💸 The Tape

Ohio’s marijuana overhaul has officially stalled out. In a rare display of unanimity, the Ohio Senate voted 32–0 on Wednesday to reject House amendments to Senate Bill 56, setting up a potential conference committee showdown over how to reconcile the state’s voter-approved legalization framework with lawmakers’ preferred version of “reform.”

The bill, sponsored by Sen. Stephen Huffman (R), originally passed the Senate in February as a broad rewrite of Ohio’s cannabis laws — and a clampdown on the state’s booming hemp market. The House, after heavy debate, scaled back some of the more controversial provisions but left enough baggage that senators from both parties refused to play along.

The main sticking point? Hemp.

“When Senate Bill 56 passed from the House, they failed to close the loophole for synthetic THC,” said Sen. Shane Wilkin (R). He blasted the amended bill for leaving in a 300-day grace period for gray-market retailers, lacking zoning limits for hemp shops, and offering no way for local governments to restrict them. “This means products marketed to kids stay on shelves — untested and unregulated,” Wilkin said.

Democrats weren’t thrilled either. Sen. William DeMora (D) said the bill “changed for the worse” and failed to deliver on Gov. Mike DeWine’s call for real regulation after his short-lived emergency ban on intoxicating hemp was blocked in court.

At issue is the broader balancing act between respecting voters’ 2023 legalization mandate and lawmakers’ appetite for tighter control. The House version would remove key consumer protections — such as anti-discrimination provisions related to employment, child custody, organ transplants, and professional licensing — and recriminalize possession of out-of-state cannabis, effectively turning Michigan-sourced marijuana into contraband.

It also would prohibit public smoking or vaping (even in private rental backyards, if landlords object), while taxing hemp beverages at $1.20 per gallon and capping on-premise THC drinks at 5 mg per serving.

Senate President Robert McColley (R) said it’s “abundantly clear” Ohio needs a cohesive hemp framework, but the House amendments “left too many loopholes.”

With both chambers entrenched, the issue now heads toward a conference committee — and possibly, another delay for Ohio’s legal cannabis rollout. For industry watchers, it’s a familiar pattern: a state trying to retrofit regulation onto two parallel cannabis markets — one voter-created, one legislative — while keeping the governor, the courts, and the voters all marginally appeased.

If there’s one certainty in Columbus right now, it’s this: Ohio’s legalization fight isn’t over — it’s just getting procedural.

📈 Dog Walkers

$CBSTF ( ▲ 19.54% ) Expands In Ohio

What’s Going On Here: The Cannabist Company (Cboe CA: CBST | OTCQB: CBSTF) has opened Cannabist Saint Clairsville, its seventh Ohio dispensary and first retail location in Belmont County. The new site at 51710 National Road East is serving both medical patients and adult-use customers, bringing the company’s signature retail format to a new corner of eastern Ohio, less than 10 miles from the West Virginia border.

The Saint Clairsville opening marks the second Cannabist-branded store in the state, reflecting the company’s broader push to unify retail identity and expand access across major Ohio population corridors. The 75,000 sq. ft. cultivation and manufacturing operation in Ohio supplies both Cannabist retail stores and wholesale partners statewide—where Seed & Strain Half Ounces and All-In-One Vapes remain top sellers.

Inside, customers will find the company’s portfolio of brands—Seed & Strain, Triple Seven, and Classix—along with curated third-party products. Each Cannabist location is designed around an education-first, approachable retail model that tailors the experience for both newcomers and experienced consumers.

CEO David Hart called the new store “another step in strengthening our commitment to serve patients and adult-use customers across the Buckeye State,” noting that the company aims to replicate its high-touch, consistency-driven retail model across all new markets.

Bottom line: The addition of Saint Clairsville strengthens Cannabist’s midwestern retail grid and positions the company to benefit from Ohio’s accelerating adult-use rollout, pairing established cultivation scale with deep local brand familiarity.

$IXHL ( ▼ 5.24% ) Gives Major Update

What’s Going On Here: Incannex Healthcare Inc. (Nasdaq: IXHL) delivered a detailed shareholder update outlining a year of major clinical milestones and positioning the company for pivotal-stage growth in 2026.

🚀 Clinical Highlights

• IHL-42X (Obstructive Sleep Apnea): Phase 2 results showed up to 83% reduction in Apnea-Hypopnea Index (AHI), marking one of the strongest efficacy outcomes ever reported in OSA drug development. Improvements were consistent across sleep-quality and fatigue metrics, with 78.6% of low-dose participants reporting meaningful daily-life benefits.

• PSX-001 (Psilocybin-Assisted Therapy for GAD): Delivered statistically significant improvements across all endpoints (HAM-A, GAD-7, SDS, PHQ-9, PWI) versus placebo, sustaining relief for 11 weeks with no serious adverse events. Management believes PSX-001 could “set a new standard” for anxiety treatment, given its durability, safety, and breadth of response.

💰 Capital & Balance Sheet

• Incannex confirmed no use of its ATM facility since August 2025, keeping total shares outstanding at 347.7 million.

• Management emphasized capital efficiency and non-dilutive discipline, underscoring a strong balance sheet capable of advancing both lead assets without immediate equity issuance.

🎯 Strategic Priorities for Remainder of 2025

1. Regulatory engagement with the FDA to define pivotal-trial pathways for IHL-42X and PSX-001, including potential expedited designations.

2. Operational readiness to sustain clinical momentum and data integrity.

3. Capital allocation discipline, including consideration of its share repurchase program.

4. Strategic partnerships and co-development opportunities to scale platform applications.

🧭 CEO Outlook

President & CEO Joel Latham said the dual Phase 2 successes “highlight Incannex’s scientific strength and execution quality,” positioning the company “to capitalize on 2025’s pillars — clinical validation, capital prudence, and regulatory clarity.”

With a Nasdaq listing extension secured and late-stage preparation underway, Incannex enters Q4 from a position of strength — focused on advancing novel combination therapies in OSA and mental health while maintaining strict fiscal discipline.

🗞️ The News

📺 YouTube

How Genomics Are Revolutionizing The Cannabis Plant | Trade to Black

What we will cover:

✅ What happens when cannabis cultivation meets true genetic precision? As the industry moves beyond trial and error into data-driven breeding and disease prevention, we’re entering a new era of cultivation science — one that could redefine how growers scale, protect, and profit from the plant.

TDR Trade To Black Podcast, presented by Advanced Nutrients, is launching a brand-new segment exploring the future of cannabis science and cultivation. Host Shadd Dales and co-host Anthony Varrell sit down with two of the most influential minds in cannabis genomics: Brendan McKernan, CEO of Medicinal Genomics and architect of CannMed, and Kevin McKernan, the genomic scientist who first sequenced Cannabis sativa. Together, they’re decoding how genomic mapping, pathogen defense, and AI-driven breeding are transforming the business of cannabis from the ground up.

From protecting cultivars and IP to leveraging genetic insights for yield optimization, this episode dives into the real science shaping tomorrow’s cannabis industry. Whether you’re a grower, investor, or policy watcher, you’ll walk away with a clearer view of where cultivation is headed — and why genomic intelligence may be the next major growth engine.