💸 The Tape

With surrounding states raking in cannabis cash and Pennsylvanians taking border dispensary road trips, House Democrats in Pennsylvania are urging voters to fire up the pressure on the state Senate to finally legalize adult-use marijuana. Their message? It’s high time.

At the center of this push is HB 1200, a bill passed narrowly by the House in May. Authored by Rep. Rick Krajewski (D), the bill proposes a public health-focused legalization model with cannabis sold through state-run stores—a strategy critics call “bold,” supporters call “smart,” and the Senate Law & Justice Committee simply called “dead on arrival.”

In a recent social media campaign, the House Democratic Caucus linked to a prewritten letter voters can send directly to Senate Majority Leader Joe Pittman (R) and other GOP leaders. The message? Let adults be adults, cash in on cannabis, and stop letting Maryland, New Jersey, and Ohio hog all the tax revenue.

While polls consistently show bipartisan voter support for legalization, the Senate has been a buzzkill, with Pittman and other GOP leaders signaling disinterest. But not all Republicans are lighting their torches against legalization—some, like Sen. Dan Laughlin (R), are sponsoring bipartisan proposals with Sen. Sharif Street (D). Laughlin recently argued legal weed could help balance budgets without raising taxes, calling it a “no-brainer.”

Other competing bills have popped up like dandelions in spring. Some, like the Laughlin-Street plan, favor private sales models. Others, including a proposal from Reps. Emily Kinkead (D) and Abby Major (R), aim to ensure small businesses aren’t steamrolled by cannabis conglomerates.

Governor Josh Shapiro (D), a vocal supporter of legalization, has emphasized Pennsylvania’s competitive disadvantage. With “60 percent of customers” at Maryland dispensaries reportedly hailing from the Keystone State, he says the fiscal drain is real—and fixable.

Still, even with the House and governor’s mansion held by Democrats, Senate cooperation is required, and friction remains not just between parties, but among legalization advocates themselves. Krajewski’s state-store model doesn’t sit well with some pro-cannabis Republicans, who prefer a private-market approach.

Bottom line? Pennsylvania’s cannabis future is hazy. But with public support rising and cross-party bills stacking up, the pressure is mounting on Senate leaders to either light the legislative torch—or continue watching tax dollars go up in smoke across state lines.

📈 Dog Walkers

$MTLC.CSE ( ▲ 5.63% ) Posts Record FY25

What’s Going On Here: MTL Cannabis Corp. (CSE: MTLC; OTCQX: MTLNF) just closed out a banner fiscal year, posting record revenues and a staggering leap in profitability for the period ending March 31, 2025. Full-year revenue climbed 27% to $105.2 million, while operating income surged 248% to $16.1 million. Net income came in at $6.8 million, nearly tripling from the prior year.

Notably, EBITDA more than doubled to $21.7 million, and Adjusted EBITDA grew 60% to $20.3 million, signaling stronger underlying operational performance.

Gross margin before fair value adjustments expanded to 55%, up 900 basis points YoY, reflecting significant efficiencies in production and cost management.

MTL also delivered $18.2 million in cash from operations, up 32%, boosting the company’s year-end cash position to $5.7 million, a 320% jump. For the first time, the company flipped from an accumulated deficit to positive retained earnings of $5.7 million, marking a key milestone in financial sustainability.

CEO Michael Perron hailed the year as a "new era" for MTL, emphasizing scalability and quality execution, while Chairman Richard Clement lauded the team’s “focus and determination.”

Bottom line: MTL has entered the profitability club with conviction, showing disciplined growth, strong cash flow, and a business model built to scale.

Terry Cole Passes Cloture Vote

What’s Going On Here: In a pivotal 44-43 vote, the Senate has voted to advance Terrance Cole—President Trump’s nominee to lead the DEA—setting up a Tuesday confirmation that could determine whether marijuana finally breaks free from Schedule I purgatory.

While Cole has promised that cannabis rescheduling will be “one of my first priorities,” he’s given zero indication of whether he’d actually move forward. Instead, he's been noncommittal, citing the need to consult internally, review data, and get up to speed—classic D.C. speak for “don’t hold your breath.”

Cole’s past remarks are raising red flags for reform advocates. He’s voiced concerns about cannabis being tied to youth suicide risk and broader public health harms, echoing talking points that feel more D.A.R.E. than DEA reformer. That’s especially troubling considering the entire process is on pause—rescheduling hearings have been stalled since January, and DEA’s own judge, John Mulrooney, is waiting for a green light that may never come.

So what’s next? If Cole is confirmed Tuesday, he becomes the linchpin. Without him, DEA Acting Administrator Robert Murphy holds the reins—though little movement is expected under his temporary tenure. Either way, the marijuana rescheduling process, which began under Biden, appears frozen under Trump 2.0.

🗞️ The News

📺 YouTube

Texas HB43 About To Begin - DEA Set to Vote on Terrence Cole | TTB Powered by Dutchie

What we will cover:

✅ Shadd Dales and Anthony Varrell sit down with two guests—Margaret Brodie from Rubicon Organics and Michael Bronstein from the American Trade Association for Cannabis and Hemp—to cover important updates in both the Canadian cannabis market and a fast-moving hemp policy fight in Texas.

Segment One – Rubicon Organics (ROMJ:TSXV)

Rubicon Organics CEO Margaret Brodie returns with updates on the company’s latest moves. On July 2, Rubicon launched its 1964 Supply Co. all-in-one FSE resin vapes, marking a strategic push into Canada’s competitive vape market. Brodie also shares details on the Hope, BC facility expansion, which is expected to boost premium cannabis production through the back half of 2025. We also take a step back to discuss the broader Canadian cannabis market, where consolidation and easing pricing pressure in premium categories may signal a slow shift toward more stable growth.

Segment Two – Texas Hemp & Federal Updates

The bigger story is in Texas, where hemp policy could soon shift. Michael Bronstein breaks down what’s at stake as lawmakers head into a special session following Governor Greg Abbott’s veto of SB3. With HB42 in focus, legislators will debate THC potency caps, retail licensing, consumer protections, and local opt-outs—decisions that could make Texas a blueprint for U.S. hemp regulation.