💸 The Tape

In a state famous for its skyline, its bagels, and its ability to regulate just about everything twice, New York is once again proving that innovation sometimes looks a lot like cross-promotion. This week, Sen. Jeremy Cooney (D) and Assemblymember John Zaccaro, Jr. (D) quietly dropped companion bills that could let licensed liquor and wine stores add a subtle, regulated buzz to their shelves — low-dose cannabis-infused beverages, sold under a brand-new permit system.

The timing feels almost poetic. New York’s cannabis market, after years of fits, starts, and equity-focused growing pains, is finally maturing. Consumer tastes have shifted noticeably toward low-potency, easy-to-dose formats that feel more like an afternoon spritz than a full-blown edible adventure. The justification memo attached to the legislation puts it plainly: “These products are typically lower potency and consumed in a manner similar to other regulated beverages, making them appropriate for sale in controlled retail environments with strong compliance histories.”

Under the proposal, off-premises alcohol retailers could apply to the New York State Liquor Authority for a “low potency cannabis beverage retail permit.” Once approved, they’d be allowed to sell single-use containers holding no more than 5 milligrams of total THC — think a sleek little can or bottle that delivers a gentle, predictable lift rather than a couch-locking experience. The permit would run alongside their existing alcohol license, with an annual fee still to be set by regulators.

Safety and separation are baked in from the start. All cannabis drinks must be kept in a “separate and distinct area” of the store, clearly marked with signage dictated by the authority. Inventory would be tracked meticulously through software approved by the Office of Cannabis Management (OCM), ensuring every milligram is accounted for from distributor to cash register. It’s the kind of belt-and-suspenders approach that regulators love and operators have come to expect in the Empire State.

The economics are equally thoughtful. A 9 percent tax would apply on sales or transfers from distributors to permit holders, followed by a 13 percent excise tax at the consumer point of sale. Those dollars won’t simply vanish into the general fund; they’re earmarked to cover administrative costs, fund social-equity loans and grants, provide technical assistance to small businesses, bankroll enforcement against the illicit market, and — importantly — share revenue with the municipalities that actually host these retailers. In other words, the towns and cities doing the heavy lifting on local oversight get a seat at the financial table.

The bills, S9220 in the Senate and A10191 in the Assembly, have already been referred to their respective committees — Investigations and Government Operations, and Economic Development. Passage is far from guaranteed, but the framing is savvy: this isn’t about upending the cannabis or alcohol regimes; it’s about smart integration that expands legal access, starves the black market, and creates new revenue streams without diluting either industry’s integrity.

The memo sums it up with the kind of balanced language Albany does best: “This targeted approach balances consumer access, economic opportunity, and public safety while maintaining the integrity of New York’s cannabis and alcohol regulatory frameworks.” It also explicitly supports small businesses and social-equity applicants through dedicated funding, another nod to the state’s long-standing commitment to repairing past harms in the war on drugs.

Just days before these bills landed, Governor Hochul signed separate legislation easing zoning restrictions for licensed marijuana businesses — giving retailers more breathing room near schools and places of worship. Taken together, the moves suggest a maturing regulatory philosophy: tighten where necessary, loosen where sensible, and keep building a legal market that actually competes with the street.

For liquor store owners, the opportunity is obvious. Many already operate in neighborhoods where cannabis demand is high but legal options remain inconveniently distant. Adding a compliant, low-dose beverage line could drive foot traffic, boost basket size, and position them as convenient one-stop destinations for adults seeking responsible adult beverages — alcoholic or otherwise. For consumers, it means safer, tested, labeled products available in familiar, well-regulated settings. For the state, it means more tax revenue, more data on consumption patterns, and another tool to chip away at the unlicensed operators who still dominate parts of the market.

Critics may worry about normalization or accidental cross-shopping between aisles, but the bill’s strict separation rules, tracking requirements, and low 5-milligram cap are designed precisely to address those concerns. This isn’t about turning wine shops into dispensaries; it’s about giving established, experienced retailers a narrowly tailored chance to participate in a growing category.

As New York’s cannabis program continues its evolution from rollout chaos to something resembling stability, these bills represent a pragmatic next step. They acknowledge that consumers want options — convenient, low-risk options — and that existing licensees with proven compliance records are often the best vehicles to deliver them. Whether the legislation ultimately passes or serves as a conversation starter, one thing is clear: the conversation in Albany is shifting from “can we legalize?” to “how do we make legalization work smarter?”

In a state that perfected the art of the happy hour, adding a cannabis spritz to the menu might just be the most New York solution imaginable.

Source: Marijuana Moment

📈 Dog Walkers

$ROMJ.TSX ( 0.0% ) Christens Cascadia Facility

In an industry where “on time and on budget” is often treated as optional, Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) just delivered a textbook masterclass in execution.

