In partnership with

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 Masterworks and IgniteIt's Spotlight: Ohio Valley. Use code POLICYDECODED20 for 20% off. Their support keeps these briefings free and focused on what actually matters.

A lot is happening today around what governments do after the easy part is over. Virginia's new governor signed real wins on hospital access and parental rights, and in the same breath sent lawmakers amendments that reinstate criminal penalties and gut resentencing relief. Nebraska's regulators are building the program without much political air cover. Idaho's voters are showing up in signature numbers while the legislature is racing them to the same November ballot with a constitutional amendment to shut the door. Colorado is fining its delinquent licensees while the hemp beverage industry walks into the capitol asking to be taxed. New York's OCM hit the road and conceded its regulations need a rewrite. And in Boston, Pure Oasis went dark in Grove Hall and left vendors and employees holding the bag. Implementation is where cannabis policy actually lives, and today's edition is a survey of who is doing the work and who is making it harder.

🌿 Spanberger mixes wins with rollback
🌱 Idaho voters collide with their legislature
🏚️ Pure Oasis goes dark in Grove Hall

It is one of the happy incidents of the federal system that a single courageous state may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.

Justice Louis Brandeis, New State Ice Co. v. Liebmann, 1932

This billionaire strategy beat the S&P 500 by 3.1x from 2017-2025. Here's how to get in.

That’s not by picking the right stock or timing the market. It’s by holding three real asset classes in one strategy.

It’s anchored by an investment typically exclusive to billionaires.

Could be good timing too–

Bloomberg's Marcus Ashworth recently wrote, there’s "no more reliable safe havens."

The S&P, while hovering over 5 year highs, fell over 7% from the February peak. Bonds might carry less risk but they are barely keeping pace with inflation.

The things supposed to protect your portfolio started moving together.

Meanwhile, the world's wealthiest have been setting records in postwar and contemporary art.

After the dot-com bust, it grew roughly 24% annually for a decade. After 2008, roughly 11% annually for 12 years.

It trades globally in multiple currencies, has scarce supply, and has shown near-zero correlation to equities since 1995.*

Masterworks has helped 70,000+ investors allocate $1.3B fractionally across 500+ artworks featuring Banksy, Basquiat, and Picasso.

See if you can improve your portfolio performance in one diversified strategy.

*According to Masterworks data. Investing involves risk. Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd

Policy intelligence, marked up.

Gov. Abigail Spanberger had a split day on cannabis. She signed SB 332 / HB 75 allowing medical cannabis use in hospital settings and HB 942 protecting the parental rights of adults who lawfully consume, ending a seven-session fight and reversing two years of Youngkin vetoes. Those are genuine wins for patients and families. She also sent lawmakers a set of amendments to the adult-use retail bills (SB 542 / HB 642) that go well beyond shifting the start date from January to July 1, 2027. Per Marijuana Moment's reporting, public marijuana use becomes a class 4 criminal misdemeanor, possession by anyone under 21 becomes a class 1 misdemeanor with a mandatory minimum $500 fine and at least a six-month driver's license suspension, and illegal sale of 50 pounds or more becomes a class 2 felony punishable by life in prison. The amendments also eliminate support for the Cannabis Equity Reinvestment Fund, route all revenue into the general fund, raise the excise tax to 8% in 2029, cap purchase amounts at 2 ounces instead of the 2.5 ounces lawmakers approved, and strip the legislative study of on-site consumption and microbusiness event permits. The bill's sponsors are not absorbing this quietly. Sen. Lashrecse Aird said the substitute represents a significant departure from the framework lawmakers passed and warned the proposal introduces harsh escalating criminal penalties that risk repeating the very harm legalization was meant to correct. Del. Paul Krizek said Virginians have not been waiting since 2021 for a marketplace that expands criminal penalties and exposes individuals to lifelong prison sentences while the state is actively correcting these wrongs from the past. Virginia NORML's JM Pedini called the package another page from the prohibitionist playbook, the kind of policy failure Virginians saw under Gov. Glenn Youngkin, not what they expect from Abigail Spanberger. A six-month calendar shift is defensible if the administration is transparent about what the extra time is buying. Reinstating criminal penalties, gutting equity funding, and adding life-sentence felony tiers is a much harder story to tell as responsible sequencing. Lawmakers reconvene April 22nd. (Virginia Scope; Cannabis Business Times)

🥤 A coalition organized with Vicente LLP and including Wana, Cycling Frog, Keef, Fable, and Vertosa is pushing Colorado toward broader retail and on-premise pathways for low-dose hemp-derived THC beverages. Colorado has been a pioneer in legal marijuana, but on intoxicating beverages and on-premise service it is catching up to jurisdictions that moved faster. Legislation has been filed, and the coalition's formation signals the category is done waiting for clarity to arrive on its own. (Vicente LLP)

