Good morning.
Cannabis was one of the rare sectors to end last week in the green, as the price of oil skyrockets thanks to the Iran War. As the market turmoil continues, maybe more investors will start to look at our little corner of the world…
Let’s get to it.
-JB, JR, ZH
Today’s newsletter is 554 words or about a 4-minute read.
📣 Quotable
“Let’s be real: Pennsylvanians who want to buy recreational marijuana are just driving across the border to one of the 5 neighboring states who have already legalized it,” Gov. Josh Shapiro said.
“Legalizing adult-use marijuana could generate $1.3 BILLION in new revenue over the first five years. This is big business — and right now, we're losing that revenue to our neighbors.”
Shapiro urged lawmakers to deliver him a bill to legalize cannabis sales in the states, but many advocates say it could be a long shot this year.
⏩ Quick hits
The New Hampshire Senate killed a House-passed legalization bill 15-9, the latest setback in a years-long push to end prohibition in the Granite State. Gov. Kelly Ayotte has already promised to veto any legalization bill that reaches her desk. Read more.
South Dakota's Medical Marijuana Oversight Committee survived a repeal attempt after a Senate committee rejected the bill 4-3, though a procedural push could still bring it to the full Senate floor. Read more.
A Michigan lawmaker introduced legislation to repeal the state's new 24% wholesale cannabis tax, but at least one colleague is skeptical it will pass. The Michigan Cannabis Industry Association is backing the bill, warning that the tax, passed during last-minute budget negotiations to fund road repairs, is already pushing customers back to the illicit market. Read more.
Health Canada issued new guidance on cannabis facility tours, clarifying that operations and storage areas must be off-limits to visitors and that tours where cannabis is visible must be restricted to adults.
Massachusetts medical cannabis patients are urging lawmakers to let any licensed dispensary sell medical cannabis tax-free, a model no state has adopted. The push comes as the Legislature negotiates a broader cannabis reform bill and some medical facilities continue to close. Read more.
🤝 Deals, launches, partnerships
Canadian cannabis retailer High Tide opened its 220th Canadian retail location. The latest is in Sarnia, Ontario. $HITI ( ▼ 2.82% )
💰 Earnings roundup
NewLake Capital Partners reported Q4 2025 net income of $6.0 million on $12.3 million in revenue, or $0.29 per share. For the full year, the cannabis-focused REIT posted $26.3 million in net income on $51.1 million in revenue, or $1.28 per share. $NLCP ( ▼ 0.71% )
⚖️ Lawsuits
A new lawsuit alleged that rapper Berner and his allies attempted to seize control of Cookies while cutting out the brand's other shareholders. Cookies is one of the most recognizable brands in cannabis, built on a licensing model that connects its IP to retailers and other operators. Read more.
📰 What we’re reading (and listening to)