💸 The Tape

Ohio Is Moving “Forward”

Ohio’s adult-use cannabis rulebook is getting a decidedly conservative makeover, if the latest proposal from the Ohio Division of Cannabis Control is any indication. Kiss those flashy highway billboards goodbye—unlike Michigan’s borderline carnival of cannabis advertising, these new rules favor a stealthier marketing approach. The division is eyeing a broad crackdown on ads potentially visible to minors, banning promotional stunts on TV, radio, the internet, and yes, even roadside billboards.

On the flip side, the plan doesn’t just wave a “no fun allowed” banner. For the first time, Ohio’s newly minted recreational market will greenlight pre-rolled joints—though the official lingo calls them “raw single serving units.” Even more eyebrow-raising is the advent of “super pre-rolls,” a concentrate-infused version that might appeal to more adventurous consumers. There’s a catch, though: medical patients, blocked from good old-fashioned smoking, won’t get a whiff of these new offerings. Lawmakers remain firm that medical cannabis in Ohio should avoid combustion, hearkening back to the legislature’s 2016 directive that put vaping and edibles on the menu, while stamping out smokeable forms.

For all you bullish dispensary operators looking to post 10-foot signs and glitzy neon ads—sorry, you’re out of luck. The rules package also clarifies discount protocols: anything offered to adult-use customers must extend to medical patients as well. Employees can enjoy a break on pricing, but watch out—no freebies or rebates from cultivators or third-party entities allowed. Meanwhile, returns are on the table, but only for defective goods or mislabeled merchandise. Think of it like a retail guarantee: if the label says “haze” but the jar’s pure “kush,” you’re entitled to your money back.

Public feedback on the proposed guidelines runs through December 23. After the comment period, the Common Sense Initiative—run by Lt. Gov. Jon Husted—will weigh in, and then the rules proceed to an Ohio House and Senate committee for the final stamp of approval. If all goes smoothly, these measures could become law in a few months. However, some cannabis advocates worry that stifling mass-market advertising might crimp their ability to compete or inform customers about products. Others lament that restricting in-store display could keep consumers driving north to Michigan, lured by more transparent packaging and a better “experience.”

For now, the takeaway is clear: Ohio’s cannabis space is shaping up to be a more discreet enterprise, prioritizing compliance and patient needs over billboard-based hype. How that sits with businesses—and traveling customers—remains to be seen.

📈 Dog Walkers

Agrify Picks Up Senorita

Agrify Corporation is raising a celebratory glass, finalizing its acquisition of Señorita—a Margarita brand in the hemp-derived THC beverage sector. For shareholders, the deal spells bubbly news, as Señorita’s hangover-free twist on the classic margarita has already earned it top honors from The High Times Cannabis Cup. Industry legends Joel Gott and Charles Bieler originally whipped up Señorita with organic Mexican agave and fresh lime, aiming to satisfy the fast-growing demand for alcohol alternatives. Agrify Chairman and Interim CEO Ben Kovler touts Señorita’s path forward, with new flavors like Paloma launching in January and Ranch Water scheduled for 2025. As Agrify zeroes in on the beverage category, the company’s board continues to mull “a variety of alternatives” for its extraction and cultivation arms, signaling a pivot toward higher-profit ventures.

Awakn Inks LOI

Awakn Life Sciences looks poised for a bold transformation thanks to a newly inked letter of intent with Graft Polymer. In this proposed all-share arrangement, Graft will scoop up Awakn’s entire share capital and outstanding units. The deal gives Awakn’s shareholders a 110% premium on the previous market price, valuing each share at $0.20. Graft, already listed on the London Stock Exchange, has signaled strong interest in broadening its scope to mental health and addiction therapeutics. Meanwhile, Awakn’s leadership sees the merger as a strategic gateway to London’s deep liquidity pools and global investor interest. Notably, CEO Anthony Tennyson, who straddles both boards, has stepped away from Awakn Board discussions to maintain arm’s-length transparency. If all the regulatory and shareholder hurdles clear, expect the curtains to close on Awakn’s Canadian listing and ring in a new era of transatlantic synergy.

MNMD Gets Dosed

MindMed (MNMD) just kicked off a milestone Phase 3 trial—dubbed Voyage—for its LSD-based therapy, MM120 ODT, gunning to tackle generalized anxiety disorder (GAD). Investors are watching closely as this pharmaceutically optimized lysergide formulation enters a 52-week study, with the first patient already dosed. The trial comes on the heels of a promising Phase 2b result, where MM120 delivered a 65% clinical response and 48% remission rate. Now, MindMed’s next big bet is splitting the study into two parts: a standard 12-week, double-blind segment, followed by a 40-week open-label extension for patients who need a heavier clinical punch. The FDA’s Breakthrough Therapy Designation for MM120 underscores the massive market potential—some 20 million Americans grapple with GAD, and the last new drug approval was back in 2007. If MindMed can replicate its earlier success, shareholders might just see LSD emerge from the taboo zone and into blockbuster territory for modern psychiatry.

🗞️ The News

Louisville, Lexington medical marijuana dispensary licenses awarded

MediPharm Labs to Sell its Napanee Facility to Kensana Health for $5.5M

Aurora Announces Distribution Partnership Between MedReleaf Australia and The Entourage Effect

Top Wisconsin Lawmaker Announces Plan To Legalize Medical Marijuana In 2025

Pennsylvania Governor Says He’ll Put Marijuana Legalization In Budget Again As Lawmakers Signal Optimism For 2025

📺 YouTube

Cannabis and Bitcoin Collide | Trade to Black

What we covered:

✅ On Trade of Black, hosts Shadd Dales and Anthony Varrell will tackle this week’s top stories in the cannabis, crypto, and marijuana reform space. From Bitcoin integration to policy updates, we’ve got you covered.

First up, VP of Strategy Jamie Warm from LEEF Brands, Inc., will join us to talk about the companies decision to adopt Bitcoin as a treasury reserve asset. With a $5 million Bitcoin-backed bond offering and a bold strategy for integrating cryptocurrency, LEEF is setting a precedent for the marijuana movement and cannabis stocks. We’ll discuss how this approach could redefine cannabis finance.

In other news, Pennsylvania lawmakers, spurred by Governor Josh Shapiro, are gearing up for another push to legalize recreational marijuana in 2025. With growing pressure from neighboring states and a focus on justice and equity, will this be the breakthrough year?

Plus latest news involving the ALJ hearings. The NCIA is pressing for clarity on its ability to cross-examine the DEA in rescheduling debates under the Biden administration. Could this impact the cannabis reform agenda?