Nebraska's Medical Cannabis Commission unanimously approved formal rules on April 13th and sent them to Attorney General Mike Hilgers for legal review and Governor Jim Pillen for final approval. Both have openly questioned the voter-approved law their state's regulators are now trying to implement. The commission is plugging away anyway, building the framework, moving toward licensing manufacturers, transporters, and dispensaries, and doing the patient work of standing up a program in a political environment that has not made any of this easier. Product limits mean Nebraska will never be a large market by any measure that matters to investors. That does not make the program less worth finishing. There are patients already waiting, and the regulators trying to reach them have earned genuine support for the work they are doing under difficult conditions. (Nebraska Examiner via News From The States)

🚗 Federal cannabis messaging is still stuck in deterrence mode. NHTSA is rolling out a 4/20-themed impaired driving campaign with slogans including "If You Feel Different, You Drive Different." The campaigns that actually work are the ones that treat the audience as adults with adult responsibilities. The ones that fail are paternalistic or condescending. "This is your brain on drugs" still resonates as a cultural reference precisely because it failed as a public health message. (NHTSA)

Target has secured 72 one-year lower-potency hemp edible licenses in Minnesota after testing THC beverages in just 10 stores last fall, making it the largest holder of that license class in the state. Minnesota law caps these products at 5 milligrams per serving and 50 milligrams per package, with beverages allowed up to 10 milligrams per container. Target's scale tells you consumers are asking for these products, and shelf placement at that level can buoy every brand in the category. Hold the enthusiasm in perspective. Shelf space is allocation, not loyalty. If federal posture does not shift by November and the category stays stuck in its current regulatory gray, Target can swap these beverages out for something else with the same ease it brought them in. The category is being tested at scale, and the test is not finished. (Marijuana Moment; BevNET)

🌍 Daniel Rodriguez, a UFC fighter, sharing about spending months in a Mexican prison after crossing the border with marijuana is a blunt reminder that cannabis legality stops at national borders. Customs agents and foreign criminal law do not care what a consumer's home state allows. (Complex; MMA Fighting)

Tonya Haugen secured a preliminary Minnesota cultivation license in April 2025 and built out a 10,800-square-foot facility on land in Cass Lake purchased by her father in the 1970s, financed with a seven-figure loan, with the intention of operating her brand T's THC. In December 2025, she received a letter from the Leech Lake Band of Ojibwe Cannabis Regulatory Commission informing her that the facility sits within reservation boundaries and the band's Cannabis Regulatory Act has no licensing pathway for non-band members. The land is owned fee simple, with property taxes paid to Cass County, which is the heart of the dispute: whether private fee-simple land within reservation exterior boundaries counts as tribally regulated. Haugen's preliminary license predated the tribal-state compact between Leech Lake and Minnesota, which was signed in October 2025. She has been clear that her frustration is with OCM, not the tribe. "We really think the OCM kind of led us on the wrong path," she told the Bemidji Pioneer. Minnesota built a multi-jurisdiction cannabis market where state approval, local permitting, and tribal sovereignty can all apply to a single parcel, and applicants who misunderstand that stack can burn real capital before they ever open their doors. There is a line worth remembering from the regulator's side of the desk: the agency is your regulator, not your consultant. Clearer guidance from OCM would help. It does not transfer the burden. (Bemidji Pioneer; LPTV; Leech Lake News; Minnesota OCM)

🍁 Shout-out to James Pepper. The Vermont Cannabis Control Board chair told Seven Days that Vermont's adult-use market grew from zero in 2021 to about $150 million in 2025 and is on track to top that in 2026. Pepper is also publicly warning that unfettered expansion could trigger a market bust, with nearly 400 cultivators and over 100 retailers competing for a customer base in a state of 640,000 people. The board recently moved to pause new retail licensure while a consultant studies supply and demand. Vermont now has more licensed cannabis shops than state-run liquor stores. Pepper is one of the more down-to-earth regulators in the country, and he is doing the harder, less photogenic work of managing a maturing market rather than defending a first draft. (Seven Days; Vermont Legislature)

The Natural Medicine Alliance of Idaho, chaired by Sun Valley businessman Rob Cronin, says it has collected more than 100,000 signatures for the Idaho Medical Cannabis Act ahead of the April 30th submission deadline, well above the 70,725 valid signatures required to qualify for November's general election ballot. The campaign also has to clear a 6 percent threshold in at least 18 of Idaho's 35 legislative districts, which is the harder math. Polling cited by the campaign shows over 80 percent of Idahoans support legalizing medical cannabis. The collision worth watching is what the Idaho Legislature is doing on the parallel track. Lawmakers passed a Senate concurrent resolution urging voters not to sign the petition and placed House Joint Resolution 4 on the same November ballot, a constitutional amendment that would strip Idahoans of the ability to use the initiative process for cannabis or other narcotics ever again. Idaho voters could end up casting ballots on whether to legalize medical cannabis and on whether to permanently surrender the right to do so by ballot, in the same election. That is no longer a fight about cannabis. It is a fight about who gets to decide. (Idaho Capital Sun)

🚫 Ohio's new ban on out-of-state cannabis is back in the news cycle as Ohioans realize the Michigan workaround is now contraband under SB 56, which took effect March 20th. We have walked through the policy architecture of this one already. The question worth sitting with is enforcement. Decades of Cubans cigars made their way into the United States during the embargo, and nobody mistook the federal ban for an actual barrier at the personal-consumption level. Ohio is about to learn the same thing about a Michigan dispensary forty minutes from the state line. (NBC4i)

