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Built by a former cannabis regulator, Policy, Decoded helps operators read the policy terrain before it shifts beneath their feet.
Today's edition is sponsored by The Deep View and The Code. Their support keeps these briefings free and focused on what actually matters.
This morning's edition tracks an industry running on borrowed time and borrowed money. Debt now accounts for 91 percent of cannabis capital raised this year, nearly all of it spent staying alive rather than growing. The companies that bet on scale are restructuring. The states that bet on control are watching brewers, lawyers, and wholesalers fight back. And the federal government keeps sending mixed signals: rescheduling with one hand, tightening the hemp market with the other, and dropping military marijuana waivers on 4/20 because even the Army knows the country moved.
💰 Cannabis capital in survival mode
🏚️ Cannabist's restructuring maps the next wave
🪖 The Army dropped its marijuana waiver
Promises and pie-crust are made to be broken.
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