💸 The Tape

Pennsylvania’s cannabis landscape might finally get the adult supervision it deserves. This week, the Senate Law & Justice Committee voted 10–1 to advance a bill creating a Cannabis Control Board (CCB) — a new watchdog agency that would oversee the state’s medical marijuana program and the booming but unregulated hemp-derived THC market.

The bill comes courtesy of Sen. Dan Laughlin (R-Erie), one of the General Assembly’s more cannabis-friendly Republicans and a man clearly tired of bureaucratic molasses. Laughlin said the Department of Health, which currently manages medical marijuana, has been “bogged down by slow responses, inconsistent oversight, and a lack of clarity.” Translation: the state’s cannabis regulators need regulation.

The CCB would consolidate cannabis and hemp oversight under one roof, setting uniform safety standards, licensing protocols, and compliance rules. It wouldn’t legalize adult-use outright, but it would lay the groundwork for it — a sort of “pre-roll” for legalization, if you will.

Laughlin didn’t mince words about the state’s growing gray market for hemp-derived intoxicants, which he said are being sold in gas stations and vape shops with zero testing, zero labeling, and zero age verification. The CCB’s first order of business, he said, would be to bring those products out of the wild west and under proper regulatory guardrails — ideally before a parent finds delta-8 gummies in their kid’s backpack.

The proposed board would be empowered to conduct investigations, issue regulations, and consult other agencies — all in the name of transparency, efficiency, and public safety. And while the measure doesn’t mention adult-use directly, it’s hard to miss the subtext: Pennsylvania wants to be ready when its neighbors (looking at you, Ohio and Maryland) start poaching more cannabis tax revenue.

The move also comes as bipartisan momentum builds. Laughlin’s longtime co-sponsor on broader legalization, Sen. Sharif Street (D-Philadelphia), has signaled support for the infrastructure approach as a smart first step. Meanwhile, another Senate bill aims to let terminally ill patients use medical marijuana in hospitals — a reminder that incremental reform remains the name of the game in Harrisburg.

For now, Pennsylvania isn’t quite lighting up an adult-use market. But by creating a dedicated cannabis agency and corralling the hemp free-for-all, lawmakers may finally be setting the stage for something the state hasn’t had in years: a plan.

And if the CCB actually delivers “accountability and consistency,” that might just be the biggest high of all.

📈 Dog Walkers

$HITI ( ▼ 2.77% ) Celebrates Cabana Club Success

What’s Going On Here: High Tide Inc. (Nasdaq: HITI | TSXV: HITI) is celebrating two milestones this month: the seven-year anniversary of adult-use cannabis in Canada and four years of its category-defining Canna Cabana discount-club model — a strategy that’s helped the retailer outlast, and often outperform, many of its peers.

“While competitors have struggled or exited, our discount-club model has proven resilient, profitable, and scalable,” said Raj Grover, High Tide’s Founder & CEO. “Canna Cabana isn’t just leading — it’s defining Canadian cannabis retail.”

Since launching the Cabana Club on October 20, 2021, membership has exploded 800% to 2.2 million members, now representing over 90% of in-store sales across the company’s 210 locations. Its paid tier, Cabana ELITE, has quietly surged to 120,000 members since late 2022, offering exclusive deals and flash sales that keep shoppers sticky and rivals guessing.

The company’s footprint has grown from a modest start to a 12% market share across its five key provinces — a sharp climb from 5% pre-discount era. With eyes on the next chapter, High Tide is raising its targets to 3 million Cabana Club members and 350 stores nationwide.

A Rebel & Thorn Retailer Insights report confirms the momentum: 29% of Canadian consumers now recognize the Canna Cabana brand — more than any competitor — while 49% of daily cannabis users shop there most often, nearly double the national average.

Bottom line: High Tide’s value-driven strategy continues to rewrite Canada’s retail playbook. In a market where many have burned out, Canna Cabana’s loyalty-led engine keeps cruising — proving that in cannabis retail, scale and stickiness still win the day.

Senorita Goes Live At Circle K

What’s Going On Here: Señorita, the rising brand of zero-proof, hemp-derived THC cocktails, just landed a major distribution win — its drinks are now stocked at Circle K locations across Florida. With nearly 900 Circle K stores statewide, the Sunshine State rollout marks one of the largest retail launches yet for intoxicating hemp beverages.

The cans — available in Mango Margarita and Lime Jalapeño Margarita — come in 5 mg and 10 mg THC formats, promising “the cocktail experience without the hangover.” Think buzz without booze, legally made possible by the 2018 Farm Bill, which allows hemp-derived products containing less than 0.3% delta-9 THC by dry weight.

For context, Florida’s adult-use cannabis remains illegal, but hemp beverages occupy a regulatory gray zone—a loophole that’s fueled rapid category growth and consumer curiosity. With Circle K’s reach stretching from Pensacola to Miami, Señorita suddenly has shelf space rivaling that of mainstream energy drinks.

Of course, not everyone’s celebrating. Florida lawmakers are eyeing new restrictions on hemp-derived THC products, citing potency, labeling, and youth-access concerns. One bill would even ban THC drinks from convenience stores, confining them to liquor-licensed retailers. Meanwhile, Congress debates whether to close the hemp loophole altogether in the upcoming Farm Bill renewal.

Until then, Señorita is taking full advantage of the current rules — and redefining what “grabbing a drink” means at a gas station.

Bottom line: Florida’s beverage-THC market just got a shot of high-octane visibility. As hemp-infused cocktails go mainstream, Señorita’s Circle K debut may be remembered as the moment THC drinks officially joined the C-store set — right next to the Red Bulls and the road-trip snacks.

🗞️ The News

📺 YouTube

How Cannabis Lending Is Quietly Evolving | Trade to Black

What we will cover:

✅ On the latest Trade To Black Podcast, host Shadd Dales and co-host Anthony Varrell sit down with Peter Sack, Managing Partner of Chicago Atlantic (NASDAQ: LIEN) — one of the key players shaping how cannabis companies actually get financed in 2025.

Two weeks ago, Verano Holdings (CBOE: VRNO / OTCQX: VRNOF) locked in a $75 million credit facility led by Chicago Atlantic. It wasn’t about raising new money — it was about cleaning up old debt. Peter joins the show to unpack why that move matters, how balance sheet strategy is evolving, and what this deal says about where real capital is flowing in cannabis right now.

They get into everything — from why Verano used real estate as collateral, to how lenders are pricing regulatory risk with rescheduling still hanging in the air, and what kind of operators Chicago Atlantic wants to work with next. You’ll walk away with a clearer view of how cannabis lending is shifting, how operators are keeping liquidity alive, and why this next phase of the industry feels a lot more like grown-up capital markets than the hype era we left behind.