🔐 A lawsuit accuses Verano of exposing the private information of at least 500,000 medical cannabis customers, per Law360. Medical marijuana records are not HIPAA-protected. Operationally, they might as well be, and that expectation is where the category is heading. Operators have an evergreen obligation to protect patient information with the discipline any other business handling sensitive consumer data would bring. This lawsuit is a reminder, not the last one you will see. (Law360)

A Colorado Politics opinion piece argues for raising the state's tax on low-dose hemp THC beverages from 2.9 percent to 20 percent, projecting the change could generate more than $50 million a year. The piece is advocacy. The author, Christine Lafferty, is co-owner of EVG Extracts and a member of the Colorado THC Beverage Coalition. Even filtered for that, the political move is worth acknowledging. States are looking for ways to fill federal funding gaps and close budget holes, and legislators almost never get to raise a tax without meaningful opposition. An industry walking into the capitol and asking to be taxed and regulated is a rare political gift. A 20 percent rate will not close Colorado's budget hole on its own, but the revenue is clean, the optics are favorable, and the coalition gets legitimacy in exchange. Expect more of this posture from the category in more statehouses, because it works. (Colorado Politics)

Colorado's Marijuana Enforcement Division disclosed this month that more than 200 licensees have failed to make timely payments over the past six months, and the division is now pursuing $2,500 fines per business license and $1,000 per owner license when non-payment triggers an Order to Show Cause. If cases do not settle before hearing, MED will recommend license revocation. There were 3,574 active Colorado licenses as of April 10, so the delinquency share is meaningful. MED also warned it may raise licensing fees across the board to cover the enforcement costs of chasing down the defaulters. Attorney Christian Sederberg, now at Harris Sliwoski, told CRB Monitor the slow payments reflect the hard economic realities operators are facing and that some delinquent companies may not be operating or are on the verge of not operating. Inversion from hemp and illegal distillates is the pressure he named. Read this brief alongside today's Colorado hemp beverage tax item and the picture sharpens. Operators inside the regulated market are falling behind on basic licensing obligations while the hemp beverage coalition walks into the capitol offering to pay more. The political consequence is not lost on legislators looking at a budget hole and deciding where the revenue is going to come from. (CRB Monitor News)

The Office of Cannabis Management is rewriting its regulations and holding townhall-style meetings with licensees across the state to figure out what is working and what is not. Director of Regulatory Operations Patrick McKeage told Buffalo Business First the agency moved fast in 2021 and "didn't get everything right," and that the goal now is to keep the rules current with a fast-moving industry. The Buffalo session this week surfaced a familiar set of complaints. Microbusiness operators including Reggie Keith of Canna House and Thomas Ballistrea of Cannabaceae pressed the agency on canopy limits, funding gaps, lighting requirements, and the inability to offer on-site consumption under a microbusiness license. Cannabis attorney Thomas Spanos asked for better enforcement against illicit storefronts. John Averill of the Roaring 420's Lounge pushed OCM to move faster on consumption-site regulations. McKeage acknowledged the agency is working toward a standalone on-site consumption license but said the models are still being figured out. Read this alongside today's Colorado licensing-fee item and the picture sharpens further. Two of the country's most-watched regulated markets are publicly admitting their first-draft frameworks are not working for the operators they are supposed to support, and they are trying very different things about it. Colorado is leaning into enforcement against delinquent licensees. New York is going on the road and asking what to fix. Both responses have their place. The harder question is whether either approach moves fast enough to keep the operators they are trying to keep alive in the legal market actually in it. (Buffalo Business First)

Pure Oasis, the first adult-use cannabis store to open in Boston and an early economic empowerment licensee co-owned by Kobie Evans and Kevin Hart, has closed its Grove Hall storefront. Workers say they were locked out and informed by email that the business was shutting down immediately, with frozen accounts and no clarity on when they would be paid. The closure follows months of unpaid bills, at least six lawsuits over unpaid invoices in the past year, and a recent court judgment of more than $2.2 million against the company. The vendor pressure is not abstract. Blue Fox Brands sued Pure Oasis in December 2025 over roughly $63,000 in unpaid invoices, the kind of mid-five-figure collections action that has become a routine feature of cannabis retail as the market cools. Evans issued a statement saying Pure Oasis is "actively exploring potential solutions that could allow us to reopen in the near future" and that compliance protocols are slowing employee access to retrieve personal belongings. Pure Oasis was rightly celebrated as a first, and all of that history remains true. None of it substitutes for the day-to-day work of running a business. In this industry, as in any other, the doors stay open because the operation is sound. Employees are now struggling to retrieve personal belongings and to move unemployment claims forward because management has not answered state verification requests. Vendors are holding invoices that may never clear. Those are the people on the hook in stories like this one, and they are who this item is for. As of April 13th, city and state officials had not announced enforcement actions tied to the closure, which leaves the immediate fallout with workers and creditors. That is often how these collapses look before regulators decide whether a business failure has also become a compliance matter. (Boston 25 News; Hoodline)

Recommended for you