Texas Hedge

The Lone Star State wrestles with THC.

Daily Recap

The Texas House of Representatives approved to a bill that would significantly expand the state’s medical canna program, and now heads to an uncertain fate in the Senate.

The measure would expand the types of products patients could buy and add multiple qualifying conditions for people—and this would be welcome news considering a new survey shows a majority of Texans support legalizing marijuana for adult-use purposes.

Penn State Debate

A Pennsylvania Senate committee rejected a bill to legalize marijuana with state-run stores that narrowly passed the House last week—as expected.

“I really expected a little bit of back-and-forth discussions and work on these bills if we are going to truly put a product on the governor’s desk, we are not going to get there—with this model, at least.” Sen. Dan Laughlin (R)

MO MO

Missouri totaled $126M of cannabis sales in April 2025, marking a 5% increase over April 2024 sales. The year-over-year gain continues a trend of measured growth for the state’s legal cannabis market.

More telling of the market’s strength is the increase in avg. daily sales. For April 2025, the daily sales avg. was $4.20M, up from $4.M last year. The April avg. also sustained momentum from March 2025’s daily average of $4.2M.

Intended Consequences

A new study on the effect of cannabis legalization on workers’ compensation found that while the policy change is associated with a “gradual increase” in workers’ comp claims, the average cost per claim in fact fell after the policy change—as did patient use of prescription drugs, especially opioids and other painkillers.

Stocks & Stuff

It was a mixed day on Wall Street as the S&P and NASDAQ gained and the Dow lost ground, as UnitedHealth and drug stocks weighed on the industrials. Canna stocks were green but quiet again—other than a strong flex from fan fave Village Farms.

Below, we’ll top-line today’s news—including why Villy gained 37%—chew through Canadian L.P’s to keep an eye on, spy a seven-figure insider buy in a U.S canna stock trading below it’s real estate value, and highlight our chart of the day.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $11M

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