💸 The Tape

Florida’s cannabis reform campaign just got a much-needed jolt, with a new University of North Florida poll showing 67% statewide support for legalization—a figure that is all to familiar after last year’s Amendment 3 fell short at the ballot. While it garnered 56% of the vote, it missed Florida’s supermajority requirement of 60%. Reminder: these polls were flashing numbers above the 60% threshold for a majority of the lead up to election day.

The state’s Republican governor, Ron DeSantis, isn’t exactly rolling out the green carpet: he’s declared the proposal “in big time trouble” with the Florida Supreme Court, repeating his stance that cannabis regulation doesn’t belong in the constitution. Still, the new data highlights broad, bipartisan support for legalization: 55% of Republicans, 66% of independents, and a whopping 82% of Democrats.

So who’s right: DeSantis or the pollsters? That likely depends on both the high court’s ruling and next year’s electorate. If the ballot initiative survives legal scrutiny, 2026 will see a midterm-based voter mix—probably a bit more conservative—but the campaign’s strategic tweaks might help woo skeptical constituencies. For instance, the revised proposal clarifies bans on public smoking, child-friendly marketing, and even teases a future home grow option pending legislative approval.

For investors and entrepreneurs pondering new developments in the Sunshine State, it’s a cautious game of wait and see. Polling enthusiasm might excite the MMTC’s, but last year’s near-miss proves that voter sentiment doesn’t always translate into constitutional amendments. Until there’s clarity on potential court challenges and exact ballot wording, market players might want to keep a healthy supply of patience in their portfolios. After all, Florida’s cannabis industry remains a high-stakes business—where the rules of the game might still shift before the final buzzer.

📈 Dog Walkers

GreenLane Is Not Dead?

In a move fueling speculation about its strategic direction, Greenlane Holdings (NASDAQ:GNLN) has announced a $25 million private placement with institutional investors, priced at $1.19 per Common Unit. Each unit bundles one share of Common Stock (or a Pre-Funded Warrant) plus Series A and B Warrants, carrying exercise prices of $1.4875 and $2.975, respectively. Gross proceeds will repay debt, bolster corporate finances, and support working capital. The transaction, led by Aegis Capital Corp., should close around February 19, pending customary conditions. With fresh funds, Greenlane can steer its premium cannabis accessories business, offering investors an intriguing mix of future upside and volatility in this truly global, fast-evolving market and beyond.

Jushi Makes Moves

In a strategic double maneuver, Jushi Holdings (CSE: JUSH, OTCQX: JUSHF) has bolstered its liquidity by factoring $6 million in Employee Retention Credit claims and lining up new subscriptions for roughly $5.1 million in principal on second lien notes. The ERC sale alone delivered $5.1 million in net cash, while Jushi expects $4.6 million net from the fresh debt offering. CEO Jim Cacioppo calls the ERC factoring “non-dilutive” and beneficial for the balance sheet, while insiders such as Cacioppo and cofounder Denis Arsenault purchased a sizable chunk of the second lien paper. With this two-pronged financing approach, Jushi appears ready to fortify operations and sharpen its competitive edge across key markets.

Decibel Bolsters International Operations

Decibel Cannabis Company (TSXV: DB, OTCQB: DBCCF) is going global with an Israeli supply and trademark licensing agreement for its General Admission brand. Already a Canadian favorite, General Admission aims to replicate that success abroad, tapping into a mainstream medical cannabis market. With shipments kicking off in Q2 2025, Decibel sees big potential in delivering “quality, accessibility, and innovation” to Israeli patients. Chief Revenue Officer Adam Coates calls this venture a milestone, highlighting synergy between Qwest’s premium lineup and General Admission’s mainstream approach. By adding mid-tier flower to its global offerings, Decibel is poised for bigger volumes—and bolder brand recognition—across international borders.

LEEF Enters NY

LEEF Brands (CSE: LEEF, OTCQB: LEEEF) leaps into New York with a Type 1 processing license and a ready-to-launch 7,000 sq. ft. facility, seizing a market projected to top $1.5B by 2025. CEO Micah Anderson sees “incredible opportunity” for the new revenue stream—in concentrates, which account for 55% of all cannabis products sold in the state. No big overhead required.

🗞️ The News

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📺 YouTube

What Avicanna’s Collaboration with PMI Subsidiary VFP Means | Trade to Black

What we covered:

✅ On our latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell welcome Aras Azadian, CEO of Avicanna Inc. (TSX:AVCN), to discuss how Philip Morris International is now in the medical cannabis industry.

Avicanna recently announced a collaboration with the world's largest tobacco company through its subsidiary, Vectura Fertin Pharma (VFP).

We'll first discuss that since Constellation Brands' initial investment in Canopy Growth, we've seen major tobacco enterprises like Altria and BAT investing in Cronos Group and Organigram, respectively.

Now, with Philip Morris International entering the space, we find out what this new collaboration will mean, why the largest tobacco company in the world is entering the cannabis industry, and why tobacco companies have primarily focused only on Canadian LPs.