💸 The Tape

Utah has officially surpassed 100,000 registered medical marijuana patients, marking a major milestone in the state’s still-young cannabis program. Just over seven years after voters approved the medical cannabis initiative, the Utah Department of Health and Human Services’s Center for Medical Cannabis (CMC) reports there are now 100,144 patients and 993 qualified medical providers statewide.

The growth has been steady and sharp—up nearly 20,000 patients since April 2024, reflecting a 20 percent jump in 2025 alone. And while medical cannabis is still a strictly regulated program in a deeply conservative state, the numbers suggest growing public acceptance and increased confidence from both physicians and patients.

Pain remains the top qualifying condition, accounting for over 85 percent of patient certifications. Other leading conditions include PTSD and nausea, underscoring how cannabis is being used to manage a broad range of chronic and debilitating health issues.

The state’s dispensary sales data further highlights this trend. Monthly purchases have climbed to over $15 million, and total sales since the program’s launch are nearing $600 million. Notably, vapes and cartridges outpaced flower sales last month, with $6.9 million spent on the former compared to $4.8 million on the latter—bucking trends seen in many other cannabis markets.

Desiree Hennessy, executive director of the Utah Patients Coalition, said the new milestone shows the program is delivering real relief: “Just six years ago, this was a theoretical program on paper. Today, it’s a lifeline for one out of thirty-five Utahns.”

Still, adult-use legalization remains politically fraught. A March 2025 poll found 52 percent of Utah voters support legalization for recreational use, but GOP legislative leaders remain opposed. House Speaker Mike Schultz (R) recently said he has a “huge problem with turning Utah into a recreational state,” bluntly adding: “It’s not going to happen.”

For now, the medical program continues to gain steam—showing both the efficacy of plant-based medicine for many Utahns and the shifting attitudes in a state long considered resistant to cannabis reform.

📈 Dog Walkers.

$HITI ( ▲ 1.3% ) Expands In Alberta and Ontario

What’s Going On Here: High Tide Inc. (Nasdaq: HITI), Canada’s leading retail-focused cannabis company, announced the upcoming launch of two new Canna Cabana stores—one in Brantford, Ontario, and another in Calgary, Alberta—bringing its total store count to 199 nationwide.

The Brantford location, opening May 20, 2025, will mark High Tide’s first in the city. Located at 300 King George Road in the Brantford Commons plaza, the site offers strong foot traffic thanks to co-tenants like national grocers, liquor stores, and a cinema, serving a population of over 110,000.

The Calgary location, opening May 23, 2025, at 722 85th Street SW in the growing West Springs area, will benefit from a lack of competition within a 4-kilometer radius. It’s strategically placed in a busy plaza with a liquor store and quick-serve restaurants, targeting a nearby population of over 46,000.

CEO Raj Grover emphasized that these new stores reflect High Tide’s ongoing strategy to reinvest profits into high-potential retail locations. As the Company nears the 200-store milestone, it continues to develop more sites for future expansion across Canada.

Minnesota Has Some Movement

What’s Going On Here: In a landmark move under Minnesota’s 2023 cannabis legalization framework, Gov. Tim Walz has signed the first tribal-state compact, granting White Earth Nation the authority to open up to eight cannabis dispensaries across the state, including off Tribal lands.

This agreement marks a significant step in tribal participation in Minnesota’s adult-use cannabis market. While dispensaries located off tribal lands will be subject to all state and local taxes, White Earth Nation can now operate beyond reservation boundaries—an expansion expected to include locations in Moorhead and St. Cloud.

Under current law, adult-use cannabis is taxed at 10% gross receipts, but a new budget agreement proposes an increase to 15%, on top of the 6.975% state sales tax and any applicable local taxes. These taxes apply broadly, including to low-dose THC hemp edibles.

With the compact signed, White Earth Nation is now cleared to begin opening its dispensaries to the public.

🗞️ The News

📺 YouTube

Senator Tillis Pushes Back on Trump’s Pharma Agenda | Trade to Black

What we will cover:

✅ Host Shadd Dales digs into a surprising shake-up inside the GOP that could ripple across the reform landscape—especially when it comes to Big Pharma, medical marijuana, and psychedelics.

Republican Senator Thom Tillis is now pushing back against President Trump’s plan to slash drug prices—a move Trump hopes will win over working-class voters frustrated with rising healthcare costs. But Tillis says the approach could do more harm than good, especially for companies working on next-gen treatments like cannabis-based medicine and psychedelic therapy.

It’s a rare public break in the party—and it’s happening at a time when drug reform is finally gaining traction. With the conversation around rescheduling marijuana heating up and psychedelics entering clinical trials, any shift in pharma policy could either fuel that momentum or slow it down.

For investors, it’s something to watch closely. Could Trump’s crackdown on pharma giants open the door for alternative medicine—or will it tighten regulations across the board?