💸 The Tape

Wisconsin’s long-running cannabis stalemate just produced its latest plot twist: a Republican-led medical marijuana bill has cleared a key Senate committee, even as broader legalization remains stuck in familiar political gridlock.

Last week, the Senate Health Committee voted 4–1 to advance a medical cannabis proposal sponsored by Senate President Mary Felzkowski and Sen. Patrick Testin. The move marks the most concrete legislative progress medical marijuana has seen in Wisconsin in years and follows months of quiet deliberation after the bill was introduced last October. For patients and advocates, it’s a notable step forward. For anyone expecting smooth sailing from here, it’s also a reminder of how complicated cannabis politics remain in the Badger State.

The bill itself is tightly drawn. It would allow medical marijuana for a defined list of qualifying conditions, including cancer, PTSD, epilepsy, multiple sclerosis, Parkinson’s disease, chronic pain, and terminal illness. Notably, smoking cannabis would be prohibited. Instead, patients could access oils, tinctures, edibles, capsules, topicals, vaporizers, patches, and even nebulizer-administered forms—essentially everything except lighting up.

Home cultivation would remain off the table, and access would be tightly controlled. Patients could designate up to three caregivers, registrations would last two years with a modest $20 annual fee, and dispensaries would be required to employ pharmacists who would consult on dosing. First-time patients would be capped at a 30-day supply, with 90-day supplies allowed on subsequent visits. Usage would also be tracked through the state’s Prescription Drug Monitoring Program, a provision likely to reassure skeptics while raising eyebrows among privacy advocates.

The bill also includes some patient protections—such as parental rights and housing safeguards—but stops short of shielding workers from employer discipline. Employers could still refuse to hire or terminate employees based on medical cannabis use, underscoring the bill’s conservative framing. Local governments would have little say in zoning or regulating cannabis businesses, with oversight centralized under a new Office of Medical Cannabis Regulation within the Department of Health Services.

Despite the committee vote, the bill’s future in the Assembly is uncertain at best. Assembly Speaker Robin Vos has been blunt in his skepticism, calling the Senate proposal “way too broad” and suggesting there aren’t enough votes to pass even a limited medical program right now. Vos has also criticized federal cannabis policy, arguing that President Donald Trump’s push to reschedule marijuana was misguided—though he has acknowledged that expanded research could eventually support narrowly tailored medical use.

That tension captures Wisconsin’s cannabis paradox. Public opinion has moved decisively toward reform, while the legislature remains cautious, fragmented, and deeply partisan. A Marquette Law School poll released last June found that roughly two-thirds of Wisconsin voters support marijuana legalization, up sharply from a decade ago. Democrats have leaned into that momentum, recently introducing a bill to legalize both medical and adult-use cannabis. Its chances, however, are slim with Republicans controlling both chambers.

Democratic leaders argue the cost of inaction is mounting. They point to lost tax revenue, continued criminalization, and the steady stream of Wisconsinites crossing state lines into Illinois to purchase legal cannabis. Gov. Tony Evers, who has repeatedly proposed legalization in his budgets, has echoed that frustration—though he’s not seeking re-election, leaving the issue squarely in the hands of the next governor and legislature.

With a gubernatorial election less than a year away, cannabis is quietly becoming a campaign undercurrent. Several candidates have signaled openness to reform, and party leaders on both sides concede the medical marijuana debate isn’t going away. The Senate committee vote doesn’t guarantee passage, but it does suggest something has shifted: medical cannabis is no longer just a talking point in Wisconsin—it’s a live legislative question.

Whether that question gets answered this session remains to be seen. For now, patients are a step closer, lawmakers are still arguing, and Wisconsin’s neighbors continue to reap the benefits of a market the state has yet to embrace.

Source: Marijuana Moment

📈 Dog Walkers

$CBSTF ( ▼ 7.5% ) Unloads VA and Pays Down Debt

The Cannabist Company Holdings Inc. has officially closed the sale of its Virginia operations, turning a long-telegraphed asset divestiture into much-needed liquidity—and setting the stage for a partial cleanup of its balance sheet.

The transaction, first announced in December, transfers all ownership interests in Cannabist’s Virginia subsidiary to an entity affiliated with Millstreet Credit Fund LP. The assets sold include five operating retail dispensaries, one additional store under development, and roughly 82,000 square feet of cultivation and production capacity in the Richmond region. In short: a full, vertically integrated Virginia footprint.

