helps streamline its balance sheet and clear lingering contingent liabilities. For Vireo, it delivers a clean capital infusion and tangible assets at a time when liquidity across the sector remains tight.

Bottom line: It’s peace through pragmatism. Both operators can now redirect resources from lawyers to licenses — a rare case where the biggest winners might just be the shareholders.

VRNO Earnings Release

🗞️ The News

📺 YouTube

Medical Cannabis Cuts Opioid Prescriptions | TDR Cannabis in 5

What we will cover:

✅ A new peer-reviewed study just confirmed what many in the cannabis industry have long believed — legalizing medical marijuana leads to significant reductions in opioid prescriptions. But if the data is this clear, why are so many states still restricting access to medical cannabis and home cultivation?

TDR Cannabis in Five, presented by Dutchie, breaks down the findings from researchers at the University of Southern California and Cornell University, who analyzed Medicaid prescription data from 2010 to 2020. They discovered that states with active medical cannabis programs — especially those allowing home-grow — saw the steepest declines in opioid use.

The takeaway is undeniable: expanding safe, regulated access to cannabis isn’t just good policy, it’s a public-health win. Fewer opioid prescriptions mean fewer overdoses, fewer emergency visits, and more patients finding safer ways to manage chronic pain. Science now confirms what advocates have said for years — medical cannabis saves lives.