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- Cannabis Credit Crisis, PA Moves Toward Legalization, Curaleaf’s Big Q1, Florida Stalls Vets' MMJ Access
Cannabis Credit Crisis, PA Moves Toward Legalization, Curaleaf’s Big Q1, Florida Stalls Vets' MMJ Access
Plus, the latest in cannabis news.
Greetings, Benzinga Cannabis community and Happy Mother’s Day to our wonderful moms! Maureen here, bringing you today’s Cannabis Daily — your favorite chill-yet-sharp roundup of everything going on in the weed world (and a little beyond).
We’ve got movement on legalization in Pennsylvania, a big cash crunch creeping through the supply chain, Curaleaf’s latest earnings and even a Senate showdown over illegal grow ops in Maine. Oh, and Trump’s Surgeon General pick? Buckle up for that one.
Let’s dive into the top news making waves today 👇
🏛️ Politics & Policy
Big news out of the Keystone State! The Pennsylvania House passed a recreational cannabis bill — the first time either chamber has done so. The bill would let adults 21+ legally buy and use cannabis. Rep. Rick Krajewski (D-Philly) called it a “balanced, responsible and robust framework” designed to create jobs and keep prices in check.
Meanwhile, Republican lawmakers weren’t feeling the vibe, raising concerns about workplace safety and federal legality. But with 12,000 possession arrests in 2023 alone, Krajewski is pushing hard for reform that actually reflects reality.
In not-so-great news: Florida lawmakers have pulled the plug on a stack of medical cannabis bills. One, HB 555, would’ve exempted vets from paying medical card fees — and it passed the House unanimously. But the Senate let it die quietly last week. Other proposals scrapped include home grows, expanded qualifying conditions, and protections for cannabis-using parents and workers. Disappointing, to say the least.
Meet Dr. Casey Means, Trump’s latest pick for Surgeon General. She’s pro-psychedelics (she’s used psilocybin and written about it), but oddly anti-cannabis. She’s claimed weed “harms the ability to make good energy.” That’s… not exactly in step with the broader public mood or research.
Meanwhile, federal agencies are embracing psychedelic therapy, so it’s gonna be interesting watching this one unfold.
Sen. Susan Collins (R-ME) is turning up the heat on the feds to shut down hundreds of illegal cannabis grow ops in Maine, many allegedly tied to Chinese organized crime. She cited a DHS memo warning that these grows are generating billions in illicit revenue and may involve human trafficking. Collins is pushing for an all-agency response to a problem that, she says, spans 22 states. The message is loud, clear, and not going away anytime soon.
📉 Industry Watch
Let’s talk about a problem that no one wants to touch but everyone feels — unpaid invoices. According to CannaBiz Credit Association, over $2.24 billion in unpaid accounts receivable are clogging up the system, especially in California, Michigan, and Massachusetts.
Credit is being extended without vetting, and now more than 30% of receivables are past due in some markets. That’s a death sentence for already cash-strapped operators. Think of it like giving out free weed and praying for a Venmo later. This one’s a five-alarm fire, folks.
In Illinois — where cannabis sales topped $2 billion last year — social equity operators say they’re struggling to stay afloat. At a press conference this week, the Black Cannabis Operators group demanded more grants, fewer regulations, and a pause on licensing fees.
Patricia Van Pelt-Scott, former state senator and group co-chair, didn’t mince words: “We are not going to survive out here... many of the social equity groups won’t even exist a year from now.” The message to lawmakers? Fix this now — or risk losing the very businesses equity programs were meant to uplift.
💵 Business & Earnings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) just dropped its Q1 report, and the numbers are solid:
Revenue: $310M
Adjusted Gross Profit: $155M (that’s a juicy 50% margin)
Free Cash Flow: $26M
International Revenue: up 74% YoY
CEO Boris Jordan says the restructuring phase is “mostly done” and highlighted improvements in flower quality, manufacturing, and ops. International growth is a bright spot, and Curaleaf is clearly eyeing expansion in emerging markets. “We’ve completed much of the heavy lifting needed to reposition the business for long-term success,” said Jordan.
🧪 Science & Society
The first randomized trial of its kind is offering hard data on something we’ve long suspected: legal weed isn’t ruining lives — it’s actually helping. The Swiss “Weed Care” study found:
Slight declines in problematic use, especially among polydrug users
No spike in depression or anxiety
Overall mental health improved over two years
Participants with legal access to cannabis saw more stable well-being compared to those on the black market. These are the kinds of results that could change policy discussions across Europe — and maybe even here.
That’s it for today’s Cannabis Daily. Whether you're cheering for reform in Pennsylvania, watching the money move at Curaleaf, or sounding alarms about supply chain cracks, the industry’s never quiet — and neither are we.
See you Monday. Same buds, same time.
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