Week In Review: Washington State Senate Committee Advances Cannabis Direct Sales Bill; New Hampshire House Approves Limited Cannabis Legalization Bill; Jushi Holdings Secures $9.7 Million Through ERC Refund and Debt Financing

LOS ANGELES — Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets with some states doing amazingly well. And some, well…they’re not doing so well (hello New York). Let’s get to it! 

Cannabis Industry Highlights

#1) Washington State Senate Committee Advances Cannabis Direct Sales Bill: The Washington State Senate Labor and Commerce Committee held a public hearing on Senate Bill 5403, legislation proposing to allow licensed cannabis producers and processors to sell cannabis flower directly to consumers. The bill stipulates that such sales must be limited to cannabis flower produced by the licensee and must comply with existing state regulations, including purchase limits and taxation. Specifically, all direct-to-consumer sales would be subject to the state’s 37% cannabis excise tax, with pricing and advertising reflecting this tax.

#2) New Hampshire House Approves Limited Cannabis Legalization Bill: The New Hampshire House of Representatives passed House Bill 75, a Republican-sponsored measure that legalizes the personal use and possession of cannabis for adults aged 21 and over. The bill, introduced by Representative Kevin Verville, removes state penalties for cannabis use and possession but does not establish a regulated commercial market for cultivation or sales. Public consumption and use by minors remain prohibited under the proposed legislation.

#3) Jushi Holdings Secures $9.7 Million Through ERC Refund and Debt Financing: Jushi Holdings Inc. a vertically integrated, multi-state cannabis operator, has bolstered its financial position by obtaining approximately $9.7 million through two strategic financial maneuvers.

#4) Ontario Cannabis Sales Reach CA$166 Million in January, Marking 6% Annual Growth: Ontario’s legal cannabis market commenced 2025 with robust performance, recording sales of CA$166.15 million in January. This figure represents a 6% increase compared to January 2024, indicating sustained consumer demand and market expansion.

#5) Minnesota Opens Application Window for Cannabis Business Licenses: The Minnesota Office of Cannabis Management (OCM) has commenced accepting applications for various cannabis business licenses as of February 18, 2025. This marks a significant step toward establishing the state’s legal cannabis market. The application period will remain open until March 14, 2025.

#7) LEEF Brands to Enter New York’s Expanding Cannabis Market with Acquisition of Tier 1 Processing License: LEEF Brands Inc. California-based cannabis extraction company, has announced the signing of a binding Letter of Intent to acquire a Tier 1 processing license in New York. This strategic move positions LEEF to enter New York’s rapidly growing cannabis market, which is projected to reach $1.5 billion in sales by 2025.

#8) Greenlane Holdings Completes $25 Million Private Placement to Strengthen Financial Position: Greenlane Holdings, Inc, a seller of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, has successfully closed a $25 million private placement. The offering, priced at $1.19 per Common Unit, was conducted in accordance with Nasdaq regulations.

#9) HYTN and A1 Cannabis Forge Partnership to Expand Cannabis Beverage Production: HYTN Innovations Inc., a company specializing in pharmaceutical-grade cannabis manufacturing, has entered into a three-year collaboration with A1 Cannabis Inc., the owner of Summit Cannabis Beverages. This partnership aims to enhance operational efficiency and broaden the market presence of both companies in the cannabis beverage sector.

#10) Switzerland Advances Plan to Legalize Recreational Cannabis Under Government Regulation: Switzerland is progressing toward the legalization of recreational cannabis through a framework emphasizing strict government oversight. On February 14, 2025, the National Council’s Social Security and Public Health Committee (CSSS-N) approved a preliminary draft of federal legislation aimed at regulating non-medical cannabis use.

Psychedelic Sector Update

1#) Colorado Issues Initial Psilocybin Business Licenses: In January 2025, Colorado began accepting applications for psilocybin-related business licenses, following the approval of regulations by the Department of Regulatory Agencies and the Department of Revenue. These licenses encompass roles such as facilitators, healing centers, cultivation facilities, product manufacturers, and testing laboratories. The first licensed healing centers are anticipated to commence operations by late spring or early summer 2025.

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