Today the company announced the successful first harvest from its newly commissioned Cascadia facility in Hope, British Columbia — a 47,500-square-foot indoor cultivation powerhouse now fully planted and ready to ramp. The addition instantly lifts Rubicon’s premium production capacity by an estimated 40%, giving the Canada-focused premium producer the muscle to satisfy strong domestic demand while ramping branded exports to international medical markets.

Since acquiring the site in June 2025, Rubicon moved with impressive speed: targeted capital investments, layout redesigns, new grow tables, licensing, commissioning, and onboarding more than 30 skilled operations staff. The result is a state-of-the-art facility equipped with advanced cultivation technology that management believes can push annual output to 4,500 kg of premium cannabis — with room to grow further as crop data rolls in and genetics from the company’s world-class library are optimized.

“The first harvest at Cascadia is a significant operational milestone for Rubicon Organics and demonstrates our consistent operational execution,” said Margaret Brodie, Chief Executive Officer. “With the facility now fully planted, we’ve expanded Rubicon’s premium capacity by 40%, positioning us to meet strong demand for our premium cannabis in Canada and international medical markets.”

Initial harvests will hit the market in Q2 2026, with product quality expected to hit flagship-brand standards by mid-year. To celebrate, the company is hosting a grand opening event today at the site, bringing together employees, government officials, and industry partners who helped turn vision into reality.

For a company already known for super-premium flower, Cascadia isn’t just extra square footage — it’s a strategic accelerator. In a market hungry for consistent, high-quality supply, Rubicon just turned the dial from “capacity constrained” to “ready to bloom.”

$CURLF ( ▲ 8.75% ) Closes Major ReFi

In a sector that has spent years begging for respect from traditional capital markets, Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) just received the ultimate validation — and a very large check.

Today the international cannabis leader announced the successful close of a US$500 million private placement of 11.5% senior secured notes due February 18, 2029. At the same time, Curaleaf redeemed its entire US$475 million of existing senior secured notes that were due in December 2026. The result? A clean extension of the company’s debt runway by more than two years, plus fresh non-dilutive capital to fuel global growth.

The notes, issued at par, pay interest semi-annually and are backed by a flexible new trust indenture that allows for future note issuances and up to US$100 million in additional senior bank financing. Proceeds will support strategic expansion initiatives across Curaleaf’s international footprint while covering transaction costs.

Boris Jordan, Chairman and CEO, captured the milestone with characteristic confidence: “The successful closing of this landmark private placement delivers a powerful endorsement of Curaleaf’s strategy and long-term vision. I am exceptionally proud of our team for delivering the largest bond offering completed in the cannabis sector — broadening the universe of institutional investors and reinforcing Curaleaf’s leadership position in the industry. With an extended runway into 2029 and enhanced capital flexibility, we are well positioned to accelerate our global expansion and capture key strategic opportunities across the international cannabis market.”

The offering was placed privately in Canada under prospectus exemptions and in the United States to qualified institutional buyers and accredited investors. A standard four-month hold period applies under Canadian securities laws. Seaport Global Securities, LLC served as lead placement agent, with ATB Cormark Capital Markets acting as co-placement agent.

For an industry long viewed as too risky for serious bond investors, this deal is more than just another financing round — it’s a coming-of-age moment. Curaleaf has turned regulatory headwinds into a runway long enough to chase the next wave of international opportunity. The message to the market is unmistakable: cannabis is no longer borrowing from friends — it’s borrowing from institutions, on its own terms.

🗞️ The News

📺 YouTube

One of the Busiest Weeks in Cannabis - - Here's What It Signals | TTB Powered by Flowhub

What we will cover:

✅ In the latest episode of the Trade to Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down more headlines in what is proving to be a busy week on the business side of the cannabis industry.

First up, Organigram Holdings Inc. (NASDAQ: OGI) continues their hot week with yet another announcement that includes a C$65.2 million BAT private placement investment from British American Tobacco’s subsidiary, directly tied to its strategic acquisition of Germany’s Sanity Group — a major move signaling accelerated international expansion in the global cannabis market.

Next, Massachusetts celebrated a historic milestone, surpassing $10 billion in total legal marijuana sales since adult-use legalization passed in 2016. With $1.65 billion in 2025 recreational sales alone, the state’s Cannabis Control Commission executive director predicts consumption lounges will bolster the industry in 2026.

Curaleaf (TSX: CURA) announced the closing of a landmark $500 million private placement of 11.5% senior secured notes due 2029 — the largest bond offering in the cannabis sector — unlocking fresh capital for global growth initiatives.