💸 The Tape

A House-passed bill to expand Texas’s limited medical marijuana program took its first steps in the Senate on Monday, as lawmakers signaled the measure remains a work in progress and will undergo revisions before moving forward.

The legislation, HB 46, cleared the House last week with bipartisan support and would significantly broaden the Texas Compassionate Use Program (TCUP). But during a Senate State Affairs Committee hearing, bill sponsor Sen. Charles Perry (R) said a new version is coming. “There will be a committee substitute, but it is not back from [Legislative] Council yet,” he told colleagues.

Perry’s Senate companion, SB 1505, differs from the House version in scope, and negotiations are ongoing over key provisions—such as how many new dispensary licenses will be issued, qualifying medical conditions, and product dosage limits.

“We’ve got a week or so to hammer this down,” Perry said, also referencing a related bill to regulate intoxicating hemp products (SB 3), which is being debated in the House.

As written, HB 46 would allow access to a wider range of cannabis delivery methods—including patches, lotions, suppositories, inhalers, and vapes—and extend eligibility to patients with chronic pain, glaucoma, Crohn’s disease, degenerative disc disease, traumatic brain injuries, and terminal illnesses under palliative care. It would also authorize military veterans to qualify for any medical condition.

The Texas Department of Public Safety (DPS) would be required to issue 11 dispensary licenses, one for each of the state’s public health regions, with satellite locations permitted. Notably, physicians—not the state—would determine patient dosages, and the current possession cap of 1.2 grams would be lifted under the bill.

Supporters argue that these reforms are overdue. Heather Fazio of the Texas Cannabis Policy Center warned that the Senate may strip out key elements. “It’s unconscionable that the Senate may let another legislative session pass without allowing access to cannabis for those with chronic, debilitating pain,” she said.

Critics, including one witness at the hearing, expressed concern over expanding access for veterans, suggesting non-intoxicating cannabinoids like CBD should be prioritized.

Public support for cannabis reform in Texas remains strong: a recent poll found 80% of Texans support some form of legalization. Still, efforts to enact broader reforms—like adult-use legalization or statewide decriminalization—have repeatedly failed in the Senate despite success in the House.

For now, all eyes remain on Perry’s promised substitute and whether the final version of HB 46 can strike a balance that delivers meaningful reform while surviving the Senate’s more conservative lens.

📈 Dog Walkers.

The Activist Might Have A Point Here

What’s Going On Here: Apollo Technology Capital Corporation ("Apollo Capital"), a ~3% shareholder of MediPharm Labs Corp. (TSX: LABS), issued a scathing critique of the company’s Q1 2025 financial results, calling for urgent board-level change amid what it describes as rapid financial deterioration.

Key Criticisms from Apollo:

• Cash Crisis Looming: MediPharm burned $3.3 million in Q1 2025, with only $8.4 million in cash remaining. At this rate, Apollo projects the company will run out of money by November 2025.

• Revenue Decline Across Segments:

  • Total revenue down 10% quarter-over-quarter.

  • International sales dropped 18%.

  • Canadian medical and adult-use sales fell 6% and 23% annualized, respectively.

• No Clear Path to Profitability: Despite minor margin improvements, gross profits remain flat and insufficient to cover high SG&A costs.

• Executive Compensation Criticized: Over $437,000 in Q1 share-based compensation awarded, despite 21 straight quarters of losses.

• "Adjusted EBITDA is Misleading": Apollo argues MediPharm uses this non-GAAP metric to obscure poor performance.

Apollo’s Position:

Apollo believes the current leadership lacks a viable turnaround strategy, accuses them of misleading optimism, and urges shareholders to support its six board nominees, including cannabis veterans and capital markets professionals, to restore financial discipline and credibility.

A vote on board changes is expected at MediPharm’s upcoming shareholder meeting.

Do Better Los Angeles

What’s Going On Here: Early Saturday morning, The Woods WeHo, a high-profile cannabis lounge located in the 8200 block of Santa Monica Boulevard, was targeted in a smash-and-grab burglary around 4:30 a.m., according to WeHo Times. Video footage posted to Instagram by co-owner and entrepreneur Elliot Lewis shows a group of hooded individuals breaking the storefront glass and stuffing merchandise into trash bags.

The burglars fled after being confronted by an armed security guard. No injuries were reported.

Lewis expressed frustration on social media, writing, “Our hearts go out to Samba and Woody and their entire crew. Make it make sense. Please bring back some common sense,” referencing co-owners Woody Harrelson and Thomas Schoos.

The Woods, which opened in May 2022 with celebrity backing including Harrelson and Bill Maher, is part of the new wave of cannabis cafés in California enabled by AB 1775, allowing cities to permit cannabis lounges to serve food and drinks.

FOX 11 has reached out to the L.A. County Sheriff’s Department for comment.

🗞️ The News

📺 YouTube

This Is How The Cannabis Capital Markets Can Catch Fire Going Into Trumps Midterms | Trade to Black

What we will cover:

✅ Join host Anthony Varrell and guest Anthony Coniglio, CEO of NewLake Capital Partners, for a sharp, no-nonsense breakdown of what tariffs really mean for the cannabis industry. While headlines paint a dire picture, this livestream digs into the facts: most cannabis businesses rely on domestic labor, utilities, and cultivation inputs—meaning the actual exposure to tariffs is limited. That said, imported items like vape cartridges and packaging could see cost increases, and that creates challenges, especially in price-sensitive markets.

Varrell and Coniglio explore how top operators are adapting—stockpiling inventory, delaying purchases, and adjusting supply chains. They also dive into the real risk: a pricing gap that could send consumers back to the illicit market.

Is this an existential threat or just another overreaction in a hypersensitive industry? Tune in to get real-world insights, strategic context, and a level-headed take on how the cannabis sector is navigating global trade tension.