💸 The Tape

California Gov. Gavin Newsom (D) has vetoed a bill that would have allowed select cannabis micro-businesses to ship medical marijuana directly to patients using carriers like FedEx or UPS — a proposal supporters said would restore access for homebound or rural consumers, but which the governor deemed “burdensome and overly complex.”

The measure, sponsored by Assembly member Patrick Ahrens (D), cleared the legislature last month with the intent to fix a growing problem: seriously ill patients can’t always find the specialized medical cannabis formulations they need, as dispensaries increasingly stock higher-margin adult-use products instead.

Patients Left Waiting

Ahrens argued the bill offered a narrow, highly regulated pilot, authorizing just two microbusinesses to ship medical products directly to verified patients for three years under California’s track-and-trace system. Each order would have required documentation of a patient’s medical status, adult signatures upon delivery, and full regulatory reporting.

“These are not casual consumers,” Ahrens said when introducing the bill. “We’re talking about patients with epilepsy, multiple sclerosis, advanced cancer — people who cannot travel to a dispensary and have lost access to products that work.”

But Newsom wasn’t persuaded. In his veto message, the governor wrote that implementing a new direct-shipping program would require a costly overhaul of the Department of Cannabis Control’s (DCC) traceability software, straining resources for what he described as “just two eligible businesses.” The bill’s patchwork of restrictions — including a 60-mile rule barring shipments to patients near existing retailers — added to the complexity.

The Regulatory Reality

While the veto disappointed patient advocates, Newsom framed it as a matter of administrative bandwidth, not opposition to the idea of medical access. “I remain open to working with the Legislature on strategies to effectively advance equitable access,” he wrote, but said the plan “would not achieve that goal while shifting limited resources away from DCC’s other priorities.”

Industry insiders note the move underscores California’s growing tension between its medical legacy and recreational economics. As retail consolidation accelerates and compliance costs rise, medical-only operators and patients increasingly find themselves squeezed out of a system built around adult-use volume.

Bigger Picture

The veto lands as California wrestles with its broader cannabis reset — from recent tax-relief measures (AB 564) to new rules merging hemp and cannabis regulation under AB 8. While the state remains a global policy bellwether, Newsom’s decision signals a more cautious stance: fine-tuning, not reinventing, the cannabis distribution wheel.

For patients hoping for Amazon-style medical cannabis delivery, California’s message remains clear: not yet.

📈 Dog Walkers

Smart & Safe Is Back At It

What’s Going On Here: According to the Florida Division of Elections, the committee spearheading Florida’s next cannabis legalization push, Smart & Safe Florida, has now raised $25,817,024.60 — and Trulieve (OTCQX: TCNNF) accounts for almost every penny.

The Tallahassee-based cannabis giant, which operates 162 dispensaries in Florida and 233 nationwide, has contributed $25,812,524.60 to the campaign to date — roughly 99% of all funds raised. That includes $1.2 million in July and another $972,904 in August, underscoring Trulieve’s role as the single dominant financial engine behind the legalization effort.

Aside from Trulieve, the rest of the committee’s funding has come from just 53 individual contributions, a reminder that this campaign is less grassroots and more corporate-driven.

Smart & Safe Florida is working to place an adult-use marijuana amendment on the November 2026 ballot, aiming to legalize cannabis for adults 21 and older. If approved, Floridians could possess up to two ounces of marijuana, while sales would initially flow through the state’s existing Medical Marijuana Treatment Centers (MMTCs) — essentially giving Trulieve and other established operators a head start before new licenses are issued.

So far, the campaign has submitted 612,576 valid signatures, about 69% of the 880,062 required to qualify for the ballot. However, there hasn’t been a signature update since July, leaving observers watching the clock as petition deadlines approach.

A similar measure in 2024 earned 56% support, just shy of the 60% supermajority needed for passage. With momentum — and Trulieve’s checkbook — on their side, advocates hope 2026 will finally be the year Florida goes fully green.

$CURLF ( ▲ 5.97% ) Amends Major Facility

What’s Going On Here: Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF), a global leader in consumer cannabis products, announced it has amended and restated its revolving credit facility with Needham Bank, expanding total borrowing capacity from $40 million to $100 million and extending the maturity for up to five years.

The upsized, secured revolving Credit Facility bears interest at 7.99% on outstanding balances and can be extended with a rate step-up to 8.99% should Curaleaf refinance its Senior Note Facility due 2026. The company plans to use the facility to retire at least $50 million in higher-interest acquisition debt while preserving liquidity for working capital and strategic initiatives.

Chairman and CEO Boris Jordan praised the deal as a reflection of lender confidence:

Chief Financial Officer Ed Kremer added that the transaction marks a “first-of-its-kind” milestone for the cannabis sector, representing progress toward broader institutional access and normalized capital markets participation.

The facility was funded through Needham Bank, which has become a consistent lender to leading U.S. cannabis operators, underscoring growing banking confidence in the space despite lingering federal restrictions.

Bottom line: Curaleaf’s expanded facility underscores its commitment to balance sheet optimization and capital discipline, while signaling that institutional lending is slowly becoming more accessible to cannabis operators with scale, credibility, and proven cash flow.

🗞️ The News

📺 YouTube

Ron DeSantis Admits Voters Want Cannabis — But Still Says No | TDR Cannabis in 5

What we will cover:

✅Governor Ron DeSantis is acknowledging what Floridians have known for years — the majority of voters support legalizing cannabis. But instead of shifting his stance, he’s doubling down on opposition. So why now? Why concede public sentiment, only to reject it? This episode unpacks the political timing behind DeSantis’ latest comments, what it reveals about GOP strategy heading into 2026, and how Florida’s cannabis market — worth billions — remains frozen by one man’s need for control.

TDR Cannabis in Five presented by Dutchie — hosted by Shadd Dales — breaks down how DeSantis is framing himself as “principled, not popular,” and what that means for investors, MSOs, and policy reform across the U.S. The conversation also explores whether this signals a larger Republican realignment on cannabis and how Florida’s delay could become economically unsustainable.