💸 The Tape

Pennsylvania’s latest budget season has come and gone—and once again, adult-use cannabis didn’t make the cut. Governor Josh Shapiro had pitched legalization as both a social and fiscal win for the Commonwealth, but GOP leadership in the Senate wasn’t having it. The governor eventually signed a budget devoid of any marijuana reform, opting to end a months-long stalemate rather than die on that hill (or grow-op).

Still, insiders say the momentum hasn’t gone up in smoke—just delayed. Key House Democrats including Dan Frankel and Rick Krajewski, who spearheaded this year’s HB 1200, say the fight now shifts to 2026, when they see a clearer path to end prohibition. Frankel conceded that without Senate GOP buy-in, legalization was always a long shot for this budget cycle. “We weren’t counting on it,” he admitted, noting that Republican leadership simply doesn’t yet have the votes to move a cannabis bill.

Krajewski, for his part, is framing the issue around fiscal pragmatism. With the state facing tight budgets and resistance to new taxes, adult-use cannabis represents one of the few politically palatable ways to raise revenue. His state-store-run model—a Pennsylvania Liquor Control Board sequel for cannabis—remains on the table, though Senate Republicans may push for a private-retail alternative.

Representative Emily Kinkead struck a more optimistic tone. Legalization, she said, is no longer an “if” but a “when.” Her pitch? Revenue creativity. “Nobody’s interested in raising taxes,” Kinkead noted. “We need new revenue, and recreational marijuana is one of the clearest ways to get there.” She also floated skill-game regulation as another complementary fix—suggesting that budget negotiators could bundle both issues in 2026 to build bipartisan support.

The political math might finally line up. With neighboring New York, New Jersey, Maryland, and Ohio all going legal, Pennsylvania is increasingly surrounded by tax revenue it can’t touch. Meanwhile, polls consistently show two-thirds of voters favor legalization. Even some Senate Republicans quietly acknowledge the inevitability—they just want to control how it happens.

So, while 2025’s budget may be dry, the groundwork for 2026 is fertile. Expect a year of hearings, revised frameworks, and backroom math on just how much cannabis can plug Pennsylvania’s revenue gap. For now, the Keystone State remains prohibitionist—but only barely.

📈 Dog Walkers

$CURLF Expands In the UK

The UK’s medicinal cannabis market just got a major infusion of international credibility. Curaleaf Laboratories, one of Britain’s leading producers of cannabis-based medicines, has inked a landmark partnership with Australian Natural Therapeutics Group (ANTG)—a heavyweight in Australia’s pharmaceutical-grade cannabis scene.

Under the deal, Curaleaf Laboratories will manufacture and distribute ANTG’s product line across the UK, marrying ANTG’s cultivation and formulation expertise with Curaleaf’s local manufacturing infrastructure and regulatory experience. It’s a move that could redefine product consistency, patient access, and supply reliability in a market still finding its clinical footing.

“This partnership marks a significant milestone,” said Curaleaf Laboratories Managing Director Richard Hodgson, emphasizing the company’s mission to expand access to evidence-based cannabis medicines. With the UK medical cannabis framework still limited to specialist prescriptions, the addition of rigorously standardized products is expected to strengthen the trust of both clinicians and patients.

ANTG founder and CEO Matt Cantelo echoed the sentiment, calling the collaboration “an important step in our international growth strategy.” For ANTG, which already has a strong foothold in the Asia-Pacific medical cannabis market, entry into the UK under Curaleaf’s banner provides a regulated and reputable gateway to European expansion.

The companies expect the first ANTG products to reach UK patients by prescription in November 2025, distributed through clinicians on the Specialist Register. These formulations will adhere to Good Manufacturing Practice (GMP) standards and align with the UK’s strict MHRA oversight—a detail that could give them a competitive edge in a fragmented import-heavy market.

Beyond regulatory headlines, the partnership also signals a subtle but notable shift in strategy: rather than waiting for broader NHS adoption, companies like Curaleaf and ANTG are building from the ground up, aligning with private clinics, specialist prescribers, and pharmacies to serve the growing base of qualified patients.

In a market often slowed by red tape and regulatory hesitation, this cross-continental collaboration offers a refreshing example of pragmatism meeting precision. Curaleaf brings the local logistics and compliance muscle; ANTG brings the pharma-grade flower and formulation science. Together, they aim to set a new benchmark for quality and consistency—one that could finally make “medicinal cannabis” sound less like an experiment and more like standard care.

🗞️ The News

📺 YouTube

How Cannabis Q3 Really Looked: Rubicon & Chicago Atlantic Report

What we will cover:

✅ What happens when an industry built on loopholes finally hits a wall?

In this episode of the TDR Trade To Black Podcast presented by Dutchie, host Shadd Dales and co-Earnings season is almost wrapped — so what are these latest numbers actually telling us about the cannabis industry right now?

On the latest Trade To Black Podcast, presented by Dutchie, we break down the newest earnings from Chicago Atlantic and Rubicon Organics, giving you the real story behind two very different corners of the market.

In Segment 1, Anthony sits down with Peter Sack, Managing Partner of Chicago Atlantic (NASDAQ: REFI) (NASDAQ: LIEN) to dig into their latest numbers. Chicago Atlantic reported $9.5M in net investment income, rolled out $66.7M in new originations, and kept its entire portfolio fully performing — no non-accruals at all. With a $311M book and another steady dividend, they’re proving that disciplined lending still hits even when the industry’s moving sideways.

Then Anthony brings on Margaret Brodie, CEO of Rubicon Organics (TSX-V: ROMJ), to break down one of the biggest glow-ups of the quarter. Rubicon delivered $15.6M in net revenue, doubled gross profit, and posted a massive 1,778% jump in net income YoY.