💸 The Tape

Pennsylvania’s pursuit of adult-use cannabis legalization remains a protracted endeavor, though recent developments suggest momentum may be building. As of March 17, 2025, the Commonwealth stands as one of the few holdouts in a region where neighboring states—New Jersey, New York, and Ohio—have already embraced recreational marijuana. Governor Josh Shapiro has emerged as a prominent advocate, framing the issue as a matter of fiscal responsibility and urging the General Assembly to act decisively to capture revenue currently lost to border states.

In his February 2025 budget address, Shapiro presented a compelling case: “By failing to legalize adult-use cannabis, Pennsylvania is forgoing an industry projected to generate $1.3 billion in new revenue over the first five years. This is a practical, commonsense opportunity. I call on both parties to collaborate, deliver a bill to my desk, and enact this reform.” Reinforcing his stance, he posted on X on March 15, stating, “Pennsylvanians seeking cannabis are simply crossing state lines… Rather than regulating this industry and fostering economic opportunity, we are ceding ground. Legalization is overdue.” His argument underscores the economic imperative of retaining tax dollars within Pennsylvania’s borders.

Senators Sharif Street (D-Philadelphia) and Dan Laughlin (R-Erie) have co-sponsored legislation to advance this cause, building on the state’s established medical marijuana program. Their bill promises job creation, criminal record expungements, and a tightly regulated market. Street, aligning with Shapiro’s vision, commented on X following the budget address: “I endorse the governor’s call for cannabis legalization—it is a long-overdue step. This reform addresses justice, economic development, and Pennsylvania’s future prosperity.” Laughlin, a former skeptic who has championed similar bills for four years, told Marijuana Moment in February, “I firmly believe Pennsylvania requires a responsible, well-regulated adult-use cannabis program… This conviction has driven my legislative efforts.” However, he expressed reservations about Shapiro’s proposal, describing it as a budgetary tactic lacking a clear implementation strategy.

Opposition persists in the Republican-controlled Senate, where leaders like Majority Leader Kim Ward remain hesitant, but she is coming around to play ball. With Shapiro’s $51.1 billion budget proposal partly contingent on cannabis revenue, the stakes are high. Pennsylvania stands at a crossroads: will it seize this opportunity to join the regional trend, or continue to defer action? The resolution of this debate promises significant implications for the Commonwealth’s economic and social landscape.

📈 Dog Walkers.

SNDL Has Some Explaining To Do

What’s Going On Here: On March 10, 2025, SNDL Inc., a prominent Calgary-based cannabis retailer, acquired a 5.4% stake in High Tide Inc., the parent company of Canada’s largest cannabis retail chain, Canna Cabana, through the issuance of 4,350,000 shares. High Tide, also headquartered in Calgary, operates 194 Canna Cabana locations nationwide. SNDL, with 187 stores under brands like Value Buds and Spiritleaf, recorded $236.9 million in Q3 2024 revenue. High Tide’s CEO, Raj Grover, emphasized the strategic value of this investment, affirming the company’s commitment to enhancing shareholder value amid this development.

Why Should You Care: This is an interesting development in the cannabis industry that is surely to get more attention this week. Zach George is known to make savvy moves with his warchest of cash and while the filing implied a passive stake in the company thingsc can always change.

GTI Expands In Ohio

Whats Going On Here: RISE Dispensaries, a subsidiary of Green Thumb Industries Inc., opened its sixth Ohio location, RISE Dispensary Whitehall, on March 14, 2025, at 4141 E Broad St., Whitehall, OH, marking its entry into the Columbus area and its 103rd store nationwide. This is the first RISE outlet in Ohio to launch since adult-use cannabis sales began in August 2024. The dispensary offers premium products from brands like RYTHM and incredibles, alongside services such as curbside pickup. Green Thumb will support the local charity Home for Families, donating profits to aid Central Ohio families facing homelessness, reinforcing its community commitment since entering Ohio in 2019.

Why Should You Care: The Ohio cannabis market is one that operators should be expanding into strategically to hit the cap.

🗞️ The News

📺 YouTube

TDR’s Biggest Developments for the Week in Cannabis – March 10th | Trade to Black

What we will cover:

✅ Host Shadd Dales will dive into the biggest developments in the cannabis industry for the week of March 10th.

Shadd will break down why some experts see Trump’s proposed cannabis policies as a Grand Slam for banking and legalization. As the Trump administration builds momentum towards 2025, could federal cannabis reform be back on the table under his leadership?

Plus, how a new lawsuit reveals potential DEA bias in the marijuana rescheduling process, and what the latest earnings reports from industry giants like Village Farms (NASDAQ:VFF), Cresco Labs (OTCQX:CRLBF), and Ascend Wellness (OTC:AAWH) mean for investors.

We’ll also highlight what moves cannabis companies Verano Holdings (CBOE: VRNO), Rubicon Organics (OTC: ROMJF), and Trulieve (OTCQX: TCNNF) made this week — through international expansion, product launch, and leadership shake-ups.

And finally, Justin Trudeau has officially exited as Prime Minister of Canada, and a new poll revealed that Canadians believe his greatest legacy is cannabis legalization. You don’t say?