💸 The Tape

The cannabis conversation has officially entered the world of autism spectrum disorder (ASD)—and let’s just say, the results are cautiously optimistic, with a side of “more research needed.”

A new review of seven studies involving nearly 500 patients has scientists saying that cannabis—especially CBD-rich formulations—might offer modest improvements for people with ASD. We’re talking better sleep, less anxiety, improved social interactions, and even fewer behavioral disruptions. Not bad for a plant that’s been battling bad PR for decades.

Published in the journal Cureus by a 13-person team of Brazilian researchers, the review doesn’t exactly light one up and declare cannabis the miracle treatment. Instead, it plays it cool: “preliminary evidence suggests potential benefits,” but let’s not get ahead of ourselves. The science is still in its early innings, and the need for more rigorous, large-scale randomized controlled trials (RCTs) is loud and clear.

The studies reviewed showed some notable wins—reduced anxiety, better sleep quality, calmer behavior, and even a bit more eye contact. There were whispers of improved communication and fewer self-injurious episodes. But response to treatment was inconsistent across individuals, and side effects like drowsiness, appetite loss, and restlessness did pop up (although, to be fair, those are also standard symptoms of Monday mornings).

That said, the cannabinoid safety profile looked promising, with adverse events generally mild and occurring at similar rates as placebo groups. In other words, cannabis didn’t exactly rock the boat more than a sugar pill would. Still, the authors caution that “careful monitoring and individualized dosing” are essential—and no one’s throwing out traditional therapies just yet.

So why might cannabis work for ASD? Enter the endocannabinoid system (ECS), that mysterious internal network responsible for keeping your body in balance. Researchers believe CBD taps into the ECS, influencing neurodevelopment, social behavior, and possibly even gut-brain communication—yes, your intestines might have opinions, too.

Several U.S. states are already warming up to the idea. Connecticut, Colorado, Michigan, and others have added ASD as a qualifying condition for medical marijuana. Ohio’s considering it. And, reassuringly, a massive federally funded study found no link between prenatal cannabis use and autism in children—so at least that particular panic can simmer down.

The bottom line? Cannabis and ASD might be a promising match, but we still need more dates before planning the wedding.

📈 Dog Walkers.

Planet 13 Reports Mixed Bag

What’s Going On Here: Planet 13 wrapped up 2024 with a growth story peppered by challenges. Revenue jumped 18.2% to $116.4M—thank you, Florida—but industry price compression and one-time impairments still led to a net loss of $47.8M. Gross margins improved for the year, yet Q4 took a dip due to discounts. Adjusted EBITDA rose to $3.5M, suggesting a pulse. With three new Florida dispensaries and a financial recovery win in March, Planet 13 is trimming costs, scaling smartly, and eyeing 2025 with cautious optimism.

Why Should You Care: Another mixed bag from an MSO with a slightly smaller footprint than most of their piers. There was some light at then end of the tunnel however with improving margins for the year and incremental openings in Florida.

Tilrays Comes Out Victorious

Whats Going On Here: Tilray and its subsidiary HEXO just scored a legal win, as a Massachusetts court tossed out an $8 million lawsuit claiming the companies bungled shareholder notifications during HEXO’s 2022 reverse split and Tilray’s 2023 acquisition. The plaintiff cried foul over financial losses and alleged corporate sneakiness, but the court found no real evidence or damages. Robinhood was also off the hook—thanks to arbitration. Whether the plaintiff will appeal remains to be seen, but for now, Tilray’s walking away unscathed.

Why Should You Care: Put a W in the win column for corporate America and an L for ambulance chasers. This was frivolous and the law ruled in favor of Tilray.

OGI Gets A Facelift

Whats Going On Here: Organigram is trading in its East Coast roots for a passport, rebranding as Organigram Global to reflect its transformation from local medical producer to international cannabis contender. Already Canada’s market share champ, the company is eyeing global domination via EU-GMP certification, exports to Europe and Australia, and strategic stakes in Germany’s Sanity Group and U.S. players like Open Book Extracts. With a new name, sleek logo, and reimagined website, Organigram Global isn’t just going global—it’s making sure everyone knows it.

Why Should You Care: This branding revamp is a sign of the times as Canadain LP’s are embracing the global opportunity and exporting to some of the fastest growing markets in the world. The global growth story will continue to take shape as the EU and Australia continue to be growth engines for the LP’s.

🗞️ The News

📺 YouTube

Texas Hemp: Cracking Down On a Big Problem | Trade to Black

What we will cover:

✅ In our latest Trade to Black podcast, host Shadd Dales dives into a growing issue in Texas’s hemp industry—one that’s flown under the radar for far too long.

We’re talking about products like delta-8, delta-10, and THC-O—compounds synthesized from hemp-derived CBD, but with psychoactive effects that mimic marijuana. They’re being sold openly in gas stations, smoke shops, and even convenience stores across Texas.

Under the 2018 Farm Bill, hemp products with less than 0.3% delta-9 THC are legal—but loopholes have allowed these high-potency alternatives to flood the market, with little to no regulation.

Senate Bill 3 aims to shut it down—banning nearly all intoxicating hemp products, including edibles, drinks, and vape cartridges.