💸 The Tape

Ohio’s House Judiciary Committee made major revisions this week to a Senate-backed bill that seeks to overhaul the state’s voter-approved adult-use marijuana program. While the new version of SB 56 lightens some restrictions from its original form, advocates say it still undercuts key aspects of Issue 2, the legalization measure passed by voters in 2023.

In a Wednesday hearing, Rep. Brian Stewart (R) explained that the latest draft folds together language from multiple bills, notably HB 160 and SB 86. The goal, he said, is to consolidate cannabis reform into a single piece of consensus legislation. “I think this is getting us to a single vehicle,” Stewart said.

Among the changes: adults could now share marijuana or hemp-derived intoxicants on private property without facing criminal penalties. A controversial minimum sentence for cannabis use in a car’s passenger seat was scrapped. And outdoor venues like music festivals may allow consumption in designated areas.

The committee also added provisions allowing the sale of five-milligram THC beverages outside of dispensaries—with a $3.50/gallon tax—and empowered regulators to raise the state’s 70% THC cap on concentrates. Retailer caps would rise to 400 licenses statewide, with store-spacing requirements stretched to one mile.

Perhaps most notably, the revised SB 56 boosts local revenue. Cities that host cannabis businesses would receive 25% of state cannabis tax revenue for the next seven years—up from zero in previous Senate and gubernatorial drafts.

Still, not everyone is celebrating.

Karen O’Keefe of the Marijuana Policy Project said the bill is only “less terrible than earlier iterations,” criticizing its elimination of social equity provisions, expungement funding, and restrictions on sharing homegrown cannabis. “It continues to erode cannabis freedoms and Issue 2’s commitment to restorative justice,” she said.

Rep. Jamie Callender (R), a cannabis reform supporter, noted concerns about the short review period. “We’ve had an hour and eight minutes to review 400 pages,” he said, while welcoming further improvements.

Meanwhile, Ohio regulators separately announced that as of June 4, daily purchase limits will double from 1 ounce to 2.5 ounces to match the statutory possession limit—signaling that supply is stable enough to support broader sales.

With SB 56 still in committee and Governor Mike DeWine’s budget proposal looming, the final shape of Ohio’s cannabis law remains very much in flux.

📈 Dog Walkers.

Clean Up On Aisle $AAWH ( ▼ 1.64% ) 

What’s Going On Here: Ascend Wellness Holdings (CSE: AAWH-U.CN / OTCQX: AAWH) just closed a $50 million private placement of its 12.75% senior secured notes due 2029, adding to an existing $250 million debt package. The new funds, priced at 97.5% of face value, will be used to prepay its outstanding term loan, freeing the balance sheet of near-term debt drag.

CEO Sam Brill called it a key move in Ascend’s long-term strategy, highlighting lender confidence and the opportunity to “densify” in current market conditions. The notes come with typical high-yield bells and whistles—first-lien security, subsidiary guarantees, and a juicy coupon—making them attractive to institutional buyers.

With refinancing checked off, Ascend is positioning itself to grow smarter, not just bigger.

Entourage Gets Personal

What’s Going On Here: Entourage Health Corp. has expanded its Starseed Medicinal platform by onboarding the International Brotherhood of Electrical Workers Local 353 (IBEW 353) as of May 1, 2025. The partnership gives IBEW 353 members access to personalized medical cannabis care plans, with direct billing coverage for Starseed’s full suite of products, including oils, soft chews, inhalers, patches, and dried flower.

CEO George Scorsis highlighted the company’s mission to simplify access to alternative therapies through streamlined care and reimbursement. With this latest addition, Starseed now serves 14 union locals, five insurers, and has 20 clinic partnerships—bolstering its position as a leading medical cannabis provider in Canada.

🗞️ The News

📺 YouTube

Rubicon's Q1 Surge & Texas Hemp Crisis | Trade to Black

What we will cover:

✅ Host Shadd Dales and Anthony Varrell break down two high-impact cannabis stories this week—one from Canada, the other from Texas.

First up, Rubicon Organics (TSXV: ROMJ) is showing real financial progress. The company reported $12.4 million in Q1 revenue, a 39% year-over-year increase, and posted $0.7 million in adjusted EBITDA, turning around last year’s loss. Rubicon also captured 5.1% of Canada’s premium flower and pre-roll market and 14.7% of the resin vape category—clear signs that its disciplined, brand-first strategy is working in a market still under pressure from excise taxes and oversupply.

Shifting to the U.S., Texas lawmakers are pushing forward with Senate Bill 3, a sweeping hemp ban that could dismantle the legal market. Thomas Winstanley, EVP of Edibles.com, joins the show to break it down. He warns the bill could eliminate 6,300+ small businesses, wipe out 40,000 jobs, and fuel a dangerous gray market—while doing little to protect consumers.