💸 The Tape

California cannabis advocates are urging lawmakers to act swiftly on legislation that would delay a planned marijuana tax increase, warning that the scheduled hike would worsen the already fragile state of the legal cannabis market and embolden illicit operators.

The tax increase—signed into law by Gov. Gavin Newsom (D)—would raise the state cannabis excise tax from 15 percent to 19 percent, effective July 1, 2025. But under a new bill from Assemblymember Matt Haney (D), that hike would be pushed back five years, giving legislators time to reconsider the policy’s impact.

While the Assembly is expected to hear the bill this week, advocates are calling for the delay language to be incorporated into a budget trailer bill—a procedural move that would accelerate its enactment, making it effective immediately upon passage instead of next year.

“So far, we’ve been gratified by the very strong support we have seen in committee on this,” said Dale Gieringer, director of California NORML, which is sponsoring the legislation. “We’re hopeful for a positive outcome.”

Though Haney’s bill initially sought to repeal the tax increase altogether, it has since been amended to postpone implementation until the 2030–2031 fiscal year.

“Cannabis is already heavily over-taxed relative to products like beer, wine, and tobacco,” California NORML said in a recent legislative alert, urging supporters to contact their representatives. “The industry needs a tax decrease, not an increase.”

Advocates argue the tax environment is already crippling small operators and pushing consumers back into the unregulated market. Medical marijuana patients, in particular, have seen their access and affordability erode, the group added.

The bill also includes provisions requiring the California Department of Tax and Fee Administration (CDTFA), in coordination with the Department of Finance, to adjust the tax rate annually based on projected revenue benchmarks, rather than locking in a static rate.

By comparing new excise tax collections to historical weight-based cultivation taxes, regulators would determine the appropriate tax rate needed to maintain revenue neutrality while easing the burden on legal businesses.

Additionally, CDTFA would submit annual reports to the Legislature starting in 2026, detailing the gains or losses in tax revenue attributed to the rate delay—a measure aimed at maintaining fiscal transparency.

As the illicit market thrives, many in the industry see this bill as a necessary lifeline. With margins shrinking and local licensing barriers persisting, advocates say the choice is clear: Delay the hike, or risk pushing more operators out of compliance and into closure.

📈 Dog Walkers.

$TCNNF ( ▼ 1.25% ) Trulieve and Weldon Team Up

What’s Going On Here: Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has launched the “Roll-Up for Justice” campaign to benefit Mission [Green], a nonprofit founded by Weldon Angelos to assist individuals still suffering the consequences of outdated cannabis laws.

Running through June and July in select states—Arizona, Connecticut, Florida, Georgia, and Maryland—customers can round up their purchases to support clemency, expungement, and reentry efforts for non-violent cannabis offenders.

“Weldon’s story reminds us why this work matters,” said Trulieve CEO Kim Rivers. Angelos, once sentenced to 55 years for a $1,000 cannabis sale, now leads national efforts to bring justice to others like him.

As Angelos puts it: “We’re turning spare change into real change.”

$TSNDF ( ▼ 2.7% ) TerrAscend Transitioning CFOs

What’s Going On Here: TerrAscend Corp. (TSX: TSND, OTCQX: TSNDF) announced that CFO Keith Stauffer will step down on July 18, 2025, to pursue an opportunity outside the cannabis industry. Stauffer will remain through the transition, after which Alisa Campbell, current SVP of Corporate Finance & Accounting, will take over finance leadership on an interim basis while the company conducts a search for a permanent CFO.

Campbell, with over 20 years of experience and five years at TerrAscend, has played a key role in shaping the company’s financial infrastructure. Leadership praised Stauffer for his pivotal contributions and expressed confidence in Campbell’s ability to maintain momentum.

🗞️ The News

📺 YouTube

Canopy Growth CEO Talks Latest Earnings I PA Cannabis Reform in Focus | 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.