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February 5, 2026
Built by a former cannabis regulator, Policy, Decoded helps operators read the policy terrain before it shifts beneath their feet.
Today’s edition tracks a referendum sprint in Ohio that could suspend a legislative rewrite of adult use rules and drag intoxicating hemp into the same ballot fight. We also cover a federal court ruling that narrows ERC relief under 280E, and the growing policy drift that keeps CBD markets operating under permanent uncertainty. A new episode of The Hybrid is out today, and we get into ballot question repeals in Massachusetts and Maine with the kind of clarity that only comes from watching these fights up close. (Note: we recorded this the day before Maine failed to make the ballot…)
Today’s edition is supported by The Rundown AI and I Hate It Here. To sponsor Policy, Decoded and reach the executives, investors, and policymakers who read this briefing, reply to this email and we will send details.
🗳️ Ballot rewrites and backstops
💸 280E risk gets sharper
🥤 Hemp lanes keep colliding
Count the votes. Read the fine print.
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