The headline number is $130 million in total consideration. Of that, $117.5 million was paid in cash at closing, with the remaining $12.5 million placed into escrow. That escrow will be released in stages—up to $1 million once post-closing purchase price adjustments are finalized, and the balance after nine months, assuming it isn’t needed to satisfy indemnification claims. As is customary, the final purchase price remains subject to true-ups tied to cash, debt, working capital, and transaction expenses at closing.

Importantly, Cannabist wasted little time signaling how the proceeds will be used. Ahead of the closing, the company issued a qualified partial redemption notice for its secured debt, targeting both its 9.25% Senior Secured Notes due 2028 and its 9.00% Senior Secured Convertible Notes due 2028. The company expects to redeem approximately $84.5 million of the 9.25% notes and $6.5 million of the convertible notes on February 13, 2026, plus accrued interest—an immediate and tangible step toward de-leveraging.

From a strategic standpoint, the Virginia sale underscores Cannabist’s pivot from empire-building to balance-sheet triage. Shedding a sizable state operation to pay down high-cost debt may not be glamorous, but in the current capital markets environment, it’s pragmatic—and arguably necessary.

Moelis & Company LLC served as financial advisor on the deal, with a cross-border legal team supporting execution. The larger question now is whether this transaction represents a one-off fix—or the first chapter in a broader restructuring story.

$MRMD ( ▼ 0.89% ) Shows Some Love

Just in time for Valentine’s Day, Betty’s Eddies is leaning into romance—with a cannabis-infused twist.

The award-winning fruit chew brand has unveiled Berry In Love Betty, a limited-edition strawberry chocolate chew designed to channel equal parts indulgence and intention. Developed and distributed by MariMed Inc., the seasonal release is now rolling out at Thrive Dispensary locations and select retailers across Massachusetts, Maryland, Illinois, and Delaware.

Berry In Love Betty marks a few firsts for the brand. It’s Betty’s Eddies’ inaugural swirled chew—pairing rich chocolate with bright strawberry for a visual and flavor-forward upgrade—and it’s formulated with libido in mind. Each chew blends full-spectrum cannabis with CBG and horny goat weed, a traditional herbal ingredient long associated with supporting circulation and sexual wellness. As with the rest of the lineup, the chews are vegan, gluten-free, dairy-free, and crafted with all-natural ingredients derived from organic fruits and chocolate.

According to Brand Director Sara Rosenfield, the goal wasn’t novelty for novelty’s sake. “Berry In Love Betty was inspired by the classic romance of chocolate and strawberries,” she said, describing the chew as a playful but purposeful way to unwind, indulge, or share something special during the most romantically charged week of the year. In other words: dessert, but make it intentional.

The Valentine’s release slides neatly into Betty’s Eddies’ broader portfolio of effect-driven edibles, which has helped the brand stand out in increasingly crowded dispensary shelves. From Bedtime Betty’s for sleep, to Go Betty Go for energy, to Ache Away Eddies for pain relief, the brand has built a reputation around predictable outcomes and approachable dosing—an increasingly valuable currency with today’s consumers.

Berry In Love Betty won’t be around forever, but that’s part of the appeal. For consumers looking to swap boxed chocolates for something a little more elevated—and a little more fun—this limited batch offers a seasonal reminder that cannabis brands are getting better at meeting the moment.

🗞️ The News

📺 YouTube

The Cannabis Oversupply Problem No One Talks About | TTB Powered by Flowhub

What we will cover:

✅ In the latest episode of Trade To Black, presented by Flowhub, host Shadd Dales and Anthony Varrell break down one of the biggest contradictions in cannabis: how an industry this popular can still be this financially broken.

In Segment One, Adam Stettner, Founder & CEO of FundCanna, returns to explain why unpaid invoices, cash crunches, and stalled growth aren’t usually caused by bad actors — they’re caused by bad structures. Adam has spent years financing cannabis businesses and watching how money actually moves (or doesn’t) across the supply chain. What he reveals is eye-opening.

From massive cultivation oversupply to a shortage of licensed retail outlets, we find out how market design quietly shifts power, forces vendors into accidental lending, and rewards risk-taking over discipline. If you’ve ever wondered why cannabis companies struggle to get paid, why traditional finance stays away, or why the same problems keep repeating, this episode connects the dots.

In Segment Two, we shift gears to policy. Trent Woloveck, Chief Strategy Officer at Jushi Holdings (OTCQX: JUSHF) joins the show to break down what’s happening in Virginia, where lawmakers are advancing adult-use cannabis legislation. With momentum building and regulatory signals pointing toward legalization later this year - which is a good thing.