💸 The Tape

As of January 2026, the adult-use cannabis map remains a study in contrasts: one state trying to finally turn legalization into a functioning market, one state debating how to legalize (state-store vs. private), and one state running the ballot gauntlet with a signature counter that’s starting to look like a fitness tracker.

Virginia: Legal to possess, still waiting to purchase (legally)

What happened in prior years: Virginia legalized adult possession and limited home cultivation in 2021, becoming one of the earliest states in the South to do so. The catch: retail sales were never fully implemented, leaving a gap between what’s legal to have and what’s legal to buy in a regulated storefront.

Where things stand for 2026: The state has been revisiting adult-use market legislation and regulatory structure with an eye toward a 2026 pathway for retail sales. Lawmakers and state working groups have been focused on how licensing would work, what enforcement should look like, and how to balance public health, local control, and business participation. The political reality is that Virginia is less about voter persuasion—most observers accept legalization is already here in practice—and more about whether Richmond can agree on the rules of the road.

Bottom line: Virginia is the closest of the three states to converting “legalization on paper” into a regulated adult-use marketplace in 2026—assuming legislative alignment holds and the state executes implementation without delay.

Florida: The ballot is back—and the signature machine is running

What happened in prior years: Florida’s high-profile adult-use initiative in 2024 failed to meet the state’s 60% threshold for constitutional amendments, despite winning a majority of votes. In the aftermath, Florida tightened certain rules around petitioning and ballot initiative mechanics—raising the operational difficulty for any 2026 attempt.

Where things stand for 2026: The adult-use push is active again for 2026 and is being driven through the citizen initiative process. The central question is not public interest—Florida has proven that a large coalition exists—but whether a campaign can (1) clear the signature requirements, (2) survive legal review, and (3) reach that 60% finish line in a polarized environment. Florida is also unique in that a single well-funded “No” campaign can meaningfully change outcomes late in the cycle, which forces proponents to run up the score early and keep it there.

Bottom line: Florida is a math-and-law state: signatures, court review, and the ever-present 60% hurdle. The campaign has real momentum, but Florida does not do “easy mode” on ballot measures.

Pennsylvania: Legalization Isn’t the Fight—Who Gets to Run It Is

What happened in prior years:
Pennsylvania’s march toward adult-use hasn’t been blocked by a lack of consumer demand or even a lack of legislative interest. The state’s real sticking point has been a classic Harrisburg storyline: everyone wants the win, no one wants the other side to control the scoreboard.

In 2025, the Pennsylvania House advanced an adult-use bill that leaned into a state-run retail concept—often framed as a “cannabis version” of the Commonwealth’s liquor-control model. That move was significant not just because it showed legalization can clear a chamber, but because it immediately sharpened the fault lines: a state-store model is not merely a policy choice, it’s a governance statement—about jobs, revenue control, regulatory leverage, and who gets to claim they “protected” the public.

Meanwhile, the Senate’s adult-use energy has been more market-structured and regulatory-board oriented, with a bipartisan framework aimed at building a traditional licensing ecosystem rather than expanding government retail.

Where things stand for 2026:
Pennsylvania remains a case study in institutional friction. The core debate is no longer “should we legalize” as much as “who holds the keys.” The House-leaning state-run approach gives lawmakers a clean talking point—controlled distribution, predictable oversight, and a revenue stream that stays tightly within government channels. It also neatly avoids the political optics of “big cannabis” winning licenses on day one.

The Senate’s pushback, however, isn’t just ideological; it’s practical and power-based. Critics of the state-store angle argue it risks building an adult-use market that is slower to launch, harder to scale, and structurally less friendly to innovation—while also expanding government into direct retail operations. Senate stakeholders tend to prefer a framework that looks more like other adult-use states: regulated private operators, clear compliance standards, and tax collection without the Commonwealth becoming the dispensary.

Add in the personal and procedural realities—committee chairs, leadership priorities, regional constituencies, and the natural competitive instinct between chambers—and you get a legislative dynamic where the model itself has become the battlefield. Even when lawmakers agree on big-picture goals (tax revenue, public safety, expungement, keeping dollars in-state), the fight over structure keeps swallowing the deal.

📈 Dog Walkers

$VFF ( ▲ 4.91% ) Bulks Up EU Product Portfolio

Village Farms International, Inc. (NASDAQ: VFF) announced the launch of 10 new regulated cannabis products in the Netherlands through its wholly owned subsidiary, Leli Holland, marking a meaningful expansion of its presence in one of Europe’s most culturally entrenched cannabis markets.

The new lineup reflects Village Farms’ deliberate strategy of pairing global operational expertise with local consumer behavior, focusing on format innovation, differentiated consumption occasions, and compliance within the Netherlands’ evolving regulated framework—without losing sight of legacy market preferences that have defined Dutch cannabis culture for decades.

Valentine Vaillant, Head of Global Growth Strategy, said the Company approached the market with both respect and precision.

A Portfolio Designed for Real-World Consumption

Village Farms’ expanded Dutch portfolio spans traditional, infused, and convenience-driven formats, including:

• Leli’s Blunt – A 1.4g pure cannabis blunt rolled in blunt paper, currently the only blunt available within the regulated Dutch market.

• Apollo 13 Infused Spliffs – A 1.4g mixed pre-roll of cannabis and tobacco, finished with a kief-rolled cone for enhanced potency and flavor.

• Cosmic Hash Spliffs – A 1.3g tobacco-and-hash pre-roll, developed specifically for the Netherlands’ long-standing preference for hash-based products.

• Strain-Specific Single Spliffs – Four distinct 1.2g mixed-format SKUs, each highlighting different cannabis genetics for differentiated experiences.

• Dogwalker Pre-Rolls – Three 0.5g tobacco-free flower pre-rolls designed for portability, portion control, and flexibility.

• Grutte Pier Reserve Spliffs – A larger 1.4g mixed pre-roll intended for longer sessions and social consumption.

• Leli’s Blend Spliffs – A balanced 1.4g tobacco-and-cannabis format tailored to traditional Dutch preferences.

Strategic Significance

The expanded lineup demonstrates Village Farms’ ability to innovate within tightly regulated environments while remaining commercially pragmatic. By offering products that span both legacy consumption habits and modern convenience formats, the Company is positioning itself as a category leader capable of supporting the transition from illicit to regulated supply.

“As regulation progresses, the success of legal cannabis will hinge on whether it actually serves consumers better than the illicit market,” Vaillant said. “This portfolio shows how thoughtful innovation—grounded in real behavior—can do exactly that.”

🗞️ The News

📺 YouTube

Cannabis Enters 2026 With a New Tone | TTB Weekly Recap

What we will cover:

✅ What does the cannabis industry actually look like heading into 2026 — once the noise fades and the data sets in?

In this first TDR Weekly Recap of 2026 presented by Flowhub, host Shadd Dales steps back to frame where the cannabis sector truly stands after a turbulent but stabilizing 2025. This isn’t about chasing short-term stock moves. It’s about understanding how policy, capital discipline, and execution quietly reshaped the industry — and why that matters now.

The episode breaks down why 2025 became less about survival and more about fundamentals. Across Canada and the U.S., companies moved away from expansion-at-all-costs strategies and refocused on profitability, balance sheets, and core markets. Canadian licensed producers leaned into operational discipline and international medical exports, while U.S. operators navigated a policy-heavy year that finally delivered forward momentum.

A major focus this week is federal cannabis rescheduling. President Trump’s executive directive moved rescheduling from rumor to timeline. With Attorney General Pam Bondi now responsible for final execution, the conversation has shifted from “if” to “when” — a meaningful change for operators and investors alike.