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Rubicon Q1 2025; Thomas Winstanley On Texas’ Hemp Crisis

By Shadd Dales On May 29, 2025

On the latest Trade To Black podcast, host Shadd Dales and Anthony Varrell break down two high-impact cannabis stories this week—one from Canada, the other from Texas. First up, Rubicon Organics (TSXV: ROMJ) is showing real financial progress on their Q1 2025 revenue. And in Texas, lawmakers are pushing forward with Senate Bill 3, which would be a sweeping hemp ban that could dismantle the state’s legal market. Thomas Winstanley, EVP of Edibles.com, joins the show to break Texas’s hemp ban down.

Rubicon Organics reported strong Q1 results, showing year over year revenue growth and a $700,000 improvement in adjusted EBITDA. The company reported $12.4 million in Q1 revenue, turning around last year’s loss. Rubicon also captured 5.1% of Canada’s premium flower and pre-roll market and 14.7% of the resin vape category—clear signs that its disciplined, brand-first strategy is working in a market still under pressure from excise taxes and oversupply.

CEO Margaret Brodie credited Rubicon’s performance to product innovation—especially in their vapes and premium edibles—and contract manufacturing efficiencies. Rubicon also announced entry into the all-in-one vape category this summer. Brodie emphasized the company’s strategy of balancing premium quality with accessible pricing, highlighting consistent market share leadership in edibles and pre-rolls.

Thomas Winstanley, EVP of Edibles.com, digs into how Texas lawmakers are pushing forward with Senate Bill 3 which threatens to ban intoxicating hemp-derived THC products. He warns the bill could eliminate 6,300+ small businesses, wipe out 40,000 jobs among responsible operators, and fuel a dangerous gray market—while doing little to protect consumers in return. The sweeping ban appears to be “regressive,” and Winstanley warned it could become a case study in poor policy-making.

This episode covers policy, profits, and the real stakes of poor legislation. Be sure to tune in for the full interviews on this Trade To Black.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.