💸 The Tape

The Texas Senate has approved a controversial bill that would effectively ban cities and towns from putting marijuana decriminalization on local ballots, striking at the heart of a growing grassroots movement that’s been chipping away at cannabis enforcement across the state.

The bill, sponsored by Sen. Charles Perry (R), passed on a 23–8 vote and now heads to the Texas House of Representatives, where a companion version is already moving through committee.

The legislation is a direct response to recent citizen-led ballot initiatives in cities like Austin, Denton, Killeen, San Marcos, Harker Heights, and Dallas, where voters overwhelmingly backed marijuana decriminalization—only to be met with lawsuits and threats from Attorney General Ken Paxton (R).

🔒 What the Bill Would Do:

The proposed law would:

• Ban municipalities from placing on the ballot any initiative that limits or undermines enforcement of state drug laws, including marijuana.

• Specifically block ballot items that conflict with Texas’s consumable hemp laws.

• Create a public complaint process via the attorney general’s office.

• Impose civil penalties on cities: $25,000 for the first violation, $50,000 for each subsequent one.

• Expedite judicial review by requiring appellate courts to resolve legal disputes “with the least possible delay.”

⚖ Legal Backdrop: Mixed Results in Court

The bill follows a series of legal battles over local decriminalization efforts. In one recent ruling, a Texas appellate court sided with the state in its lawsuit against San Marcos, striking down its voter-approved decriminalization policy. However, courts have also allowed similar reforms to proceed in other cities, including Dallas, where police have followed through on the voter mandate.

Attorney General Ken Paxton has aggressively challenged these local laws, even as Gov. Greg Abbott (R) has publicly stated that he doesn’t support jail time for marijuana possession—though he has mistakenly claimed that Texas already has decriminalization laws in place.

🗳 Why It Matters

Over the past few years, local cannabis reform has become one of the few policy tools available to Texans frustrated by the state’s refusal to meaningfully engage with marijuana decriminalization or legalization. Ballot initiatives have kept hundreds out of jail and helped drive voter turnout in several mid-sized cities.

The new bill would slam the door on that democratic workaround—at least temporarily—by sharply limiting local control over drug policy.

Yet activists are undeterred. Despite mounting legal headwinds, reformers are planning to bring another decriminalization initiative to voters in Kyle, Texas this November.

🌿 A Bigger Battle Brewing

This is part of a broader war on cannabis reform playing out in Texas. Just weeks ago, the Senate passed a separate bill that would effectively ban hemp-derived THC products, including popular drinks and edibles. That’s on top of more than 20 cannabis-related bills currently circulating in the legislature—ranging from full adult-use legalization to expanded medical marijuana access.

Rep. Joe Moody (D) has once again introduced a statewide decriminalization bill, following past efforts that cleared the House but died in the Senate, largely due to opposition from Lt. Gov. Dan Patrick.

🧠 And It's Not Just Weed

On the psychedelic front, a Texas House committee is also reviewing two bills aimed at preparing the state for medical psychedelic access if the FDA approves psilocybin or MDMA for treatment. That follows a growing national trend toward therapeutic psychedelics for mental health—a space where even Texas has shown surprising bipartisan curiosity.

📉 Bottom Line

If passed by the House and signed into law, Sen. Perry’s bill would be a major blow to local cannabis reform efforts in Texas, potentially chilling future ballot measures and curtailing the only route to change that’s shown results in the Lone Star State.

But as long as voter interest stays high—and courts remain divided—the tension between Texas’s conservative state leadership and its increasingly reform-minded cities is unlikely to fade any time soon.

📈 Dog Walkers.

Rumors Are Swirling

What’s Going On Here: Donald Trump is quietly pushing behind the scenes to revive the SAFER Banking Act, according to GOP staffers speaking anonymously. His recent outreach to members of Congress marks a renewed effort to pass cannabis banking reform ahead of the 2024 election. While the bill hasn’t been reintroduced yet this session, insiders say it’s a top priority for the Congressional Cannabis Caucus and expected soon.

This isn’t Trump’s first involvement—he reportedly backed an attempt in December 2023 to slip the bill into a funding resolution, a move later confirmed by CNN. Though he’s stayed silent publicly, his recent engagement suggests he sees the issue as a political win, potentially appealing to swing voters, small business owners, and cannabis-friendly states.

With the bill repeatedly stalling in the Senate despite broad bipartisan support, Trump’s backing could shift the GOP narrative, signaling to Republican lawmakers that cannabis banking reform has high-level political cover heading into a heated election season.

Why This Matter: Its another report from staffers and competely unsubstantiated. Please take this rumor with a grain of salt and we will report if we hear anything from our sources close the administration.

Jushi To Report 5/8

What’s Going On Here: Jushi Holdings Inc. (CSE: JUSH | OTCQX: JUSHF) will release its Q1 2025 financial results on Thursday, May 8, 2025, after market close. A conference call and webcast will follow at 4:30 p.m. ET to discuss the results.

Event Details: Date: Thursday, May 8, 2025

Time: 4:30 p.m. ET

Dial-In: 1-844-826-3033 (U.S. & Canada)

Conference ID: 10197772

Webcast: Register via Jushi IR website

A replay of the webcast will be available until June 8, 2025.

🗞️ The News

📺 YouTube

STATES 2.0 & PREPARE Act: What Cannabis Investors Need to Know | Trade to Black

What we will cover:

✅ Host Shadd Dales and Anthony Varrell welcome Gretchen Gailey, founder of Panoptic Strategies, and a seasoned Washington insider with years of experience in cannabis lobbying.

We'll discuss two major marijuana bills filed last week by Congressman Dave Joyce: the STATES 2.0 Act and the PREPARE Act.

These bills represent significant steps toward cannabis legalization and reform. The STATES Act addresses prohibitionists by setting up research initiatives, traffic laws, and SAFE Banking provisions. It also tackles 280E, making cannabis companies exempt from its burdensome tax restrictions.

Meanwhile, the PREPARE Act helps Congress gradually prepare for full marijuana legalization, aligning federal laws with state-level regulations and opening the door for interstate commerce.

Plus, next week marks Unity Week, where advocacy groups will meet with members of Congress to push these bills forward. We'll discuss what the key messaging needs to be.