💸 The Tape

Medical marijuana patients and caregivers in Florida just got a new warning: steer clear of drug charges—or risk losing access to your cannabis card. Gov. Ron DeSantis (R) signed SB 2514 into law this week, a sweeping health budget bill with a clause that could strip cannabis patients of their registrations if they’re convicted—or even just charged—with certain drug crimes.

Under the new law, the Florida Department of Health (DOH) is now required to suspend a patient or caregiver’s registration immediately upon being charged with a state drug offense. That suspension holds until the legal case is resolved. If the individual is ultimately convicted—or pleads guilty or no contest—to trafficking, selling, manufacturing, or possession with intent to sell or distribute a controlled substance, DOH must revoke their registration.

Those caught up in this net will have a path to reapply, but it’s not exactly a cakewalk. They’ll need to complete all terms of their sentence—jail, probation, community control, etc.—and submit a new application with a notarized attestation confirming they've paid their debt to society.

Notably, the final version of the law is narrower than what lawmakers originally proposed. Earlier drafts could’ve revoked cards for patients simply caught purchasing more than 10 grams of cannabis. That language was stripped out, focusing the crackdown more squarely on distribution-related offenses rather than personal possession.

What remains unclear, however, is retroactivity—whether this law applies only to new charges or gives the DOH license to review existing patient histories and revoke cards based on past convictions. That ambiguity may cause heartburn among patients with old records, particularly those whose charges predated their cannabis use for medical reasons.

This legislative tightening comes just months after Florida lawmakers rejected a slew of reforms aimed at expanding the state’s medical cannabis program. Proposals to allow home grows, add qualifying conditions, and protect parental or employment rights for patients all failed to gain traction. Even a measure to let military veterans register for free went nowhere.

Meanwhile, advocates behind the Smart & Safe Florida campaign have turned their sights toward 2026. After the adult-use Amendment 3 failed at the ballot box in 2024, the group is back collecting signatures. With nearly 380,000 already submitted, they’ve cleared the threshold to begin formal review and hope the third time’s the charm for legalization in the Sunshine State.

In Florida, the green wave is still rolling—just watch for the legal rip currents.

📈 Dog Walkers.

$MRMD ( ▼ 5.11% ) MariMed Is Launching In Delaware

What’s Going On Here: Following Delaware’s official greenlight for adult-use cannabis sales, MariMed CEO Jon Levine issued a statement celebrating the company’s readiness and long-standing commitment to the state through its local subsidiary, First State Compassion (FSC).

Levine highlighted that FSC, Delaware’s first licensed cannabis operator, has spent the past decade serving the medical market and is now well-positioned to lead in the state’s adult-use era. “We’ve made targeted investments in our people, facilities, and brands,” he said, “so we’re fully prepared to handle the expected growth in demand.”

To prepare for the influx of new consumers — including the nearly 30 million tourists who visit Delaware annually — FSC has already upgraded its dispensaries in Wilmington and Lewes and is scaling cultivation and production operations in Wilmington and Milford.

Top-selling products like Betty’s Eddies chews and FSC and Nature’s Heritage flower are expected to anchor their expanded product offerings.

Levine also credited key state officials for their “safe and responsible” approach to expanding access to cannabis for all adults.

$ATAI ( ▲ 1.48% ) atai Secures $$$ and Study Results

What’s Going On Here: Clinical-stage biopharma company atai Life Sciences (NASDAQ: ATAI) has announced a $50 million private placement through the sale of 18.3 million ordinary shares and 4.6 million pre-funded warrants. The financing was co-led by Ferring Ventures S.A. and Apeiron Investment Group, the family office of atai founder Christian Angermayer, with support from Ally Bridge Group, ADAR1, and other institutional investors.

Proceeds will be used to fund working capital and advance atai’s clinical-stage programs, with expectations of pivotal FDA discussions and a Phase 3 plan by early 2026. The deal is subject to standard closing conditions, including HSR clearance due to Apeiron’s participation.

Angermayer emphasized the investment’s strategic importance as atai works to evolve into a fully integrated commercial mental health company. Ferring Ventures’ Chair Jean-Frederic Paulsen noted the unique potential of psychedelic therapies and reaffirmed support for atai’s leadership in the field.

TD Cowen, Leerink Partners, Guggenheim Securities, and Berenberg are acting as joint lead placement agents. atai has granted registration rights and will file a resale registration with the SEC.

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Mike Tyson, Kevin Durant, Urge Trump to Act on Cannabis Reform | Trade to Black

What we will cover:

✅ This week on Trade To Black, a powerful coalition is stepping into the cannabis reform spotlight — and it’s led by none other than Mike Tyson.

In a bold move, Tyson and a group of professional athletes have formally urged Donald Trump to take federal action on cannabis reform. Their message? Biden failed to deliver. Now it’s Trump’s turn to lead.

In this episode, host Shadd Dales breaks down Tyson’s high-impact campaign — backed by NBA icons like Kevin Durant and Paul Pierce, NFL star Ricky Williams, and cannabis entrepreneurs like Al Harrington. Together, they’re calling on Trump to support three federal priorities:

1. Clemency for non-violent cannabis offenders

2. Rescheduling cannabis from Schedule I

3. Banking and tax reform for the legal cannabis industry