💸 The Tape

In a rare moment of cannabis clarity deep in the heart of Texas, Gov. Greg Abbott (R) has signed a bill to significantly expand the state’s medical marijuana program, marking one of the most substantial steps forward since the initial Compassionate Use Program launched in 2015.

The newly inked law, championed by Rep. Ken King (R), adds chronic pain, traumatic brain injury (TBI), Crohn’s disease, and other inflammatory bowel conditions to the list of qualifying medical ailments, while also extending access to patients in palliative or hospice care. The move signals growing bipartisan recognition that low-THC cannabis might just belong in the medicine cabinet.

But wait—there’s more. Texas will also allow a wider array of delivery methods beyond just oral formulations. Patients will soon have access to patches, lotions, suppositories (yes, those too), inhalers, nebulizers, and approved vape devices. It's like the CVS aisle of cannabis innovation.

One of the biggest wins for access? The Department of Public Safety will increase the number of licenses for medical cannabis dispensaries from three to 15, and those licensees will be able to establish satellite locations. Texans needing relief might finally find it without having to cross multiple counties (or borders).

Behind the scenes, the legislative journey was not without drama. The original House version of the bill had a wider reach, including expanded access for veterans and allowing the state health department to approve new qualifying conditions. But the Senate nixed those ideas, trimming the bill down until an agreement was reached with Lt. Gov. Dan Patrick—who once seemed as likely to endorse cannabis as he was to join Burning Man.

One key victory: chronic pain made it back into the final version without requiring patients to first endure 90 days of opioid treatments, a condition that had initially been inserted and later removed. TBI and inflammatory bowel diseases were also rescued from the legislative shredder in a last-minute amendment that corrected what was generously described as a “drafting error.”

The expanded law now sets THC limits at 1 gram per package and 10 mg per dose, and allows for multiple refills within a 90-day period. While the Texas Department of State Health Services won’t be adding conditions at will, physicians can petition the legislature to consider future expansions. Baby steps.

This legislative move comes at a curious time, as a separate bill banning hemp-derived THC products sits on the governor’s desk, threatening to eliminate a large swath of the state’s hemp economy and potentially criminalize products that are federally legal under the 2018 Farm Bill.

So while Texas takes one bold step forward for medical marijuana patients, it’s still toeing the line between progress and prohibition when it comes to hemp. The Lone Star State seems ready to treat cannabis as medicine—but only if it’s not sold in a gas station.

📈 Dog Walkers.

$AYRWF ( ▲ 15.0% ) Extends

What’s Going On Here: AYR Wellness (CSE: AYR.A, OTCQX: AYRWF) has extended its limited waiver agreement with senior noteholders, giving the company until July 3, 2025, to resolve financial reporting and payment default issues.

The updated agreement builds on the original waiver granted on June 6, 2025, which temporarily shielded AYR from certain creditor actions tied to delayed Q1 2025 financial filings and specific payment defaults. The extension allows more time for AYR to negotiate with its lenders and explore strategic options to improve its capital structure.

Importantly, this extension is not a permanent waiver but a temporary reprieve that maintains lender rights. It signals ongoing financial strain at AYR while also suggesting that constructive dialogue is continuing between the company and its creditors.

Hemp Is On The Rise In FL

What’s Going On Here: Florida’s cannabis market is facing an identity crisis — and a turf war. While medical marijuana companies endure tight regulations, high license fees, and vertical integration mandates, hemp retailers are cashing in with fewer rules and lower barriers. Hemp-based THC products like gummies and seltzers are booming, sold everywhere from gas stations to liquor stores, often with higher potency than what's allowed in medical marijuana.

Now, major players like Curaleaf and Trulieve are jumping into the hemp beverage game, launching brands like The Hemp Co. to tap into this “wild west” market. These drinks appeal to canna-curious consumers who prefer sipping to smoking or snacking.

Attorneys say it’s a smart move as medical cannabis valuations decline and adult-use legalization stalls. Meanwhile, the state prepares to double the number of marijuana licenses amid political gridlock. With regulators still debating oversight, the market is at a crossroads — and multistate operators are hedging both bets.

🗞️ The News

📺 YouTube

DEA Raids, German Cannabis Buzz & Trump’s Next Move? | TDR Weekly Recap

What we will cover:

✅ Host Shadd Dales breaks down the top cannabis business stories for the week of June 16, 2025, from Berlin, Germany.

We begin with a major federal cannabis raid in California, where over 500 DEA agents stormed a suspected illegal cultivation site in Fresno County. The scale and coordination of this enforcement action raise fresh questions about the current administration’s stance toward unregulated cannabis—even as federal reform remains a hot topic.

Next, we unpack High Tide Inc.’s (NASDAQ: HITI) Q2 2025 earnings. The Canadian retail leader posted record revenue, but margin pressure and tight capital markets remain challenges. CEO Raj Grover’s expansion strategy—particularly in Alberta and internationally—is setting the tone for mid-cap operators trying to grow responsibly.

We also address speculation around Donald Trump’s shifting cannabis position as 2024 campaign influences linger. Could a second Trump term accelerate or stall federal reform efforts?

Plus, we offer early insights from Mary Jane Berlin—Germany’s largest cannabis expo—highlighting how Europe’s regulated medical market continues to attract North American players.

This week’s episode delivers informed commentary for cannabis investors, business operators, and anyone following global legalization trends.