💸 The Tape

In a rare moment of bipartisan cooperation, Texas lawmakers have passed a compromise bill to significantly expand the state’s medical marijuana program—delivering a long-overdue update to one of the nation’s most restrictive cannabis systems. The legislation now heads to Gov. Greg Abbott’s (R) desk for a signature that advocates hope will bring relief to thousands of new patients across the state.

The final version of the bill passed the House on a lopsided 138–1 vote and sailed through the Senate unanimously, 31–0, following a weekend of eleventh-hour negotiations. While the original House version was aggressively ambitious and the Senate response more… let’s say chill, lawmakers found a middle ground that includes several key wins for patients and the industry alike.

The expanded Compassionate Use Program would now cover patients suffering from chronic pain, traumatic brain injury (TBI), Crohn’s disease, other inflammatory bowel conditions, and those in palliative or hospice care. Perhaps most notably, gone is a Senate-imposed requirement that patients try opioids for 90 days before accessing cannabis—an opioid-first mandate that critics said defied common sense in the middle of an addiction crisis.

Beyond expanding qualifying conditions, the bill also diversifies product availability. Patients could access a range of cannabis formats—including patches, lotions, suppositories, inhalers, and vape devices—finally giving Texans more than just a low-THC tincture option. Each package can contain up to 1 gram of total THC, with dosing capped at 10 mg per dose.

To address demand, the Department of Public Safety (DPS) must increase the number of licensed medical cannabis providers from a paltry three to 15, and allow satellite dispensary locations—a game-changer for patient access in a state as vast as Texas.

Physicians won’t be able to unilaterally add conditions as in the original House version, but they can now petition the Department of State Health Services to study a condition and potentially recommend future expansion to the legislature.

“This is a meaningful step forward for Texas patients,” said Heather Fazio, executive director of the Texas Cannabis Policy Center. “After a decade of barriers, the Compassionate Use Program is finally becoming more compassionate.”

The reform lands on the governor’s desk just as controversy swirls around a separate bill sent to Abbott that would ban all hemp-derived THC products—prompting accusations from Democrats that Lt. Gov. Dan Patrick (R) is waging war on personal freedom.

With medical cannabis expansion nearing the finish line and the hemp debate still sizzling, it’s clear: Texas cannabis policy is undergoing a high-stakes transformation, and all eyes are now on the governor.

📈 Dog Walkers.

$VFF ( ▼ 1.59% ) Seals The Deal

What’s Going On Here: Village Farms International (NASDAQ: VFF) has officially completed the sale of the majority of its fresh produce business as of May 30, 2025, marking a strategic pivot into a focused global cannabis operation. With the transaction now closed, Village Farms transforms into a cannabis-centric platform backed by 160 acres of advanced greenhouse infrastructure.

CEO Michael DeGiglio noted that the move reflects a deliberate evolution: “We’ve spent eight years applying our 35+ years of greenhouse expertise to cannabis. Now, unshackled from produce, we’re investing fully into becoming one of the world’s most respected cannabis companies.”

The company’s new structure boosts international exposure via European assets and export sales, while maintaining upside through its stake in Vanguard Food LP. Village Farms plans to file pro forma financials covering Q1 2025 and full years 2024 and 2023 within four business days.

$ATAI ( ▲ 0.41% ) and Beckley Psytech Join Forces

What’s Going On Here: atai Life Sciences (NASDAQ: ATAI) and Beckley Psytech announced a definitive agreement to merge in an all-share deal, contingent on positive Phase 2b results from Beckley’s lead compound, BPL-003. The deal, valued at ~$390 million, would give Beckley shareholders 31% of the combined entity on a fully diluted basis.

The merger unites two leading psychedelic mental health platforms, creating a robust pipeline of rapid-acting, next-generation treatments, including BPL-003 for treatment-resistant depression. Topline data from that trial is expected mid-2025.

Backed by a $30M concurrent private placement with Ferring Ventures and Adage Capital, the combined company will benefit from strong financial footing, complementary IP, and operational synergies. The deal is expected to close in H2 2025, pending shareholder and regulatory approvals.

🗞️ The News

📺 YouTube

This Week: Texas Targets Hemp; AYR Wellness in Trouble | Trade to Black

What we will cover:

✅ Host Shadd Dales breaks down the wild week that was in the world of cannabis — and trust us, there’s no shortage of drama.

Let’s start with Texas, where Senate Bill 3 is sending shockwaves through the hemp community. If passed, it would ban any detectable THC in hemp products — basically wiping out an $8 billion industry overnight. Vets, patients, and business owners are pushing back, but the fight is heating up.

In Ohio, lawmakers are quietly gutting Issue 2 — the adult-use law voters just passed — and calling it a “consensus” bill. Spoiler alert: equity and homegrow protections didn’t make the cut. Meanwhile, Pennsylvania may finally be getting serious with the Keystone Cannabis Act, a bill that actually feels like it was written in this century.

On the company front: AYR Wellness is skating on thin ice with a cease trade order in Canada. Cresco Labs posted a rough Q1. And Canopy Growth? Early signs of a turnaround under new leadership.

We also hit quick updates from Curaleaf, Organigram, MariMed, and 4Front Ventures—who just filed for receivership. From state-level policy wars to public company pressure cookers, we’re covering all the moves that matter.