Welcome to Rise & Roll, a bi-weekly newsletter that keeps you smart, savvy, and always in the loop on the latest in cannabis.

Here’s what we have on deck for today…

1. High Times chairman faces prison for fraud

2. Big tobacco makes medical cannabis move

3. Indiana eyes direct leap to adult-use cannabis

High Times chairman faces prison for fraud

The cannabis industry's growing prominence is bringing increased regulatory attention, as highlighted by High Times chairman Adam Levin's guilty plea for a $150,000 stock promotion scheme. Levin paid an investment analyst to promote company stock without disclosure, helping raise $6 million from unsuspecting investors.

The SEC's involvement in this case shows how cannabis companies face the same scrutiny as any mainstream industry. As Levin faces up to five years in prison, it's a reminder that transparency in fundraising matters more than ever as the cannabis industry continues to mature.

Big tobacco makes medical cannabis move

Philip Morris International just stepped into cannabis through its subsidiary Vectura Fertin Pharma, partnering with Canadian cannabis firm Avicanna.

Their mission? Boost medical cannabis research and access in Canada.

• While PMI isn't selling cannabis products yet, this partnership signals big tobacco's strategic entry into the space

• They're playing the long game — using medical research as a stepping stone while building relationships with healthcare pros, insurers, and patient groups.

The move suggests major corporations might use medical cannabis as their entry point into the broader market, potentially bringing serious capital and distribution muscle with them.

Indiana eyes direct leap to adult-use cannabis

Indiana lawmakers are cooking up something unprecedented: skipping medical cannabis entirely and jumping straight to adult use.

• The GOP-backed proposal would create a fresh market with a 10% tax rate and comprehensive regulations from day one.

• While neighboring states took the traditional medical-first route, Indiana's bold strategy could give new operators a unique advantage — entering a market without competing against established medical players.

With 70% of voters backing legalization and support from Republican lawmakers, this could be the blueprint for other prohibition states to follow.

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We’ll be back with another edition on Tuesday. See you then!

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